LS2460: From the following particulars prepare Trading and Profit and Loss Account of Mr. R for the year ended 31.03.2001 and a Balance Sheet as on the same date:

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Question: From the following particulars prepare Trading and Profit and Loss Account of Mr. R for the year ended 31.03.2001 and a Balance Sheet as on the same date:

(i)You are required to provide for depreciation on buildings @ 5% p.a., on machinery @ 25% p.a. and on furniture @ 10% p.a.

(ii)Provision for bad and doubtful debts is to be made at 5% on sundry debtors.

(iii)Mr. R’s Manager is entitled to a commission of 10% on the net profit after charging his commission.

(iv)Closing stock was not taken on 31.03.2001 but on 07.04.2001. The following transactions took place during the period from 01.04.001 to 07.04.2001:

Stock on 07th April, 2001 was Rs. 1,80,000

The rate of Gross Profit on Sales was 20%

Insurance Premium was paid for the year ending 30th June, 2001

Interest on mortgage loan to be provided upto 31.03.2001

Outstanding electricity charges were Rs. 2,500.

 


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