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    Shivaansh Vats
    The document provides trial balances for two companies, Shri Himanshu Traders and Anjana & Co., as of March 31, 2016. It lists various ledger accounts and their balances. It also provides adjustments that need to be made for depreciation, bad debts, closing stock valuation, and other items. Trading and profit & loss accounts and balance sheets need to be prepared for each company based on the trial balances and adjustments provided.

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    Document

    Uploaded by

    Shivaansh Vats
    137 views2 pages
    The document provides trial balances for two companies, Shri Himanshu Traders and Anjana & Co., as of March 31, 2016. It lists various ledger accounts and their balances. It also provides adjustments that need to be made for depreciation, bad debts, closing stock valuation, and other items. Trading and profit & loss accounts and balance sheets need to be prepared for each company based on the trial balances and adjustments provided.

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    The document provides trial balances for two companies, Shri Himanshu Traders and Anjana & Co., as of March 31, 2016. It lists various ledger accounts and their balances. It also provides adjustments that need to be made for depreciation, bad debts, closing stock valuation, and other items. Trading and profit & loss accounts and balance sheets need to be prepared for each company based on the trial balances and adjustments provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    137 views2 pages

    Document

    Uploaded by

    Shivaansh Vats
    The document provides trial balances for two companies, Shri Himanshu Traders and Anjana & Co., as of March 31, 2016. It lists various ledger accounts and their balances. It also provides adjustments that need to be made for depreciation, bad debts, closing stock valuation, and other items. Trading and profit & loss accounts and balance sheets need to be prepared for each company based on the trial balances and adjustments provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    1.

    The following balances were extracted from the books of Shri Himanshu
    Traders on March 31, 2016

    Name of the Ledger Name of the


    Rs. Rs.
    A/c Ledger A/c

    Rent (Cr.)
    Capital Railway freight on
    Drawings 1,00,000 sales
    2,100
    Purchases 17,600 Carriage inwards
    16,940
    Sales 80,000 Office expenses
    2,310
    Purchases return 1,40,370 Printing and
    1,340
    Stock on April 01, 2,820 Stationery
    660
    2015 11,460 Postage and
    820
    Bad debts 1,400 Telegram
    62,070
    Bad debts Provision 3,240 Sundry debtors
    18,920
    on April 01, 2015 1,300 Sundry creditors
    12,400
    Rates and Insurance 190 Cash in bank
    2,210
    Discount (Cr.) 1,240 Cash in hand
    3,500
    B/R 4,240 Office furniture
    9,870
    Sales returns 6,280 Salaries and
    7,000
    Wages 25,000 Commission
    Buildings Addition to
    buildings

    Prepare the trading and profit and loss account and a balance sheet as on March 31,
    2016 after keeping in view the following adjustments:

    i. Depreciate old building by Rs. 625 and addition to building at 2% and office furniture
    at 5%.
    ii. Write-off further Bad Debts Rs. 570.
    iii. Increase the Bad Debts Reserve to 6% of Debtors.
    iv. Rs. 570 are outstanding for salary.
    v. Rent receivable Rs. 200 on March 31, 2016.
    vi. Unexpired insurance Rs. 240.
    vii. Stock was valued at Rs. 14,290 on March 31, 2013.

    2. Given below is the Trial Balance of Anjana & Co. as on 31st March, 2016.

    Debit Credit
    Particulars L.F.
    (Rs.) (Rs.)

    Opening Stock 18,100

    Purchases less Returns 3,10,000

    Sales less Returns 6,90,000

    Carriage Inward 900

    Carriage Outward 800

    Discount Received 1,350


    Discount Allowed 830

    Factor Heating and Lighting 12,100

    Wages 21,000

    Interest Received 1,000

    Insurance 6,500

    Postage and Telegram 100

    Rent 18,700

    Accidental Trade Expenses 1,400

    Computers 31,200

    Sales Tax Collected 31,500

    Manufacturing Expenses 69,920

    Cash in hand 8,500

    Plant & Machinery 1,34,800

    Motor Vehicles 3,10,000

    Income Tax 12,00

    Customer's A/c Supplier's


    11,000 13,500
    A/c

    Bank Overdraft 9,500

    Capital Account 2,14,000

    9,60,850 9,60,850

    Prepare (i) Trading and Profit and Loss Account for the year ended 31st March, 2016
    and (ii) Balance Sheet as at that date, taking into consideration the adjustments given
    below:
    Adjustments :

    i. Closing stock was valued at Rs. 12, 000.


    ii. Half of wages are in respect of work to be done in next year.
    iii. Depreciate Motor Vehicles and Plant and Machinery @ 10% p.a.
    iv. Depreciate computers Rs. 10, 600.
    v. Create provisions for discount @ 5% on debtors.
    vi. Goods costing Rs. 1000 distributed as free sample.

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