1.

From the following Trial Balance of M/s Arjun and Sons as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet: Adjustments: (i) Closing Stock ₹ 6,40,000. (ii) Wages Outstanding ₹ 24,000. (iii) Bad Debts ₹ 6,000 and Provision for Bad and Doubtful Debts to 5% on Debtors. (iv) Rent is paid for 11 months. (v) Loan from bank was taken on 1st October, 2017. (vi) Provide Depreciation on Machinery @ 10% p.a. (vii) Provide Manager’s Commission at 10% on net profit after charging such commission.

Answer»

A trial balance is a list of all the general ledger ACCOUNTS (both revenue and CAPITAL) contained in the ledger of a business. This list will contain the name of each NOMINAL ledger ACCOUNT and the value of that nominal ledger balance. Each nominal ledger account will hold EITHER a debit balance or a credit balance.



Discussion

No Comment Found

Related InterviewSolutions