find balance sheet and income statement....

ACCOUNTING 358 ADJUSTMENTS: 1. Stock valued on 31.12.2005 was Rs. 80,000. 2. Write of Bad debts Rs. 4,800. 3. Create a Provision on Debtors at 5 %. 4. Provide Commission of 2 % on the gross profit for works manager. 5. General Manager is entitled to a commission of 5 % on net profit after charging such commission. Goods taken away by the proprietor for his private use were Rs. 6,000, for which no entry was passed. 7. Their was a loss of goods by fire on 15th December, 2005, to the extent of Rs. 40,000, not covered by insurance. 6. Solution: OUR & SONS. AWUSILALAAMIAUSIA ZIRGISCOUNT ILLUSTRATION NO. 9 From the following Trial Balance of Bashir & Sons, prepare a Trading and Profit and Loss A/C for the year ending 31st December, 2005 and a Balance Sheet as on that after making the necessary adjustments: Debut Credit Rs. Rs. Drawings 20,000 Plant & Machinery 23,280 Depreclation on Plant & Machinery 720 Leasehold Premises 16,000 Capital 126,400 Loan from Bank at 5 % 12,800 Interest on Loan for Six months 320 Loan to Mr. X at 5 % 15,520 Interest recelved on Loan for Six month 388 Purchases & sales 148,800 382,400 Returns 8,000 2,000 Opening Stock 99,200 Wages 12,800 Coal and Gas 6,400 Advertisement 22,400 Apprentice Fee for two years 38,400 Salaries 54,880 Sundry Debtors and Creditors 66,400 43,200 10,000 Provision for Doubtful Debts: 28,324 Building 876 Depreciation on Building at 3 % 6,400 Addition to Building (on 31.12.2005) 4,000 Freight: 2,880 Income Tax 40,000 Furniture Purchased on 31.12.2005 38,388 Cash in hand 615,588 615,58