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

1.	Prepare the trading and profit and loss account and a balance sheet of M/s Shine Ltd. from the following particulars. Account TitleAmt.(Rs)Account titleAmt.(Rs)Sundry Debtors1,00,000Bills Payable85,550Bad Debts3,000Sundry Creditors25,000Trade Expenses2,500Provision for Bad Debts1,500Printing and Stationery5,000Return Outwards4,500Rent, Rates and Taxes3,450Capital2,50,000Freight2,250Discount Received3,500Sales Return6,000Interest Received11,260Motor Car25,000Sales1,00,000Opening Stock75,550Furniture and Fixture15,500Purchase75,000Drawings13,560Investments65,500Cash in Hand36,000Cash at Bank53,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯4,81,310––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯4,81,310–––––––––––––––––––– Adjustments 1. Closing stock was valued Rs. 35,000. 2. Depreciation charged on furniture and fixture 5%. 3. Further bad debts Rs. 1,000. Make a provision for bad debts 5% on sundry debtors. 4. Depreciation charged on motor car 10%. 5. Interest on drawings 6%. 6. Rent, rates and taxes was outstanding Rs. 200. 7. Discount on debtors 2%.
Answer» Prepare the trading and profit and loss account and a balance sheet of M/s Shine Ltd. from the following particulars. $\begin{matrix} Account Title & Amt.(Rs) & Account title & Amt.(Rs) Sundry Debtors & 1, 00, 000 & Bills Payable & 85, 550 Bad Debts & 3, 000 & Sundry Creditors & 25, 000 Trade Expenses & 2, 500 & Provision for Bad Debts & 1, 500 Printing and Stationery & 5, 000 & Return Outwards & 4, 500 Rent, Rates and Taxes & 3, 450 & Capital & 2, 50, 000 Freight & 2, 250 & Discount Received & 3, 500 Sales Return & 6, 000 & Interest Received & 11, 260 Motor Car & 25, 000 & Sales & 1, 00, 000 Opening Stock & 75, 550 Furniture and Fixture & 15, 500 Purchase & 75, 000 Drawings & 13, 560 Investments & 65, 500 Cash in Hand & 36, 000 Cash at Bank & 53, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 4, 81, 310 - -------- - - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 4, 81, 310 - -------- - - -------- - \end{matrix}$ Adjustments 1. Closing stock was valued Rs. 35,000. 2. Depreciation charged on furniture and fixture 5%. 3. Further bad debts Rs. 1,000. Make a provision for bad debts 5% on sundry debtors. 4. Depreciation charged on motor car 10%. 5. Interest on drawings 6%. 6. Rent, rates and taxes was outstanding Rs. 200. 7. Discount on debtors 2%.

Prepare the trading and profit and loss account and a balance sheet of M/s Shine Ltd. from the following particulars. Account TitleAmt.(Rs)Account titleAmt.(Rs)Sundry Debtors1,00,000Bills Payable85,550Bad Debts3,000Sundry Creditors25,000Trade Expenses2,500Provision for Bad Debts1,500Printing and Stationery5,000Return Outwards4,500Rent, Rates and Taxes3,450Capital2,50,000Freight2,250Discount Received3,500Sales Return6,000Interest Received11,260Motor Car25,000Sales1,00,000Opening Stock75,550Furniture and Fixture15,500Purchase75,000Drawings13,560Investments65,500Cash in Hand36,000Cash at Bank53,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯4,81,310––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯4,81,310–––––––––––––––––––– Adjustments 1. Closing stock was valued Rs. 35,000. 2. Depreciation charged on furniture and fixture 5%. 3. Further bad debts Rs. 1,000. Make a provision for bad debts 5% on sundry debtors. 4. Depreciation charged on motor car 10%. 5. Interest on drawings 6%. 6. Rent, rates and taxes was outstanding Rs. 200. 7. Discount on debtors 2%.

Answer»

Prepare the trading and profit and loss account and a balance sheet of M/s Shine Ltd. from the following particulars.

$\begin{matrix} Account Title & Amt.(Rs) & Account title & Amt.(Rs) Sundry Debtors & 1, 00, 000 & Bills Payable & 85, 550 Bad Debts & 3, 000 & Sundry Creditors & 25, 000 Trade Expenses & 2, 500 & Provision for Bad Debts & 1, 500 Printing and Stationery & 5, 000 & Return Outwards & 4, 500 Rent, Rates and Taxes & 3, 450 & Capital & 2, 50, 000 Freight & 2, 250 & Discount Received & 3, 500 Sales Return & 6, 000 & Interest Received & 11, 260 Motor Car & 25, 000 & Sales & 1, 00, 000 Opening Stock & 75, 550 Furniture and Fixture & 15, 500 Purchase & 75, 000 Drawings & 13, 560 Investments & 65, 500 Cash in Hand & 36, 000 Cash at Bank & 53, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 4, 81, 310 - -------- - - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 4, 81, 310 - -------- - - -------- - \end{matrix}$

Adjustments

1. Closing stock was valued Rs. 35,000.

2. Depreciation charged on furniture and fixture 5%.

3. Further bad debts Rs. 1,000. Make a provision for bad debts 5% on sundry debtors.

4. Depreciation charged on motor car 10%.

5. Interest on drawings 6%.

6. Rent, rates and taxes was outstanding Rs. 200.

7. Discount on debtors 2%.

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