34. Prepare Trading and Profit & Loss Account and Balance Sheet as at 31st March, 2023, from the following balances:
| Particulars | Rs. | Particulars | Rs. |
|---|---|---|---|
| Capital A/c Drawings A/c Bills Receivable Plant & Machinery Sundry Debtors Loan A/c (Cr.) at 12% p.a. |
5,00,000 36,000 5,800 3,80,000 58,000 20,000 |
Stock on 1.4.2022 Salaries & Wages Outstanding Salaries and Wages Insurance (including premium of Rs. 1,000 per annum paid upto 30.9.2023) |
67,000 24,000 2,000 2,600 |
Adjustments:
- Stock on hand on 31st March, 2023 was Rs. 80,000.
- Further Bad-debts written off Rs. 2,000 and create a provision of 5% on Sundry Debtors.
- Rent has been paid up to 31st May, 2023.
- Manufacturing wages include Rs. 10,000 of a new Machinery purchased on 1st October, 2022.
- Depreciate Plant and Machinery by 10% p.a. and Fixtures and Fittings by 20% p.a.
- Commission earned but not received Rs. 1,000.
- Interest on Loan for the last two months is not paid.
- Goods worth Rs. 4,000 were distributed as free samples.
D.K.Goel/2024 Edition/Practical Questions/Q-34
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :