39. From the following Trial Balance of Mr. Tarun Ghosh, prepare Trading and Profit and Loss A/c for the year ending 31st March, 2020 and a Balance Sheet as at that date:
| Debit Balances | Rs. | Credit Balances | Rs. |
|---|---|---|---|
| Opening Stock Purchases Wages Factory Office Salary Business Premises Furniture and Fixtures Packing Machinery Tools Rent Loan to Mr. Ram Narain on 1st November, 2019 @ 12% p.a. Sundry Debtors Cash in Hand |
38,000 12,60,000 20,000 1,600 54,000 2,00,000 40,000 60,000 15,000 58,400 10,000 1,31,500 7,400 |
Capital Secured Loan Sales Sundry Creditors Returns Outwards Bills Payable Bank |
3,00,000 20,000 15,40,000 40,000 15,000 12,000 33,000 |
| Debit Balances | Rs. | Credit Balances | Rs. |
| Drawings Bills Receivable |
60,000 4,100 |
||
| 19,60,000 | 19,60,000 |
Adjustments:
- Closing Stock amounted to Rs. 50,000.
- Goods costing Rs. 8,000 were sent to a customer on sale or return basis for Rs. 10,000 on 30th March, 2020 and had been recorded in the books as actual sales.
- Allow 8% interest on Capital and charge Rs. 3,000 as interest on drawings.
- Depreciate Business premises by 5%; Furniture and Fixtures by 20% and Packing Machinery by 10%. Tools are to be revalued at Rs. 12,000.
- 2 ½ % for discounts is to be provided on Debtors.
- Rs. 1,500 is to be provided for Bad and Doubtful Debts.
D.K.Goel/2024 Edition/Practical Questions/Q-39
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :