32. Below is given the Trial Balance of Mr. Ram as at 31st December, 2022. You are required to prepare Trading and Profit & Loss Account and Balance Sheet as at that date:
| Debit Balances | Rs. | Credit Balances | Rs. |
|---|---|---|---|
| Opening Stock Purchases Plant Salary |
42,000 2,00,000 60,000 33,000 |
Sales Sundry Creditors Purchases Return Commission |
4,10,000 20,000 8,000 7,500 |
| Wages Discount Rent Furniture (Including Furniture of Rs. 5,000 purchased on 1st July, 2022) Carriage in Carriage out Sundry Debtors Office Expenses Cash in hand Investments at 14% p.a. Insurance (Paid to 30th April, 2023) Stock on 31st December, 2022 |
44,000 2,000 27,500 20,000 5,800 3,200 1,00,000 6,600 5,400 10,000 1,500 60,000 |
Bank Capital Interest on Investments Special Rebate |
24,000 1,50,000 700 800 |
| 6,21,000 | 6,21,000 |
Adjustments:
- Create a provision for Doubtful Debts @ 5% on Debtors and 2% for discount on Debtors.
- Provide up-to-date interest on Investments.
- Expenses for rent, wages, salaries and office expenses are uniform throughout the year and those for December, 2022 have not been paid.
- Depreciate Plant by 10% p.a. and Furniture by 20% p.a.
- Unearned Commission Rs. 1,500.
D.K.Goel/2024 Edition/Practical Questions/Q-32
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :