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

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Goods withdrawn by the owner for own consumption amounts Rs.7500/- included in purchases.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

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