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Prepare a trading and profit and loss account

Assignment Help Accounting Basics
Reference no: EM13527713

The following Trial Balance is extracted from the books of Shri Gulsar on Mar 31, 2009

Particulars

Dr. (Rs)

Cr. (Rs)

Capital

-

25,000

Furniture and Fittings

1,280

-

Motor cycle

12,500

-

Building

15,000

-

Bad Debts

250

-

Provision for Doubtful Debts

-

400

Sundry Debtors/Creditors

7,600

5,000

Stock (as on Apr 1, 2008)

6,920

-

Purchases and Sales

10,950

30,900

Bank Overdraft

-

5,700

Returns

400

250

Interest on Bank Overdraft

236

-

Advertising

900

-

Commission

-

750

Cash

1,300

-

Taxes and Insurance Premium

1,564

-

General Expenses

2,500

-

Salaries

6,600

-

68,000

68,000

Adjustments

  1. Stock on hand (as on Mar 31, 2009) Rs 6,500
  2. Depreciate building @ 5% p.a.; furniture @ 10% p.a.; motor cycle @ 20% p.a.
  3. Rs 170 is due for interest on bank overdraft
  4. Salaries Rs 600 and taxes Rs 400 are outstanding
  5. Insurance premium Rs 200 is prepaid
  6. One-third of the commission received is in respect of work to be done next year
  7. Write off a further sum of Rs 200 as bad debts from the debtors
  8. Create provision for doubtful debts @ 5% on debtors, you are required to prepare a Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet on that date

Reference no: EM13527713

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