Prepare a Trading and profit and Loss account for the year ended 31.12.2016 and balance sheet...

  

Transcribed Image Text:

Prepare a Trading and profit and Loss account for the year ended 31.12.2016 and balance sheet as at that date after taking into consideration of the following adjustments: Opening Stock Cash in Hand Purchases Sales Return Fuel & Power Carriage on Sales Carriage on Purchases Machinery Patents General Expenses Drawings Sundry Debtors Adjustments: Debit $ 115,200 63,400 813,500 13,600 264,200 64,000 40,800 14,00,000 350,000 60,000 12,000 290,000 3,486,700 Sales Capital Sundry Creditors Rent 1. Stock in hand on 31.12.2016 is $ 136,000. 2. Patents are to be depreciated at the rate of 20 % per anum 3. Charge interest on capital at 10% and on Drawing at 5% Credit $ 1,940,700 1,240,000 126,000 180,000 3,486,700 The following is the trail balance of William and company on 31st December 2015. From yo are required to prepare trading and profit and loss account for the year ended 31st this are required to prepare trading and profit Plant & Machinery Purchases Stock (1-1-2015) Trade Expenses Discount Factory Rent Debtors Office Rent Bad debts Salaries Coal & Gas Cash in Hand Adjustments: Debit $ 150,000 450,000 90,000 23,000 700 3000 117,000 6000 3000 30,000 2000 56,000 930,700 1. Stock in hand on 31.12.2015 is $ 70,000. 2. Depreciate Plant & Machinery at 10%. 3. Create provision on debtors at 5%. Sales Capital Creditors Provision for doubtful debts Credit $ 749,900 148,400 30,000 2400 930,700 Prepare a Trading and profit and Loss account for the year ended 31.12.2016 and balance sheet as at that date after taking into consideration of the following adjustments: Opening Stock Cash in Hand Purchases Sales Return Fuel & Power Carriage on Sales Carriage on Purchases Machinery Patents General Expenses Drawings Sundry Debtors Adjustments: Debit $ 115,200 63,400 813,500 13,600 264,200 64,000 40,800 14,00,000 350,000 60,000 12,000 290,000 3,486,700 Sales Capital Sundry Creditors Rent 1. Stock in hand on 31.12.2016 is $ 136,000. 2. Patents are to be depreciated at the rate of 20 % per anum 3. Charge interest on capital at 10% and on Drawing at 5% Credit $ 1,940,700 1,240,000 126,000 180,000 3,486,700 The following is the trail balance of William and company on 31st December 2015. From yo are required to prepare trading and profit and loss account for the year ended 31st this are required to prepare trading and profit Plant & Machinery Purchases Stock (1-1-2015) Trade Expenses Discount Factory Rent Debtors Office Rent Bad debts Salaries Coal & Gas Cash in Hand Adjustments: Debit $ 150,000 450,000 90,000 23,000 700 3000 117,000 6000 3000 30,000 2000 56,000 930,700 1. Stock in hand on 31.12.2015 is $ 70,000. 2. Depreciate Plant & Machinery at 10%. 3. Create provision on debtors at 5%. Sales Capital Creditors Provision for doubtful debts Credit $ 749,900 148,400 30,000 2400 930,700

Answer rating: 100% (QA)

Solution 1 Trading And Profit and Loss Ac Particulars Amount Particulars Amount To Opening Stock Ac 11520000 By Sales Ac 194070000 To Purchases Ac 813... View the full answer