shaalaa.com
S

Solution - Preparation of Final Accounts

Account
User


Login
Register


      Forgot password?
Share
Notifications

View all notifications
Books Shortlist
Your shortlist is empty

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.

Solution

This question doesn't have a solution currently. Please check again in a few days.
Is there an error in this question or solution?

Similar questions VIEW ALL

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.
view solution
From the following Trial Balance and adjustments of M/s Apeksha and Pratiksha; 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:

Trial Balance as on 31.03.2013

Particulars
Debit
Amount (Rs.)
Credit
Amount (Rs.)
Capital Accounts
  
Apeksha
 
60000
Pratiksha
 
35000
Purchases and Sales
46700
85000
Sundry Debtors and Creditors
28000
25000
Bills Receivable and Bills Payable.
9600
7800
Opening Stock
18000
 
Wages
9900
 
Investment
13500
 
Postage and Telegrams
3600
 
Insurance
1200
 
Plant and machinery
40700
 
Furniture
18000
 
Cash in hand
2500
 
Carriage
3200
 
Bad debts
400
 
Prepaid rent
7000
 
Salaries
10500
 
 
212800
212800
Adjustments:
(1) The closing stock is valued at Rs. 31,000
(2) Outstanding wages Rs. 1,400.
(3) Depreciate furniture at 10% p.a.
(4) Insurance Rs. 500 is paid in advance.
(5) Provide for further bad debts of Rs. 1,500.
(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but not recorded in the books of account.

 

view solution
Solution for concept: Preparation of Final Accounts. For the courses 12th HSC Arts, 12th HSC Commerce, 12th HSC Commerce (Marketing and Salesmanship)
S