Mr. Ajay's trial balance is as follows. Trial Balance for the year ended 31st March, 2017 Amt
Fantastic news! We've Found the answer you've been seeking!
Question:
Mr. Ajay's trial balance is as follows.
Transcribed Image Text:
Trial Balance for the year ended 31st March, 2017 Amt Debit Balances To Opening Stock To Purchases To Wages To Investment To Carriage outwards To Printing and Stationary To Insurance To Salary To Postage and telegram To Machinery To Furniture To Debtors To Bills Receivable To Cash at Bank To Advertisement To Bad debts To Carriage inwards Adjustments : Credit Balances 15,000 By Capital 45,700 By Bills Payable 9,900 By Outstanding Salaries 3,500 By Sales 4,600 By Creditors 3,400 750 10,000 700 26,800 6,400 25,000 4,000 6,000 1,000 250 4,500 1,67,500 By Bank Overdraft Amt 65,000 6,000 1,700 5) Depreciate machinery by 10% and furniture by 15% 6) Outstanding expenses: wages 2,100. 79,800 12,000 3,000 1,67,500 1) Closing stock →40,200 2) Goods destroyed by fire 3) Prepaid insurance premium 250 4) On 1st April 2016 purchased machinery and paid transport, octroi 1,000 but included in carriage inwards. 4,000,insurance company admitted claim for ₹ 3,200 From the above information and adjustment prepare Trading and Profit and Loss account for the year ended 31st March, 2017 and Balance Sheet on that date. (GP=47,800, NP=22,810, B/s =1,12,610) Trial Balance for the year ended 31st March, 2017 Amt Debit Balances To Opening Stock To Purchases To Wages To Investment To Carriage outwards To Printing and Stationary To Insurance To Salary To Postage and telegram To Machinery To Furniture To Debtors To Bills Receivable To Cash at Bank To Advertisement To Bad debts To Carriage inwards Adjustments : Credit Balances 15,000 By Capital 45,700 By Bills Payable 9,900 By Outstanding Salaries 3,500 By Sales 4,600 By Creditors 3,400 750 10,000 700 26,800 6,400 25,000 4,000 6,000 1,000 250 4,500 1,67,500 By Bank Overdraft Amt 65,000 6,000 1,700 5) Depreciate machinery by 10% and furniture by 15% 6) Outstanding expenses: wages 2,100. 79,800 12,000 3,000 1,67,500 1) Closing stock →40,200 2) Goods destroyed by fire 3) Prepaid insurance premium 250 4) On 1st April 2016 purchased machinery and paid transport, octroi 1,000 but included in carriage inwards. 4,000,insurance company admitted claim for ₹ 3,200 From the above information and adjustment prepare Trading and Profit and Loss account for the year ended 31st March, 2017 and Balance Sheet on that date. (GP=47,800, NP=22,810, B/s =1,12,610)
Expert Answer:
Answer rating: 100% (QA)
SOLUTION Trading and profit and loss account For the year ending 31st ... View the full answer
Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730302414
4th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
Posted Date:
Students also viewed these accounting questions
-
Guitar Universe, Inc., is a popular source of musical instruments for professional and amateur musicians. The companys accountants make necessary adjusting entire monthly, and they make all closing...
-
Ajay is a rational, risk averse investor with $ 5,000 to invest for one year. He has decided to invest this amount in a high- technology firm and has narrowed his choice down to either AB Ltd. or XY...
-
You are a 3rd year trainee accountant at the internationally acclaimed audit firm, DPY Incorporated (DPY Inc.). You are based at the Durban office of DPY Inc. DPY Inc. are the auditors of Silky Hair...
-
Write MATLAB code of the question. Do all parts and show code with comments and also attach a screenshot of code and outputs. Using the results of Problem 4.13, verify the following properties of WN...
-
Companies are often faced with the aspect of having to test the value of an asset on their books to see if it has been impaired. The company uses one of two values in the testing that is compared to...
-
Fermat, Inc., has acquired two new companies, one in consumer products and the other in financial services. Fermat's top management believes that the executives of the two newly acquired companies...
-
What the different types of settlement agreements are?
-
The financial statements of P&G are presented in Appendix 5B or can be accessed at the books companion website, Instructions Refer to P&Gs financial statements and accompanying notes to answer the...
-
1. Is the process by which correctional clients are selected discriminatory? 2. What might be done to reduce actual or perceived discrimination? Michael Santos served a very long sentence for his...
-
Christy Albright and Dan Ralls formed the Charter Company on 11/30/2012, and chose a tax year ending on 11/30. Charter was formed to operate a restaurant (at 7848 Pesca Dr., San Francisco, CA 94123)...
-
Problem 1: Your company is considering a project with an initial cash outlay of $500,000. The discount rate is 10%. Projected cash inflows for the next 5 years are: Year 1: $100,000; Year 2:...
-
5) A 300.0 g hockey puck is sliding along the ice at 17 m/s due east when it hits a 1.4 kg water bottle sitting there at rest. The puck ends up going 5.2 m/s, 40.0 S of E after the collision....
-
Caleb hits a baseball. After t seconds, its height h, in metres, is h = -5 + 20t+ 0.8 a. How high off the ground is the ball when it is hit? b. What is the height of the ball after 2 seconds? c. Use...
-
Hart Company made 3 , 2 4 0 3 , 2 4 0 shelves using 2 2 , 2 4 0 2 2 , 2 4 0 pounds of wood costing $ 2 9 5 , 7 9 2 . 2 9 5 , 7 9 2 . The company's drect materials standards for one shelf are 8 8...
-
Consider a bond with a 10% coupon rate and face value of $1,000. a. Calculate the price of the bond for different yields to maturity and times to maturity. Think about the price for yields from 5% to...
-
In the e-learning module, there was a discussion about direct costs, indirect costs, and intangible costs. After reading the article on the Ebola epidemic, answer the following: a. What do you think...
-
Question 1 Required: Discuss briefly, citing sections, whether the following amounts are deductible for the taxpayer (1 mark each). The taxpayer purchased an investment property. On 1 July 2021 they...
-
Show that if A is any m n matrix, then Im A = A and AIn = A.
-
Explain how CPA Australia and the Institute of Chartered Accountants in Australia would assist in standard setting.
-
a. Calculate the contribution margin per brownie for the brownies sold in the local shops. b. Calculate the contribution margin per brownie for the brownie s requested by the school principal. c. If...
-
The following information relates to Sydney Computer Services. Income Statement for the year ended 30 June 2013 Additional Information: The Owner withdrew $20,000 through the year for her own use....
-
Think of an organizationa place of employment, a club, a sports team, a musical group, an academic societythat provided you with a significant work experience, and answer the following questions. 1....
-
What factors determine whether behavior in organizations is ethical or unethical? Divide up into small groups, and each person think of some unethical behaviors or incidents that you have observed in...
-
Now that you understand the nature of OB and management, and the kinds of issues they address, debate the following topic: Team A. The best way to increase organizational effectiveness is to clearly...
Study smarter with the SolutionInn App