4. Prepare Trading and Profit and Loss A/C for the year ending 31 March 2020 anda Balance Sheet as on that date from the following Trial Balance and additionalinformation. TRIAL BALANCE AS ON 31-03-2020ParticularsDebit Rs.Credit Rs.Opening Stock 1BuildingMachineryPurchases52,0001,00,00060,0001,50,00010,0008,00051,0004,000SalariesRentDebtorsCarriage inwardWagesManufacturing ExpensesFurnitureBad DebtsInsurance10,0008,00020,0002,5002,0001,000Cash in HandCapitalCreditorsBank Over DraftProvision for Bad Debt93,00040,00020,000SalesCommission received3,0003,20,0002,5004785004,78,500Additional Information:Y Wages outstanding Rs. 5002. Insurance prepaid Rs. 250Write off bad debts Rs. 1,0004. Provide for bad and doubtful debts at 5% on Debtors5. Provide interest on Capital at 5%6. Depreciate machinery and furniture by 10%Interest on overdraft due amounts to Rs. 1,2003.7.8. Closing Stock is valued at Rs. 70,000.(3 х 10%3D 30)

Trading Account is a financial statement that shows the result of buying and selling goods and…

Prepare Trading and Profit and Loss A/C for the year ending 31* March 2020 and a Balance Sheet as on that date from the following Trial Balance and additional information. TRIAL BALANCE AS ON 31-03-2020

Prepare Trading and Profit and Loss A/C for the year ending 31* March 2020 and a Balance Sheet as on that date from the following Trial Balance and additional information. TRIAL BALANCE AS ON 31-03-2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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