16. The following is the Trial Balance of Ashok as on 31st March, 2024:
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| Building | 1,50,000 | Capital | 30,000 |
| Purchases (Adjusted) | 2,90,000 | Sales | 5,29,500 |
| Salaries | 5,000 | Wages Outstanding (At the end) | 8,000 |
| Bad Debts | 2,000 | Provision for Depreciation on Furniture | 12,000 |
| Wages | 10,000 | Apprentice Premium | 500 |
| Rent | 5,000 | Sundry Creditors | 20,000 |
| Prepaid Rent (At the end) | 3,000 | ||
| Insurance | 5,000 | ||
| Furniture (At cost) | 60,000 | ||
| Drawings | 5,000 | ||
| Sundry Debtors | 25,000 | ||
| Closing Stock | 40,000 | ||
| Total | 6,00,000 | Total | 6,00,000 |
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2024 and Balance Sheet as on that date after making the following adjustments:
(i) Salaries for the month of March, 2024 of ₹1,000 were unpaid which are to be provided. Balance in the account included 800 paid in advance.
(ii) Insurance is prepaid to the extent of ₹2,000.
(iii) Depreciate Furniture by 10% on original cost and Building by 5%.
(iv) Stock of ₹1,500 was taken by Ashok for his personal use.
(v) Make a Provision for Doubtful Debts equal to 10% of Sundry Debtors.
T.S.Grewal/2024 Edition/Practical Problems/Q-16
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.
Answer :