7. Following are the balances extracted from the books of Narain on 31st March, 2024:
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| Narain's Capital | 3,00,000 | Sales | 15,00,000 |
| Narain's Drawings | 50,000 | Sales Return | 20,000 |
| Furniture and Fittings | 26,000 | Discount (Dr.) | 16,000 |
| Bank Overdraft | 42,000 | Discount (Cr.) | 20,000 |
| Creditors | 1,38,000 | Insurance | 20,000 |
| Building | 2,00,000 | General Expenses | 40,000 |
| Stock on 1st April, 2023 | 2,20,000 | Salaries | 90,000 |
| Debtors | 1,80,000 | Commission (Dr.) | 22,000 |
| Rent from Tenants | 10,000 | Carriage on Purchases | 18,000 |
| Purchases | 11,00,000 | Bad Debt Written off | 8,000 |
Additional Information:
(i) Closing Stock at cost as on 31st March, 2024 was ₹2,00,600, whereas its Net Realisable Value (Market Value) was ₹2,05,000.
(ii) Depreciate: Building by ₹3,000 and Furniture and Fittings by ₹2,500.
(iii) Make a provision of 5% on debtors for doubtful debts.
(iv) Carry forward ₹2,000 for unexpired insurance.
(v) Outstanding salary was ₹15,000.
Prepare Trading and Profit & Loss Account for the year and Balance Sheet as at that date.
T.S.Grewal/2024 Edition/Practical Problems/Q-07
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 :