Question

Q. 16. From the following balances of the Ledger of Sh. Akhileshwar Singh,
prepare Trading and Profit & Loss Account and Balance Sheet :-
Dr. Cr.
Slock on 1-4-2016
30,000
Stock on 31-3-2017
46,200
Purchases and Sales
2,30,000 3,45,800
12,500 15,200
Commissinn nn Duwchache
1.200
Scauneu will camSd
Returns
FINANCIAL STATEMENTS
2140
26,000
10,800
820
40,000
26.100
26,700
Freight and Carriage
TWages and Salary
Fire Insurance Premium
Business Premises
Sundry Debtors
Sundry Creditors
Goodwill
Patents
Coal, Gas and Power
Printing and Stationery
Postage
Travelling Expenses
Drawings
Depreciation
General Expenses
Capital
Investments
Interest on Investments
Cash in Hand
Banker's Account
Commission
Loan on Mortgage
Interest on Loan
B/P
B/R
Income Tax
Horses and Carts
Discount on Purchases
8,000
8,400
12.100
2,100
710
4,250
7,200
1,000
8,350
89,760
8,000
800
2,570
5,200
4,600
4,400
30,000
3,000
2,280
4,540
3,000
20,300
1,600
5,21,740 5,21,740
[Ans. Gross Profit 38,400; Net Profit *20,370 and Balance Sheet Total
81,64,110.)
Hints 1. Closing Stock appears inside the Trial Balance. As such, it will be shown only on
the Assets side.
2. 'Investments' will be shown on the Assets side and Interest on Investments' on the
credit side of Profit & Loss Account
3. Loan on Mortgage will be shown on the Liabilities side and Interest on Loan' on the
debit side of Profit & Loss Account
4. Income Tax will be treated as Drawings​

Answer 1

Answer:

12. Niku Ltd. forfeited 5,000 shares of 10 each, fully called upon which Mrs. Anna has paid<br />only application and allotment money of 76 per share. All the shares were reied to Mr.<br />Abhi at 9 as fully paid up.<br />Pass Journal Entries.<br />W.AC. 2016)<br />(Ans. Capital Reserve * 25,000)

Explanation:

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Answer 2

Explanation:

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