LS2455: From the following figures extracted from the books of Shri Mohan, you are required to prepare a Trading and Profit and Loss Account for the year ended 31st March, 2002 and a Balance Sheet as on that date after making the necessary adjustments:

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Question: From the following figures extracted from the books of Shri Mohan, you are required to prepare a Trading and Profit and Loss Account for the year ended 31st March, 2002 and a Balance Sheet as on that date after making the necessary adjustments:

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Adjustments:

1. Stock on 31st March, 2002, was valued at Rs.72,600.

2. A new machine was installed during the year costing Rs. 15,400 but it was not recorded in the books as no payment was made for it. Wages Rs.1,100 paid for its erection has been taken debited to Wages account.

3. Depreciate – Plant and Machinery by 33 1/3% Furniture by 10%, Freehold Property by 5%

4. Loose Tools were valued at Rs. 1,760 on 31.03.2002.

5. Of the Sundry Debtors Rs.600 are bad debt and should be written off.

6. Maintain a provision of 5% on Sundry Debtors for doubtful debts.

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

 


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