13. Following is the Trial Balance of Indramani as on 31st March, 2024:
| Debit Balances | ₹ | Credit Balances | ₹ |
|---|---|---|---|
| Building | 27,000 | Capital | 60,000 |
| Machinery | 16,500 | Returns Outward | 1,100 |
| Furniture | 6,300 | Sales | 2,46,700 |
| Goodwill | 27,142 | Provision for Doubtful Debts | 6,200 |
| Wages | 31,790 | Creditors | 30,160 |
| Salaries | 15,040 | Bank Loan | 10,000 |
| Freight Inwards | 2,470 | ||
| Freight Outwards | 2,000 | ||
| Manufacturing Expenses | 11,000 | ||
| Insurance | 3,000 | ||
| General Expenses | 6,630 | ||
| Debtors | 67,360 | ||
| Opening Stock | 29,170 | ||
| Purchases | 95,015 | ||
| Returns Inward | 3,128 | ||
| Commission | 989 | ||
| Bad Debts | 1,300 | ||
| Bank Charges | 460 | ||
| Bank Balance | 7,145 | ||
| Cash | 721 | ||
| Total | 3,54,160 | Total | 3,54,160 |
(i) Value of Closing Stock ₹6,100.
(ii) Depreciate machinery @ 10% p.a.
(iii) Create Provision for Doubtful Debts at 5% on debtors.
(iv) Commission payable to manager at 10% on net profit.
(v) On 25th March, 2024, goods costing ₹1,500 and furniture costing ₹3,000 were destroyed in fire, insurance company has accepted claims of ₹1,000 for goods and ₹2,000 for furniture.
Prepare Trading and Profit & Loss Account for the year ending 31st March. 2024 and Balance Sheet as on that date after making the following adjustments:
T.S.Grewal/2024 Edition/Practical Problems/Q-13
For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd.