Following is the Trial Balance of Sanjeev as at 31st March, 2019: You are required to prepare Trading and Profit and Loss Account for the year ending 31st March, 2019 and Balance Sheet as on that date, after considering the following adjustments: (i) Stock at cost on 31st March, 2019 is Rs 13,600. (ii) Mechinery is to be depreciated @10% and patents @20% . (iii) Salaries for the month of March, 2019 of Rs 3,000 were unpaid. (iv) Insurance included a premium of Rs 170 for next year. (v) Wages include Rs 4,000, spent on constructing a shed for employees and visitors. (vi) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry debtors.

Following is the Trial Balance of Sanjeev as at 31st March, 2019: Yo

1.	Following is the Trial Balance of Sanjeev as at 31st March, 2019: You are required to prepare Trading and Profit and Loss Account for the year ending 31st March, 2019 and Balance Sheet as on that date, after considering the following adjustments: (i) Stock at cost on 31st March, 2019 is Rs 13,600. (ii) Mechinery is to be depreciated @10% and patents @20% . (iii) Salaries for the month of March, 2019 of Rs 3,000 were unpaid. (iv) Insurance included a premium of Rs 170 for next year. (v) Wages include Rs 4,000, spent on constructing a shed for employees and visitors. (vi) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry debtors.
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_011_S01.png" width="80%"/></body></html>

Discussion

No Comment Found

Related InterviewSolutions

X started a businesss on 1st April , 2018 witha capitalof â‚¹50,000 anda loanof â‚¹25,000 takenfrom Y. During2018-19, hehad introduced additional capital â‚¹25,000 andhad withdrawn15,000 for personal use. On 31st March , 2019 his assets were â‚¹1,50,000. Findhis capital as on 31st March, 2019 and profitmadeor lossincurred duringtheyear 2018-19.
X started a businesss on 1st April , 2018 witha capitalof ₹50,000 anda loanof ₹25,000 takenfrom Y. During2018-19, hehad introduced additional capital ₹25,000 andhad withdrawn15,000 for personal use. On 31st March , 2019 his assets were ₹1,50,000. Findhis capital as on 31st March, 2019 and profitmadeor lossincurred duringtheyear 2018-19.
X Ltd. Gets a contract of ₹ 100 crore to build a Shopping-Mal to be completed in 3 years. The management of the company wants to ascertain profit or loss on this contract only when the contract is completed. Is the management justified?
X Ltd. Follows the Written Down Value Method of depreciating machinery year after year due to
X Ltd . Follows the Written Down value Method of depreciating machinery year after year due to
X hasfollowingassetsand liabilities as on 31st March, 2019. Determinehis capital. Cash â‚¹25,000,Bankâ‚¹ 47,500, Debtors â‚¹ 18,000, Creditors â‚¹ 22,000, Pant and Machiney â‚¹ 80,000, Bulidingâ‚¹2,00,000, Furniture â‚¹ 24,000, Bills Receivableâ‚¹ 56,500, Bills Payable â‚¹23,500.
X hasfollowingassetsand liabilities as on 31st March, 2019. Determinehis capital. Cash ₹25,000,Bank₹ 47,500, Debtors ₹ 18,000, Creditors ₹ 22,000, Pant and Machiney ₹ 80,000, Buliding₹2,00,000, Furniture ₹ 24,000, Bills Receivable₹ 56,500, Bills Payable ₹23,500.
X' commenced business on 1st April, 2013 with a capital of 6,00,000. On 31st March, 2014 his assets were worth 8,00,000 and liabilities 50,000. Find out his closing capital.
Write two adventages of accrual basis of accounting.
Write the following transactions in Debtor's Account , Creditor's Account and Cash Account : {:(,,,"₹"),(1., "Cash sales" ,, 50","000), (3., "Cash received from X" ,, 56","000), (5.,"Paid to Y" ,, 30","000):}:| {:(,,,"₹") , (2., "Sold goods to X on credit" ,, 80","000), (4., "Purchase goods from Y on credit" ,, 44","000), (6., "Cash purchases from Y" ,, 16","000):}

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment