Q. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date from the following Traial Balance:
Particulars
|
Dr.
(₹)
|
Cr.
(₹)
|
Capital |
................................................................................ |
…
|
1,00,000
|
Cash |
................................................................................ |
15,000
|
…
|
Bank Loan |
................................................................................ |
…
|
20,000
|
Purchases |
................................................................................ |
1,20,000
|
…
|
Sales |
................................................................................ |
…
|
1,50,000
|
Sales Return |
................................................................................ |
10,000
|
…
|
Purchases Return |
................................................................................ |
… |
20,000 |
Establishment Expenses |
................................................................................ |
22,000
|
…
|
Taxes and Insurance |
................................................................................ |
5,000
|
...
|
Bad Debts |
................................................................................ |
5,000
|
…
|
Provision for Doubtful Debts |
................................................................................ |
…
|
7,000
|
Debtors |
................................................................................ |
50,000
|
…
|
Creditors |
................................................................................ |
…
|
20,000
|
Commission |
................................................................................ |
…
|
5,000
|
Deposits |
................................................................................ |
40,000
|
…
|
Opening Stock |
................................................................................ |
30,000
|
…
|
Drawings |
................................................................................ |
14,000
|
…
|
Furniture |
................................................................................ |
6,000
|
…
|
Bills Receivable |
................................................................................ |
32,000
|
…
|
Bills Payable |
................................................................................ |
…
|
25,000
|
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 ₹ 1,000 and Taxes ₹ 2,000 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 and 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) Stock on 31st March, 2018 is ₹ 45,000
(vii) A fire occurred on 1st April, 2018 destroying goods costing ₹ 10,000. These goods were purchased paying CGST and SGST @ 6% each.