The following is the Trial Balance of Bee Ltd as on 31st March, 2017: Debits Stock as

The following is the Trial Balance of Bee Ltd as on 31st March, 2017:

Transcribed Image Text:

Debits Stock as on 1.4.2016 Purchases Wages Carriage on goods purchased Furniture Salaries Rent Sundry Trade Expenses Dividend Paid Trade Debtors Plant and Machinery Cash at Bank Patents Bills Receivable (i) (ii) (iii) (iv) ₹ 75,000 Purchase Returns 2,45,000 Sales 30,000 Discount 950 Profit and Loss Account 17,000 Share Capital (10,000 equity shares of 10 each) 7,500 Trade Creditors 4,000 General Reserve 7,050 Bills Payable 9,000 Credits 27,500 29,000 46,200 4,800 5,000 5,08,000 ₹ 10,000 3,40,000 3,000 15,000 1,00,000 17,500 15,500 7,000 5,08,000 Prepare a Statement Profit and Loss for the year ended 31st March, 2017 and a Balance Sheet as on that date after considering the following adjustments : Stock as on 31st March, 2017: 88,000. Provide for income tax at 50%. Depreciate plant and machinery at 15%; furniture at 10%; and patents at 5%. On 31st March, 2017 outstanding rent amounted to 800 and salaries * 900. The Board recommends payment of a dividend @ 15% per annum. Transfer the minimum required amount to General Reserve. (vi) Provide 510 for doubtful debts. (vii) Provide for managerial remuneration at 10% on profit before tax.