From the following balances extracted from the books of Kiran and the additional information, prepare the...

   

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From the following balances extracted from the books of Kiran and the additional information, prepare the trading and profit and loss account for the year ended 31st March, 2020 and also show the balance sheet as at that date: Stock on 1st April, 2019 Purchases and Sales Returns Capital Account Drawings Land and Buildings Furniture and Fittings Trade Debtors and Trade Creditors Cash in hand Investments Interest Commission Direct Expenses Postage, Stationery and Telephone Fire Insurance Premium Salaries Bank Overdraft Debit Balance() 625,000 903,000 22,000 45,000 300,000 80,000 250,000 35,000 100,000 75,000 25,000 20,000 90,000 2,570,000 Credit Balance ('000) 1,372,000 13,000 300,000 450,000 5,000 30,000 400,000 2,570,000 Additional Information: (1) (iii) (iv) Closing stock on 31st March, 2020 is valued at $6,50,000. Goods worth 5,000 are reported to have been taken away by the proprietor for his personal use at home during the year. Interest on investments 5,000 is yet to be received while ? 10,000 of the commission received is yet to be earned. 75,000 of the fire insurance premium paid is in respect of the quarter ending 30th June, 2020. Salaries 10,000 for March, 2020 and bank overdraft interest estimated at 20,000 are yet to be recorded as outstanding charges. From the following balances extracted from the books of Kiran and the additional information, prepare the trading and profit and loss account for the year ended 31st March, 2020 and also show the balance sheet as at that date: Stock on 1st April, 2019 Purchases and Sales Returns Capital Account Drawings Land and Buildings Furniture and Fittings Trade Debtors and Trade Creditors Cash in hand Investments Interest Commission Direct Expenses Postage, Stationery and Telephone Fire Insurance Premium Salaries Bank Overdraft Debit Balance() 625,000 903,000 22,000 45,000 300,000 80,000 250,000 35,000 100,000 75,000 25,000 20,000 90,000 2,570,000 Credit Balance ('000) 1,372,000 13,000 300,000 450,000 5,000 30,000 400,000 2,570,000 Additional Information: (1) (iii) (iv) Closing stock on 31st March, 2020 is valued at $6,50,000. Goods worth 5,000 are reported to have been taken away by the proprietor for his personal use at home during the year. Interest on investments 5,000 is yet to be received while ? 10,000 of the commission received is yet to be earned. 75,000 of the fire insurance premium paid is in respect of the quarter ending 30th June, 2020. Salaries 10,000 for March, 2020 and bank overdraft interest estimated at 20,000 are yet to be recorded as outstanding charges.

Answer rating: 100% (QA)

Answer Trading and Profit and Loss Account for the year ended March 31 2020 Particulars Amount Parti... View the full answer