16. (A) On 31st March, 2023 the following Trial Balance was extracted from the books of Sh.
Ghanshyam Das:
| Dr. (Rs.) | Cr. (Rs.) | |
|---|---|---|
| Capital Account Debtors and Creditors Loan on Mortgage Interest on Loan Discount Stock on 1st April, 2022 Motor Vehicle Cash at Bank Investment |
40,000 2,250 20,000 50,000 4,450 16,000 |
2,00,000 25,000 30,000 1,800 |
| Dr. (Rs.) | Cr. (Rs.) | |
| Wages Land and Building Bad-Debts Purchases and Sales Purchases and Sales Returns Carriage Outward Carriage Inward Salaries Outstanding Salaries Rates, Taxes and Insurance Advertising General Expenses Bills Receivable and Payable Prepaid Insurance |
18,000 2,80,000 1,500 2,50,000 12,000 8,000 6,500 7,200 15,000 5,000 6,400 7,500 3,000 |
4,80,000 10,000 600 5,400 |
| 7,52,800 | 7,52,800 |
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date, after making adjustments for the following matters:
- Depreciate Land and Building at 2.5% and Motor Vehicles at 20%.
- Interest on Loan at 15% p.a. is unpaid for six months.
- Ghanshyam Das withdrew Rs. 2,000 for his private use. This amount was included in
general expenses.
- Interest on Investments is receivable for full year @ 10%.
- Provide for Manager’s Commission at 10% on Net Profit after charging such commission.
- Stock in hand on 31st March, 2023 was valued at Rs. 25,000 (Realisable value Rs.
22,000).
D.K.Goel/2024 Edition/Practical Questions/Q-16 (A)
16. (B) Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2023 from
the following Balances of Mr. Sardari Lal:
| Particulars | Rs. | Particulars | Rs. | |
|---|---|---|---|---|
| Capital Account Creditors-Trade Creditors-Expenses Rent Received Purchases Returns Sales Bad-Debts Provision on 1st April, 2022 Advertising Development Goodwill |
41,000 30,000 6,800 600 4,000 2,89,600 600 8,000 5,000 |
Drawings Purchases Carriage inwards Wages Power Rent and Insurance Salaries Discount Received General Charges Sales Returns |
5,000 1,71,000 1,500 23,000 9,000 19,900 34,400 1,800 8,600 600 |
|
| Particulars | Rs. | Particulars | Rs. | |
| Plant and Machinery Traveller's Samples Stock on 1-4-2022 Debtors Cash at Bank Cash in hand |
20,000 2,700 32,000 14,600 2,000 110 |
Traveller's Commission Traveller's Salaries Discount Allowed |
2,890 9,100 5,000 |
|
Adjustments:
- The Closing stock was Rs. 23,000 but there has been a loss by fire on 20th March, 2023, to the extent of Rs. 20,000, not covered by insurance.
- Depreciate Plant and Machinery by 10% and Traveller’s Samples by 33 13 %.
- Increase the Bad- debts Provision to Rs. 2,000.
- Write 20% off Advertising Development Account.
- Annual premium on insurance expiring 1st June, 2023 was Rs. 1,200.
- Provide for Manager’s commission @ 5% on Net Profits after charging such Commission.
D.K.Goel/2024 Edition/Practical Questions/Q-16 (B)
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
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