18. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2024 and Balance Sheet as at that date from the following Trial Balance:
Heads of Accounts | L.F. | Dr. (₹) | Cr. (₹) |
---|---|---|---|
Capital | 1,00,000 | ||
Cash | 15,000 | ||
Bank Loan | 20,000 | ||
Purchases | 1,20,000 | ||
Sales | 150,000 | ||
Sales Return | 10,000 | ||
Purchases Return | 20,000 | ||
Salary Expenses | 22,000 | ||
Insurance | 5,000 | ||
Bad Debts | 5,000 | ||
Provision for Doubtful Debts | 7,000 | ||
Debtors | 82,000 | ||
Creditors | 45,000 | ||
Commission | 5,000 | ||
Deposits | 40,000 | ||
Opening Stock | 30,000 | ||
Drawings | 14,000 | ||
Furniture | 6,000 | ||
Input CGST | 10,000 | ||
Input SGST | 10,000 | ||
Output CGST | 8,000 | ||
Output SGST | 8,000 | ||
Output IGST | 6,000 | ||
Total | 3,69,000 | 3,69,000 |
Adjustments:
(i) Salaries of ₹3,000 are outstanding but Insurance 500 is prepaid.
(ii) Commission ₹1,000 received in advance for the next year.
(iii) Interest ₹2,100 is to be received on Deposits and Interest on Bank Loan ₹3,000 is to be paid.
(iv) Provision for Doubtful Debts to be maintained at ₹10,000.
(v) Depreciate Furniture by 10%.
(vi) Closing Stock (at cost) as on 31st March, 2024 was ₹45,000 and its Net Realisable
Value (Market Value) was ₹50,000.
(vii) A fire occurred on 1st April, 2024 destroying goods costing ₹10,000. The Stock was fully insured (Ignore GST).
T.S.Grewal/2024 Edition/Practical Problems/Q-18
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.