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Question: The following is the Trial Balance of Shri Ashok Chandra as on 31st March, 2003. You are required to prepare the Trading and Profit and Loss Account for the year ended 31st March, 2003 and the Balance Sheet as on the date after making the necessary adjustments:
The following adjustments are to be made:
(i)Stock on 31st March, 2003 – Rs. 8,00,000 (including stock of stationary Rs. 800 )
(ii)Bills Receivable include a dishonoured bill of Rs.8,000
(iii)Trading Expenses include payment for Stationary of Rs. 22,500
(iv)Stock in the beginning includes stock of Stationary Rs. 1,800
(v)Furniture sold was appearing in the Balance Sheet on 31st March, 2002 at Rs. 13,000
(vi)Creditors at the end include creditors for stationery Rs.30,000 for credit purchases
(vii)Commission receivable on sales of consignment is Rs.40,000
(viii)Stationery of Rs.2,000 was consumed by Shri Ashok Chandra.
(ix)Included in the debtors is an amount of Rs.2,000 in respect of a bankrupt debtor whose estate is expected to realise not more than 25 paise in the rupee and an item of Rs.5,000 for goods supplied to Shri Ashok Chandra.
(x)Make provision for bad and doubtful debts at 5% on debtors
(xi)Depreciate furniture at 10% p.a.
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