Page 41 - VIRANSH COACHING CLASSES

4. From the following Trial Balance of Mr. Piyush and Mr. Arun. You are required to prepare
Trading and Profit and Loss Account and Balance Sheet as on the date:
st
Trial Balance as on 31 March, 2019
Particulars Debit ` Particulars Credit `
Stock (1/4/2018) 30,800 Capital Account
Purchases Salaries 80,000 Piyush 80,000
Salaries 5,000 Arun 80,000
Wages 7,500 Sundry Creditors 20500
Carriage 3,000 Interest received on Fixed Deposit 1000
Royalties 2,500 Bank Overdraft 10,000
Freight 700 Sales 1,20,000
Printing and Stationery 1,050
Sundry Debtors 43,000
Furniture 20,200
Lease hold property 25,000
Investment 15,000
Travelling Expenses 3,450
Advertisement (For 3 years) 30,000
Bad Debts 500
Discount Allowed 1,800
Cash in Hand 7,000
Cash at Bank 20,000
Fixed Deposits 15,000

3,11,500 3,11,500

Adjustments :
(1) Stock on hand on 31st March, 2019 was Cost Price ` 40,000 and Market price ` 35,000.
(2) Interest on Fixed Deposit ` 1200 is still receivable.
(3) Provide R.D.D. at 2.5% on Sundry Debtors.
(4) Depreciate Furniture by 5%.
(5) Goods of ` 8000 destroyed by fire and insurance company admited a claim of 6000 only.

32