had been made. (-) Puuchass fuom COGS 3,70,00-3000, (4) adveelixuy m 0E You are required to prepare the Statement of Profit &-Loss. for the year ended '31st March 2018 and the-Balance Sheet as on the same- date. 1714000
had been made. (-) Puuchass fuom COGS 3,70,00-3000, (4) adveelixuy m 0E You are required to prepare the Statement of Profit &-Loss. for the year ended '31st March 2018 and the-Balance Sheet as on the same- date. 1714000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Problem.No.3Asignut.
un
The Mafatlal manufacturing company Itd. Chennai was registered with a nominal capital Rs.12,00,000 in equity shares
of Rs.10 each. The following is the list of balances extracted from its books on 31st march 2018.
Debit
Rs. Credit
6,00,000 Sales RFO
1,50,000 6% debentures loug Jumu bowu
14,400 | Profit and loss A/c(Cr.)fuefil at
15,000 Bills payable Tuade ayasles
6,60,000 Sundry creditors adi layables
75,000 General reservekes Suup.
1,74,000 Provision
68,000 debts(1.4.97) OP
63,300 Subscribed, called up & paid up
3,70,000 capital
10,000
1,6,730
13,670
20,000
26,230
29,000
11,450
4,220
18,000
24,92,000
Premises TA
Stock(1.4.2017) OS
Furniture TA
Calls-in-arrears ()Shaue CaÞ
Plant & machinery TA
Interim dividend() App. of Puefut RRS
Sundry debtors Tuode hec.
Goodwill ITA
Rs.
8,30,000
6,00,000
29,000 - R
76,000
1,00,000
50,000
7,000
8,00,000
8Yeak
for
doubtful
Cash nad bank balances CA
Purchases (-)COGS
Preliminary expenses ep f Amout
Wages EBE
General expensesOtheu Exp
Advertising Otheu Exp
Freight(t) COGS
Salaries €B€
Directors'feesOthee Exp
Bad debts
Debenture interest paid FC
24,92,000
The following adjustments have to be made:
Stock on 31st March 2018 was valued at Rs. 1,90,000 CS
Write offpreliminary expenses
Provide for half year's debenture interest. 6 e 6,00.000 x
*6/12
9.
FU
1294 50
Transcribed Image Text:Otheu esep E)NNI (-)OP
Theprovision for doubtful debts on 31st March 1998 should be equal to 1% on sales. NP R30o ()fuoui Deblou
Directors' fees are outstanding to the extent of Rs. 550 and salaries Rs. 1,000.. L m
Depreciate Plant & Machinery by 5%; premises by 2% and write off Rs. 2,400 on furniture.
Goods to the value of Rs. 3,000 were distributed as free samples during the year. But no entry in this respect
had been made. (-) Puuchases puom COGS 3,70,000-3o00,4)adveutiriy i OG
You are required to prepare the Statement of Profit & -Loss. for the year ended '31st March 2018 and the-Balance Sheet as on
8,30.00
the same- date.
1714000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education