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Prepare the trading and profit account for the year

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Reference no: EM13527717

From the following Trial Balance of Mr. Kannan as on Mar 31, 2009 and additional information given, prepare the Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet on that date:

Particulars

Debit Balance Rs

Credit Balance Rs

Opening Stock

12,500

-

Capital

-

1,12,500

Debtors and Creditors

15,000

8,750

Purchases and Sales

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

3,06,250

Additional Information

  1. Value of the closing stock as on Mar 31, 2009 is Rs 10,000
  2. Wages and salaries outstanding is Rs 250
  3. Insurance prepaid is Rs 1,000
  4. Provide for doubtful debts on the debtors at the rate of 10%
  5. Depreciate the machinery @ 10% and the furniture @ 15%
  6. Goods costing Rs 6,000 have sold on the approval basis for Rs 7,500, but these were not approved by the customers as yet.

Reference no: EM13527717

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