From the following balances of M/s Jyoti Exports, prepare trading and

1.	From the following balances of M/s Jyoti Exports, prepare trading and profit and loss account for the year ended March 31, 2012 and balance sheet as on this date. Account TitleAmt. (Rs.)Account TitleAmt. (Rs.)Sundry Debtors9,600Sundry Creditors2,500Opening Stock22,800Sales72,670Purchases 34,800Purchases Return2,430Carriage Inwards450Bills Payable15,600Wages1,770Capital42,000Office Rent820Insurance1,440Factory Rent390Clearing Charges940Salary1,590Building24,000Plant and Machinery3,600Cash in Hand2,160Gas and Water240Octroi60Furniture20,540Patents10,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,35,200––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,35,200–––––––––––––––––––– Closing stock Rs. 10,000. Additional Information: 1. The provision for bad debts is to be maintained at 5% on sundry debtors. 2. Wages amounting to Rs. 500 and salary amounting to Rs. 350 are outstanding. 3. Factory rent prepaid Rs. 100. 4. Depreciation charged on Plant and Machinery 5% and Building 10%. 5. Outstanding insurance Rs. 100.
Answer» From the following balances of M/s Jyoti Exports, prepare trading and profit and loss account for the year ended March 31, 2012 and balance sheet as on this date. $\begin{matrix} Account Title & Amt. (Rs.) & Account Title & Amt. (Rs.) Sundry Debtors & 9, 600 & Sundry Creditors & 2, 500 Opening Stock & 22, 800 & Sales & 72, 670 Purchases & 34, 800 & Purchases Return & 2, 430 Carriage Inwards & 450 & Bills Payable & 15, 600 Wages & 1, 770 & Capital & 42, 000 Office Rent & 820 Insurance & 1, 440 Factory Rent & 390 Clearing Charges & 940 Salary & 1, 590 Building & 24, 000 Plant and Machinery & 3, 600 Cash in Hand & 2, 160 Gas and Water & 240 Octroi & 60 Furniture & 20, 540 Patents & 10, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 35, 200 - -------- - - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 35, 200 - -------- - - -------- - \end{matrix}$ Closing stock Rs. 10,000. Additional Information: 1. The provision for bad debts is to be maintained at 5 $%$ on sundry debtors. 2. Wages amounting to Rs. 500 and salary amounting to Rs. 350 are outstanding. 3. Factory rent prepaid Rs. 100. 4. Depreciation charged on Plant and Machinery 5 $%$ and Building 10 $%$ . 5. Outstanding insurance Rs. 100.

From the following balances of M/s Jyoti Exports, prepare trading and profit and loss account for the year ended March 31, 2012 and balance sheet as on this date. Account TitleAmt. (Rs.)Account TitleAmt. (Rs.)Sundry Debtors9,600Sundry Creditors2,500Opening Stock22,800Sales72,670Purchases 34,800Purchases Return2,430Carriage Inwards450Bills Payable15,600Wages1,770Capital42,000Office Rent820Insurance1,440Factory Rent390Clearing Charges940Salary1,590Building24,000Plant and Machinery3,600Cash in Hand2,160Gas and Water240Octroi60Furniture20,540Patents10,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,35,200––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,35,200–––––––––––––––––––– Closing stock Rs. 10,000. Additional Information: 1. The provision for bad debts is to be maintained at 5% on sundry debtors. 2. Wages amounting to Rs. 500 and salary amounting to Rs. 350 are outstanding. 3. Factory rent prepaid Rs. 100. 4. Depreciation charged on Plant and Machinery 5% and Building 10%. 5. Outstanding insurance Rs. 100.

Answer»

From the following balances of M/s Jyoti Exports, prepare trading and profit and loss account for the year ended March 31, 2012 and balance sheet as on this date.

$\begin{matrix} Account Title & Amt. (Rs.) & Account Title & Amt. (Rs.) Sundry Debtors & 9, 600 & Sundry Creditors & 2, 500 Opening Stock & 22, 800 & Sales & 72, 670 Purchases & 34, 800 & Purchases Return & 2, 430 Carriage Inwards & 450 & Bills Payable & 15, 600 Wages & 1, 770 & Capital & 42, 000 Office Rent & 820 Insurance & 1, 440 Factory Rent & 390 Clearing Charges & 940 Salary & 1, 590 Building & 24, 000 Plant and Machinery & 3, 600 Cash in Hand & 2, 160 Gas and Water & 240 Octroi & 60 Furniture & 20, 540 Patents & 10, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 35, 200 - -------- - - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 35, 200 - -------- - - -------- - \end{matrix}$

Closing stock Rs. 10,000.

Additional Information:

1. The provision for bad debts is to be maintained at 5 $%$ on sundry debtors.

2. Wages amounting to Rs. 500 and salary amounting to Rs. 350 are outstanding.

3. Factory rent prepaid Rs. 100.

4. Depreciation charged on Plant and Machinery 5 $%$ and Building 10 $%$ .

5. Outstanding insurance Rs. 100.

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