an authorized capital of Rs. 6,00,000 in equity shares of Rs. 10 each. The following is its Trial balance on 31st March 2008 Debit Credit Rs. Rs.
an authorized capital of Rs. 6,00,000 in equity shares of Rs. 10 each. The following is its Trial balance on 31st March 2008 Debit Credit Rs. Rs.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
A limited was registered with an authorized
capital of Rs. 6,00,000 in equity shares of Rs. 10
each. The following is its
31st March 2008
Debit Credit
Rs. Rs.
Cash 750
Bank 39,900
Purchases 1,85,000
Preliminary expenses 5,000
Share capital 4,00,000
12% Debentures 3,00,000
P and L account 26,250
Calls-in-arrears 7,500
Premises 3,00,000
Plant and Machinery 3,30,000
Interim dividend 39,250
Sales 4,15,000
Opening stock 75,000
Furniture 7,200
Sundry debtors 87,000
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3) |
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The following |
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Debits | Rs | Credits | Rs |
Buildings | 2900000 | Sales | 5200000 |
Machinery | 1000000 | Outstanding Salaries | 20000 |
Closing Stock | 900000 | Provision for |
30000 |
Purchases (adjusted) | 2100000 | Equity share Capital | 2000000 |
Salaries | 600000 | General Reserve | 450000 |
Staff Welfare Expenses | 100000 | Profit & Loss | 250000 |
Rent | 260000 | Sundry Creditors | 920000 |
80000 | 500000 | ||
Depreciation on machinery | 120000 | Accumulated depreciation on machinery | 550000 |
Bad Debts | 60000 | 14% Debentures | 2000000 |
Accrued interest on investment | 20000 | Interest on investment | 260000 |
Investment | 1200000 | ||
Interest on Debentures | 280000 | ||
Loose Tools | 230000 | ||
Advance Tax (AY 2011-12) | 600000 | ||
Misc Expenses | 180000 | ||
Sundry Debtors | 1250000 | ||
Cash at bank | 300000 | ||
TOTAL | 12180000 | 12180000 | |
You are required to prepare Profit & Loss Statement for the year ending 31st March,2021 and |
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after taking into consideration the following information: | |||
a) Make a provision for Income tax for Rs. 760000 | |||
b) Provision for doubtful debts @ 4% on debtors | |||
c) Closing stock is more than opening stock by Rs. 300000 | |||
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