Trial Balance of a Business as at 31st March, 2023 is given below: Stock on 1st April, 2022 25,000 Furniture 8,000 Plant and Machinery 1,50,000
Trial Balance of a Business as at 31st March, 2023 is given below:
| Particulars | Dr. (₹) | Particulars | Cr. (₹) |
|
Stock on 1st April, 2022 Furniture Plant and Machinery Debtors Wages Salaries Bad Debts Purchases Electricity Charges Telephone Charges General Expenses Postage Expenses Returns Inward Insurance Premium Cash In Hand Cash at Bank |
25,000 8,000 1,50,000 30,000 12,000 20,000 1,000 1,20,000 1,200 2,400 3,000 1,800 900 1,500 2,500 40,000 |
Sales Commission Returns Outward Creditors Capital |
2,27,800 500 1,000 40,000 1,50,000 |
| Â | 4,19,300 | Â | 4,19,300 |
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance sheet as at that date after taking into account the following adjustments:
(i) Closing Stock was valued at ₹ 7,000.
(ii) OUtstanding liabilities for wages were ₹ 600 and salaries ₹ 1,400.
(iii) Depreciation is to be provided @ 5% p.a. on fixed assets.
(iv) Plant and Machinery includes a machine purchased for ₹ 10,000 on 1st October, 2022.
(v) Insurance premium paid in advance ₹ 200.
[Gross Profit – ₹ 77,300; Net Profit – ₹ 38,050; Balance Sheet Total – ₹ 2,30,050.]
Anurag Pathak Changed status to publish October 12, 2023
