Q. Following Trial Balance has been extracted from the books of Shri Sunder Lal on 31st March, 2018:
Particulars
|
Debit
Balances
(₹)
|
Credit
Balances
(₹)
|
Cash in Hand and at Bank |
.............................................................. |
77,400
|
…
|
Capital |
.............................................................. |
…
|
30,00,000
|
Drawings |
.............................................................. |
1,26,000
|
...
|
Bills Receivable |
.............................................................. |
37,200
|
…
|
Land and Building |
.............................................................. |
6,51,600
|
…
|
Furniture |
.............................................................. |
1,02,400
|
…
|
Wages |
.............................................................. |
9,37,700
|
…
|
Discount Allowed |
.............................................................. |
79,200
|
…
|
Discount Received |
.............................................................. |
…
|
59,700
|
6% Loan |
.............................................................. |
…
|
3,00,000
|
Bank Charges |
.............................................................. |
2,100
|
…
|
Bad Debts |
.............................................................. |
27,600
|
…
|
Sundry Debtors |
.............................................................. |
13,15,500
|
…
|
Office Salaries |
.............................................................. |
1,28,400
|
…
|
Purchases |
.............................................................. |
39,81,600
|
…
|
Stock on 1st April, 2017 |
.............................................................. |
12,04,500
|
…
|
Sales Return |
.............................................................. |
37,500
|
…
|
Carriage Inwards |
.............................................................. |
1,03,600
|
…
|
General Expenses |
.............................................................. |
1,53,600
|
…
|
Plant and Machinery |
.............................................................. |
4,32,800
|
…
|
Rent |
.............................................................. |
72,600
|
…
|
Purchases Return |
.............................................................. |
…
|
29,100
|
Sales |
.............................................................. |
…
|
56,30,100
|
Insurance |
.............................................................. |
14,100
|
…
|
Provision for Doubtful Debts |
.............................................................. |
…
|
93,000
|
Sundry Creditors |
.............................................................. |
…
|
3,73,500
|
Total |
|
94,85,400
|
94,85,400 |
|
|
|
|
Closing Stock on 31st March, 2018 was ₹ 12,74,000. You are required to prepare Trading and Profit and Loss Account for the year ended 31
st March, 2018 and Balance Sheet as at that date after making the following adjustments:
(a) Depreciate Plant and Machinery @ 10% and Furniture @ 5%.
(b) Provision for Doubtful Debts to be maintained at ₹ 1,50,000.
(c) Insurance includes annual premium of ₹ 7,200 on a policy which will expire on 30
th September, 2018.
(d) Purchases include a computer costing ₹ 60,000 purchased on 1
st July, 2017 and is subject to depreciation @ 10% p.a.