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Prepare trading account profit and loss account profit

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Reference no: EM132484943

Following is the Trial Balance of Banana Ltd, as on 12.02.2020.

Trial Balance as on 12.02.2020

particular                                     Debit                    Credit

share capital

(8000 shares of 10 each)                                  80000

Stock on 12.02.2020                 51000

Purchases and sales                 220000                 330000

Returns                                                               3800

general expenses                         1800

wages                                                               12000

salaries                                                              18700

travelling expenses                       3200

advertisement                             1550

rent and taxes                            4900

discount received                                               2200

bank interest                             850

bad debts                                                      2500

buildings                                                         95000

plant and machinery                    98000

sundry debtors and creditors    45000                      55500

loan                                                                   25000

cash                                      1400

reserve fund                                                        23000

preliminary expenses               11000

profit and loss account (Cr.)                                      55000

                                          570700                     570700

Adjustments

1. Transfer Rs. 10000 to Reserve Fund.

2. Provide depreciation on building at 5%.

3. Stock on 12.02.2020 was valued at Rs. 12000.

4. Dividend at 15% on share capital is to the provided.

5. Depreciation on Plant and Machinery at 10%

Question 1: Prepare Trading account profit and Loss account Profit and Loss Appropriation Account and Balance Sheet in the prescribed form.

Reference no: EM132484943

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