From the following Trial Balance of M/s Sameer & Co., Bhopal, prepare a Trading and Profit...

  

  

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From the following Trial Balance of M/s Sameer & Co., Bhopal, prepare a Trading and Profit & Loss Account for the year ending 31st March 2019 and also a Balance Sheet as on the date: Particulars Capital Amount Drawing Land and Building Plant and Machinery Furniture and Fixtures Carriage Wages Salaries Bad Debts Reserve Sales Returns Inwards Bank Charges Taxes Discount Purchases Bills Receivable Debtors Dr. (Rs.) 3,250 12,750 7,250 750 2,125 10,750 2,350 900 750 425 20,000 750 18,900 Cr. (Rs.) 45,000 1,250 47,500 60 Adjustments: 1) 2) Particulars Creditors Opening Stock Cash in Hand Bank Loan 3) Dr. (Rs.) 12,500 7,000 Cr. (Rs.) 6,125 515 Rs. 1,00,450 Rs. 1,00,450 Closing Stock (31.3.2019) Rs. 3,625. Provide 10% depreciation per annum on all types of fixed assets. Allow interest on capital @ 5% per annum. No interest is to be charged on drawings. 4) 5) Increase Bad Debt Reserve to Rs. 1,750. Make a provision for Commission to General Manager on Gross Profit @ 2%. From the following Trial Balance of M/s Sameer & Co., Bhopal, prepare a Trading and Profit & Loss Account for the year ending 31st March 2019 and also a Balance Sheet as on the date: Particulars Capital Amount Drawing Land and Building Plant and Machinery Furniture and Fixtures Carriage Wages Salaries Bad Debts Reserve Sales Returns Inwards Bank Charges Taxes Discount Purchases Bills Receivable Debtors Dr. (Rs.) 3,250 12,750 7,250 750 2,125 10,750 2,350 900 750 425 20,000 750 18,900 Cr. (Rs.) 45,000 1,250 47,500 60 Adjustments: 1) 2) Particulars Creditors Opening Stock Cash in Hand Bank Loan 3) Dr. (Rs.) 12,500 7,000 Cr. (Rs.) 6,125 515 Rs. 1,00,450 Rs. 1,00,450 Closing Stock (31.3.2019) Rs. 3,625. Provide 10% depreciation per annum on all types of fixed assets. Allow interest on capital @ 5% per annum. No interest is to be charged on drawings. 4) 5) Increase Bad Debt Reserve to Rs. 1,750. Make a provision for Commission to General Manager on Gross Profit @ 2%.

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Answer Trading and Profit Loss Account for the year ending 31st March 2019 Particulars Amount Rs Sal... View the full answer