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(i) Prepare Trading and Profit Loss account for the year ending 31st March 2015 (ii) profit & loss appropriation account (iii) Balance sheet LAY 1
(i) Prepare Trading and Profit Loss account for the year ending 31st March 2015
(ii) profit & loss appropriation account
(iii) Balance sheet
LAY 1 The following is the Trail Balance of Bangladesh National Company Lid. extracted on 31 March, 2015. Particulars Tk. Tk. Ordinary Share Capital of 50,000 2,00,000 shares of tk. 5 each, tk.4 being called up Calls in Arrear 5,000 Leasehold Property (8 years) 22,000 5 per cent Govt. Securities (cost) 14,000 Plant & Machinery 46,500 Furniture & Fittings 15,500 Stock in Trade, I" April, 2014 9,500 Sundry Debtors and Creditors 8,000 16,500 1 300 800 1,200 2,300 Purchase Retum Carriage Bank Interest Sale of Machines(Book value tk. 3,000) Manufacturing Wages Compensation for late delivery Perchase and Siles Salaries and Wages Cash in hand Cash at Bank Lighting Charges 68,400 25,000 4,280 - 22,320 8,900 4,500 59,800 1,600 210 6400 14,600 23,000 - 16000 . Interest on Govt. Scrurilie onths) Interim Dividend Income Tax for assessment year (2014- 2015) Reserves Profit & Loss Balance (year 2013- 2014) General Expenses Insurance Rates, etc. 5% Debentures Interest on Debentures Transfer Fees Preliminary Expenses Goodwill 19,800 0,200 20000 500 890 30,000 15,000 Total 3,41,500 3,41,500 ea Adjustments: (6) Closing stock was valued at tk. 30,000. Govt Securilies were at tk. 13,900 at market price (ii) Managing Agent was entitled to a fee of tk. 12,000 per annum, or 12% on the net profit whichever is higher. (iii) Provided depreciation on Plant & Machinery at 7% on the book value at the closing date. (iv) Directors res:lve to write off 5% of the Prelinimny Expenses and Goodwill (v) Make other adjustments as and where they are necessary. You are required to prepure Trading and Prolit & Loss Accounts for the year ending 31" March, 2015 and the profit & loss appropriation account and the Balanc Sheer at the above daleStep by Step Solution
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