Page 46 - VIRANSH COACHING CLASSES

1,800 3
100 × 12 = ` 450
Interest on Govt Bonds @ 12% for 3 months is ` 450
6. From the following Trial Balance of Shreyas and Mrunal and adjustments you are required
to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and
Balance Sheet as on that date:
Trial Balance as on 31 March, 2019 Particulars
st
Particulars Debit ` Credit `
Capital Accounts :
Sheyas 35,000
Mrunal 20,000
Purchases 37,800
Sales 66,700

Bills Receivable 8,000
Bills Payable 6,500
Commission 2,400
Salaries 6,000
Insurance (9 months) 9,000
Prepaid Rent 3,000
Sundry Creditors 48,900
Sundry Debtors 25,000
Postage 1,700

Freehold Premises 17,300
Furniture 20,000
Bad debts 500
Cash in Hand 4,500
Cash at Bank 16,000
Carriage Inward 800
Carriage Outward 1,700

Stock (1/4/2018) 22,500
Returns 1,200 1800
Wages 3,100
Outstanding Wages 1600
Total 1,80,500 1,80,500
Adjustments :
(1) Closing Stock ` 30.000
(2) Outstanding Expenses - Salary ` 1200 and Commission ` 400.
(3) Depreciate Furniture @ 10%
(4) Provide for further Bad debts i ` 1200.
(5) Goods of ` 5000 destroyed by fire and insurance company admited a claim of ` 2000 only.
(6) Shreyas and Mrunal are sharing profits and losses in the ratio 2:1

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