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Prepare the trading and profit and loss account

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Reference no: EM13528252

The following Trial Balance has been extracted from the books of a merchant.

Debit

Credit

Particulars

Dr. Rs

Cr.Rs

Drawings

17,500

-

Buildings

30,000

-

Debtors and Creditors

25,000

40,000

Purchases and Sales

1,50,000

2,32,500

Returns

1,750

1,450

Discount

3,550

2,550

Life Insurance

1,500

-

Cash

15,000

-

Stock (opening)

6,000

-

Bad Debts

2,500

-

Reserve for Bad Debts

-

8,500

Carriage Inwards

3,100

-

Wages

13,850

-

Machinery

4,00,000

-

Furniture

30,000

-

Salaries

17,500

-

Bank Commission

1,000

-

Bills Receivable/Bills Payable

30,000

20,000

Trade Expenses/Capital

6,750

4,50,000

7,55,000

7,55,000

Adjustments

  1. Allow interest on capital @ 5% p.a.
  2. Machinery includes Rs 1,00,000 of a machine purchased on Dec 31, 2008. Wages include Rs 2,850 spent on the installation of a machine.
  3. Trade expenses Rs 1,250 and wages Rs 1,750 have not been paid as yet.
  4. Depreciate building by 5%; furniture and machinery by 10% p.a.
  5. Make provision of doubtful debts at 5%.
  6. Stock on Mar 31, 2009 was valued at Rs 25,000.

You are required to prepare the Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet as on that date.

Reference no: EM13528252

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