Thanks to your help Roney is able to present the recasted and duly tallied Trial Balance to
Thanks to your help Roney is able to present the recasted and duly tallied Trial Balance to the Chief Accountant. The Chief Accountant informed him some additional transactions that need to be recorded.
1. Stock in hand as on 31st March 2017: ₹ 988,500.
2. Depreciation to be provided at the following rates:
3. Loan from the bank attracts interest at 10%. The loan was outstanding for the whole year.
4. There is a pending court case against the firm. It is decided to make a provision towards possible claim for ₹ 100,000.
Please help Roney in making the necessary adjustment entries and also in preparation of the profit and loss account for the year ended 31st March 2017 and the Balance Sheet on that date.
Step by Step Answer: