Capital - 115000 C’s Loan A/c (taken on 1.10.2002@ 18%p.a.) - Insurance 1500 - Commission - 1500 Plant and Machinery 50000 - Furniture and Fixtures 20000 - Bills Receivable 20000 - Sundry Debtors 40000 - Sundry Creditors - 25000 Cash at Bank 16000 - Office equipment 12000 - Payable - 12350 Expenses Payable - 3300 570850 570850 The following adjustments be taken care of: Depreciate Land and Building @ 6%, Plant and Machinery @ 10% , office Equipment @ 20% and furniture and fixtures @ 15%. Create a provision for bad and doubtful at 2% on debtors. Insurance premium includes Rs. 250 paid in advance. Provide interest on capital @ 10% p.a. and salary to Mr. B Rs. 15000 p.a. 10% of final profit is to be kept in general reserve. Q. 15 From the following Balance of Mr. Bharat , Prepare Trading, Profit & Loss Account for the year ending on 31st March 2001 and Balance sheet as on that date: Particulars Credit Capital and Drawing 50000 400000 Opening stock 75000 Purchase and sales 420000 810000 Debtors and Creditors 120000 75000 Discounts 16000 18000 Commission Returns 16000 20000 Salaries 120000 Rent, Rates and taxes 40000 Postage, Telegram and Telephone 25000
Capital C’s Loan A/c (taken on 1.10.2002@ 18%p.a.) Insurance Commission Plant and Machinery Furniture and Fixtures Bills Receivable Sundry Debtors Sundry Creditors Cash at Bank Office equipment Payable Expenses Payable - - 1500 - 50000 20000 20000 40000 - 16000 12000 - - 570850 115000 - 1500 - - - - 25000 - - 12350 3300 570850 The following adjustments be taken care of: Depreciate Land and Building @ 6%, Plant and Machinery @ 10% , office Equipment @ 20% and furniture and fixtures @ 15%. Create a provision for bad and doubtful at 2% on debtors. Insurance premium includes Rs. 250 paid in advance. Provide interest on capital @ 10% p.a. and salary to Mr. B Rs. 15000 p.a. 10% of final profit is to be kept in general reserve. Q. 15 From the following Balance of Mr. Bharat , Prepare Trading, Profit & Loss Account for the year ending on 31st March 2001 and Balance sheet as on that date: Particulars Credit Capital and Drawing Opening stock Purchase and sales Debtors and Creditors Discounts Commission Returns Salaries Rent, Rates and taxes Postage, Telegram and Telephone 50000 75000 420000 120000 16000 16000 120000 40000 25000 400000 810000 75000 18000 20000
bcom_notes.docx