The following are the balances taken from the books of meena ltd. On 31st december 2011:...

 

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The following are the balances taken from the books of meena ltd. On 31st december 2011: Stock on 1-1-2011 15,000 Debtors 5,000 Wages 8,000 Creditors 6,000 Sales 40,000 P&1 a/c 3,500 Returns inward 500 Purchases 6,000 Plant 18,000 Discounts earned 200 Cash in hand 600 Salaries 800 Bank account 3,400 Rent 2,000 Bad debts reserve 175 Discount allowed 250 Bad debts 150 General expenses 1,300 Insurance 300 Dividend (interim) 575 Capital 12,000 Closing stock was valued at rs.9,000. Rs.500 still due to labourers. Insurance unexpired rs.50. Provide for a bad debts reserve of 5% and a reserve for discount at 1%. Prepare trading and profit and loss account as at 31st december 2011. The following are the balances taken from the books of meena ltd. On 31st december 2011: Stock on 1-1-2011 15,000 Debtors 5,000 Wages 8,000 Creditors 6,000 Sales 40,000 P&1 a/c 3,500 Returns inward 500 Purchases 6,000 Plant 18,000 Discounts earned 200 Cash in hand 600 Salaries 800 Bank account 3,400 Rent 2,000 Bad debts reserve 175 Discount allowed 250 Bad debts 150 General expenses 1,300 Insurance 300 Dividend (interim) 575 Capital 12,000 Closing stock was valued at rs.9,000. Rs.500 still due to labourers. Insurance unexpired rs.50. Provide for a bad debts reserve of 5% and a reserve for discount at 1%. Prepare trading and profit and loss account as at 31st december 2011.

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Answer Solution Preparation of Trading and Profit and Loss Account for Meena Ltd Trading and Profit ... View the full answer