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Problem 13 prepare the Trading and Profit and Loss Account for the year cnded 31st March 20X2 and a Balance Sheet as on that date after making the necessary adjustment: The following Trial Balance of Shri Om, as on 31st March 20X2. You are requested to WOT

Problem 13 prepare the Trading and Profit and Loss Account for the year cnded 31st March 20X2 and a Balance Sheet as on that date after making the necessary adjustment: The following Trial Balance of Shri Om, as on 31st March 20X2. You are requested to WOT

FINANCIAL ACCOUNTING
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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Problem 13 The following Trial Balance of Shri Om, as on 31 st March 20X2. You are requested to prepare the Trading and Profit and Loss Account for the year cnded 31st March 20X2 and a Balance Sheet as on that date after making the necessary adjustment: Particulars Dr. (As) Cr. (Rs) Sundry Debtors/Creditors... Outstanding liability for Expenses. Wages.... Carriage Outwards... Carriage Inwards.. General Expenses... 5,00,000 2,00,000 55,000 1,00,000 1,10,000 50,000 70,000 920,000 Cash Discounts. Bad Debts..... 10,000 Motor Car.... 2,40,000 00 15,000 Printing and Stationery. Furniture and Fittings.. 1,10,000 Advertisement. 85,000 45,000 Insurance... Salesman's commission... 87,500 Postage and Telephone... Salaries... Rates and Taxes... Capital Account/Drawings. Purchases/Sales. 57,500 1,60,000 25,000 14,43,000 020,000 15,50,000 2,50,000 60,000 19,87,500 Stock on 1.4.20x1. Cash at Bank.. Cash in hand.. 10,500 36,30,500 36,30,500 The following adjustments arc to bc made: Stock on 31st March 20X2 was valued at Rs 7.25.00. A Provision for Doubtful Debts is to be created to the extent of 5 per cent on Sundry Debtors. Depreciate-Furniture and Fittings by 10%, Motor Car by 20%. Shri Om had withdrawn goods worth Rs 25.000 during the ycar. Sales include goods worth Rs 75,000 sent out to Shanti & Company on approval and remaining unsold on 3Ist March 20X2. The cost of the goods was Rs 50,000. The Salesmen were entitled to a Commission of 5% on total sales. (a) (b) (c') (d) (e) (f) (g) Debtors include Rs 25,000 bad debts. (h) Printing and Stationery expenses of Rs 55,000 rclating to 20X0-20X1 had not been provided in that year but was paid in this year by debiting outstanding liabilities. (i) Purchases include purchase of Furniture worth Rs 50.000.
Transcribed Image Text:Problem 13 The following Trial Balance of Shri Om, as on 31 st March 20X2. You are requested to prepare the Trading and Profit and Loss Account for the year cnded 31st March 20X2 and a Balance Sheet as on that date after making the necessary adjustment: Particulars Dr. (As) Cr. (Rs) Sundry Debtors/Creditors... Outstanding liability for Expenses. Wages.... Carriage Outwards... Carriage Inwards.. General Expenses... 5,00,000 2,00,000 55,000 1,00,000 1,10,000 50,000 70,000 920,000 Cash Discounts. Bad Debts..... 10,000 Motor Car.... 2,40,000 00 15,000 Printing and Stationery. Furniture and Fittings.. 1,10,000 Advertisement. 85,000 45,000 Insurance... Salesman's commission... 87,500 Postage and Telephone... Salaries... Rates and Taxes... Capital Account/Drawings. Purchases/Sales. 57,500 1,60,000 25,000 14,43,000 020,000 15,50,000 2,50,000 60,000 19,87,500 Stock on 1.4.20x1. Cash at Bank.. Cash in hand.. 10,500 36,30,500 36,30,500 The following adjustments arc to bc made: Stock on 31st March 20X2 was valued at Rs 7.25.00. A Provision for Doubtful Debts is to be created to the extent of 5 per cent on Sundry Debtors. Depreciate-Furniture and Fittings by 10%, Motor Car by 20%. Shri Om had withdrawn goods worth Rs 25.000 during the ycar. Sales include goods worth Rs 75,000 sent out to Shanti & Company on approval and remaining unsold on 3Ist March 20X2. The cost of the goods was Rs 50,000. The Salesmen were entitled to a Commission of 5% on total sales. (a) (b) (c') (d) (e) (f) (g) Debtors include Rs 25,000 bad debts. (h) Printing and Stationery expenses of Rs 55,000 rclating to 20X0-20X1 had not been provided in that year but was paid in this year by debiting outstanding liabilities. (i) Purchases include purchase of Furniture worth Rs 50.000.
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