pls solve this ASAP Q. The following balances were extracted from the books of Mr. Din Dayal as
at 31st March, 2014 :
Stock at the beginning
Provision for Doubtful Debts
Printing and Adxertis
Rent from Sublet
Land and Building
41 ,OOO Purchases
20.000 Returns (Dr.)
400 Returns (Cr.)
3,000 Carriage Inward
I ,400 Carriage Outward
I ,800 Capital
4,000 Loan (Cr.)
4,800 Interest on Investments
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
(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
(6) t 1,800 is due for interest on loan.
(7) Provide for manager's commission at 10% on net profit before charging such
[ 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.
This question has not been answered yet!
Don't worry! You can check out similar questions with solutions below