The document contains 4 questions regarding accounting with detailed trial balances and additional information provided for each. Financial statements such as trading and profit & loss accounts and balance sheets are to be prepared from the trial balance details. Calculations of net profit are also required from financial information provided.
The document contains 4 questions regarding accounting with detailed trial balances and additional information provided for each. Financial statements such as trading and profit & loss accounts and balance sheets are to be prepared from the trial balance details. Calculations of net profit are also required from financial information provided.
The document contains 4 questions regarding accounting with detailed trial balances and additional information provided for each. Financial statements such as trading and profit & loss accounts and balance sheets are to be prepared from the trial balance details. Calculations of net profit are also required from financial information provided.
The document contains 4 questions regarding accounting with detailed trial balances and additional information provided for each. Financial statements such as trading and profit & loss accounts and balance sheets are to be prepared from the trial balance details. Calculations of net profit are also required from financial information provided.
1 From the following Trial Balance of Shradha as on 31st March 2020, 6
Prepare Financial statements:
Trial Balance as on 31-03-2020
Account title Amount(Rs) Amount(Rs)
Capital 80,000 Drawings 18,000 Sales 1,55,000 Purchase 82,600 Opening Stock 42,000 Return Outward 1,600 Carriage inward 1,200 Wages 4,000 Power 6,000 Machinery 50,000 Furniture 14,000 Rent 22,000 Salary 15,000 Insurance 3,600 8% Bank loan 23,000 Commission received 2,000 Debtors 20,600 Creditors 18,900 Cash in hand 1,500 Total 2,80,500 2,80,500
Additional Informations: 1) Closing stock Rs 64,000 2) Wages outstanding Rs 2,400 3) Bad debt Rs 600 4) Provide depreciation machinery @ 8% 5) Accrued commission Rs 500 2 Following is the Trial Balance of Mr. Balu for the year ended 31st March 6 2022. You are required to prepare Financial Statements of the firm.
Trial Balance as on 31-03-2022
Account title Amount(Rs) Amount(Rs)
Cash in hand 7,500 Bank 9,000 Sales 1,74,000 Return Inward 4,000 Purchase 1,20,000 Return Outward 5,000 Debtors & Creditors 26,500 10,000 Wages 14,000 Carriage on purchase 3,400 Stock 16,400 Plant 64,500 Bank Overdraft 25,000 Salary 7,300 Power & Fuel 5,000 Insurance premium 9,250 Drawings 7,500 Bad debt 2,500 Capital 80,000 Commission received 2,850 Total 2,96,850 2,96,850
Additional Informations:
1) Create a provision on debtors for bad debt at 5%
2) Plant depreciated at 10%
3) Salary due, but not paid amounted to Rs 1,200
4) Closing Stock valued Rs 21,500
3 Prepare Trading and Profit & Loss account and balance sheet of Jagat 6 Shah as at 31st March 2021, from the following balances:
