10. From the following Trial Balance and other information, prepare Trading and Profit & Loss Account for the year ended 31st March, 2024 and Balance Sheet as at that date:
| Heads of Accounts | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|
| Sundry Debtors | 3,20,000 | ||
| Stock on 1st April, 2023 | 2,20,000 | ||
| Cash in Hand | 350 | ||
| Cash at Bank | 15,450 | ||
| Plant and Machinery | 1,75,000 | ||
| Sundry Creditors | 1,81,500 | ||
| General Expenses | 10,750 | ||
| Sales | 13,45,000 | ||
| Salaries | 22,250 | ||
| Carriage Outwards | 4,000 | ||
| Rent | 9,000 | ||
| Purchases | 11,88,700 | ||
| Discount | 11,000 | ||
| Premises | 3,45,000 | ||
| Capital | 7,95,000 | ||
| Total | 23,21,500 | 23,21,500 |
Additional Information:
(i) Stock on 31st March, 2024 was ₹1,24,500.
(ii) Rent was unpaid to the extent of ₹850 and ₹1,500 were outstanding for General Expenses.
(iii) ₹4,000 are to be written off as bad debts out of the above debtors and 5% is to be provided for doubtful debts.
(iv) Depreciate Plant and Machinery by 10% and Premises by 2%.
(v) Manager is entitled to a commission of 5% on profit after charging his commission.
(vi) A fire broke out on 1st April, 2024 destroying goods costing ₹20,000.
T.S.Grewal/2024 Edition/Practical Problems/Q-10
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.
Answer :