Question

please help me out. ​

Answer 1

Answer:

pls mark as brainliest

Explanation:

Adjustments :

(1) Closing stock on 31st March, 2019 was valued at L 19,200.

(2) Depreciate Plant and Machinery at 10% and Furniture by L 640.

(3) Outstanding wages L 1,600.

(4) Goods taken by Saurya for his personal use L 800. No entry has been passed in the books.

(5) Goods of L 1,600 distributed as free samples for which no record has been made.

You are required to prepare Trading and Profit and Loss A/c for the year ended 31st March, 2019

and Balance Sheet as on that date after taking into consideration the above adjustments.

[Ans. (1) Gross ProfitL 42,400 (2) Net Divisible ProfitL 22,000 (3) Division of Profit : Shalin

L 13,200 and Saurya L 8,800 (4) Capital Balance : ShalinL 77,200 and SauryaL 56,000

(5) Balance Sheet TotalL 2,16,800.]

[Hints :

(1) Interest on Bank loan is to be calculated for 6 months. (i.e. from 1 – 10 – 2018 to 31 – 03 – 2019) :

IPRN

100 48,000   

15

100

 

6

12 L 3,600.

Interest on Bank loan (outstanding )Interest on Bank loan dueInterest on Bank loan

paid3,6002,400 L 1,200. Interest on Bank loan (outstanding ) is to be added to Interest paid

on Bank loan at Debit side of Profit and Loss A/c and then same is to be added to Bank loan at

Liabilities side of Balance Sheet.

(2) Goods taken by Saurya of L 800 are to be deducted from his capital and then to be credited to

Trading A/c.

(3) Goods of L 1,600 as free sample is to be first credited to Trading A/c and then to be debited to Profit

and Loss A/ c.]