b43 Mustration 14 From the following particulars for the yerar ending 31st March, 2017 of M/s ABC company, prepare Trading and Profit and Loss Account and Balance Shset on that date: Particulars Stock 1-4-2016 Capital 1-4-2016 Purchases Sales Office Expenses Return Inward Interest on Loan Return Outward Drawings Wages Land and Building Furniture and Fixtures Particulars 23,200 Advertisement 1,45,000 Apprenticeship premium 58,000 Bill Receivable 2,32,000 Bill payable 23,345 Sundry Debtors 4,350 Plant and Machinery 870 Sundry Creditors 1,160 Loan (Dr.), @ 10% on 1-4-2016 8,700 Investment 20,010 Cash at Bank 1,59,500 Cash in hand 7,250 Stock 31-3-2017 15,950 3,480 10,150 7,250 58,000 13,050 45,820 14,500 8,700 10,150 725 20,300 Adjustment to be made for the current year are: 1. Interest on Capital to be allowed at 5% for the year 2. Interest on drawings to be charged to him as ascertained for the year 232. 3. Apprenticeship premium is for three years received in advance on Ist April, 2016. 4. Stock valued at +8,700 destroyed by fire on 25-3-2017, but the Insurance company admitted a claim of 35,800 only to be paid in the year 2018. 5. 14,500 out of expenses is to be carried forward. 6. The Manager is entitled to a commission of 10% at the net profit calculated after charging such commission 7. The Stock includes material worth 2,900 for which bill had not been received and therefore, not yet accounted for. [CA(PE-1)] Nov. 2002] (Modified)