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CarLightingBuildingsRates anSundryFumiturCash in1,00,000Ra15,000Ans. [Net Profit: 2,775; Balance Sheet: 49,175]5. Following is the Trial Balance of M/s Kasturi Agencies as on 31st March, 2020. PrepareTrading and Profit & Loss Account for the year ended 31st March, 2020 and a Balance Sheeton that date :Dr.₹CapitalDrawings18,000Buildings15,000Furniture & Fittings7,500Motor Van25,000Loan from Hari @ 12% interest (1-4-2019)Interest paid on above900SalesPurchases75,000Opening Stock25,000Establishment Expenses15,000Wages2,000Insurance1,000Commission receivedSundry Debtors28,100Bank Balance20,000Sundry CreditorsInterest2,50and FMarch[G.P.& From1,00,000S.Inco4,50010,0003,0002,32,5002,32,500Adjustments : (a) The value of closing stock on 31st March, 2020 was 32,000. (b)Outstanding Wages * 500. (C) Prepaid Insurance 3 300. (d) Commission received in advance1,300. (e) Allow interest on capital @ 10%. (1) Depreciate : Building 2%, Furniture &Fittings 10%, Motor Van 10%. (g) Charge interest on drawings 500. (h) Accrued interest500.2 |
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Answer» Answer: Car Lighting Buildings Rates an Sundry Fumitur Cash in 1,00,000 Ra 15,000 Ans. [NET Profit: 2,775; Balance Sheet: 49,175] 5. Following is the Trial Balance of M/s Kasturi Agencies as on 31st March, 2020. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and a Balance Sheet on that date : Dr. ₹ Drawings 18,000 Buildings 15,000 FURNITURE & Fittings 7,500 MOTOR Van 25,000 Loan from HARI @ 12% interest (1-4-2019) Interest paid on above 900 Sales Purchases 75,000 Opening Stock 25,000 Establishment Expenses 15,000 Wages 2,000 Insurance 1,000 Commission received Sundry Debtors 28,100 Bank Balance 20,000 Sundry Creditors Interest 2,50 and F March [G.P. & From 1,00,000 S. Inco 4,500 10,000 3,000 2,32,500 2,32,500 Adjustments : (a) The value of closing stock on 31st March, 2020 was 32,000. (b) Outstanding Wages * 500. (C) Prepaid Insurance 3 300. (d) Commission received in advance 1,300. (e) Allow interest on capital @ 10%. (1) Depreciate : Building 2%, Furniture & Fittings 10%, Motor Van 10%. (g) Charge interest on drawings 500. (h) Accrued interest 500. 2 |
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