OE Prepare Trading, Profit and Loss Account and Balance Sheet as on 31-3-1998 from the following Trial Balance of Gopala Krishna Debit Balances Rs. Credit Balances Rs. Purchases 25,200 Sales 61,604 Furniture. 1,600 Capital 35,000 3,500 Creditors Wages Machinery Opening Stock 3,903 20,000 Purchase Returns 222 17,525 Sales returns 1,200 Debtors 10,400 Freight on Purchases 200 Salaries 10,600 Freight on sales 503 Rent & Taxes 2,001 Cash at bank 8,000 1,00,729 1,00,729
OE Prepare Trading, Profit and Loss Account and Balance Sheet as on 31-3-1998 from the following Trial Balance of Gopala Krishna Debit Balances Rs. Credit Balances Rs. Purchases 25,200 Sales 61,604 Furniture. 1,600 Capital 35,000 3,500 Creditors Wages Machinery Opening Stock 3,903 20,000 Purchase Returns 222 17,525 Sales returns 1,200 Debtors 10,400 Freight on Purchases 200 Salaries 10,600 Freight on sales 503 Rent & Taxes 2,001 Cash at bank 8,000 1,00,729 1,00,729
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:05 Prepare Trading, Profit and Loss Account and Balance Sheet as on 31-3-1998
from the following Trial Balance of Gopala Krishna
Debit Balances
Rs.
Credit Balances
Rs.
Purchases
25,200
Sales
61,604
Furniture.
1,600
Capital
35,000
3,500
Creditors
Wages
Machinery
Opening Stock
3,903
20,000
Purchase Returns
222
17,525
Sales returns
1,200
Debtors
10,400
Freight on Purchases
200
10,600
503
Salaries
Freight on sales
2,001
8,000
Rent & Taxes
Cash at bank
1,00,729
1,00,729
Transcribed Image Text:Make the following Adjustments
(1) Closing stock Rs. 16,800
(2) Outstanding salaries Rs. 400
(3) Prepaid Rent and Taxes Rs. 201
(4) Provide for Bad Debts Reserve at 5 per cent
(5) Provide for depreciation on Machinery at 10%
(6) Calculate interest on capital at 5
per
cent.
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