Final account

Following is the Trial Balance obtained from the books of Vishwanath on 31st March, 2022:

Heads of Accounts

Cr. (

37,000

1,60,000

2,20,000

6.330

50,000

8.100

65.300

27,500

2.74.685

5,21,870

2.300

2,100

6,700

35,000

2,00,000

3.100

Computers

Plant and Machinery

Motor Van

Cash in Hand

Cash at Bank

Stock on 1st April, 2021

Debtors

Creditors

Purchases

Sales

Returns Inward

Returns Outward

Rent

Salaries

Bank Loan taken on 1st April, 2021 @ 10% p.a.

Carriage Outwards

Wages

Interest

54,755

10,000

4,200

24,000

9,61,470

2,10,000

9,61,470

Electricity Expenses

General Expenses

Capital

Total

Prepare Vishwanath’s Trading and Profit & Loss Account for the year ended 31st March, 2022 and his Balance Sheet as at that date after taking into account the following adjustments:

(a) Stock at cost on 31st March, 2022 was 15,600 against its Net Realisable Value (Market Value) of 17,900.

(b) Depreciate Motor Van and Plant and Machinery by 10% p.a. and Computers @ 20% p.a.

(c) Create Provision for Doubtful Debts @ 5%.

(d) General Expenses include 2,000 paid for wages.