29. The following is the trial balance of Mr. Amar Chand as at 31st March, 2023:
| Dr. (Rs.) | Cr. (Rs.) | |
|---|---|---|
| Stock on 1st April, 2022 Purchases and Sales Returns Sundry Debtors and Creditors |
62,000 3,15,000 3,700 80,000 |
4,48,000 2,500 43,000 |
| Dr. (Rs.) | Cr. (Rs.) | |
| Bills Receivable and Payable Drawings and Capital Cash in Hand Balance with Bank of Tokyo Discount Carriage on Purchases Carriage on Sales Bad-Debts Bad-Debts Provision Furniture on 1st April, 2022 New Furniture purchased on 1st January, 2023 Rent Salaries Commission Repairs Insurance (Annual Premium paid on 1st Jan., 2023) Salaries Outstanding Sales Van |
12,100 30,000 24,800 32,800 2,600 7,500 1,200 2,400 10,000 6,000 10,000 25,000 2,300 3,600 75,000 |
4,300 2,00,000 3,800 3,000 2,400 5,000 |
| Particulars | Debit (Rs.) |
Credit (Rs.) |
| Sales Van Expenses | 6,000 | |
| 7,12,000 | 7,12,000 |
Taking into account the following adjustments, prepare Trading and Profit & Loss Account and the Balance Sheet as at 31st March, 2023:
- Stock on 31st March, 2023 was valued at Rs. 46,000.
- Depreciate Furniture at 15% p.a. and Sales Van at 20% p.a.
- A sum of Rs. 200 is due for repairs.
- Write off Rs. 2,000 as further bad-debts and create a provision for doubtful debts @5% on Debtors. Also provide 2% for discount on Debtors.
- Rent is paid at the rate of Rs. 1,000 per month.
- Allow 8% interest on Capital and charge Rs. 1,500 as interest on Drawings.
D.K.Goel/2024 Edition/Practical Questions/Q-29
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :