Problem 13The following Trial Balance of Shri Om, as on 31 st March 20X2. You are requested toprepare the Trading and Profit and Loss Account for the year cnded 31st March 20X2 and a BalanceSheet as on that date after making the necessary adjustment:ParticularsDr. (As)Cr. (Rs)Sundry Debtors/Creditors...Outstanding liability for Expenses.Wages....Carriage Outwards...Carriage Inwards..General Expenses...5,00,0002,00,00055,0001,00,0001,10,00050,00070,000920,000Cash Discounts.Bad Debts.....10,000Motor Car....2,40,0000015,000Printing and Stationery.Furniture and Fittings..1,10,000Advertisement.85,00045,000Insurance...Salesman's commission...87,500Postage and Telephone...Salaries...Rates and Taxes...Capital Account/Drawings.Purchases/Sales.57,5001,60,00025,00014,43,000020,00015,50,0002,50,00060,00019,87,500Stock on 1.4.20x1.Cash at Bank..Cash in hand..10,50036,30,500 36,30,500The 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to the extent of 5 per cent on Sundry Debtors.Depreciate-Furniture and Fittings by 10%, Motor Car by 20%.Shri Om had withdrawn goods worth Rs 25.000 during the ycar.Sales include goods worth Rs 75,000 sent out to Shanti & Company on approval and remainingunsold on 3Ist March 20X2.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 inthat year but was paid in this year by debiting outstanding liabilities.(i)Purchases include purchase of Furniture worth Rs 50.000.

Step 1 Final accounts are the financial reporting statements of the entity.

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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