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Posted: February 8th, 2019

From the following extracts of Trial Balance as

Q) From the following extracts of Trial Balance as on 31/3/2003 and other additional information, prepare Profit and Loss Account and Balance Sheet.Plant & Machinery40500Bad Debt2200Furniture and Fittings15250Bad Debts Recovered1250Bank Overdraft160000Salaries32650Capital115000Salary Payable5350Drawings15000Prepaid Rent500Purchases230500Rent6500Opening Stock132250Carriage Inward2350Wages22325Carriage Outward3250Provisions for Doubtful Debts5700Sales290600Provision for Discount on Debtors1375Advertisement Expenses6750Sundry Debtors152500Printing & Stationery2200Sundry Creditors77500Cash in Hand2300Cash at Bank7250Additional Information:Difference in the trial balance, if any, can be taken as miscellaneous expenses or income.Bank overdraft is secured against hypothecation of stock. The Bank overdraft outstanding as on 31/3/2003 accounted for 80% of drawing power. Such power is ascertained by deducting 20% as margin from the value of stock as on that date.Purchase include sales return of Rs.5500/- and sales include purchase returns of Rs. 4750/-.Goods withdrawn by the owner for own consumption amounts Rs.7500/- included in purchases.Wages paid for installation of plant and machinery amounting to Rs.750/- were included in wages account.Depreciation is to be provided on plant and machinery @ 15% p.a. and on furniture and fittings @ 10% p.a.Create a provision for doubtful debts @ 5% and provision for discount on debtors @2.5% .A debit balance of Rs.2500/- in the account of Ram, a creditor is included in the list of sundry Creditors.Free samples distributed for publicity costing Rs.1250/-

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