From the following balances extracted from this books of Mrs. Rukhmani, prepare Trading and Profit and Loss Account for the year Mar 31, 2010 and a Balance Sheet as on that date:
|
Particulars |
Dr: Rs. |
Dr: Rs. |
|
Purchases |
35,640 |
— |
|
Mrs. Rukhmani’s Capital |
— |
30,000 |
|
Computer at Cost |
9,190 |
— |
|
Cash at Bank |
2,000 |
— |
|
Cash in Hand |
1,418 |
— |
|
Sundry Creditors |
— |
6,500 |
|
Bills Payable |
— |
5,110 |
|
Furniture and Fittings |
770 |
— |
|
Rent |
6,270 |
— |
|
Discount Received |
— |
11,000 |
|
Bills Receivable |
3,360 |
— |
|
Trade Charges |
460 |
— |
|
Sundry Debtors |
17,078 |
— |
|
Sales |
— |
30,360 |
|
Return Outwards |
— |
5,716 |
|
Drawings |
2,600 |
— |
|
Rent Due |
— |
160 |
|
Discount Allowed |
270 |
— |
|
Wages |
900 |
— |
|
Salaries |
8,390 |
— |
|
Returns Inwards |
500 |
— |
|
88,846 |
88,846 |
Adjustments
- Closing stock on Mar 31, 2010 was valued at cost Rs 12,800 (Market value, Rs 13,100)
- Rs 3,000 paid to Mrs. Y against bill payable were debited by mistake to Mrs. Z. and included in the list of Sundry Debtors.
- Travelling expenses paid to sales representative Rs 2,500 for the month of Mar 2010 were debited to his personal account and included in the list of Sundry Debtors.
- Depreciate furniture and fittings by 10% p.a.
- Provide for doubtful debts at 5% on Sundry Debtors.
- Goods casting Rs 750 were used by the proprietor. Entry for it has not yet been passed.
- Salaries include Rs 6,000 paid to the sales representative who is further entitled to a commission of 5% on net sales.
- Stationery charges Rs 600 on Mar 31, 2010.
- Purchases include opening stock values at Rs 3,500 (cost price).
- Sales representative is further entitled to an extra commission of 5% on net profit after charging his extra commission.
- No depreciation need be provided for computer, as it was purchased on Mar 31, 2010 and not to put to use on that date.