15. From the following Trial Balance, extracted from the books of Raga Ltd., prepare a Trading and Profit and Loss Account for the year ended 31st March, 2023 and a Balance Sheet as at that date: Dr. Balances Rs. Cr. Balances Rs. Drawings AccountLand & BuildingPlant and MachineryCarriage InwardWagesSalarySales ReturnBank chargesCoal, gas and waterPurchasesTrade ExpensesStock … Read more
14. Following is the Trial Balance of Mr. Gautam as at 31st March, 2023: Dr. Balances Rs. Cr. Balances Rs. GoodwillLand & BuildingsPlant & MachineryLoose ToolsBills ReceivableOpening StockPurchasesWagesCarriage InwardsCoal & GasSalariesRentDiscount allowedCash at BankCash in handSundry DebtorsRepairsPrinting & Stationery 30,000 60,000 40,000 3,0002,00040,00051,00020,0001,2005,6004,000 2,7001,50025,0001,40045,0001,800600 Purchase ReturnsCapital A/cBills PayableSundry CreditorsSales 2,6502,03,50013,80030,0001,15,000 Dr. Balances Rs. Cr. Balances … Read more
13. Give journal entries for the following adjustments in final accounts assuming CGST and SGST @ 9% each Closing Stock Rs. 80,000 (Market value Rs. 1,00,000). Outstanding salaries Rs. 21,000. Insurance premium amounting to Rs. 10,000 is paid in advance. Rs. 6,000 received for rent related to the next accounting period. Commission accrued but not … Read more
12. Give Journal Entries for the following adjustments in final accounts: Extract of Trial Balance as on 31st March, 2023: Particulars Debit(Rs.) Credit(Rs.) Sundry DebtorsBad DebtsProvision for doubtful debts 6,60,00015,000 40,000 Additional Information: (a) Additional Bad Debts Rs. 20,000. (b) Maintain the provision for doubtful debts @ 5% on debtors. Goods costing Rs. 20,000 were … Read more
11. Give journal entries for the following adjustments in final accounts: (i) Salaries Rs. 5,000 are outstanding. (ii) Insurance amounting to Rs. 2,000 is paid in advance. (iii) Rs. 4,000 for rent have been received in advance. (iv) Commission earned but not received Rs. 1,000. (v) Interest on capital Rs. 1,500. (vi) Interest on Drawings … Read more
10. (A) From the following balances, prepare Trading, Profit and Loss A/c and a Balance Sheet as at 31st March 2023: Particulars Rs. Particulars Rs. Opening StockPurchasesFuel and PowerCapitalSalesRentReturns InwardsCash Discount allowedCash Discount receivedDrawings 20,0002,92,00034,0001,60,0005,90,00010,00016,00015,00019,00058,100 GoodwillFurniture and FittingsRepair ChargesBankSalariesGeneral ExpensesDebtorsCreditorsOutput CGSTOutput SGST 16,00058,0002,90018,0001,10,00018,0002,30,0001,35,0005,0005,000 Particulars Rs. Particulars Rs. Input CGSTInput SGST 8,0008,000 Take the following adjustments … Read more
9. 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: Particulars Rs. Particulars Rs. Life Insurance Premium (self)Opening StockReturns InwardFurnitureFreehold PropertyCarriage InwardsAdvertisingSundry CreditorsReturns outwardsCommission (Cr.)LightingLoan from bankWages & Salaries 5007,5001,0004,60010,0004002004,8505006002505,0007,500 CapitalPlant and MachineryPurchasesSundry DebtorsCoal, Gas and WaterCarriage outwardsSalesDiscount … Read more
8. Prepare a Trading and Profit & Loss account for the year ending March 31st, 2023, from the balances extracted of M/s Rahul Sons. Also prepare a balance sheet as at that date. Debit Balances Rs. Credit Balances Rs. Opening StockWagesSalaryPurchasesSales ReturnS. DebtorsDiscount allowedInsuranceRent, rates and taxesFixtures and fittingsTrade ExpensesBad debts 50,000 3,0008,0001,75,0003,00082,0001,0003,2004,300 20,0001,5002,000 SalesPurchase … Read more
7. Extract of a Trial Balance as at March 31, 2017 is as follows: Rs. Sundry Debtors 1,02,000 Bad Debts 1,400 Provision for doubtful debts 3,400 Additional information: A debtor of Rs. 2,000 could not be recovered. It is decided to maintain Provision for Doubtful Debtors @ 5% … Read more
6. From the following figures prepare the Trading and Profit and Loss Account for the year ended 31st March, 2023 and the Balance Sheet as at that date: Particulars Rs. Particulars Rs. Stock (1st April, 2022)PurchasesSalesMotor CarCar ExpensesRentSalariesBad DebtsProvision for bad debts 75,000 8,00,00012,00,0001,50,00042,0005,50035,2001,5008,100 Sundry DebtorsLoan from XInterest on X LoanFurnitureLand and BuildingCapitalSundry CreditorsReturns InwardReturns … Read more