37. From the following Trial Balance of Sh. Parveen Kumar, prepare Trading and Profit & Loss Account for the year ending 31st March, 2023 and a Balance Sheet as at that date:
| Debit Balances | Rs. | Credit Balances | Rs. |
|---|---|---|---|
| Stock at Commencement Purchases Returns Inward Sundry Debtors Cash Manufacturing Expenses Trade Expenses Carriage Salaries and Wages Postage Stationery Freight Inwards Land and Building Patents Furniture Insurance Premium |
40,000 3,20,000 7,000 80,000 9,400 44,000 7,200 3,500 15,800 1,500 800 4,300 2,00,000 8,000 10,000 6,000 |
Sales Loan from Mr. Naresh @ 15% p.a. Returns Outwards Bank Provision for Doubtful Debts Discount Rent of Premises sublet, for the year to 30th Sept., 2023 Capital Sundry Creditors |
5,10,000 40,000 8,000 24,200 2,500 1,800 4,000 1,20,000 47,000 |
| 7,57,500 | 7,57,500 |
Informations:
- Closing Stock was valued at Rs. 60,000. You are informed that goods valued Rs. 12,000 were sold and despatched on 29th March, 2023, but no entry was passed to this effect.
- Insurance Premium include Rs. 1,200 paid on 1st October, 2022 to run for one year from Oct. 1, 2022 to Sept. 30, 2023.
- Loan from Mr. Naresh was taken on 1st July, 2022. Interest has not been paid so far.
- Create provision for Doubtful Debts at 5% on Sundry Debtors after writing off Rs. 600 as Bad-debts during the year.
- A bill of Rs. 3,200 for advertisement in newspaper remained unpaid at the end of the year.
- Purchases include Furniture costing Rs. 5,000 purchased on 1st April, 2022.
- Charge 10% p.a. depreciation on Furniture and write off 1/5 th of patents.
D.K.Goel/2024 Edition/Practical Questions/Q-37
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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