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 Account Land & Building Plant and Machinery Carriage Inward Wages Salary Sales Return Bank charges Coal, gas and water Purchases Trade Expenses Stock (Opening) Cash at Bank Rates and Taxes Bills Receivable Sundry Debtors Cash in hand |
20,000 12,000 40,000 100 500 2,000 200 200 1,200 1,50,000 3,800 76,800 50,000 870 24,500 54,300 30,000 |
Sales Capital Discount Commission Bills Payable Purchase Return |
2,20,000 1,01,110 1,260 5,230 1,28,870 10,000 |
|
| 4,66,470 | 4,66,470 | |||
The additional informations are as under:
(i) Closing stock was valued at the end of the year at Rs. 20,000.
(ii) Depreciation on Plant and Machinery charged at 5% and on Land and Building at 10%.
(iii) Make a provision for discount on debtors at 3%.
(iv) Make a provision at 5% on debtors for Bad-debts.
(v) Salary outstanding was Rs. 100 and Wages prepaid were Rs. 40.
(vi) The manager is entitled to a Commission of 5% on Net Profit after charging such Commission.
D.K.Goel/2024 Edition/Practical Questions/Q-15
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
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