Surendar Pal Case

Topics: Income statement, Debt, Revenue Pages: 3 (643 words) Published: July 14, 2012
Surendar Pal

Surendar pal graduated from a technical school and he started materializing the plans for a small business of producing tissue paper. With the increase in the number of hotels, restaurants and food bazaars, he saw a great demand for the product. Surendar started his business on 1st January, 2010 with a capital of Rs.2000000. He also borrowed Rs.100000 from his friends at the interest rate of 12% p.a on the same day. Surendar purchased buildings worth Rs.800000, furniture for Rs.300000 and equipment for Rs.550000. The useful life of the equipment was 10 years. He also had made investments worth Rs.500000 at the interest rate of 15% p.a on 1st July, 2010. Surendar had made purchases and sales both for cash as well as for credit. The following is the summary of balances of various accounts for the transactions that took place during the year.

Trial Balance as on December 31, 2010
Particulars| Expenses/Assets| Incomes/Liabilities| Capital| | 2000000| Drawings| 2000| | 12% loan| | 100000| Investments| 500000| | Buildings| 800000| | Equipment| 550000| | Furniture and Fittings| 300000| | Purchases| 1100000| | Purchase Returns| | 5000| Sales| | 1300000| Sales Returns| 3000| | Salaries| 11000| | Wages| 10000| |...
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