From the following balances, prepare Trading, Profit and Loss A/c and a Balance Sheet as at 31st March, 2023 Opening Stock ₹ 20,000 Purchases ₹ 2,92,000
From the following balances, prepare Trading, Profit and Loss A/c and a Balance Sheet as at 31st March, 2023:-
Take the following adjustments into account:
(a) General expenses include ₹ 5,000 chargeable to Furniture purchased on 1st October 2022.
(b) Create a provision of 5% on debtors for Bad and Doubtful Debts after treating ₹ 30,000 as a Bad-debt.
(c) Depreciation on Furniture and Fittings for the year is to be at the rate of 10% per annum.
(d) Closing Stock was ₹ 40,000, but there was a loss by fire on 20th March to the extent of ₹ 8,000. Insurance Company admitted the claim in full.
(d) (I) Goods costing ₹ 2,500 were used by the proprietor.
(II) Goods costing ₹ 1,500 were distributed as free samples.
Goods were purchased paying CGST and SGST @ 6% each.
[Ans. G.P. ₹ 2,80,000; N.P. ₹ 1,00,370; B/s Total ₹ 3,34,470.]
| Particulars | ₹ | Particulars | ₹ |
| Opening Stock | 20,000 | Goodwill | 16,000 |
| Purchases | 2,92,000 | Furniture and Fittings | 58,000 |
| Fuel and Power | 34,000 | Repair Charges | 2,900 |
| Capital | 1,60,000 | Bank | 18,000 |
| Sales | 5,90,000 | Salaries | 1,10,000 |
| Rent | 10,000 | General Expenses | 18,000 |
| Returns Inwards | 16,000 | Debtors | 2,30,000 |
| Cash Discount allowed | 15,000 | Creditors | 1,35,000 |
| Cash Discount received | 19,000 | Output CGST | 5,000 |
| Drawings | 58,100 | Output SGST | 5,000 |
| Input CGST | 8,000 | ||
| Input SGST | 8,000 |
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