33. On 31st March, 2023 the following Trial Balance of Sh. Ajay Oswal was taken out. Prepare Trading and Profit & Loss Account for the year and Balance Sheet at that date after making the following adjustments:
1. Stock on 31st March, 2023 was valued Rs. 26,000.
General Manager is entitled to a Commission of 5% on Net Profits after charging such Commission.
Rs. 2,000 paid for Salary & Wages have been included in Sundry Debtors.
Increase Bad-debts by Rs. 800 and create provision for Doubtful Debts at 10%.
General Expenses include insurance premium paid up to 30th June, 2023 @ Rs. 3,000 per annum.
Rs. 600 out of the Advertisement Expenses are to be carried forward to the next year.
Charge one-fourth of ‘Salaries and Wages’ to Trading A/c.
Accrued Income Rs. 2,500.
| Dr. (Rs.) | Cr. (Rs.) | |
|---|---|---|
| Capital Income Tax Stock on 1-4-2022 Return Inwards Carriage Inwards Deposit with PNB Return Outwards Carriage Outwards Loan to Mr. Malik @ 18% p.a. given on 1-7-2022 Interest on the above Rent Outstanding Rent Purchases Debtors Goodwill Land and Buildings Furniture Salaries & Wages Creditors |
8,000 16,000 5,600 8,200 15,000 3,700 10,000 13,000 1,48,000 75,800 25,000 2,00,000 15,000 38,000 |
3,00,000 4,100 900 1,000 26,200 |
| Dr. (Rs.) | Cr. (Rs.) | |
| Advertisement Expenses Provision for Doubtful Debts Bad-Debts Patents and Patterns Cash in hand Sales General Expenses |
3,000 2,000 6,000 8,900 4,500 |
3,500 2,70,000 |
| 6,05,700 | 6,05,700 |
D.K.Goel/2024 Edition/Practical Questions/Q-33
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :