Question

3. The following is the trial balance of Sun Ltd. as at March 31, 2020:

Debit Balances Amount (Rs.) Credit Balances Amount (Rs.)

Inventories (1-4-2019) 7,50,000 Purchases Returns 1,00,000

Purchases 24,50,000 Sales 34,00,000

Wages 3,00,000 Discount Received 30,000

Carriage 10,000 Surplus Account (1-4-2019) 1,50,000

Furniture 1,70,000 Share Capital (Rs. 10 each) 10,00,000

Salaries 75,000 Creditors 1,75,000

Rent 40,000 General Reserve 1,55,000

General Expense 70,000 Bills Payable 70,000

Debtors 3,75,000

Computers 2,90,000

Cash and Bank Balance 3,62,000

Patents 48,000

Bills Receivable 50,000

Dividend Paid (2018-19)

including Corporate Dividend

Tax

90,000

Total 50,80,000 Total 50,80,000

Additional Information:

(i) Inventories on March 31, 2020 were Rs. 8,80,000. (ii) Provide for income tax @ 40%. (iii)

Depreciate computers at 15%, furniture at 10% and patents at 5%. (iv) Outstanding rent amounts

to Rs. 10,000 and outstanding salaries Rs. 10,000. (v) Provide Rs. 2,100 for doubtful debts. (vi)

The directors proposed a dividend @15% for the year ended March 31, 2020 after 5% transfer of

profits to general reserve. (vii) Provide for corporate dividend tax at 20.36% (viii) A claim of Rs.

10,000 for workmen’s compensation is being disputed by the company.

Prepare profit and loss statement for the year ended March 31, 2020 and balance sheet as on that

date as per Schedule III of Companies Act 2013.​

Answer 1

Answer:

the followingthe following is a 13 point 3 AS march 2 rupees 10000 outstanding fairy super 7000 rupees 2100 as doubt depression action proposed as provided at the rate 15% for the year ended March 2020 artefacts and transfer of traffic you deserve provide further divided tax act 20.6 percentage a claim of representation for workmen's compensation is being defeated by the company prepare profit and loss statement for the year in 2020 in the balance sheet as on the date per schedule all competitions act 2013 2800 total 2018 2800