| year ending 31st dec 1996 for Sri Goyal
sales 370000
purchases 346000
wages 10450
capital 34250
national insurance 150
carriage inward 200
carriage outward 250
lighting 300
rates and insurance(including premium of Rs 150 p.a. uptp 30th june 1997) 200
stock at 31.12.1996 30625
cash in hand and bank 875
discount earned 300
plant and machinery 15000
discount allowed 50
debitors 3000
creditors 10000
furnitures 4000
dividends received 150
Adjustments
1) National Insurance also inclues employee contribution of rupees 75. Wages are shown 'net' after deducting ation insurance contribution borne by employees.
2) Owing to nature of employement, some employes are housed in the building of busineess. The rental value of such portion is accessed at rs. 250 p.a. The benefit to employee treated as wages and rental as income for Sri Goyal.
3) Depreciate plant and machinery at 15% p.a and furniture at 10% p.a.
4) Goods worth Rs 2000 given by Sri Goyal to his son at cost.
5) The manager is entitled to a commission of 20% of the net profits after charging his commission. (The calculation may be made nearest to a multipl of a rupees) | 
Linear Mode
