From the following balances and information recived from the books of Uttam on 31st March, 2019, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance sheet as at that date : Write off Rs 30,000 as bad debts and maintain a provision for doubtful debts at 5% on sundry debtors.

From the following balances and information recived from the books of

1.	From the following balances and information recived from the books of Uttam on 31st March, 2019, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance sheet as at that date : Write off Rs 30,000 as bad debts and maintain a provision for doubtful debts at 5% on sundry debtors.
Answer» <html><body><p></p>Solution : <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_012_S01.png" width="80%"/> <br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_012_S02.png" width="80%"/><br/> Notes : <br/> <a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>. Closing <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> and Adjustment Purchases are given in the Trial Balance. Therefore, Closing Stock will be shown only on assets side of the Balance Sheet. <br/> 2. Accrued income and salaries <a href="https://interviewquestions.tuteehub.com/tag/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> have been shown in the balances sheet only because adjusting entries are <a href="https://interviewquestions.tuteehub.com/tag/already-1974237" style="font-weight:bold;" target="_blank" title="Click to know more about ALREADY">ALREADY</a> passed in the books. <br/> 3. Depreciation on plant and mechinery and on motor car has been shown on the debit side of Profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> Account. On the assets side of the Balance sheet, these assets have been shown at written down value, i.e., cost less depreciation.</body></html>

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