Question

ovision NUMERICAL Questions 1 From the following balances, prepare trading, profit and loss account and a balance sheet as on 31st March, 2016. and f final Particulars Amt (3) Particulars Amt) NCERT Capital Life Insurance Premium Plant and Machinery Stock in the Beginning Purchases 18.000 2.48.000 2.000 1.600 2.400 2.000 пе Sooyoo 4S6400 Return Inwards debit se is a 1,64,000 Sundry Creditors 56,000 Sales 10,000 Returns Outwards 30,000 Special Rebates (Debit) 1.74,400 Special Rebates (Credit) 12.000 Rent for Premises Sublet 42,000 Lighting 18.200 Motor Car Expenses 80,000 Bank Balance 4,000 Loan from Suresh at 12% per annum 1,600 Interest on Loan from Suresh (Debit) 600 800 12.600 30.400 s0400 che and sset 20,000 Sundry Debtors Furniture Motor Car Freight and Duty Carriage Inwards Carriage Outwards Trade Expenses 1,800 prepaid e it will asset 30,800 oohns S08900 5१५०० on the shown of ed Additional Information (i) Stock on 31st March, 2016 was valued at 50,000 (realisable value 64,000). (ii) Stock of 12,000 was burnt by fire on 25th March. It was fully insured and the insurance company admitted the claim in full. (iii) Goods worth 3,600 were distributed as free sample. Goods worth 3,000 were used for personal purposes by the proprietor and goods worth 1,000 were given away as charity. (iv) Depreciate motor car by 15%. (v) Included in trade expenses is insurance premium of 4,800 paid for the year ending 30th June, 2016 Ans Gross Profit = 97,600, Net Profit = 37,800, Balance Sheet Total = 2,31,800​

Answer 1

Answer:

Note: According to the Principle of Conservatism, closing stock is valued as whichever is less. Hence, closing stock is valued at (i.e., Rs.60,000)

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