The following balances were extracted from the books of Ahmad Salman &
Company Ltd. for the year ending 31st December 2017.
Particulars Rs. Particulars Rs.
Building (cost Rs.400,000)
Furniture (cost Rs. 10,000)
Motor vehicles
Investment
Inventory
Sundry debtors
Cash at Bank
Cash in hand
Discount on issue of shares
Salaries
Postage
Auditors fee
Repairs
Interest on debentures
Advance against building
Trade Exp.
300,000
5,000
130,000
230,000
200,000
140,000
86,000
12,000
4,000
105,000
2,000
6,000
3,000
5,000
50,000
10,000
Share capital
5000 equity shares
5% mortgage debentures
Sundry creditors
Profit & Loss Account (Cr.)
Gross profit
Dividend received
Provision for taxation
500,000
200,000
82,000
33,000
430,000
7,000
36,000
12,88,000 12,88,000
Adjustments:
(i) Provide 10% depreciation on all Fixed Assets on straight line method.
(ii) The company had a contract for the construction of building of Rs. 50,000
which is still incomplete.
(iii) Increase provision for taxation up to Rs. 100,000.
(iv) Transfer Rs. 20,000 to General Reserves.
(v) Due to change in the basis of valuation of inventory, value comes down to Rs.
180,000, but this has not been considered yet.
(vi) Dividend is proposed @ 15%.
Required:
Prepare the Profit & Loss Account and appropriation account for the year ending 31st
December 2017 and Balance Sheet as on that date.
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carry Minta Ka number hai
6648510091
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