From the following Trial Balance of M/s. Ram & Sons. Prepare Trading and Profit and Loss Account for the year ending on 31st March 2002 and the balance sheet as on the date: Trial Balance as on 31st March 2002 Sr. No. Debit (Rs) 5,000.00 16,750.00 1,300.00 6,500.00 Particular's Credit (Rs) Opening Stoek (1.4.2001) Pur chases Discount alloved Tages 3 4. Sales 30,000.00 Salaries Travelling expenses Conmission Carriage invard Adninistration expenses Trade expenses Interest 2,000. 00 400.00 425.00 275.00 105.00 600.00 250.00 5,000.00 200. 00 4,250.00 10 11 12 Building Furniture Debtors Craditors Capital Cash 13 14 15 2,100.00 13,000.00 16 17 18 2,045.00 TOTAL 45, 100.00 45, 100.00 Stock on 31st March 2002 was Rs. 6,000.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![FinalAccounts-Problems [Protected View] - Excel
File
Home
Insert
Page Layout
Formulas
Data
Review
View
Help
Tell me what you want to do
PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.
Enable Editi
A1
fe
From the following Trial Balance of M/s. Ram & Sons.
F
From the ollowing Trial Balance of M/s. Ram & Sons.
2 Prepare Trading and Profit and Loss Account for the year ending on 31st March 2002
3 and the balance sheet as on the date:
Trial Balance as on 31st March 2002
5 Sr.No.
Particular's
Debit (Rs)
Credit (Rs)
Opening Stock (1.4. 2001)
Pur chases
Discount alloved
Tages
5,000.00
7
16,750.00
1,300.00
6,500.00
4
30,000.00
Sales
Salaries
Travelling expenses
10
2,000.00
11
12
400.00
425.00
275.00
13
Conmission
Carriage invard
Adninistration expenses
14
15
10
105.00
600. 00
Trade expenses
Interest
16
11
17
12
250.00
Building
Furniture
5,000.00
200.00
18
13
19
14
20
15
Debtors
4,250.00
2,100.00
13,000.00
21
16
Craditor:
Capital
Cash
22
17
20
18
2,045.00
24
25
TOTAL
45, 100.00
45, 100.0
26
27
28
Stock on 31st Harch 2002 was Rs. 6,000.
29
30
31
32
33
34
QUESTION 1
Sheet2
QUESTION 2
QUESTION 3
QUESTION 4
Sheet1
Ready](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54ad77c3-1074-4920-a7b7-d18fcb3b908b%2F4282fef2-4eed-48ee-a14f-bc01d16ddca1%2Fl83h9y_processed.jpeg&w=3840&q=75)
Step by step
Solved in 2 steps with 1 images
