From the following Trial Balance prepare Trading and Profit & Loss A/c for the year ending 31.12.2018 and a Balance Sheet as on that date. AND answer the following questions.
Debit
Drawings
Stock (1-1-18)
Purchase
Amount
10,200
18.900
138600
Printing & Stationery
2,600
Credit
Capital
Sales
Creditors
Returns
Provident fund
Interest on deposit with
XYZ
Outstanding trade expenses
Provision for bad debt
Debtors
Freehold Premises
Deposit with XYZ @10% (from 30-6-18)
Salaries (including advance INR.
3,500)
Returns
Furniture
Trade expenses
Income Tax
Bank Balance
Cash in Hand
Patent Right
22,800
39,000
18.000
|28,200
890
8,600
12.650
7,900
6,950
16,310
5,400
3,27,000
Bad debt recovered
Suspense A/C
Amount
95,000
202000
16.020
11.580
6.550
450
1,600
2,200
1700
1900
3,27,000
Other information:
1. Last year closing stock was valued at 10% below cost. It is needed to revert to cost.
Stock as on
31.12.18 was valued at INR. 16.400 (at cost).
2. Goods costing 650 pilfered by a employee and furniture (book value on 1.1.18 700)
destroyed by
an accidental fire on 31.12.18.