LS2459: The following is the Trial Balance of a Trader as at 31st December, 2002:

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Question: The following is the Trial Balance of a Trader as at 31st December, 2002:

Adjustments:

(i)Closing stock was valued at Rs.78,500

(ii)A quarter of the amount spent under the head ‘Printing and advertising is to be carried forward to the next year.

(iii)Reserve 2% for discount on Debtors and create a Bad Debts Reserve at 5%.

(iv)Depreciation @ 10% p.a. is to be provided on Furniture and Fittings

(v)Wages due on 31st December, 2002 Rs.300 and Salary owing Rs.500.

(vi)Prepaid Insurance Rs.80

(vii)Furniture which stood at Rs.600 in the books on 1st January, 2002 was disposed of for Rs.290 on 30th June, in part exchange for new furniture costing Rs.520. A net invoice of Rs.230 was passed through the Purchases Day Book.

(viii)A neon-sign costing Rs.100 is included in advertising.

(ix)Private purchase amounting to Rs.600 has been included in the Purchase Day Book.

(x)Change full year’s interest on deposit with Pran at 7% p.a.

(xi)Provide for interest on Bank loan for the amount due.

(xii)Purchase invoice amounting to Rs.400 had been omitted from the books.

With the help of the above information prepare Profit and Loss Account and Balance Sheet of the trader.

 


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