Question

trading and profit and loss account 31st March 2018​

Answer 1

Answer:

Adjustments: (i) Salaries Rs. 1,000 and Taxes Rs. 2,000 are outstanding but Insurance Rs. 500 is prepaid. (ii) Commission Rs. 1,000 received in advance for the next year. (iii) Interest Rs. 2,100 is to be received on Deposits and Interest and Bank Loan Rs 3,000 is to be paid. (iv) Provision for Doubtful Debts to be maintained at Rs 10,000. (v) Depreciate Furniture by 10%. (vi) Stock on 31st March, 2018 is Rs 45,000. (vii) A fire occurred on 1st April, 2018 destroying goods costing Rs 10,000. These goods were purchased paying CGST and SGST @ 6% each.Read more on Sarthaks.com - https://www.sarthaks.com/478691/prepare-trading-profit-account-ended-march-balance-sheet-from-following-traial-balance