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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
Mr. XYZ’ Drawings
Plant & Machinery
Postage & Telegrams
Gas & fuel
Discount A/c (Dr.)
Loan to Mr. Krish @10% p.a.
Provision for doubtful debts
Balance on 1.4.2007
Interest on loan to Mr. Krish
Cash at bank
Cash in hand
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.
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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