Question: Mr. Ali is running “Hyper Star Traders” a soleproprietorship business

Question

Question:

Mr. Ali is running “Hyper Star Traders” a soleproprietorship business located at the Mall

Road, Lahore. At the year end the business has:

On 30th November 2009 Mr. Ali submitted a tender for sale ofgoods of Rs. 20,000 which
is likely to be confirmed shortly. Bank debited service charges Rs.150 and interest on
loan Rs. 500 and credited dividend for Rs. 2,000 in the month ofDecember (intimation
from bank was received on 7th January 2010). Mr. Ali also estimatesthat 5% of the
amount will not be collectable from sundry debtors. House rentallowance Rs. 5,000 has
been paid on 31st December from his personal account, on thesame date stock was
valued at Rs. 200,000 and plant Rs. 160,000 because of its wear andtear.

The following balances (in the books of Hyper Star Traders) arealso given along with above information as on 31st December2009:

Required:

Pass necessary adjusting entries.

Explanation / Answer

x.0m="center" style="text-align:center">HYPER STAR TRA*

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