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Required to redraft the trial balance

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Reference no: EM13528226

A book-keeper has submitted to you the following Trial balance of Mr. Patel wherein the total of debit and credit balances is not equal:

Particulars

Debit Balance Rs

Credit Balance Rs

Capital

-

15,340

Cash in hand

-

60

Purchases

17,980

-

Sales

-

22,120

Cash at bank

1,770

-

Fixtures and Fittings

450

-

Freehold Premises

3,000

-

Lighting and Heating

130

-

Bills Receivable

-

1,650

Returns Inwards

-

60

Salaries

2,150

-

Creditors

-

3,780

Debtors

11,400

-

Stock (Apr 1, 2008)

6,000

-

Printing

450

-

Bills Payable

3,750

-

Rates, Taxes and Insurance

380

-

Discounts Received

890

-

Discounts Allowed

-

400

48,350

43,410
  1. You are required to redraft the Trial Balance correctly.
  2. Prepare a Trading and Profit and Loss Account and a Balance Sheet after taking into account the following adjustments:
    1. Stock in hand on Mar 31, 2009 was valued at Rs 3,600
    2. Depreciate fixtures and fittings by Rs 50
    3. Rs 700 was due and unpaid in respect of salaries
    4. Rates and insurance has been paid in advance to the extent of Rs 80

Reference no: EM13528226

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