Mrs.Swati 's trial balance was as follows. Trial Balance for the year ended 31 March, 2016...

  

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Mrs.Swati 's trial balance was as follows. Trial Balance for the year ended 31" March, 2016 Debit Balances Amt Amt 1,04,000 1,95,300 11,300 28,000 24,200 62,400 48,300 6,300 25,100 30,000 4,500 9,300 18,700 4,700 Purchases and sales Salary Stock Sundry Debtors and Creditors Bills Receivable and Bills Payable Land and Buildings 36,000 18,100 Return 2,600 Wages Bank Insurance Advertisement Furniture Rent and taxes 4,800 1,20,000 3,76,800 3,76,800 Interest Capital Adjustments : 1) Closing stock valued 37,500 2) Depreciate Furniture by 10% and Land and Building by 5% . 3) On 31 March, 2016, goods worth 3,000 purchased, included in closing stock, but recorded in the books of account. 4) Prepaid insurance 1,500 5) Outstanding salary 3,400 and wages 4,700. 6) Write off 1,200 as bad debts and provide reserve for doubtful debts @5% on deb Prepare Trading and Profit and Loss account for the year ended 31 March, 2016 Balance Sheet on that date. (GP=64,300, NP=30,765, B/s =2,15,965) Mrs.Swati 's trial balance was as follows. Trial Balance for the year ended 31" March, 2016 Debit Balances Amt Amt 1,04,000 1,95,300 11,300 28,000 24,200 62,400 48,300 6,300 25,100 30,000 4,500 9,300 18,700 4,700 Purchases and sales Salary Stock Sundry Debtors and Creditors Bills Receivable and Bills Payable Land and Buildings 36,000 18,100 Return 2,600 Wages Bank Insurance Advertisement Furniture Rent and taxes 4,800 1,20,000 3,76,800 3,76,800 Interest Capital Adjustments : 1) Closing stock valued 37,500 2) Depreciate Furniture by 10% and Land and Building by 5% . 3) On 31 March, 2016, goods worth 3,000 purchased, included in closing stock, but recorded in the books of account. 4) Prepaid insurance 1,500 5) Outstanding salary 3,400 and wages 4,700. 6) Write off 1,200 as bad debts and provide reserve for doubtful debts @5% on deb Prepare Trading and Profit and Loss account for the year ended 31 March, 2016 Balance Sheet on that date. (GP=64,300, NP=30,765, B/s =2,15,965)

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Solution ABC Corporation Balance Sheet December 31 2019 ASSETS Current Assets Bank 30000 Accounts Re... View the full answer