On Mar 31, 2009, the following Trial Balance has been extracted from the books of Shri Gokale.
|
Particulars
|
Dr. Balance Rs
|
Cr. Balance Rs
|
|
Capital/Drawings
|
6,000
|
60,000
|
|
Sundry Debtors/Creditors
|
38,200
|
16,802
|
|
Purchases/Sales
|
1,34,916
|
2,22,486
|
|
Returns
|
15,642
|
2,692
|
|
Bills Receivable/Bills Payable
|
13,764
|
5,428
|
|
5% Loan on Mortgage (1,4,2008)
|
-
|
17,000
|
|
Interest on Loan
|
400
|
-
|
|
Cash in Hand
|
6,100
|
-
|
|
Stock (Apr 1, 2008)
|
11,678
|
-
|
|
Motor vehicle
|
18,000
|
-
|
|
Cash at bank
|
9,110
|
-
|
|
Land and Buildings
|
24,000
|
-
|
|
Bad Debts
|
1,250
|
-
|
|
Carriage Outward
|
2,808
|
-
|
|
Bad Debts Provision
|
-
|
1,420
|
|
Discount
|
-
|
880
|
|
Carriage Inward
|
7,858
|
-
|
|
Establishment Expenses
|
16,194
|
-
|
|
Rates, Taxes and Insurance
|
7,782
|
-
|
|
Advertisement
|
4,528
|
-
|
|
General Expenses
|
8,978
|
-
|
|
Rent Received
|
-
|
500
|
|
Total
|
3,27,208
|
3,27,208
|
Prepare Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet on that date after considering the following:
- Depreciate land and building @ 5% p.a. and motor vehicle @ 15% p.a.
- Salaries Rs 1,400 and rates Rs 800 are due
- The provision for doubtful debts is to be maintained @ 5% on Sundry Debtors
- Stock in hand on Mar 31, 2009 is valued at Rs 12,500
- Goods costing Rs 1,000 were taken by the proprietor for his personal use, no entry has been made in the books of accounts
- Prepaid insurance Rs 350
- Provide for manager's commission at 5% net profit after charging such commission
- A fire broke out on Apr 1, 2009 destroying goods worth Rs 4,700
- Goods costing Rs 1,200 were sent to a customer on sale or return for Rs 1,400 on Mar 27, 2009, and have been recorded in the books as actual sales