Purnima ltd presents the following trial balance for the year ending March 31, 2010. Prepare final accounts Trial Balance as on March 31, 2020.Table from Stock 75,000 Sales 3,50,000 Purchases 2,45,000 Commission received 5,000 Production Wages 50,000 Profit and loss A/c (1/4/09) 15,030 Discount 7,000 Capital (10,000 equity shares of Rs 10 each fully paid ) 1,00,000 Salaries 7,500 Accounts Payables Creditors 17500 Rent 4,950 General reserve 15,500 Insurance 17,050 Dividend paid (2009) 5,000 Interim Dividend 4,000 Account receivables (debtors ) 37,500 Machinery 29,000 Cash and Bank Balance 16,200 Loan to director 3,250 Bad debts 1,580 5,03,030 5,03,030 Prepare and Analyse the Balance sheet of Purnima ltd as per Schedule III, Adjustments: 1. Depreciate machinery by 10 %, 2. further bad debts Rs 500, 3. reserve for bad debts 2 %, 4. goods costing 3000 were destroyed by fire and insurance company admitted the claim for only 2000, insurance premium at the rate of Rs 2500 per annum is prepaid for six months, 5. provision for tax is 15 % required by company , Provision for dividend is 1%,( one percent). 6. closing stock for the year was Rs 50,000.

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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Purnima ltd presents the following trial balance for the year ending March 31, 2010. Prepare final accounts

Trial Balance as on March 31, 2020.Table from

Stock	75,000	Sales	3,50,000
Purchases	2,45,000	Commission received	5,000
Production Wages	50,000	Profit and loss A/c (1/4/09)	15,030
Discount	7,000	Capital (10,000 equity shares of Rs 10 each fully paid )	1,00,000
Salaries	7,500	Accounts Payables Creditors	17500
Rent	4,950	General reserve	15,500
Insurance	17,050
Dividend paid (2009)	5,000
Interim Dividend	4,000
Account receivables (debtors )	37,500
Machinery	29,000
Cash and Bank Balance	16,200
Loan to director	3,250
Bad debts	1,580
	5,03,030		5,03,030

Prepare and Analyse the Balance sheet of Purnima ltd as per Schedule III,
Adjustments:
1. Depreciate machinery by 10 %,
2. further bad debts Rs 500,
3. reserve for bad debts 2 %,
4. goods costing 3000 were destroyed by fire and insurance company admitted the claim for only 2000, insurance premium at the rate of Rs 2500 per annum is prepaid for six months,
5. provision for tax is 15 % required by company , Provision for dividend is 1%,( one percent).
6. closing stock for the year was Rs 50,000.

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