24. From the following Trial Balance and other information prepare Trading and Profit and Loss Account for the year ended 31st March 2016 and Balance Sheet as at that date.
| Head of Accounts | Debit (Rs.) |
Credit (Rs.) |
|---|---|---|
| Sundry Debtors Stock (1st April 2015) Cash in hand Cash at bank Plant and Machinery Sundry Creditors Trade Expenses Sales Salaries Carriage Outwards Rent Bills Payable Purchases Discounts Premises Capital (1st April 2015) |
32,000 22,000 35 1,545 17,500 1,075 2,225 400 900 1,18,870 1,100 34,500 |
10,650 1,34,500 7,500 79,500 |
| 2,32,150 | 2,32,150 |
Additional Information:
- Stock on 31st March 2016 was Rs. 12,450.
- Rent was unpaid to the extent of Rs. 85 and Rs. 150 were outstanding for Trade Expenses.
- Rs. 400 are to be written off as bad debts out of the above debtors, and 5% is to be provided for doubtful debts.
- Depreciate plant and machinery 10% and premises by 2%.
- Manager is entitled a commission of 5% on net profit after charging his commission.
D.K.Goel/2024 Edition/Practical Questions/Q-24
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company
Answer :