Surya does not keeps a systematic record of his transactions. He is able to give you the following information regarding his assets and liabilities: Bad Debts during the year were Rs. 900. As regards sale, Surya tells you that he always sells goods at Cost plus 25%. Furniture and Fittings are to be depreciated at 10% of the value in the beginning of the year. Prepare Surya's Trading and Profit and Loss Account for the year ended 31st March, 2019 and his Balance Sheet on that date.

Surya does not keeps a systematic record of his transactions. He is ab

1.	Surya does not keeps a systematic record of his transactions. He is able to give you the following information regarding his assets and liabilities: Bad Debts during the year were Rs. 900. As regards sale, Surya tells you that he always sells goods at Cost plus 25%. Furniture and Fittings are to be depreciated at 10% of the value in the beginning of the year. Prepare Surya's Trading and Profit and Loss Account for the year ended 31st March, 2019 and his Balance Sheet on that date.
Answer» <html><body><p><br/></p>Solution :Hints: 1. Cost of Goods Sold = <a href="https://interviewquestions.tuteehub.com/tag/openingstock-1136712" style="font-weight:bold;" target="_blank" title="Click to know more about OPENINGSTOCK">OPENINGSTOCK</a> + <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> - Closing Stock <br/> 2. Total Sales = Cost of Goods Sold + `25%` of Cost of Goods Sold <br/> <a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>. <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> Sales = Total Sales - Cash Sales.</body></html>

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