On Mar 31, 2009, the following Trial Balance has been extracted from the books of Shri Gokale.
|
Particulars |
Dr. Balance Rs |
Cr. Balance Rs |
|
Capital/Drawings |
6,000 |
60,000 |
|
Sundry Debtors/Creditors |
38,200 |
16,802 |
|
Purchases/Sales |
1,34,916 |
2,22,486 |
|
Returns |
15,642 |
2,692 |
|
Bills Receivable/Bills Payable |
13,764 |
5,428 |
|
5% Loan on Mortgage (1,4,2008) |
— |
17,000 |
|
Interest on Loan |
400 |
— |
|
Cash in Hand |
6,100 |
— |
|
Stock (Apr 1, 2008) |
11,678 |
— |
|
Motor vehicle |
18,000 |
— |
|
Cash at bank |
9,110 |
— |
|
Land and Buildings |
24,000 |
— |
|
Bad Debts |
1,250 |
— |
|
Carriage Outward |
2,808 |
— |
|
Bad Debts Provision |
— |
1,420 |
|
Discount |
— |
880 |
|
Carriage Inward |
7,858 |
— |
|
Establishment Expenses |
16,194 |
— |
|
Rates, Taxes and Insurance |
7,782 |
— |
|
Advertisement |
4,528 |
— |
|
General Expenses |
8,978 |
— |
|
Rent Received |
— |
500 |
|
Total |
3,27,208 |
3,27,208 |
Prepare Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet on that date after considering the following:
- Depreciate land and building @ 5% p.a. and motor vehicle @ 15% p.a.
- Salaries Rs 1,400 and rates Rs 800 are due
- The provision for doubtful debts is to be maintained @ 5% on Sundry Debtors
- Stock in hand on Mar 31, 2009 is valued at Rs 12,500
- Goods costing Rs 1,000 were taken by the proprietor for his personal use, no entry has been made in the books of accounts
- Prepaid insurance Rs 350
- Provide for manager’s commission at 5% net profit after charging such commission
- A fire broke out on Apr 1, 2009 destroying goods worth Rs 4,700
- Goods costing Rs 1,200 were sent to a customer on sale or return for Rs 1,400 on Mar 27, 2009, and have been recorded in the books as actual sales