7.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2015 and Balance Sheet on that date in the books of Mr. Maroti considering following adjustments.Trial Balance is given below: Trial Balance for the year ended 31Sst March, 2015 Credit Balances Debit Balances Amt Amt 35,000 By Sales 4,200 Discount 10,000 Creditors 2,25,200 Bank Overdraft 13,600 Interest on Investment 12,000 Capital 6,000 2,000 3,000 8,000 4,000 20,000 40,000 6,000 12,000 21,000 50,000 To Opening Stock To Salary & Wages To Cash in hand 3,30,000 4,000 20,000 10,000 8,000 1,00,000 To Purchases To Sundry expenses To Wages To Bills Receivable To Travelling expenses To Bad debts To Factory expenses To Commission To Investment To Debtors To Tools To Furniture To Goodwill 4,72,000 To Building 4,72,000 Adjustments: 1. Closing stock - Cost price 40,000 and market price 745,000 2.Goods withdrawn for personal use of 1,200 3.Uninsured Goods destroyed by fire 12,000 4. Write off Bad debts 7450 5.Outstanding expenses : Salary and wages T800, Rent 1,200 6.Depreciate building by 7.5% p.a. (GP=1,03,000;NP=70,000;B/S=2,00,800)
7.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2015 and Balance Sheet on that date in the books of Mr. Maroti considering following adjustments.Trial Balance is given below: Trial Balance for the year ended 31Sst March, 2015 Credit Balances Debit Balances Amt Amt 35,000 By Sales 4,200 Discount 10,000 Creditors 2,25,200 Bank Overdraft 13,600 Interest on Investment 12,000 Capital 6,000 2,000 3,000 8,000 4,000 20,000 40,000 6,000 12,000 21,000 50,000 To Opening Stock To Salary & Wages To Cash in hand 3,30,000 4,000 20,000 10,000 8,000 1,00,000 To Purchases To Sundry expenses To Wages To Bills Receivable To Travelling expenses To Bad debts To Factory expenses To Commission To Investment To Debtors To Tools To Furniture To Goodwill 4,72,000 To Building 4,72,000 Adjustments: 1. Closing stock - Cost price 40,000 and market price 745,000 2.Goods withdrawn for personal use of 1,200 3.Uninsured Goods destroyed by fire 12,000 4. Write off Bad debts 7450 5.Outstanding expenses : Salary and wages T800, Rent 1,200 6.Depreciate building by 7.5% p.a. (GP=1,03,000;NP=70,000;B/S=2,00,800)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:7.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2015 and
Balance Sheet on that date in the books of Mr. Maroti considering following
adjustments.Trial Balance is given below:
Trial Balance
for the year ended 31St March, 2015
Credit Balances
Debit Balances
Amt?
Amt?
35,000 By Sales
4,200 Discount
10,000 Creditors
2,25,200 Bank Overdraft
13,600 Interest on Investment
12,000 Capital
6,000
2,000
3,000
8,000
4,000
To Opening Stock
To Salary & Wages
3,30,000
4,000
20,000
10,000
8,000
1,00,000
To Cash in hand
To Purchases
To Sundry expenses
To Wages
To Bills Receivable
To Travelling expenses
To Bad debts
To Factory expenses
To Commission
To Investment
20,000
40,000
6,000
12,000
21,000
To Debtors
To Tools
To Furniture
To Goodwill
4,72,000
To Building
50,000
4,72,000
Adjustments: 1. Closing stock – Cost price 40,000 and market price 745,000
2.Goods withdrawn for personal use of 1,200
3.Uninsured Goods destroyed by fire 12,000
4. Write off Bad debts 7450
5.Outstanding expenses : Salary and wages 7800, Rent 1,200
6.Depreciate building by 7.5% p.a.
(GP=1,03,000;NP=70,000;B/S=2,00,800)
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