Question 14.
From the following Trial Balance and other information prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date:
Stock on 31st March, 2018 was ₹ 1,24,500. Rent was unpaid to the extent of ₹ 850 and ₹ 1,500 were outstanding for General Expenses; ₹ 4,000 are to be written off as bad debts out of the above debtors; and 5% is to be provided for doubtful debts. Depreciate Plant and Machinery by 10% and Business Premises by 2%.
Manager is entitled to a commission of 5% on net profit after charging his commission.
Answers
Answer:
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Trading and P&L A/c with Balance sheet as at 31.3.2018
Explanation:
Trading and P&L A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Opening stock 220000 By Sales 1345000
To Purchases 1188700 By Closing Stock 124500
To Gross Profit(bal.) 60800
To Rent 9850 By Gross Profit 60800
(+850)
To General Expenses 10750 By Net Loss(bal.) 42750
(+1500)
To Bad debts 19800
(+15800)
To Depreciation on:
P&M 17500
Business Premises 6900
To Salaries 22250
To Carriage Outwards 4000
To Discount 11000
103550 103550
Balance Sheet
as at 31.3.2018
Notes to A/c Amount(Rs.)
Non-Current Assets:
Plant and Machinery 157500
Premises 338100
Current Assets:
Closing Stock 124500
Sundry Debtors 300200
(-4000-15800)
Cash at Bank 15450
Cash in Hand 350
Total(A) 936100
Non-Current Liabilities:
Capital 752250
(-42750)
Current Liabilities:
Sundry Creditors 106500
Bills Payables 75000
Rent Outstanding 850
General Expense O/s 1500
Total(B) 936100