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Solution - 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 - Preparation of Final Accounts

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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 Balances Amount (Rs.) Credit Balances Amount (Rs.)
Opening stock 180000 Sales 525000
Bills receivable 80000 Rent 22000
Purchase 240000 Bills payable 78000
Bad debts 20000 Sundry creditors 100000
Salary and wages 24000

Capital account

          Sanjay

          Keshav

 

500000

300000

Discount 9000    
Carriage inward 12000    
Travelling expenses 13000    
Cash in hand 38000    
Furniture 280000    
Insurance   12000    
Land and building  400000     
Postage and telegram  7000     
Sundry debtors 210000    
  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 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 concept: Preparation of Final Accounts. For the courses HSC Arts, HSC Commerce, HSC Commerce (Marketing and Salesmanship)
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