4. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date from the following Trial Balance:
| Dr. (Rs.) | Cr. (Rs.) | |
|---|---|---|
| Capital Cash Bank Overdraft Purchases and Sales Returns Establishment Expenses Taxes and Insurance Bad-debts and Bad-debt Provision Debtors and Creditors Commission Deposits Opening Stock Drawings Furniture |
15,000 1,20,000 10,000 22,000 5,000 5,000 50,000 40,000 30,000 14,000 6,000 |
1,00,000 20,000 1,50,000 20,000 7,000 20,000 5,000 |
| Dr. (Rs.) | Cr. (Rs.) | |
| B/R and B/P | 30,000 | 25,000 |
| 3,47,000 | 3,47,000 |
Adjustments:
- Salaries Rs. 1,000 and taxes Rs. 2,000 are outstanding but insurance Rs. 500 is prepaid.
- Commission Rs. 1,000 is received in advance for next year.
- Interest Rs. 2,100 is to be received on Deposits and Interest on Bank overdraft Rs. 3,000 is to be paid.
- Bad-debts provision is to be maintained at Rs. 10,000 on Debtors.
- Depreciate furniture by 10%.
- Stock on 31st March, 2023 was valued at Rs. 45,000
D.K.Goel/2024 Edition/Practical Questions/Q-04
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :