Thanks to visit codestin.com
Credit goes to www.scribd.com

Scribd
Upload
18 views1 page

QUESTION

Uploaded by

m.musakhan444
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
18 views1 page

QUESTION

Uploaded by

m.musakhan444
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

QUESTION:PREPARE A TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED ON 31 ST MARCH

2016.

DEBIT BALANCE RS CREDIT BALANCE RS

DEBTORS 5,00,000 CREDITORS 2,00,000


WAGES 1,00,000 CAPITAL 13,88,000
CARRIAGE OUTWARDS 1,10,000 SALES 19,87,500
CARRIAGE INWARDS 50,000
GENERAL EXPENSES 70,000
DISCOUNT 20,000
BAD DEBTS 10,000
MOTOR CAR 2,40,000
PRINTING AND STATIONARY 15,000
FURNITURE AND FITTING 1,10,000
ADVERTISEMENT 85,000
INSURANCE 45,000
SALESMAN AND COMISSION 87,500
POSTAGE AND TELEPHONE 57,500
SALARIES 1,60,000
RENT AND TAXES 25,000
DRAWING 20,000
PURCHASES 15,50,000
OPENING STOCK 2,50,000
BANK 60,000
CASH 10,500

ADJUSTMENTS:
1) STOCK ON MARCH 31,2016 WAS VALUE AT RS.7,75,000
2) PROVISION FOR BAD AND DOUBTFUL DEBIT AT 5% IS TO BE CREDITED
3) DEPRICATE FURNITURE AND FITTINGS BY 10% AND MOTOR CAR BY 20%
4) PROPIETOR HAD WITHDRAWN GOODS WORTH RS.25,000 DURING THE YEAR
5) SALESMAN ARE ENTITLED TO A COMISSION OF 5% ON TOTAL SALES
6) DEBTORS INCLUDE RS.25,000 BAD DEBTS
7) PURCHASES INCLUDE RS 50,000 WORTH OF FURNITURE
8) SALARIES OUTSTANDING ARE RS.20,000
9) PREPAID INSURANCE RS 5,000

You might also like