19. From the following Trial Balance of Pooran, prepare Trading and Profit & Loss Account for the year ending 31st March, 2024 and Balance Sheet as on that date:
| Heads of Accounts | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|
| Drawings | 15,000 | ||
| Capital | 3,50,000 | ||
| Plant and Machinery | 2,05,000 | ||
| Debtors | 50,000 | ||
| Creditors | 28,000 | ||
| Returns Inward | 8,000 | ||
| Returns Outward | 7,000 | ||
| Discount Allowed | 7,000 | ||
| Discount Received | 6,000 | ||
| Commission | 15,000 | ||
| Interest on Bank Loan | 12,000 | ||
| Furniture | 55,000 | ||
| Provision for Doubtful Debts | 13,000 | ||
| Wages | 50,000 | ||
| Salaries | 45,000 | ||
| Advertisement | 15,000 | ||
| Rent and Taxes | 13,000 | ||
| Purchases | 2,60,000 | ||
| Sales | 4,00,000 | ||
| Stock on 1st April, 2023 | 70,000 | ||
| Carriage | 5,000 | ||
| Land and Building | 98,000 | ||
| Cash in Hand | 8,000 | ||
| Cash at Bank | 20,000 | ||
| 10% Bank Loan (Taken on 1st April, 2023) | 1,50,000 | ||
| Input CGST | 9,000 | ||
| Input SGST | 9,000 | ||
| Output IGST | 15,000 | ||
| Total | 9,69,000 | 9,69,000 |
Adjustments:
(i) Cost of stock on 31st March, 2024 was ₹37,000 and its market value was ₹35,000.
(ii) Wages outstanding were ₹6,000 and salaries outstanding were ₹5,000 on 31st March, 2024.
(iii) Depreciate Land and Building @ 2½%, Plant and Machinery @ 10% p.a. and Furniture @ 15% p.a.
(iv) Purchase includes purchase of machinery for ₹10,000 on 1st October, 2023.
(v) Debtors include bad debts of ₹2,000. Maintain a provision for doubtful debts @ 10% on Debtors.
(vi) Manager is entitled to get 10% commission on profit before charging such commission.
T.S.Grewal/2024 Edition/Practical Problems/Q-19
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.
