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Solution - Preparation of Final Accounts

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Question

From the following Trial Balance of M/s Sanjay and Keshav, you are required to prepare Trading and Profit and Loss account, for the year ended 31st March 2013 and Balance Sheet as on that date after taking into account the following additional information:

                                                          Trial Balance as on 31st March, 2013

Debit BalancesAmount (Rs.)Credit BalancesAmount (Rs.)
Opening stock180000Sales525000
Bills receivable80000Rent22000
Purchase240000Bills payable78000
Bad debts20000Sundry creditors100000
Salary and wages24000

Capital account

          Sanjay

          Keshav

 

500000

300000

Discount9000  
Carriage inward12000  
Travelling expenses13000  
Cash in hand38000  
Furniture280000  
Insurance  12000  
Land and building 400000   
Postage and telegram 7000   
Sundry debtors210000  
 1525000 1525000

 

Additional information:

  1. Insurance paid in advance Rs. 3,000.
  2. Depreciation provided on furniture at 10%.
  3. Salary and wages outstanding Rs. 6,000.
  4. Rent received in advance Rs. 5,000.
  5. Closing stock as on 31.03.2013 Rs. 2,00,000.

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Solution for concept: Preparation of Final Accounts. For the courses HSC Arts, HSC Commerce, HSC Commerce (Marketing and Salesmanship)
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