Unformatted text preview: ascertained by deducting 20% as margin from the value of stock as on that date. 3) Purchase include sales return of Rs.5500/- and sales include purchase returns of Rs. 4750/-. 4) Goods withdrawn by the owner for own consumption amounts Rs.7500/- included in purchases. 5) Wages paid for installation of plant and machinery amounting to Rs.750/- were included in wages account. 6) Depreciation is to be provided on plant and machinery @ 15% p.a. and on furniture and fittings @ 10% p.a. 7) Create a provision for doubtful debts @ 5% and provision for discount on debtors @2.5% . 8) A debit balance of Rs.2500/- in the account of Ram, a creditor is included in the list of sundry Creditors. 9) Free samples distributed for publicity costing Rs.1250/-...
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This note was uploaded on 11/15/2011 for the course ACCOUNTS 231 taught by Professor Majidkhan during the Winter '11 term at IIPM.
- Winter '11