Q1. The following is the trial balance of Alliance Pvt. Ltd. as at 31 March 2020:...

 

Transcribed Image Text:

Q1. The following is the trial balance of Alliance Pvt. Ltd. as at 31 March 2020: Amount (Rs.) Particulars Opening stock 10% Government Bonds (Purchased on 1.4.2017) Building (addition in mid-year of Rs. 2,00,000) Purchases Productive Wages Repairs & Maintenance expense Debtors Bad debts Carriage Inward Interest on Government Bond accrued Total 41.000 1,00,000 30,000 70,000 9,000 1,100 Particulars Purchase returns Share Capital (Authorised: 1,00,000 shares of Rs. 10 each) 8,50,000 1.10.2019) 2,20,000 Sales 30,000 Provision for bad debt 6,000 13,57,100 12% Debentures (Issued on Total 3) It was decided to transfer 25% of the current year profit to general reserve. 4) Depreciate Fixed Assets @ 10% p.a. (20 marks) 5) Create Provision for bad debt @ 10% on debtors. 6) Provide for Income tax @ 30%. Amount (Rs.) 6,000 6,00,000 3,00,000 4,44,100 7,000 The following is the additional information available: 1) The physical stock in our godown on 31.3.2020 is Rs. 50,000. 2) On 1.3.2020, goods costing Rs. 80,000 were sent to Mr. Bramha at 20% profit on sales on approval basis. The transaction was recorded as a part of sales on 1.3.2020. Out of the total goods, Mr. Bramha has approved only 50% by 31.3.2020. The remaining goods will be returned back to Alliance Pvt Ltd. 13,57,100 Prepare Balance Sheet and Statement of Profit and Loss for Alliance Pvt. Ltd. for the year ended 31.3.2020 and also relevant notes to accounts as per Schedule III of Companies Act 2013. Q1. The following is the trial balance of Alliance Pvt. Ltd. as at 31 March 2020: Amount (Rs.) Particulars Opening stock 10% Government Bonds (Purchased on 1.4.2017) Building (addition in mid-year of Rs. 2,00,000) Purchases Productive Wages Repairs & Maintenance expense Debtors Bad debts Carriage Inward Interest on Government Bond accrued Total 41.000 1,00,000 30,000 70,000 9,000 1,100 Particulars Purchase returns Share Capital (Authorised: 1,00,000 shares of Rs. 10 each) 8,50,000 1.10.2019) 2,20,000 Sales 30,000 Provision for bad debt 6,000 13,57,100 12% Debentures (Issued on Total 3) It was decided to transfer 25% of the current year profit to general reserve. 4) Depreciate Fixed Assets @ 10% p.a. (20 marks) 5) Create Provision for bad debt @ 10% on debtors. 6) Provide for Income tax @ 30%. Amount (Rs.) 6,000 6,00,000 3,00,000 4,44,100 7,000 The following is the additional information available: 1) The physical stock in our godown on 31.3.2020 is Rs. 50,000. 2) On 1.3.2020, goods costing Rs. 80,000 were sent to Mr. Bramha at 20% profit on sales on approval basis. The transaction was recorded as a part of sales on 1.3.2020. Out of the total goods, Mr. Bramha has approved only 50% by 31.3.2020. The remaining goods will be returned back to Alliance Pvt Ltd. 13,57,100 Prepare Balance Sheet and Statement of Profit and Loss for Alliance Pvt. Ltd. for the year ended 31.3.2020 and also relevant notes to accounts as per Schedule III of Companies Act 2013.

Answer rating: 100% (QA)

The answer provided below has been developed in a clear step by step manner Ste... View the full answer