16. The following is the Trial Balance of Ashok as on 31st March, 2020:
Particulars
Dr. (*)
Particulars
Cr. (R)
30,000
5,29,500
8,000
1,50,000 -Capital
2,90,000 Sales
5,000
Wages Outstanding (At the end)
2,000 Provision for Depreciation on Furniture
10,000 Apprentice Premium
5,000
Sundry Creditors
3,000
12.000
500
Building
Purchases (Adjusted)
Salaries
Bad Debts
Wages
Rent
Prepaid Rent (At the end)
Insurance
Furniture (At cost)
Drawings
Sundry Debtors
Closing Stock
20,000
5,000
60,000
5,000
25,000
40,000
6,00,000
6,00,000
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2020 and
Balance Sheet as on that date after making the following adjustments:
(i) Salaries for the month of March, 2020 of 1,000 were unpaid which are to be provided
Balance in the account included * 800 paid in advance.
(i) Insurance is prepaid to the extent of * 2,000.
(iii) Depreciate Furniture by 10% on original cost and Building by 5%.
(iv) Stock of 1,500 was taken by Ashok for his personal use.
(U) Make a Provision for Doubtful Debts equal to 10% of Sundry Debtors.
Total + 9 59 8
Answers
Answer:
Total Sundry Debtors: 600000.
Explanation:
- Trading and Profit and Loss Account for the year ended 31st March, 2020:
Sales 2,90,000
Purchases 57,500
Gross Profit 2,32,500
Wages 5,500
Rent 25,000
Insurance 2,000
Apprentice Premium 10,000
Depreciation on Furniture 2,000
Depreciation on Building 6,000
Bad Debts 3,000
Provision for Doubtful Debts 9,000
Net Profit 1,81,000
- Balance Sheet as on 31st March, 2020:
Liabilities Amount (R)
Capital 1,50,000
Profit for the year 1,81,000
Wages Outstanding 2,000
Provision for Depreciation 2,000
Prepaid Rent 800
Sundry Creditors 5,000
Total 6,00,000
Assets Amount (R)
Furniture (Net of Depreciation) 18,000
Building (Net of Depreciation) 11,400
Closing Stock 1,500
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Answer:
Total Sundry Debtors: 600000.
Explanation:
Trading and Profit and Loss Account for the year ended 31st March, 2020:
Sales 2,90,000
Purchases 57,500
Gross Profit 2,32,500
Wages 5,500
Rent 25,000
Insurance 2,000
Apprentice Premium 10,000
Depreciation on Furniture 2,000
Depreciation on Building 6,000
Bad Debts 3,000
Provision for Doubtful Debts 9,000
Net Profit 1,81,000
Balance Sheet as on 31st March, 2020:
Liabilities Amount (R)
Capital 1,50,000
Profit for the year 1,81,000
Wages Outstanding 2,000
Provision for Depreciation 2,000
Prepaid Rent 800
Sundry Creditors 5,000
Total 6,00,000
Assets Amount (R)
Furniture (Net of Depreciation) 18,000
Building (Net of Depreciation) 11,400
Closing Stock 1,500
To know more about Balance Sheet, refer:
brainly.in/question/53450556
brainly.in/question/19172819
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