Q) From the following extracts of Trial Balance as on 31/3/2003 and other additional information, prepare Profit and Los...

Get help with any kind of assignment - from a high school essay to a PhD dissertation

  1. Order Custom Essay, Course Work, Research and Term Papers

From the following extracts of Trial Balance as

April 14, 2018

Q) From the following extracts of Trial Balance as on 31/3/2003 and other additional information, prepare Profit and Loss Account and Balance Sheet.

Plant & Machinery

40500

Bad Debt

2200

Furniture and Fittings

15250

Bad Debts Recovered

1250

Bank Overdraft

160000

Salaries

32650

Capital

115000

Salary Payable

5350

Drawings

15000

Prepaid Rent

500

Purchases

230500

Rent

6500

Opening Stock

132250

Carriage Inward

2350

Wages

22325

Carriage Outward

3250

Provisions for Doubtful Debts

5700

Sales

290600

Provision for Discount on Debtors

1375

Advertisement Expenses

6750

Sundry Debtors

152500

Printing & Stationery

2200

Sundry Creditors

77500

Cash in Hand

2300

Cash at Bank

7250

Additional Information:

Difference in the trial balance, if any, can be taken as miscellaneous expenses or income.

Bank overdraft is secured against hypothecation of stock. The Bank overdraft outstanding as on 31/3/2003 accounted for 80% of drawing power. Such power is ascertained by deducting 20% as margin from the value of stock as on that date.

Purchase include sales return of Rs.5500/- and sales include purchase returns of Rs. 4750/-.

Goods withdrawn by the owner for own consumption amounts Rs.7500/- included in purchases.

Wages paid for installation of plant and machinery amounting to Rs.750/- were included in wages account.

Depreciation is to be provided on plant and machinery @ 15% p.a. and on furniture and fittings @ 10% p.a.

Create a provision for doubtful debts @ 5% and provision for discount on debtors @2.5% .

A debit balance of Rs.2500/- in the account of Ram, a creditor is included in the list of sundry Creditors.

Free samples distributed for publicity costing Rs.1250/-










OUR SERVICE CHARTER






  • Money Back Guarantee

    If any of our writers deliver an incomplete or ambiguous paper that is off the topic, our clients can claim for a refund in regard to the oversight. We do not compromise our service delivery through submission of a paper that does not follow our clients’ instructions. We also mind about the interest of our customers, and we always give them value for their money. However, our clients have a choice to request for a free revision within 14-30 days, or depending on the length of the submitted paper. A client who needs a refund should send a request for it within 14 days after receiving the completed paper. If a client decides not to download the paper, then they can request for 100% refund. Any refunded amount usually goes to the client’s Bonus Balance as store credit. There is always extra compensation when the refund takes the form of store credit. Alternatively, the refunded amount can also go the client’s credit card.

  • Better Grades Guarantee

    Our team of writers prides in high-level competence. The writers have the required expertise that enables them to deliver quality papers that match with the requirements of the grading rubric. In the absence of the rubric, we ensure that the writers follow the clients’ instruction brief to the letter. We can confidently assure our clients to expect nothing short of a pass from the papers that we deliver. Importantly, we have qualified writers who handle different areas of study. This diversification enables us to allot clients’ orders to the writer who is well seasoned in the subject area of study. It also enables the team to become more professional due to specialization. Our clients should put their trust in our service delivery and expect to successfully attain high grades at all times. The fact that we offer free revision reflects our dedication in delivering high quality papers that match with our clients’ expectations.

  • 100% Plagiarism-Free Guarantee

    We deliver top-quality essays through employing various measures that seek to improve the content of a given assignment. One of the quality-control systems that we use entails plagiarism checkers. These systems help us to deliver a 100% plagiarism-free papers to our clients. We also value the originality of papers, and we do not resell any submitted paper. It means that every client always gets a unique paper. Additionally, our perfect team of writers is usually keen on the academic writing standards as well as the instructions brief that a client submits. Our team of writers holds matchless competence when it comes to its service delivery. Every member of the team usually has an academic degree, and the team’s diversified skills make it possible for us to have a qualified writer in any client’s area of study. Additionally, our past clients have always given a positive feedback on each of our writers.

  • 100% Confidentiality

    We mind about the interests of our clients holistically. It is for this reason that we maintain high-level confidentiality in regard to our clients’ personal information. Importantly, we use the information for purposes that relate with our services only. The only information that we require relates to our clients’ writing needs. It is also important to note that our clients’ payment information is secure with us. If there is any query in regard to the payment information, then our support team is always willing to provide any clarifications in a prompt manner. Confidentiality extends to the fact that a client made use of our services. It means that we hold our relationship with our clients in secrecy. Importantly, our confidentiality measures beat any advanced security measure that can identify any information regarding our relationship with our clients. It means that our clients transact with us freely without any fear of information leakage.




Related Questions