15. From the following Trial Balance and information, prepare Trading and Profit & Loss Account of Gurman for the year ended 31st March, 2024 and Balance Sheet as on that date:
| Heads of Accounts | Dr. (₹) | Cr. (₹) |
|---|---|---|
| Capital | 100,000 | |
| Drawings | 12,000 | |
| Land and Building | 90,000 | |
| Plant and Machinery | 20,000 | |
| Furniture | 5,000 | |
| Sales | 140,000 | |
| Returns Outward | 6,000 | |
| Debtors | 18,400 | |
| Loan from Gajanand (Taken on 1st July, 2023 @ 6% p.a.) | 30,000 | |
| Purchases | 80,000 | |
| Returns lnward | 5,000 | |
| Carriage Inwards | 10,000 | |
| Sundry Expenses | 600 | |
| Printing and Stationery | 500 | |
| Insurance Expenses | 1,000 | |
| Provision for Doubtful Debts | 1,000 | |
| Provision for Discount on Debtors | 380 | |
| Bad Debts | 400 | |
| Opening Stock | 21,300 | |
| Salaries and Wages | 15,500 | |
| Carriage Outwards | 3,000 | |
| Creditors | 12,000 | |
| Trade Expenses | 800 | |
| Cash at Bank | 4,600 | |
| Cash in Hand | 1,280 | |
| Total | 2,89,380 | 2,89,380 |
Additional Information:
(i) Value of Closing Stock on 31st March, 2024 at cost was ₹27,300 and its net realisable (market value) was ₹30,000
(ii) Fire occurred on 23rd March, 2024 and goods costing ₹10,000 were destroyed. Insurance company accepted claim of ₹6,000 only and paid the claim money on 10th April, 2024.
(iii) Bad Debts amounting to ₹400 are to be written off. Provision for Doubtful Debts is to be maintained at 5% and Provision for Discount on Debtors at 2%.
(iv) Received goods costing ₹6,000 on 27th March, 2024 but the purchases was not recorded
(v) Gurman took goods of ₹2,000 for his personal use but was not recorded.
(vi) Charge depreciation @ 2% on Land and Building, @ 20% on Plant and Machinery and @ 5% on Furniture.
T.S.Grewal/2024 Edition/Practical Problems/Q-15
For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd.