Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is Trial Balance of Shri Om as on 31 March 2017. You are required to prepare Balance Sheet as per Schedule III

  

The following is Trial Balance of Shri Om as on 31 March 2017. You are required to prepare Balance Sheet as per Schedule III of Companies Act, 2013 as on that date after making necessary adjustments: Cr . Particulars Sundry Debtors Sundry Creditors Outstanding Liability for Creditors Wages Carriage Outwards Carriage Inwards General Expenses Cash Discount Bad Debts Motor Car Printing and Stationary Furniture & Fittings Advertisement Insurance Salesmen's Commission Postage & Telephone Salaries Rent & Taxes Drawings Capital Account Purchases Sales Stock on 1-4-2016 Cash at ink Cash in Hand Dr 5,00,000 $5,000 1,00,000 1,11,000 50,000 70,000 20,000 10,000 2,40,000 15,000 1,10,000 85,000 45,000 87,500 57,500 1,60,000 25,000 20,000 15,50,000 2,00,000 14,43,000 19,87,500 2,50,000 60,000 10,500 36.30,500 36,30,500 The following adjustments are to be made: 1) Stock on 31 March 2017 was valued at INR 7,25,000 2) A Provision for Bad & Doubtful Debt is to be created to extent of 5% on Sundry Debtors 3) Depreciate Furniture and Fittings by 10% and Motor Car by 20% 4) Shri Om had withdrawn goods worth INR 25,000 during the year. 5) Sales include goods worth INR 75,000 sent to Shanti & Co. on approval and remaining unsold on 31 March 2017. The cost of goods was INR 50,000. 6) The Salesman are entitled to a Commission of 5% on total sales 7) Debtors include INR 25,000 bad debts 3 8) Printing and Stationery expenses of INR 55,000 relating to 2015-16 had not been provided in that year but was paid in this year by debiting outstanding liabilities 9) Purchases include purchase of Furniture worth INR 50,000 11. What is going concern concept? III. What is the significance of accounting period concept? [10] (2) [2]

Step by Step Solution

3.53 Rating (143 Votes )

There are 3 Steps involved in it

Step: 1

I You are required to prepare Balance Sheet as per Schedule III of Companies Act 2013 as on that date after making necessary adjustments 10 A balance ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Theory Conceptual Issues in a Political and Economic Environment

Authors: Harry Wolk, James Dodd, John Rozycki

8th edition

1412991692, 978-1412991698

More Books

Students also viewed these Accounting questions

Question

Define forensic psychology.

Answered: 1 week ago

Question

Can partitioned join be used for r r.A s? Explain your answer

Answered: 1 week ago