AID13199: On 31st March 2006 the following Trail Balance has been extracted from the books of a Rahul

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Question: On 31st March 2006 the following Trail Balance has been extracted from the books of a Rahul.

Dr. Balance

 

Cr. Balance

Drawings account

3000

Rahul’s Capital A/c 30000

Sundry Debtors

19100

Sundry Debtors 8401

Interest on Loan

200

5% Loan on Mortgage(01.04.05) 8500

Cash in Hand

3050

Bad Debts Provision 710

Opening Stock (01.04.05)

5839

Sales 111243

Moto r Vehicles

9000

Purchase Returns 1346

Cash at Bank

4555

Discounts 440

Land & Building

12000

Bills Payable 2714

Bad Debts

625

Rent Received 250

Purchases

67458

Sales Return

7821

Carriage outward

1404

Advertisement

2264

General expenses

4489

Bills Recoverable

6882

Carriage Inward

3929

Establishment

8097

Rates, Taxes & Ins.

3891

Prepare Trading Profit & Loss account for the year ending 31.03.2006 and a Balance Sheet as on that date after considering following matters:

1.   Depreciate Land & Bulding at 5% p.a. and motor Vehicles at 15% p.a.

2.   Salaries amounting to Rs 700 and Rates amounting to Rs 400 are due.

3.   Goods destroyed due to fire worth Rs 200.

4.   A Pro v. For Doubtful debts is to be brought upto 5% of sundry debtors.

5.   Stock a on 31.03.06 is Rs.6250.

6.   Goods worth Rs. 500 is taken by proprietor for personal use and no entry for the same is made in books of acco unts.

7.   Prepaid insurance amounted to Rs 175.

8.   Provide manager’s commission @ 5% on net profit after charging such commission.

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