17. From the following Trial Balance of Mr. Alok, prepare Trading and Profit & Loss Account for the year ending 31st March, 2023, and a Balance Sheet as at that date:
| Debit Balances | Rs. | Credit Balances | Rs. | |
|---|---|---|---|---|
| Drawings Bills Receivable Machinery Debtors (including X for dishonoured Bill of Rs. 1,000) Wages Returns Inward Purchases Rent Stock (01-04-2022) Salaries Travelling Expenses Insurance Cash Repairs Interest on Loan Discount Allowed Bad-Debts Furniture |
5,275 4,750 14,400 30,000 20,485 2,390 1,28,295 2,810 44,840 5,500 945 200 9,750 1,685 500 2,435 1,810 4,480 |
Capital Loan @ 8% p.a. (on 01-04-2022) Commission Received Creditors Sales |
59,700 10,000 2,820 29,815 1,78,215 |
|
| 2,80,550 | 2,80,550 | |||
Adjustments:
The following adjustments are to be made:
(i) Stock in the shop on 31st March, 2023 was Rs. 64,480.
(ii) Half the amount of X’s Bill is irrecoverable.
(iii) Create a provision of 5% on other debtors.
(iv) Wages include Rs. 600 for erection of new Machinery.
(v) Depreciate Machinery by 5% and Furniture by 10%.
(vi) Commission includes Rs. 300 being Commission received in advance.
D.K.Goel/2024 Edition/Practical Questions/Q-17
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :