2. From the following balances of Amal, Bimal as on 31.12.2016, prepare Trading Account, Profit and...

 

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2. From the following balances of Amal, Bimal as on 31.12.2016, prepare Trading Account, Profit and Loss Account for the year ended 31.12.2016 and the Balance Sheet as at 31.12.2016. Opening stock Purchases Sales Building Wages Carriage inwards Bills payable Furniture Salaries - Advertisement Coal and coke Cash at bank Prepaid wages Depreciation fund investment 30,000 Machinery at cost (including 10,000 new) 1,10,000 Sundry Debtors 2,50,000 Bad debts 55,000 Depreciation fund 23,000 Sundry Creditors 3,000 Rent,rates and taxes 10,000 Trade expenses 9,000 Capital: Amal 42,000 Capital: Bimal 24,000 Petty expenses- 2,000 Provision for bad debts 14,000 Gas and water 1,000 25,000 Cash in hand Outstanding rent Bank loan The following additional information is supplied: (a) The partners share profits and losses as Amal 2/5 and Bimal 3/5. Closing stock -* 15,000. 60,000 20,000 (d) Wages include 2,000 for installation of a new machinery on 1.9.2016. (e) Depreciate machinery at 10% p.a. 3,000 25,000 24,000 4,000 4,000 50,000 40,000 -4,000 - 1,000 1,200 800 400 34,600 (Stock valued at 10,000 was destroyed by fire but the Insurance Company admitted a claim of 8,500 only, and the claim is not yet paid. 2. From the following balances of Amal, Bimal as on 31.12.2016, prepare Trading Account, Profit and Loss Account for the year ended 31.12.2016 and the Balance Sheet as at 31.12.2016. Opening stock Purchases Sales Building Wages Carriage inwards Bills payable Furniture Salaries - Advertisement Coal and coke Cash at bank Prepaid wages Depreciation fund investment 30,000 Machinery at cost (including 10,000 new) 1,10,000 Sundry Debtors 2,50,000 Bad debts 55,000 Depreciation fund 23,000 Sundry Creditors 3,000 Rent,rates and taxes 10,000 Trade expenses 9,000 Capital: Amal 42,000 Capital: Bimal 24,000 Petty expenses- 2,000 Provision for bad debts 14,000 Gas and water 1,000 25,000 Cash in hand Outstanding rent Bank loan The following additional information is supplied: (a) The partners share profits and losses as Amal 2/5 and Bimal 3/5. Closing stock -* 15,000. 60,000 20,000 (d) Wages include 2,000 for installation of a new machinery on 1.9.2016. (e) Depreciate machinery at 10% p.a. 3,000 25,000 24,000 4,000 4,000 50,000 40,000 -4,000 - 1,000 1,200 800 400 34,600 (Stock valued at 10,000 was destroyed by fire but the Insurance Company admitted a claim of 8,500 only, and the claim is not yet paid.

Answer rating: 100% (QA)

The question requires preparing a Trading Account Profit and Loss Account for the year ended 3112201... View the full answer