Following balances are taken from the books of Niranjan. Prepare Trading and Profit & Loss Account and Balance Sheet for the year ended 31st March, 2023
Following balances are taken from the books of Niranjan. Prepare Trading and Profit & Loss Account and Balance Sheet for the year ended 31st March, 2023:
| Particulars | ₹ | Particulars | ₹ |
|
Capital Opening Stock Furniture Sales Purchases Return Rent Salaries Bad Debts Sundry Debtors Bills Payable Advertisement Expenses Patents |
1,20,000 45,000 1,500 4,35,000 4,000 5,000 24,000 1,000 40,000 800 6,000 4,800 |
Drawings Plant and Machinery Purchases Insurance Sales Return General Expenses Wages 6% Investments Sundry Creditors Cash Miscellaneous Receipts |
21,000 24,000 2,95,000 1,500 7,000 2,000 40,000 50,000 19,000 12,200 1,200 |
Adjustments:
(i) Closing Stock ₹ 75,000.
(ii) Depreciate Machinery by 10% and Furniture by 20%.
(iii) Wages ₹ 5,000 and salaries ₹ 1,200 are outstanding.
(iv) Write off ₹ 5,000 as further Bad Debts and Create 5% Provision for Doubtful Debts. Also, create a provision for discount on Debtors @ 2%.
(v) Investments were made on 1st July, 2022 and no interest has been received so far.
Anurag Pathak Changed status to publish October 26, 2023
