Ramesh’s Trial Balance as on 3st March, 2025 given the following information: Investment (rate of interest 10% p.a.) ₹ 5,00,000
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From the following Trial Balance as at 31st March, 2025, show the relevant extract from the Profit & Loss Account and the Balance Sheet:
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Following is the extract of Trial Balance as at 31st March, 2025: Commission rs 40,000
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Manish has paid salaries of ₹ 1,50,000 for the year ended 31st March, 2025. Salaries include ₹ 20,000 paid in advance for the year ending 31st March, 2026
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On 1st July, 2024, fire insurance premium of ₹ 72,000 was paid on a policy which will expire on 30th June, 2025. Accounts are closed on 31st March
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Ravi’s Trial Balance as on 31st March, 2025 has the following information: Loan (Taken on 1st October, 2024, interest @ 10% p.a.) ₹ 1,00,000
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Rahul’s Trial Balance as on 31st March, 2025 has following information: Salaries and Wages ₹ 3,30,000
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Following is the extract of Trial Balance as at 31st March, 2025: Wages ₹ 55,000 Additional Information: Wages Outstanding for 1 month.
Solution:- It is a Trading Account, not the Profit & Loss Account. will correct it soon
Closing Stock as at 31st March, 2025, of ₹ 50,000 appears outside the Trial Balance. Accounts are closed on 31st March
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Ashish and Nimish were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019 their Balance Sheet was as follows:
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