From the following balances extracted from the books of Mr. X, prepare Trading and Profit and Loss Account for the year ended 31st March 2013 and a Balance sheet as on that date: (12 Marks)
Particulars (Dr.)
Rs
Particulars (Cr.)
Rs
Computer at cost
18,380
X’s Capital Account
60,000
Purchases
71,280
Sundry Creditors
13,000
Cash at Bank
4,000
Bills Payable
10,220
Cash in hand
2,836
Discount received
22,000
Furniture & Fittings at cost
1,540
Sales
60,720
Rent
12,540
Returns Outwards
11,432
Bills receivables
6,720
Rent due
320
Trade charges
920
Sundry Debtors
34,156
Drawings
5,200
Discount
540
Wages
1,800
Salaries
16,780
Returns Inwards
1,000
1,77,692
1,77,692
Adjustments:
Closing stock on 31st March, 2013 was valued at Rs 25,600 at cost (Market Value Rs 26,200)
Depreciation on furniture and fittings shall be provided at 10% p.a.
Provide for doubtful debts at 5% on Sundry Debtors.
Goods costing Rs 1,500 were used by the proprietor.
Stationery charges Rs 1,200 were due on 31st March, 2013.
Purchases include opening stock at Rs 7,000 (cost price).
Sales representatives was entitles to a commission of 5% on net profits after charging such commission.
No depreciation need to be provided for computer as it had been purchases on 31st March, 2013 and not put into use.
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it is very long question........
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