From the following particulars for the year ending on Mar 31, 2010 of M/s Gemini Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date:
|
Stock Apr 1, 2009 |
46,400 |
Land and Building |
3,19,000 |
|
Capital Apr 1, 2009 |
2,90,000 |
Furniture and Fixture |
14,500 |
|
Purchases |
1,16,000 |
Bills Receivable |
20,300 |
|
Sales |
4,64,000 |
Bills Payable |
14,500 |
|
Office Expenses |
46,690 |
Sundry Debtors |
1,16,000 |
|
Return Inward |
8,700 |
Plant and Machinery |
26,100 |
|
Interest on Loan |
1,740 |
Sundry Creditors |
91,640 |
|
Return Outward |
2,320 |
Loan (Dr.) @ 10% on Apr 1, 2009 |
29,000 |
|
Drawings |
17,400 |
Investment |
17,400 |
|
Wages |
40,020 |
Cash at Bank |
20,300 |
|
Advertisement |
31,900 |
Cash in Hand |
1,450 |
|
Apprenticeship Premium |
6,960 |
Stock as on Mar 31, 2010 |
40,600 |
Adjustments to be made for the current year are:
- Interest on capital to be allowed at 5% for the year.
- Interest on drawings to be charged to him as ascertained for the year Rs 464.
- Apprenticeship premium is for three years received in advance on Apr 1, 2009.
- Stock valued at Rs 17,400 destroyed by fire on Mar 26, 2010 but the insurance company admitted a claim of Rs 11,600 only to be paid in the year 2011.
- Rs 29,000 out of advertisement expenses are to be carried forward.
- The manager is entitled to a commission of 10% of the net profit calculated after charging such commission.
- The stock includes material worth Rs 5,800 for which bill had not been received and therefore, not yet accounted for