AID13211: From following figures extracted from the books of Mr. XYZ, you are required to prepare a Trading and Profit and Loss Account for the year ended 31st March, 2008 and a Balance Sheet as on that date after making the necessary adjustments

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Question: From following figures extracted from the books of Mr. XYZ, you are required to prepare a Trading and Profit and Loss Account for the year ended 31st March, 2008 and a Balance Sheet as on that date after making the necessary adjustments.

 

$

 

$

Mr. XYZ’s Capital

228,800

Stock 1.4.2007

38,500

Mr. XYZ’ Drawings

13,200

Wages

35,200

Plant & Machinery

99,000

Sundry creditors

44,000

Freehold property

66,000

Postage & Telegrams

1,540

Purchases

110,000

Insurance

1,760

Rtuens outwards

1,100

Gas & fuel

2,970

Salaries

13,200

Bad debts

660

Office Expenses

2,750

Office rent

2,860

Discount A/c (Dr.)

5,500

Loose tools

2,900

Sundry Debtors

29,260

Factory lighting

1,100

Loan to Mr. Krish @10% p.a.

44,000

Provision for doubtful debts

880

Balance on 1.4.2007

 

Interest on loan to Mr. Krish

1,100

Cash at bank

29,260

Cash in hand

2,640

Bills payable

5,500

Sales

231,440

 Adjustments:

a) Stock on 31st March, 2008 was valued at $72,600

b) A new machine was installed during the year costing $15,400 but it is not recorded in the books as on payment was made for it. Wages $ 1,100 paid for its erection has been debited to the wages account.

c) Depreciate:

a. Plant & machine by 33.33%

b. Furniture by 10%

c. Freehold property by 6%

d) Loose tools were valued at $ 1.760 as on 31.3.2008

e) Of the sundry debtors Rs.660 are bad and should be written off.

f) Maintain a provision of 5% on sundry debtors for doubtful debts.

g) The manager is entitled to a commission of 10% of the net profits after charging such commission.

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