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Mustration: 31 From the following Trial Balance of Mr, Kannan as on Mar 31, 2009 and additional information given, p the Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance She on that dat Particulars Debit Balance | Credit Balance Rs Rs Opening Stock 12,500 = Capital _ 1,12,500 Debtors and Creditors 15,000 8,750 Purchases and Saled _ 1,00,000 1,75,000 Returns . 3,750- 2,500 Carriage... 2,000 = Wages and Salaries - 6,250 - Commission - 3,250 Machinery 20,000 = Furniture 5,000 - Bad Debts 2,000 - Provision for Doubtful Debts — ~ 2,500 Bills Receivable/Bills Payable" “| ~~ 7,500 + 1,750 Land and Buildings 1,00,000 - Taxes and Insurance - 4,250 - Discount Allowed 3,000 - Bank 12,500 - Drawings 12,500 = 3,06,250 306,250 Additional, Information (i) Value of the closing stock as on Mar 31, 2009 is Rs 10,000 (ti) Wages and salaries outstanding is Rs 250 * (i) Insurance prepaid is Rs 1,000 (") Provide for doubtful debts on the debtors atthe rate of 10% o Depreciate the machinery @ 10% and the furniture @ 15% Foods costing Rs 6,000 have sold on the approval basis for Rs 7,500, but these were not approved by the customers as yet. (B. Com, Adapted) stration: 33 7 ae the following Trial Balance of Deynath, prepare Trading and Profit i and Loss Account for the year ‘won Mar 31, 2009 and a Balance Sheet esisiond as on that date after consid ing the adjustments given at the end Particulars Dr cr. Rs Rs Purchases and Sales 349,600 | 3,70,000 Wages 450) a Capital = 24,250 ~ | National Insurance 150 a * | Carriage Inwards 200 - + | Carriage Outwards 250 - + | Lighting 300 — Rates and Insurance 200 - 4 | Stock on Mar 31, 2009 30,625 _ «| Casf¥in Hand 875 - 4] Discounts 50 300 4] Buildings 15,000 - + | Debtors and Creditors 3,000 10,000 Furniture 4,000 - + | Dividend oH 150 Total 4,04,700 Adjustments \) Rates and insurance inelude a premium of Rs 150 p.a. paid up to Sep 30, 2009. Bt 8 National insurance balance includes employee's contribution of RS75 also. Wages are Stowi*et" afer deducting the above employee's contribution. Het 441) Some employees are housed inthe building of the business, the rented value of which isRs250 pa. '") Saleas shown in the Trial Balance includes the sale of old furniture (on Sep 2008) realising Rs 105, The book value of this furniture was Rs 150 at the commencement at the rate of depreciation on this SS%thas all along been 20% p.a. a oo. ae {) Themanageris entitled to get a couhmission of 1/10 of net profits after charging his commission, #) Depreciate building by 5%. (B. Com—Modified) — ee lustration: 34 ‘The following is the Trial Balance of a merchant on Mar 31, 2009 Particulars Dr. cr Rs Rs 4 | Capital/Orawings 30,000 4,00,000 Opening Stock 37,500 aa +} Purchases/Sales 7,97,500 11,55,000 “| Freight on Purchases 12,500 — \| Wages (11 months upto Feb 28, 2009) 33,000 = ) Salaries 70,000 - | Postage, Telegrams, Telephone 6,000 = \ ting and Stationery 9,000 _ ~ -ellaneous Expenses 15,000 - . Debtors/Creditors 1,25,000 150,000 > | Investments ‘50,000 - “| Discount Received = 7,500 \ Bad Debts 7,500 = »] Provision for Bad Debts _- 4,000 ») Building 15,0000 _ ‘| Machinery 2,50,000 = ~| Furniture 20,000 - S] Commission on Sales 22,500 _ ™ | Interest on Investments * ae 6,000 Insurance (up to Aug 31, 2009) mae Bank Balance Adjustments (i) Closing Stock Rs 1,1 (ii) Machinery worth Rs 22,500 purchased on Oct 1, 2008 was shown as purchases. Freight paid on the machinery was Rs 2,500, which was included in freight on purchases (ii) Commission is payable at 2/4 on sales (v) Investments were sold @ 10% profit but the entire sale proceeds have been taken as sales (\) Write off bad debts Rs 5,000 (vi) Create a provision for doubtful debts at 5% on'debtors (vil) Depreciate Building by 2% %; Plant and Machinery at 10% p.a. you are required to prepare Trading and Profit and Loss Account for the year endéd on Mar 31, 2009 and a Balance Sheet as on that date, (C.A. Foundation—Adapted) 4, Trial Balance of Mr, Balaji as on Mar 31, 2010 was as follows: Particulars Dr. Dr Rs Rs Capital/Drawings 1,600 90,000 J Stock as on Apr 1, 2009 4,500 ~ Purchases/Sales 59,500 Sales Retums 1,000 ~ Insurance Premium 750 Duty Paid on Purchases 5,000 Primary Packing Expenses, 1,000 - Carriage Outwards 4,000 _ Postage 50 - Advertisement 500 _ Bad Debts 150 \ Discount ~ _ so Bills Payable = 4,500 Bank Overdraft = 1,500 Land and Buildings 43,000 _ Plant and Machinery 35,000 = Furniture S00 ~~ Debtors/Creditors 12,700 21,000 Goodwill 4,500 = Wages and Salaries 8,000 7 Cash in Hand 250 Cash at Bank, 20,000 | 1,76,750 1,76,750 Adjustments i) Closing stock as on Mar 31, 2010 is Rs 10,800 )) Interest on bank O/D unpaid is Rs 138 7 (iii) Half-yearly insurance premium pre-paid 7 (iv) Depreciate land and buildings @ 10% (v) Depreciate plant and machinery @ 20% 7 (vi) Write off further bad debts of Rs 200 (vii) Make provisions for required doubtful debts @ 5% on debtors. You are required to prepare trading and profit and loss A/c for the year ending on Mar 31, 2010 and a balance Sheet as on that date. 1. An inexperienced book keeper prepared the following Trial Balance as on Mar 31, 2010 Debit Balance Rs___| Credit Balance Capital 34,000 | Building 25,000 10% Loan 30,000 | Furniture 5,000 Creditors 15,000. | Plant 20,000 Bills Receivable 6,000 Returns Inward 3,000 Carriage Outward 2,000 Sales 75,000 Debtors. 25,000 Bills Payable 5,500, Commission Received 2,500 Opening stock 15,000 Wages 7,500 Salaries 6,000 Rent and Rates, 5,000 Printing and Stationery 2,000 Purchases 40,000 Interest on loan (Paid up to Mar 31, 2010) Returns Inward Carriage Inward Correct the Trial Balance. Prepare Trading and P and L account for the year ending on Mar 31, 2010 and the Balance Sheet on that date after considering the following adjustments: (i) Closing stock was valued at Rs 20,500 Gi) Write off bad debts of Rs 500 (iii) Outstanding salary Rs 500 (iv) Depreciate building and furniture by 10% p.a. (v) Depreciate plant by 15% p.a.

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