From the following balances, prepare Trading and Profit and Loss A/c for the year ended 31st March 2023 and a Balance Sheet as at that date:
From the following balances, prepare Trading and Profit and Loss A/c for the year ended 31st March 2023 and a Balance Sheet as at that date:
Adjustments:-
(i) Stock on 31st March, 2023 was ₹ 10,000 and stationery unused at the end was ₹ 400.
(ii) Rent of Premises Sublet received in advance ₹ 100.
(iii) Provisoin for Doubtful Debts is to be created @ 10% on Debtors.
(iv) Provision for discount on Debtors is to be created @ 2%.
(v) Stock of the Value of ₹ 4,000 was destroyed by fire on 25th March, 2023. Stock was purchased paying IGST @ 12%. A Claim of ₹ 3,000 has been admitted by Insurance Co.
(vi) Bank Loan has been taken at 12% p.a. interest.
[Ans. G.P. ₹ 21,100; N.P. ₹ 7,581; B/S Total ₹ 57,181.]
| Particulars | ₹ | Particulars | ₹ |
| Life Insurance Premium (Self) | 500 | Capital | 40,000 |
| Opening Stock | 7,500 | Plant and Machinery | 12,500 |
| Returns Inward | 1,000 | Purchases | 36,000 |
| Furniture | 4,600 | Sundry Debtors | 10,500 |
| Freehold Property | 10,000 | Coal, Gas and Water | 1,000 |
| Carriage Inwards | 400 | Carriage Outwards | 100 |
| Advertising | 200 | Sales | 60,000 |
| Sundry Creditors | 4,850 | Discount (Dr.) | 400 |
| Returns Outwards | 500 | Rent for Premises Sublet | 500 |
| Commission (Cr.) | 600 | Trade Expenses | 8,650 |
| Lighting | 250 | Stationery | 2,000 |
| Loan from Bank | 5,000 | Interest Charged by Bank | 450 |
| Wages and Salaries | 7,500 | Cash | 2,900 |
| Input IGST | 5,000 |
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