5. From the following Trial Balance extracted from the books of A, prepare Trading and Profit & Loss Account for the year ending 31st March, 2023 and a Balance Sheet as at that date:
| Dr. (Rs.) | Cr. (Rs.) | |
|---|---|---|
| Furniture Loose Tools Buildings |
6,400 62,500 75,000 |
|
| Particulars | Debit (Rs.) | Credit (Rs.) |
| Capital Account Bad-debts Provision for Bad-debts Sundry Debtors and Creditors Stock on 1st April, 2022 Purchases and Sales Bank Overdraft Sales Return and Purchases Return Stationery Interest Account Commission Cash in hand Taxes and Insurance General Expenses Salaries |
1,250 38,000 34,600 54,750 2,000 4,500 1,180 6,500 12,500 7,820 33,000 |
1,25,000 2,000 25,000 1,54,500 28,500 1,250 3,750 |
| 3,40,000 | 3,40,000 |
The following adjustments are to be made:
- Stock in hand on 31st March, 2023 was Rs. 32,500.
- Depreciate Building at 5% and Furniture at 10%. Loose Tools are revalued at Rs. 50,000 at the end of the year.
- Salaries Rs.3,000 and taxes Rs.1,200 are outstanding.
- Insurance amounting to Rs.1,000 is prepaid.
- Write off a further Rs. 1,000 as Bad-Debts and provision for Doubtful Debts is to be made equal to 5% on Sundry Debtors.
- Half of the stationery was used by the proprietor for his personal purposes.
D.K.Goel/2024 Edition/Practical Questions/Q-05
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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