Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on
Question:
Following is the trial balance of Standard Ltd as on 31st March 2020:
Debit Credit
Stock on 31st March 2019 75000
Sales 350000
Purchases 245000
Wages 50000
Discount 5000
Furniture and fittings 17000
Salaries 7500
Rent 4950
Sundry expenses 7050
Profit and loss appropriation account on 31st March 2020 15030
Dividend paid 9000
Share capital 100000
Debtors and creditors 37500 17500
Plant and machinery 29000
Cash and bank 16200
Reserve 15500
Patent and trade mark 4830
______ _______
503030 503030
______ _______
Prepare the Profit and loss account for the year ended 31st March 2020 and the balance sheet as of that date after taking into consideration the following adjustments:
a. Stock on 31st March 2020 was valued at Rs.82000
b. Depreciation on fixed assets @ 10%
c. Make a provision for income tax @ 50%
d. Provide corporate dividend tax @ 10%.
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille