Following Trial Balance has been extracted from the books of Prasad as on 31st March, 2023: Machinery 2,40,000 Cash at Bank 1,00,000
Following Trial Balance has been extracted from the books of Prasad as on 31st March, 2023:
| Particulars | Dr. (₹) | Particulars | Cr. (₹) |
|
Machinery Cash at Bank Cash in Hand Wages Purchases Stock on 1st April, 2021 Sundry Debtors Rent Commission General Expenses Salaries |
4,00,000 1,00,000 50,000 1,00,000 8,00,000 6,00,000 7,30,000 45,000 25,000 80,000 50,000 |
Capital Sales Sundry Creditors Interest Received |
9,00,000 16,00,000 4,50,000 30,000 |
| Â | 29,80,000 | Â | 29,80,000 |
Additional Information:
(i) Outstanding Salaries were ₹ 45,000.
(ii) Depreciate Machinery at 10%.
(iii) Wages outstanding were 5,000.
(iv) Rent prepaid ₹ 10,000.
(v) Provide for interest on capital @ 5% per annum.
(vi) Stock on 31st March, 2022 ₹ 8,00,000.
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date.
[Gross Profit – ₹ 8,95,000; Net Profit – ₹ 6,05,000; Balance sheet Total – ₹ 20,50,000.]
Anurag Pathak Changed status to publish February 21, 2024
Good morning sir
Sir machine is for rs. 2,40,000
And you take this as 4,00,000
Also your answer is worng sir
Corrected, Machinery is of ₹ 4,00,000 and net profit is also correct it is 6,05,000. It was a clerical mistake in the question. Answer is correct.
Corrected
Machinery value is 240000 only and depreciation is at 10% then why in p&l it is showed rs. 40000 as depreciation… Its only 24000..