18. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2024 and Balance Sheet as at that date from the following Trial Balance:
| Heads of Accounts | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|
| Capital | 1,00,000 | ||
| Cash | 15,000 | ||
| Bank Loan | 20,000 | ||
| Purchases | 1,20,000 | ||
| Sales | 150,000 | ||
| Sales Return | 10,000 | ||
| Purchases Return | 20,000 | ||
| Salary Expenses | 22,000 | ||
| Insurance | 5,000 | ||
| Bad Debts | 5,000 | ||
| Provision for Doubtful Debts | 7,000 | ||
| Debtors | 82,000 | ||
| Creditors | 45,000 | ||
| Commission | 5,000 | ||
| Deposits | 40,000 | ||
| Opening Stock | 30,000 | ||
| Drawings | 14,000 | ||
| Furniture | 6,000 | ||
| Input CGST | 10,000 | ||
| Input SGST | 10,000 | ||
| Output CGST | 8,000 | ||
| Output SGST | 8,000 | ||
| Output IGST | 6,000 | ||
| Total | 3,69,000 | 3,69,000 |
Adjustments:
(i) Salaries of ₹3,000 are outstanding but Insurance 500 is prepaid.
(ii) Commission ₹1,000 received in advance for the next year.
(iii) Interest ₹2,100 is to be received on Deposits and Interest on Bank Loan ₹3,000 is to be paid.
(iv) Provision for Doubtful Debts to be maintained at ₹10,000.
(v) Depreciate Furniture by 10%.
(vi) Closing Stock (at cost) as on 31st March, 2024 was ₹45,000 and its Net Realisable
Value (Market Value) was ₹50,000.
(vii) A fire occurred on 1st April, 2024 destroying goods costing ₹10,000. The Stock was fully insured (Ignore GST).
T.S.Grewal/2024 Edition/Practical Problems/Q-18
For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd.
