38. The following Trial Balance was extracted from the books of Mr. Gupta as at 31st March, 2023:
| Debit Balances | Rs. | Credit Balances | Rs. |
|---|---|---|---|
| Stock on 1-4-2022 Purchases Wages Trade Expenses Freight and Dock Charges |
65,000 7,10,000 22,000 5,000 8,000 |
Capital Rent Received Loan from Mr. Yadav @ 15% p.a. Sales Discount |
2,50,000 3,900 20,000 9,50,000 600 |
| Debit Balances | Rs. | Credit Balances | Rs. |
| Travelling Expense Lighting and Heating (Factory) Stores Consumed Rent Paid Establishment Charges Interest on Mr. Yadav's Loan Sundry Debtors Cash Fixed Assets |
3,800 7,200 2,000 16,500 18,000 1,500 1,42,000 6,000 3,00,000 |
Outstanding Wages Trade Expenses accrued but not paid Sundry Creditors |
2,000 500 80,000 |
Adjustments:
- Goods costing Rs. 20,000 were purchased and included into stock but no entry was passed to record the purchase.
- Loan from Mr. Yadav was taken on 1st June, 2022.
- Sundry Debtors include an amount of Rs. 2,000 due from a customer who has become insolvent and nothing is recoverable from his estate.
- Create a provision of 5% for Doubtful Debts and 2% for discount on Debtors.
- Three months lighting and heating bill due but not paid Rs. 3,000.
- Rent is paid for 11 months but is received for 13 months.
- Stock amounted to Rs. 90,000 on 31st March, 2023.
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and a Balance Sheet as at that date.
D.K.Goel/2024 Edition/Practical Questions/Q-38
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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