Question

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Q.3 From the following trial balance of M/s Sharma and Varma, you are required to prepare a
Trading & Profit & Loss Account for the year ended 31st March, 2013 and Balance sheet as on
that date after taking into consideration the additional information given below:
Partners Share profit and losses in their capital ratio
(15)
Trial Balance as on 31st March, 2013
Debit Balance
Amt. Rs. Credit Balance
Amt. Rs.
Stock on 1st April, 2012
28,000 Capital A/C-Sharma
90,000
Purchases
1,75,000
Varma
60,000
Salaries
17,500 Sundry Creditors
30,000
Unproductive wages
1,800 Rent received
3,500
Carriage
1,200 Bank Overdraft
24,500
Royalties
2,500 Sales
2,26,750
Freight
1,400
Printing & Stationary
2,100
Sundry Debtors
40,000
Furnitute
20,000
Leasehold property
95,000
Investment
35,000
Travelling expenses
1,750
Advertisement (for 3 years)
4,275
Bad debts
1,425
Discount allowed
800
Cash in hand
7,000
4,34,750
4,34,750
Additional information:
1) Stock on hand on 31st March, 2013 was at cost Rs. 38,000.
2) Provide R.D.D. at 50% on sundry Debtors and Reserve for discount on debtors at 3%
3) Goods worth Rs. 5,000 destroyed by fire and Insurance company admitted a claim
of Rs. 4,300.
4) Rent of Rs. 800 is still received from the tenant.
5) Depreciation Furniture at 12% p.a.
-XXXXX---​

Answer 1

Answer:

Step-by-step explanation:

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Q.3 From the following trial balance of M/s Sharma and Varma, you are required to prepare a

Trading & Profit & Loss Account for the year ended 31st March, 2013 and Balance sheet as on

that date after taking into consideration the additional information given below:

Partners Share profit and losses in their capital ratio

(15)

Answer 2

trading account profit and loss account and balance sheet