Following Trial Balance has been extracted from the books of Sundar on 31st March, 2023:
Cash in Hand and at Bank
Land and Building
Stock on 1st April, 2022
Plant and Machinery
Provision for Doubtful Debts
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date after giving effect to the following adjustments:
(a) Closing Stock on 31st March, 2023 was ₹ 1,27,410
(b) Depreciate Planta nd Machinery @ 10% and Furniture @ 5%.
(c) Raise the Provision for Doubtful Debts to ₹ 15,000.
(d) Insurance includes annual premium of ₹ 720 on a policy which will expire on 30th September, 2023.
(e) Purchases includes a computer costing ₹ 6,000 purchased on 1st July, 2022 and is subject to depreciation @ 10% p.a.