Model: Double account system—Water supply company’s final A/c From the following trial balance extracted from the books of water supply company, prepare its final accounts under the double account system for the year ended 31 December 2010:
Trial Balance of Water Supply Company as on 31 December 2010
| Debit Balances | Rs. | Credit Balances | Rs. |
| Stores in Hand | 30 | Equity Shares | 21,000 |
| Cash in Hand | 50 | 12% Preference Shares | 10,000 |
| Cash as Bank | 250 | 10% Debentures | 8,000 |
| Investments | 3,140 | Water Charges | 3,400 |
| Printing & Stationary | 20 | Meter Chargers | 500 |
| Sundry Debtors | 640 | Reserve Fund | 150 |
| Salaries | 1,200 | Unclaimed Dividends | 50 |
| Dividend on Pref. Shares | 1,200 | Balance to Net Revenue | 1,070 |
| Land & Building | 5,000 |
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| Plant & Machinery | 10,000 |
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| Pipelines & Reservoir | 20,000 |
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| Miscellaneous Expenses | 40 |
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| Water Meters | 500 |
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| Maintenance of: |
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| (i) Pipelines & Reservoirs | 100 |
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| (ii) Filter Beds | 30 |
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| (iii) Plant & Machinery | 60 |
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| General Repairs | 170 |
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| Taxes & Rates | 20 |
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| Overhead Expenses | 280 |
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| Interest on Debentures | 800 |
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| Interest Dividend on Equity Shares | 40 |
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| 44170 |
| 44,170 |
Adjustments:
| 1. Outstanding Expenses: |
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| Taxes & Rates | Rs.40,000 |
| Salaries | Rs.60,000 |
| 2. Reserve Fund Should Be Raised to | Rs.2,00,000 |
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