10:33 61 @ 93 Hanif - Modern Accou...w Hill India (2018) (1) KV PRACTICAL QUESTIONS From the following Trial Balance of Mr Krishna Gupta, prepare Trading and Profit and Loss Account for the year ended 31st December, 2016 and a Balance Sheet as on that date, after giving effect to the adjustments Dr. ) Cr (3) Capital 1,80,000 Drawings 32,500 Stock (1.1.2016) 1,74.450 Return inwards 5,540 Carriages inwards 12,400 Deposits with Mr Kamal (interest free) 13,750 Carriage outwards 7.250 Loan to Anil @ 5% given on 1.1.2016 10,000 Returns outwards 8,400 Interest on the above loan 250 Rent 8.200 Rent outstanding 1,300 Sales 12.79.140 Debtors 40.000 Goodwill 17,300 Creditors 30,000 Advertisement expenses 9,540 Provision for doubtful debts 12,000 Bad debts 4,000 Patents and trade marks 5.000 Cash in hand 620 Discount allowed 3,300 Wages 7,540 Plant and machinery (purchased on 1.2016 30,000 Purchases 11,29,700 TOTAL 15,11,090 15,11,090 96 Final Accounts of Trading Concem Adjustments : 1. Increase bad debts by 6,000. Make provision for doubtful debts @ 10% and provision for discount on debtors @ 5% 2 The value of the closing stock is 1,87,920. 3. Wages include 2,000 paid for the crection of machinery on 1.1.2016. 4. Provide depreciation machinery @ 10% p.a. 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. Furniture Opening stock 30,000 Machinery at cost (including 10,000 new) Purchases 1,10,000 Sundry Debtors Sales 2,50,000 Bad debts Building 55,000 Depreciation fund Wages 23,000 Sundry Creditors Carriage inwards 3,000 Rentrates and taxes Bils payable 10,000 Trade expenses 9,000 Capital : Amal Salaries 42,000 Capital: Bimal Advertisement 24,000 Petty expenses Coal and coke 2,000 Provision for bad debts Cash at bank 14,000 Gas and water Prepaid wages 1,000 Cash in hand Depreciation fund investment 25,000 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. h) Clint +15 60,000 20,000 3.000 25,000 24,000 4.000 4,000 50,000 40,000 4,000 1,000 1.200 800 400 34,600