Prepare Trading and Profit and Loss Account and Balance Sheet from the following particulars as on Mar 31, 2009.
Trial Balance
|
Particulars |
Dr. (Rs) |
Cr. (Rs) |
|
Capital/Drawings |
2,800 |
20,000 |
|
Cash in hand |
3,000 |
— |
|
Purchases/Sales |
24,000 |
30,000 |
|
Returns |
2,000 |
4,000; |
|
Bank Overdraft @ 5% |
— |
4,000 |
|
Salaries |
5,000 |
— |
|
P.F. remittance (deducted from salary) |
— |
1,000 |
|
Taxes and Insurance |
1,000 |
— |
|
Provision for Doubtful debts |
— |
2,000 |
|
Bad Debts |
1,000 |
— |
|
Sundry Debtors and Creditors |
10,000 |
3,700 |
|
Commission |
— |
1,000 |
|
Investments |
8,000 |
— |
|
Stock (as on Apr 1, 2008) |
6,000 |
— |
|
Furniture |
2,200 |
— |
|
Bills Receivable and Bills Payable |
6,000 |
5,000 |
|
Sales Tax Collected |
— |
300 |
|
71,000 |
71,000 |
Further, you are required to take into account the following information:
- Salary Rs 200 and taxes Rs 800 are outstanding but insurance Rs 100 pre paid
- Commission Rs 200 is received in advance for work to be done next year
- Provision for doubtful debts is to be maintained at 20%
- Depreciation on furniture is to be charged @ 10% p.a.
- Interest accrued on investments Rs 420
- Stock as on Mar 31, 2009 is valued at Rs 9,000
- A fire accrued on Mar 1, 2009 in the godown which destroyed the goods worth Rs 8,000, and insurance claim was received for Rs 6,000
- Provide for employer’s share of P.F. equivalent to employee’s share to P.F.