30. From the following balances extracted from the books of Sharma, prepare the Trading and Profit & Loss Account for the year ended 31st March 2023 and Balance Sheet as at that date after taking into consideration the adjustments given below:
TRIAL BALANCE
as at 31st March, 2023
| Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
| Drawing and Capital Purchases and Sales Returns Sunday Debtors and Creditors Stock (1.04.2022) Bad Debts Bill Receivable and Payable Cash in Hand Office Expenses Sales Van Sales Van Expenses Discount Rent and Taxes Telephone Charges Postage |
7,500 72,100 1,300 18,200 19,800 3,000 12,000 300 6,210 15,000 1,400 10,700 1,050 950 |
50,000 95,000 2,700 35,750 23,000 2,910 |
| Particulars | Debit (Rs.) |
Credit (Rs.) |
| Furniture Printing and Stationery Commission Carriage Inwards Salaries and Wages |
5,000 2,750 8,400 3,200 20,500 |
|
| 2,09,360 | 2,09,360 |
Adjustments:
- Closing Stock was valued at Rs. 61,700.
- Depreciate Furniture and Machinery @ 10% p.a. and Sale Van @ 20% p.a.
- Outstanding Rent amounted to Rs. 900.
- Bad Debts Rs. 200.
- Make a provision for Doubtful Debts @ 5% on Debtors.
- Charge one-fourth of salaries and wages to the Trading Account.
- A new machinery was purchased on credit and installed on 31st December 2022 costing Rs. 15,000. No entry for the same has yet been passed in the books.
D.K.Goel/2024 Edition/Practical Questions/Q-30
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :