AID13203: Bose has supplied the following information about his business for the year ended 31st March, 2004 is as follows

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Question: Bose has supplied the following information about his business for the year ended 31st March, 2004 is as follows:

 Assets and Liabilities

On 1st April 2003

On 31st March, 2004

 

Rs.

Rs.

Sundry debtors

1,81,000

1,93,000

Stock

1,50,000

1,40,000

Machinery

2,50,000

?

Furniture

40,000

?

Sundry creditors

1,10,000

1,25,000

Receipts

Rs.

Payments

Rs.

To Opening balance

5,000

By Payments to creditors

3,50,000

To Cash sales

61,000

By wages

1,60,000

To Receipt from debtors

7,53,000

By Salaries

1,50,000

To Misc. receipts

2,000

By Drawings

40,000

 

 

By Sunday office expenses

1,10,000

To Loan from Dass @ 9% per annum (taken on 1.10.2003)

1,00,000

By Machinery purchased (on 1.10.2003)

95,000

 

 

By Closing balance

16,000

 

9,21,000

 

9,21,000

Discount allowed totalled Rs.7,000 and discount received was Rs. 4,000. Bad debts written off were Rs. 8,000. Depreciation was written off on furniture @5% per annum and machinery @ 10% per annum under the straight line method of depreciation. The office expenses included Rs.5,000 paid as insurance premium for the year ending 30th June, 2004. Wages amounting to Rs.20,000 were still due on 31st March, 2004

Prepare trading and profit and loss account for the year ended 31st March, 2004 and the balance sheet as on that date.

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