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Question: On 31st March 2006 the following Trail Balance has been extracted from the books of a Rahul.
Rahul’s Capital A/c 30000
Sundry Debtors 8401
Interest on Loan
5% Loan on Mortgage(01.04.05) 8500
Cash in Hand
Bad Debts Provision 710
Opening Stock (01.04.05)
Moto r Vehicles
Purchase Returns 1346
Cash at Bank
Land & Building
Bills Payable 2714
Rent Received 250
Rates, Taxes & Ins.
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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