40. The following balances were extracted from the books of Mr. Din Dayal as at 31st March, 2023
| Particulars | Rs. | Particulars | Rs. |
|---|---|---|---|
| Stock at the beginning Rent |
41,000 9,600 |
Purchases Sale |
2,20,000 2,80,000 |
| Particulars | Rs. | Particulars | Rs. |
| Salary Bad-Debts Provision for Doubtful Debts Travelling Expenses Insurance Premium Proprietor's Withdrawals Telephone Charges Printing and Advertising Commission (Cr.) Rent from Sublet Land and Building Furniture Cash |
20,000 400 3,000 1,400 1,800 4,000 7,300 5,000 6,000 4,800 1,40,000 10,000 2,900 |
Returns (Dr.) Returns (Cr.) Carriage Inward Carriage Outward Capital Loan (Cr.) Debtors Creditors Investments Interest on Investments |
6,000 2,000 3,500 500 1,75,000 20,000 40,000 27,000 5,000 600 |
Prepare Trading and Profit & Loss Account for the year and a Balance Sheet as at 31st March, 2023, after taking into account the following:
- Stock was valued at Rs. 75,000 on 31st March, 2023. You are informed that a fire occurred on 28th March, 2023 in the godown and stock of the value of Rs. 10,000 was destroyed. Insurance Company admitted a claim of 75%.
- One-third of the commission received is in respect of work to be done next year.
- Create a provision of 5% for Doubtful Debts.
- 50% of Printing and Advertising is to be carried forward as a charge in the following year.
- Rs. 900 is due for interest on loan.
- Provide for Manager’s Commission at 10% on Net Profit before charging such commission.
D.K.Goel/2024 Edition/Practical Questions/Q-40
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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