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Trial balance of devnath - prepare trading account

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Reference no: EM13528312

From the following Trial Balance of Devnath, prepare Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet as on that date after considering the adjustments given at the end:

Dr.

Cr.

Particulars

Rs

Rs

Purchases and Sales

3,49,600

3,70,000

Wages

450

-

Capital

-

24,250

National Insurance

150

-

Carriage Inwards

200

-

Carriage Outwards

250

-

Lighting

300

-

Rates and Insurance

200

-

Stock on Mar 31, 2009

30,625

-

Cash in Hand

875

-

Discounts

50

300

Buildings

15,000

-

Debtors and Creditors

3,000

10,000

Furniture

4,000

-

Dividend

-

150

Total

4,04,700

4,04,700

Adjustments

  1. Rates and insurance include a premium of Rs 150 p.a. paid up to Sep 30, 2009.
  2. National insurance balance includes employee's contribution of Rs 75 also. Wages are shown "net" after deducting the above employee's contribution.
  3. Some employees are housed in the building of the business, the rented value of which is Rs 250 p.a.
  4. Sale as shown in the Trial Balance includes the sale of old furniture (on Sep 2008) realising Rs 100. The book value of this furniture was Rs 150 at the commencement at the rate of depreciation on this asset has all along been 20% p.a.
  5. The manager is entitled to get a commission of 1/10 of net profits after charging his commission.
  6. Depreciate building by 5%.

Reference no: EM13528312

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