Question

The following are the balances extracted from the ledger of Infotech Ltd. as on 31-3-2014.
3.
₹
₹
Stock
Sales
Purchases
Wages (Productive)
Discount Allowed
Discount Received
Insurance upto 30-6-2014
Salaries
1,50,000 Furniture
9,00,000 Printing and Stationary
4,00,000 Advertisement
1,70,000 Debtors
6,200 Creditors
5,250 Plant and Machinery
8,000 Staff Welfare Expenses
22,500 Cash and Bank
7,000 Reserve
9,050 Loan from Managing Director
16,500 Bad Debts
Goodwill
27,500
12,400
15,300
28,700
45,200
40,500
6,100
1,60,700
35,000
35,600
4,200
5,000
Rent
General Expenses
Profit and Loss Account
You are required to prepare Statement of Profit and Loss for the year ended 31-3-2014. The following
further information is given.
(1) Closing Stock 75,500.
(2) Depreciation to be charged on Plant and Machinery and Furniture at 15% and 10% respectively.
(3) Outstanding Liabilities : Wages 37,200, Salary 3,200 and Rent 1,600.
(4) Maintain Provision for tax at 25,000.
[Ans. Net Profit* 1,21,175]​

Answer 1

Answer:

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