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Prepare trading and profit and loss account

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Reference no: EM13527720

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:

  1. Depreciate land and building @ 5% p.a. and motor vehicle @ 15% p.a.
  2. Salaries Rs 1,400 and rates Rs 800 are due
  3. The provision for doubtful debts is to be maintained @ 5% on Sundry Debtors
  4. Stock in hand on Mar 31, 2009 is valued at Rs 12,500
  5. Goods costing Rs 1,000 were taken by the proprietor for his personal use, no entry has been made in the books of accounts
  6. Prepaid insurance Rs 350
  7. Provide for manager's commission at 5% net profit after charging such commission
  8. A fire broke out on Apr 1, 2009 destroying goods worth Rs 4,700
  9. 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

Reference no: EM13527720

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