pls solve this ASAP
pls solve this ASAP Q. The following balances were extracted from the books of Mr. Din Dayal as
at 31st March, 2014 :
Particulars
Stock at the beginning
Rent
Salary
Bad Debts
Provision for Doubtful Debts
Travelling Expenses
Insurance Premium
Proprietor's Withdrawals
Telephone Charges
Printing and Adxertis
Commission (Cra
Rent from Sublet
Land and Building
Furniture
Cash
Particulars
41 ,OOO Purchases
9,600 Sales
20.000 Returns (Dr.)
400 Returns (Cr.)
3,000 Carriage Inward
I ,400 Carriage Outward
I ,800 Capital
4,000 Loan (Cr.)
7,300 Debtors
5,000 Creditors
6,000 Investments
4,800 Interest on Investments
10,000
2,900
280.000
6,000
2,000
3,500
soo !
20,000
43,000
36,000
11,000
600
Prepare Trading and Profit & Loss Account for the year and a Balance Sheet as at
3 1st March, 2014, after taking into account the following :
(l) Stock was valued at e 75,000 on 31st March, 2014. You are informed that a
fire occurred on 28th March, 2014 in the godown and stock of the value of
e 10,000 was destroyed. Insurance Company admitted a claim of 750/0.
(2) One-third of the commission received is in respect of work to be done next
year.
(3) A debtor for e 10,000 is also a creditor for 0,000.
(4) Create a provision Of 5% for doubtful debts.
(5) 50% of Printing and Advertising is to be carried forward as a charge in the
following year.
(6) t 1,800 is due for interest on loan.
(7) Provide for manager's commission at 10% on net profit before charging such
commission.
[ Gross Profit 06,500•, Net Profit U3,lOO; Balance Sheet Total
Manager's Commission will be C6,000.
From the following Trial Balance of Agrawal Oil Mills as at 31st March'
2018 prepare Trading and Profit & Loss Account and Balance Sheet.
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