Prepare the trading and profit and loss account and balance sheet of M

1.	Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on December 31, 2012 from the following balance as on the date. Account TitleAmt.(Dr)Amt.(Cr)Drawing and Capital19,53067,500Purchases and Sales45,0001,12,500Salary and Commission25,4701,575Carriage2,700Plant and Machinery27,000Furniture6,750Opening Stock42,300Insurance Premium2,700Interest7,425Bank Overdraft24,660Rent and Taxes2,160Wages11,215Returns2,3851,440Carriage Outwards1,485Debtors and Creditors36,00058,500General Expenses6,975Octroi530Investment41,400¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,73,600––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,73,600–––––––––––––––––––– Closing stock was valued Rs. 20,000. (a) Interest on capital 10%. (b) Interest on drawings 5% (c) Wages outstanding Rs. 50. (d) Outstanding salary Rs. 20. (e) Provide a depreciation 5% on plant and machinery. (f) Make a 5% provision on debtors.
Answer» Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on December 31, 2012 from the following balance as on the date. $\begin{matrix} Account Title & A m t . (D r) & A m t . (C r) Drawing and Capital & 19, 530 & 67, 500 Purchases and Sales & 45, 000 & 1, 12, 500 Salary and Commission & 25, 470 & 1, 575 Carriage & 2, 700 Plant and Machinery & 27, 000 Furniture & 6, 750 Opening Stock & 42, 300 Insurance Premium & 2, 700 Interest & 7, 425 Bank Overdraft & 24, 660 Rent and Taxes & 2, 160 Wages & 11, 215 Returns & 2, 385 & 1, 440 Carriage Outwards & 1, 485 Debtors and Creditors & 36, 000 & 58, 500 General Expenses & 6, 975 Octroi & 530 Investment & 41, 400 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 2, 73, 600 - -------- - - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 2, 73, 600 - -------- - - -------- - \end{matrix}$ Closing stock was valued Rs. 20,000. (a) Interest on capital 10 $%$ . (b) Interest on drawings 5 $%$ (c) Wages outstanding Rs. 50. (d) Outstanding salary Rs. 20. (e) Provide a depreciation 5 $%$ on plant and machinery. (f) Make a 5 $%$ provision on debtors.

Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on December 31, 2012 from the following balance as on the date. Account TitleAmt.(Dr)Amt.(Cr)Drawing and Capital19,53067,500Purchases and Sales45,0001,12,500Salary and Commission25,4701,575Carriage2,700Plant and Machinery27,000Furniture6,750Opening Stock42,300Insurance Premium2,700Interest7,425Bank Overdraft24,660Rent and Taxes2,160Wages11,215Returns2,3851,440Carriage Outwards1,485Debtors and Creditors36,00058,500General Expenses6,975Octroi530Investment41,400¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,73,600––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,73,600–––––––––––––––––––– Closing stock was valued Rs. 20,000. (a) Interest on capital 10%. (b) Interest on drawings 5% (c) Wages outstanding Rs. 50. (d) Outstanding salary Rs. 20. (e) Provide a depreciation 5% on plant and machinery. (f) Make a 5% provision on debtors.

Answer»

Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on December 31, 2012 from the following balance as on the date.

$\begin{matrix} Account Title & A m t . (D r) & A m t . (C r) Drawing and Capital & 19, 530 & 67, 500 Purchases and Sales & 45, 000 & 1, 12, 500 Salary and Commission & 25, 470 & 1, 575 Carriage & 2, 700 Plant and Machinery & 27, 000 Furniture & 6, 750 Opening Stock & 42, 300 Insurance Premium & 2, 700 Interest & 7, 425 Bank Overdraft & 24, 660 Rent and Taxes & 2, 160 Wages & 11, 215 Returns & 2, 385 & 1, 440 Carriage Outwards & 1, 485 Debtors and Creditors & 36, 000 & 58, 500 General Expenses & 6, 975 Octroi & 530 Investment & 41, 400 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 2, 73, 600 - -------- - - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 2, 73, 600 - -------- - - -------- - \end{matrix}$

Closing stock was valued Rs. 20,000.

(a) Interest on capital 10 $%$ .

(b) Interest on drawings 5 $%$

(d) Outstanding salary Rs. 20.

(e) Provide a depreciation 5 $%$ on plant and machinery.

(f) Make a 5 $%$ provision on debtors.

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