LS2454: From the following closing balances as on 31st December, 2001, prepare the Trading and Profit and Loss account for the year ending on that date and the Balance Sheet as on that date, after making necessary

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Question: From the following closing balances as on 31st December, 2001, prepare the Trading and Profit and Loss account for the year ending on that date and the Balance Sheet as on that date, after making necessary

Adjustments:

(a)Stock as on December 31, 2001 was Rs. 1,20,000.

(b)25% of the Printing and Advertising is to be carried forward to the next year..,. st

(c)Provide 5% for bad debts and 2% on the balance for discount for prompt payment.

(d)Write off depreciation at 10% on Furniture and Fittings, Depreciation in respect of items sold off during the year need not be provided.

(e)Salaries and Carriages Inward that remained unpaid on 31-12-2001 was Rs. 1,200 and Rs. 150 respectively.

(f)Insurance paid in advance Rs.120

(g)Furniture of the book value of Rs.900 as on 1.1.2001 had been disposed off for Rs.500 on 30.06.2001.

(h)Furniture purchased for Rs. 1,000 on 01.01.2001 had been debited to Purchase Account.

(i)Provide for interest on the deposit with Mr. A.N. Sen and Bank Loan.

 


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