25. Following are balances from the trial balance of Ritesh Traders as at 31st March 2023:
| Particulars | Rs. | Particulars | Rs. |
|---|---|---|---|
| Opening Stock Purchases Sales Wages Carriage Inward Freight on Purchase Salaries Insurance Repair to Machinery |
5,620 1,54,200 3,74,800 1,26,000 900 4,900 8,000 2,800 1,400 |
Interest on Securities Land and Building Securities Cash in Hand Bank Overdraft Discount Allowed Discount Received Bills Payable Loan (Cr.) |
6,400 10,00,000 6,00,000 25,600 3,40,000 1,500 420 4,000 11,000 |
Prepare Trading and Profit & Loss Account for the year ended 31st March 2023 and Balance Sheet as at that date after taking into account the following adjustments:
- Closing Stock was valued at Rs.19,000.
- Depreciation to be provided on Land and Building @ 5% p.a. and on Plant & Machinery @ 10% р.а.
- Write off Rs. 2,000 as Bad debt.
- Insurance was prepaid Rs. 700.
- Create provision for doubtful debts @ 5% on debtors.
- Wages include Rs. 4,800 for installation of a new machinery.
D.K.Goel/2024 Edition/Practical Questions/Q-25
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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