Question 23.
The Trial Balance of M/s. Taj & Co. as on 31st March, 2018 was as follows:
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet after considering the following information:
(i) Depreciation on Furniture @ 10% to be charged.
(ii) Sundry Debtors include ₹ 500 due from a customer who has become insolvent.
(iii) Provision for Doubtful Debts @ 5% on Sundry Debtors is to be maintained.
(iv) Goods costing ₹ 1,500, purchased paying CGST and SGST @ 9% each, were destroyed by fire and insurance company admitted a claim for ₹ 1,000.
(v) Stock on 31st March, 2018 was ₹ 12,550.
Answers
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Explanation:
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The Trial Balance
Explanation:
Trading account :
For the year ended march 31,2018
Particulars Amount Particulars Amount
To opening stock 26,725 By sales 2,52,400
To purchases 162,505 By closing stock 12,550
To wages 23,137 By loss by fire 1500
To power and fuel 1350
To gross profit 52,733
2,66,450 2,66,450
Profit and loss account
For the year ended March 31,2018
Particulars Amount Particulars Amount
To Salaries 5575 By Gross profit 52733
To Loss by fire 770 By Old provision for DD 5200
To Bad Debts By provision for DD 2485
Add: Further Bad debts 1025 By interest Receivable 100
To Trade expenses 5831
To Depreciation of furniture 725
To Postage 4426
To Net profit 37396
55,548