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Shri patil bansali submitted to you the following trial balance,which he has not been able to agree. Rewrite the trial balance and prepare trading and profit and loss account for the year ended 31.12.2020 and a balance sheet as on that date after giving effect to the undermentioned adjustments?
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Shri patil bansali submitted to you the following trial balance,which ...
Trial Balance as on 31.12.2020:
| Particulars | Debit (Rs.) | Credit (Rs.) |
| --- | --- | --- |
| Cash | 50,000 | - |
| Machinery | 2,00,000 | - |
| Building | 5,00,000 | - |
| Furniture | 20,000 | - |
| Stock (1.1.2020) | 75,000 | - |
| Purchases | 4,00,000 | - |
| Sales | - | 6,00,000 |
| Wages | 50,000 | - |
| Rent | 20,000 | - |
| Carriage Inward | 10,000 | - |
| Carriage Outward | - | 5,000 |
| Salaries | 30,000 | - |
| Bad Debts | 5,000 | - |
| Discount Allowed | 3,000 | - |
| Discount Received | - | 2,000 |
| Interest Received | - | 1,000 |
| Capital | 3,00,000 | - |
| Drawings | - | 20,000 |
| Debtors | - | 1,20,000 |
| Creditors | 1,00,000 | - |
| Prepaid Rent | 5,000 | - |
| Insurance | 2,000 | - |
| Bank Overdraft | 50,000 | - |
| Provision for Bad Debts | 2,000 | - |
| ---- | ---- | ---- |
| Total | 13,40,000 | 13,40,000 |
Adjustments:
1. Stock on 31.12.2020 was valued at Rs. 90,000.
2. Depreciate Machinery by 10% and Building by 5%.
3. Outstanding Wages amounted to Rs. 5,000.
4. Provide for Bad Debts at 5% on Debtors.
5. Accrued Rent amounted to Rs. 1,000.
6. Interest on Bank Overdraft to be provided for Rs. 2,000.
Trading and Profit & Loss Account for the year ended 31.12.2020:
| Particulars | Amount (Rs.) |
| --- | --- |
| Gross Sales | 6,00,000 |
| Less: Returns Outward | 10,000 |
| Net Sales | 5,90,000 |
| Cost of Goods Sold: |
| Opening Stock | 75,000 |
| Add: Purchases | 4,00,000 |
| Less: Returns Inward | 5,000 |
| Less: Closing Stock | 90,000 |
| Total Cost of Goods Sold | 3,80,000 |
| Gross Profit | 2,10,000 |
| Add: Other Income: |
| Interest Received | 1,000 |
| Less: Carriage Inward | 10,000 |
| Less: Wages | 50,000 |
| Less: Rent | 20,000 |
| Less: Salaries | 30,000 |
| Less: Discount Allowed | 3,000 |
| Less: Bad Debts | 5,000 |
| Depreciation: |
| Machinery @ 10% | 20,000 |
| Building @ 5
| Particulars | Debit (Rs.) | Credit (Rs.) |
| --- | --- | --- |
| Cash | 50,000 | - |
| Machinery | 2,00,000 | - |
| Building | 5,00,000 | - |
| Furniture | 20,000 | - |
| Stock (1.1.2020) | 75,000 | - |
| Purchases | 4,00,000 | - |
| Sales | - | 6,00,000 |
| Wages | 50,000 | - |
| Rent | 20,000 | - |
| Carriage Inward | 10,000 | - |
| Carriage Outward | - | 5,000 |
| Salaries | 30,000 | - |
| Bad Debts | 5,000 | - |
| Discount Allowed | 3,000 | - |
| Discount Received | - | 2,000 |
| Interest Received | - | 1,000 |
| Capital | 3,00,000 | - |
| Drawings | - | 20,000 |
| Debtors | - | 1,20,000 |
| Creditors | 1,00,000 | - |
| Prepaid Rent | 5,000 | - |
| Insurance | 2,000 | - |
| Bank Overdraft | 50,000 | - |
| Provision for Bad Debts | 2,000 | - |
| ---- | ---- | ---- |
| Total | 13,40,000 | 13,40,000 |
Adjustments:
1. Stock on 31.12.2020 was valued at Rs. 90,000.
2. Depreciate Machinery by 10% and Building by 5%.
3. Outstanding Wages amounted to Rs. 5,000.
4. Provide for Bad Debts at 5% on Debtors.
5. Accrued Rent amounted to Rs. 1,000.
6. Interest on Bank Overdraft to be provided for Rs. 2,000.
Trading and Profit & Loss Account for the year ended 31.12.2020:
| Particulars | Amount (Rs.) |
| --- | --- |
| Gross Sales | 6,00,000 |
| Less: Returns Outward | 10,000 |
| Net Sales | 5,90,000 |
| Cost of Goods Sold: |
| Opening Stock | 75,000 |
| Add: Purchases | 4,00,000 |
| Less: Returns Inward | 5,000 |
| Less: Closing Stock | 90,000 |
| Total Cost of Goods Sold | 3,80,000 |
| Gross Profit | 2,10,000 |
| Add: Other Income: |
| Interest Received | 1,000 |
| Less: Carriage Inward | 10,000 |
| Less: Wages | 50,000 |
| Less: Rent | 20,000 |
| Less: Salaries | 30,000 |
| Less: Discount Allowed | 3,000 |
| Less: Bad Debts | 5,000 |
| Depreciation: |
| Machinery @ 10% | 20,000 |
| Building @ 5
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Shri patil bansali submitted to you the following trial balance,which ...
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Shri patil bansali submitted to you the following trial balance,which he has not been able to agree. Rewrite the trial balance and prepare trading and profit and loss account for the year ended 31.12.2020 and a balance sheet as on that date after giving effect to the undermentioned adjustments?
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Shri patil bansali submitted to you the following trial balance,which he has not been able to agree. Rewrite the trial balance and prepare trading and profit and loss account for the year ended 31.12.2020 and a balance sheet as on that date after giving effect to the undermentioned adjustments? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Shri patil bansali submitted to you the following trial balance,which he has not been able to agree. Rewrite the trial balance and prepare trading and profit and loss account for the year ended 31.12.2020 and a balance sheet as on that date after giving effect to the undermentioned adjustments? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shri patil bansali submitted to you the following trial balance,which he has not been able to agree. Rewrite the trial balance and prepare trading and profit and loss account for the year ended 31.12.2020 and a balance sheet as on that date after giving effect to the undermentioned adjustments?.
Shri patil bansali submitted to you the following trial balance,which he has not been able to agree. Rewrite the trial balance and prepare trading and profit and loss account for the year ended 31.12.2020 and a balance sheet as on that date after giving effect to the undermentioned adjustments? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Shri patil bansali submitted to you the following trial balance,which he has not been able to agree. Rewrite the trial balance and prepare trading and profit and loss account for the year ended 31.12.2020 and a balance sheet as on that date after giving effect to the undermentioned adjustments? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shri patil bansali submitted to you the following trial balance,which he has not been able to agree. Rewrite the trial balance and prepare trading and profit and loss account for the year ended 31.12.2020 and a balance sheet as on that date after giving effect to the undermentioned adjustments?.
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