From the following extracts of Trial Balance as
Q) From the next extracts of Trial Steadiness as on 31/three/2003 and different further info, put together Revenue and Loss Account and Steadiness Sheet.Plant & Equipment40500Unhealthy Debt2200Furnishings and Fittings15250Unhealthy Money owed Recovered1250Financial institution Overdraft160000Salaries32650Capital115000Wage Payable5350Drawings15000Pay as you go Hire500Purchases230500Hire6500Opening Inventory132250Carriage Inward2350Wages22325Carriage Outward3250Provisions for Uncertain Money owed5700Gross sales290600Provision for Low cost on Debtors1375Commercial Bills6750Sundry Debtors152500Printing & Stationery2200Sundry Collectors77500Money in Hand2300Money at Financial institution7250Further Info:Distinction within the trial steadiness, if any, might be taken as miscellaneous bills or revenue.Financial institution overdraft is secured in opposition to hypothecation of inventory. The Financial institution overdraft excellent as on 31/three/2003 accounted for 80% of drawing energy. Such energy is ascertained by deducting 20% as margin from the worth of inventory as on that date.Buy embody gross sales return of Rs.5500/- and gross sales embody buy returns of Rs. 4750/-.Items withdrawn by the proprietor for personal consumption quantities Rs.7500/- included in purchases.Wages paid for set up of plant and equipment amounting to Rs.750/- have been included in wages account.Depreciation is to be supplied on plant and equipment @ 15% p.a. and on furnishings and fittings @ 10% p.a.Create a provision for uncertain money owed @ 5% and provision for low cost on debtors @2.5% .A debit steadiness of Rs.2500/- within the account of Ram, a creditor is included within the checklist of sundry Collectors.Free samples distributed for publicity costing Rs.1250/-