Mr A, a shopkeeper had prepared the following trial balance from his ledger on 31st March, 2009:
DEBIT:
Purchases : 6,20,000
Cash in hand: 4,200
Cashi at Bank: 24,000
Stock of goods on 1st April,2008: 1,00,000
Drawings: 8,000
Salaries:64,000
Postage and telephone: 23,000
Salesman commission: 70,000
Insurance; 18,000
Advertisementt: 34,000
Furniture: 44,000
Printing and Stationary:6,000
Motor Car: 96,000
Bad debts: 4,000
Cash Discount: 8,000
General Expenses : 60,000
Carriage Inward: 20,000
Carriage Outward : 44,000
Wages: 40,000
Debtors: 2,00,000
Total: 14,87,200
CREDIT
Sales: 8,30,000
Capital: 5,77,200
Creditors: 80,000
Total: 14,87,200
You are requested to prepare a Tradin and Profit & Loss Account for the year ended on 31st March, 2009 and a Balance Sheet as on that date.
You are also given the following information
Cost of goods in stock as on 31st March,2009 Rs 1,45,000
Mr A had withdrawn goods worth Rs 5,000 during the year.
Purchases include purchase of furnituere worth Rs 10,000
Debtors include rs 5,000 bad debts
Creditors include a balance of rs 4,000 to the credit of Mr Biman in respect of which it has been decided and settled with the party to pay only rs 1,000
Sales include goods worth rs 15,000 sent to Kundu &Co. On approval and remaining unsold as on 31st March,2009 the cost of the goods was Rs 10,000
Provision for bad debts is to be created at 5% on sundry debtors
Depreciate furniture by 15% and motor car by 20%
The salesmen are entitled to a commission on 10% on total sales
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