The following balances were extracted from the books of account, for the year ended December 31, 2015.
Prepare final accounts for the year ended December 31,2005, with following adjustment:
(a) Stock on December 31,2005, was Rs. 42,500.
(b) A Provision is to be made for bad debts at 5% on debtors.
(c) Rent outstanding was Rs. 1,600.
(d) Wages outstanding were Rs. 1,200.
(e) Interest on capital to be allowed on capital @ 4% per annum and interest on drawings to be charged @ 6% per annum.
(f) Dinker and Ravinder are entitled to a Salary of Rs. 2,000 per annum
(g) Ravinder is entitled to a commission Rs.1,500.
(h) Depreciation is to be charged on Building @ 4%, Plant and Machinery, 6%, and furniture and fixture, 5%.
(i) Outstanding interest on loan amounted to Rs. 350.