From the following ledger balances. Prepare profit and loss account and balance sheet for the year ended 31-12-2018 Debit Purchases Returns Carriage Rent&Rates Stock Debtors Salaries Wages Plant & Machinery Furniture Cash at Bank Amount 75,000 Capital 1,000 Sales 1,200 Creditors 2,500 Returns 15,000 Interest 40,000 Provision for debt 22,500 Doubtful debts 10,800 50,000 10,000 29,400 2,57,400 Credit Adjustments: 1. Closing Stock Ro.15, 000 2. Depreciate Plant and machinery by 10% and furniture by 15% 3. Interest accrued Ro.500 4. Provision for doubtful debts is to be maintained at 2% Amount 50,000 1,75,000 25,000 4,700 500 2,200 2,57,400
From the following ledger balances. Prepare profit and loss account and balance sheet for the year ended 31-12-2018 Debit Purchases Returns Carriage Rent&Rates Stock Debtors Salaries Wages Plant & Machinery Furniture Cash at Bank Amount 75,000 Capital 1,000 Sales 1,200 Creditors 2,500 Returns 15,000 Interest 40,000 Provision for debt 22,500 Doubtful debts 10,800 50,000 10,000 29,400 2,57,400 Credit Adjustments: 1. Closing Stock Ro.15, 000 2. Depreciate Plant and machinery by 10% and furniture by 15% 3. Interest accrued Ro.500 4. Provision for doubtful debts is to be maintained at 2% Amount 50,000 1,75,000 25,000 4,700 500 2,200 2,57,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hh2.
Transcribed Image Text:From the following ledger balances. Prepare profit and loss account and balance sheet for
the year ended 31-12-2018
Debit
Purchases
Returns
Carriage
Rent& Rates
Stock
Debtors
Salaries
Wages
Plant & Machinery
Furniture
Cash at Bank
Amount
Credit
75,000 Capital
1,000 Sales
1,200 Creditors
2,500 Returns
15,000 Interest
40,000 Provision for debt
22,500 Doubtful debts
10,800
50,000
10,000
29,400
2,57,400
Adjustments:
1. Closing Stock Ro.15, 000
2. Depreciate Plant and machinery by 10% and furniture by 15%
3. Interest accrued Ro.500
4. Provision for doubtful debts is to be maintained at 2%
Amount
50,000
1,75,000
25,000
4,700
500
2,200
2,57,400
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