LS2458: From the following figure extracted from the books of Shri Ghanshayam, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2003 and also the Balance Sheets as on that date after making the necessary adjustments:

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Question: From the following figure extracted from the books of Shri Ghanshayam, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2003 and also the Balance Sheets as on that date after making the necessary adjustments:

Adjustments:

(i)Stock on 31st March, 2003 was valued at Rs. 72,600

(ii)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 debited to wages account.

(iii)Depreciation plant and machinery by 331/3%, Furniture by 10% and freehold property by 5%

(iv)Loose tools were valued at Rs. 1760 on 31.03.2003

(v)Of the Sundry Debtors Rs. 660 are bad and should be written off.

(vi)Maintain a provision of 5% on sundry debtors for doubtful debts

(vii)The manager is entitled to a commission of 10% of the net profit after charging such commission.

 


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