8. Prepare a Trading and Profit & Loss account for the year ending March 31st, 2023, from the balances extracted of M/s Rahul Sons. Also prepare a balance sheet as at that date.
| Debit Balances | Rs. | Credit Balances | Rs. | |
|---|---|---|---|---|
| Opening Stock Wages Salary Purchases Sales Return S. Debtors Discount allowed Insurance Rent, rates and taxes Fixtures and fittings Trade Expenses Bad debts |
50,000 3,000 8,000 1,75,000 3,000 82,000 1,000 3,200 4,300 20,000 1,500 2,000 |
Sales Purchase return Discount received Provision for bad debts Capital Bills Payable Commission received Rent Loan Output CGST Output SGST |
1,80,000 2,000 500 2,500 2,90,000 22,000 4,000 6,000 34,800 15,000 15,000 |
|
| Debit Balances | Rs. | Credit Balances | Rs. | |
| Drawings Repair and renewals Travelling expenses Postage Legal fees Bills Receivable Building Input CGST Input SGST |
32,000 1,600 4,200 500 500 50,000 1,10,000 10,000 10,000 |
|||
| 5,71,800 | 5,71,800 | |||
Adjustments:
(i) Commission received in advance Rs. 1,000.
(ii) Rent receivable Rs. 2,000, subject to levy of CGST and SGST @ 9% each.
(iii) Salary outstanding Rs.1,000 and insurance prepaid Rs. 800.
(iv) Further Bad-debts Rs. 1,000 and provision for Bad-debts @ 5% on debtors and provision for discount on debtors @ 2%.
(v) Closing Stock Rs. 32,000.
(vi) Depreciation on Building @ 6% р.а.
D.K.Goel/2024 Edition/Practical Questions/Q-08
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :