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Solution - Preparation of Final Accounts

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Question

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(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but not recorded in the books of account.

 

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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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