3. The following balances has been extracted from the trial of M/s Runway Shine Ltd. Prepare a trading and profit and loss account and a balance sheet as on March 31, 2017.
Account Title | Amount ₹ | Account Title | Amount ₹ |
---|---|---|---|
Purchases | 1,50,000 | Sales | 2,50,000 |
Opening stock | 50,000 | Return outwards | 4,500 |
Return inwards | 2,000 | Interest received | 3,500 |
Carriage inwards | 4,500 | Discount received | 400 |
Cash in hand | 77,800 | Creditors | 1,25,000 |
Cash at bank | 60,800 | Bill payable | 6,040 |
Wages | 2,400 | Capital | 1,00,000 |
Printing and Stationery | 4,500 | ||
Discount | 400 | ||
Bad debts | 1,500 | ||
Insurance | 2,500 | ||
Investment | 32,000 | ||
Debtors | 53,000 | ||
Bills receivable | 20,000 | ||
Postage and Telegraph | 400 | ||
Commission | 200 | ||
Interest | 1,000 | ||
Repair | 440 | ||
Lighting Charges | 500 | ||
Telephone charges | 100 | ||
Carriage outward | 400 | ||
Motor car | 25,000 | ||
Total | 4,89,440 | Total | 4,89,440 |
Adjustments
- Further bad debts ₹1,000. Discount on debtors ₹500 and make a provision on debtors @ 5%.
- Interest received on investment @ 5%.
- Wages and interest outstanding ₹100 and ₹200 respectively.
- Depreciation charged on motor car @ 5% p.a.
- Closing Stock ₹32,500.
NCERT/Rationalised 2023-24/Numerical Questions/Q-03