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The Trial Balance of Ghosh Electricals as on 31.12.2014 is given below.Particulars42.000Furniture1,40,000Building80,000Motor Vehicles70,000$2,000Debtors and creditors86,000Stock (01.01.2014)6,42,000 8.86.000Purchase and sale6,00012.000Sales and purchase return18,000Cash in hand36,000Bank overdraftInterest on bank overdraft2,700Commission received11,000General expenses60,000Salaries18,000Carriage on purchase84,000Drawings15,000Insurance premium40,000InvestmentIncome from investment1,60012% Bank loan (Taken on 01.04.2014)2,00.000Interest on bank loan16,000Bad debt1,200Capital1.40,70013,31,000 13,31,000Other information(a) Closing Stock as on 31.12.2014 was valued at Rs. 54.000.(b) Outstanding salaries on 31.12.2014 Rs. 2,400(c) Goods costing Rs. 12,000 destroyed by fire and against which insurance claim admitted by the Insurance Company isRs.9,000. The cheque for which is yet to be receivedd) Charge depreciation @ 10% p.a, on Furniture and Building [email protected] 25% pa. On motor vehicles under Diminishing BalanceMethod. From the above Trial Balance and other information, prepare a Trading and Profit & Loss Account of Ghose Electricalor the year ended on 31.12.2014 and a Balance Sheet as on that date. |
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Answer» Answer: The Trial Balance of Ghosh Electricals as on 31.12.2014 is given below. Particulars 42.000 Furniture 1,40,000 Building 80,000 Motor Vehicles 70,000 $2,000 Debtors and creditors 86,000 Stock (01.01.2014) 6,42,000 8.86.000 Purchase and sale 6,000 12.000 Sales and purchase return 18,000 Cash in hand 36,000 Bank overdraft Interest on bank overdraft 2,700 Commission received 11,000 General expenses 60,000 Salaries 18,000 Carriage on purchase 84,000 Drawings 15,000 Insurance premium 40,000 Investment Income from investment 1,600 12% Bank loan (Taken on 01.04.2014) 2,00.000 Interest on bank loan 16,000 Bad debt 1,200 Capital 1.40,700 13,31,000 13,31,000 Other information (a) Closing Stock as on 31.12.2014 was valued at Rs. 54.000. (b) Outstanding salaries on 31.12.2014 Rs. 2,400 (C) Goods costing Rs. 12,000 destroyed by fire and against which insurance claim admitted by the Insurance Company is Rs.9,000. The CHEQUE for which is yet to be received d) Charge depreciation @ 10% p.a, on Furniture and Building [email protected] 25% pa. On motor vehicles under Diminishing Balance Method. From the above Trial Balance and other information, prepare a Trading and PROFIT & Loss Account of Ghose Electrical or the year ended on 31.12.2014 and a Balance Sheet as on that date. |
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