4. Trial Balance of a business as at 31st March, 2024 is given below:
Particulars | Dr. (₹) | Particulars | Cr. (₹) |
---|---|---|---|
Stock on 1st April, 2023 | 2,50,000 | Sales | 22,78,000 |
Furniture | 80,000 | Commission | 5,000 |
Plant and Machinery | 15,00,000 | Returns Outward | 10,000 |
Debtors | 3,00,000 | Creditors | 4,00,000 |
Wages | 1,20,000 | Capital | 15,00,000 |
Salaries | 2,00,000 | ||
Bad Debts | 10,000 | ||
Purchases | 12,00,000 | ||
Electricity Charges | 12,000 | ||
Telephone Charges | 24,000 | ||
General Expenses | 30,000 | ||
Postage Expenses | 18,000 | ||
Returns Inward | 9,000 | ||
Insurance Premium | 15,000 | ||
Cash in Hand | 25,000 | ||
Cash at Bank | 4,00,000 | ||
Total | 41,93,000 | Total | 41,93,000 |
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2024 and Balance Sheet as at that date after taking into account the following adjustments:
(i) Closing Stock was valued at ₹70,000.
(ii) Outstanding liabilities for wages were 6,000 and salaries 14,000.
(iii) Depreciation is to be provided @ 5% p.a. on all fixed assets.
(iv) Plant and Machinery includes a machine purchased for ₹1,00,000 on 1st October, 2023.
(v) Insurance premium paid in advance ₹2,000.
T.S.Grewal/2024 Edition/Practical Problems/Q-04
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.
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