Question

S; Shareholders
20: Non-currente
From the following balances as on 31st Dec. 1988 of a Limited company, prepare
; B/S total Rs.13
Saatement of Profit and Loss for the year ended and Balance Sheet as on that date:
Rec. 1998 is given to y
each Rs 75 pad
ed
exp.Rs.
Rs
Debis
Credits
Rs.
Credits
O equity shares of
Stock 1:1.88
Discounts
Land
debentures
dry creditors
eral reserve
Plant & Machinery
Purchases
Furniture
Debtors
P&L A/c (D)
Carriage
mns outward
LA/c (CT)
33,380 Subscribed & paid
6,788
up capital
50,000
22,000 Sales
1,46,268
10.700 Sundry receipts
200
91,888 Creditors
39,532
2.750 Provision for bad debts 5,300
63,600 Discounts (Cr)
5,904
4.960 Bank overdraft
13,823
3,780 Customer's deposit 400
9,016
Bad debts
1.820
Office expenses
10.275
Cash in hand
470
The following adjustments have to be made:
(a) Stock on 31.12.1988 Rs. 35,460
(b) Depreciation on Plant & Machinery at 10% and furniture at 6%.
(c) Provide 10% for bad and doubtful debts.
(d) Customer's deposit has been forfeited
(e) Proposed dividend at 10%
(1) Provision for taxation Rs. 7.500.
) The Managing director is entitled to 10% commission on net profits
before charging such commission
1.1.46.268. atherinenme Rs. 6.504; cost​

Answer 1

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