Q2) From the following Trial Balance of Udyaya Co-operative Purchases and Sales Society Ltd as on...
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Q2) From the following Trial Balance of Udyaya Co-operative Purchases and Sales Society Ltd as on 31/03/2021 prepare Trading Account, Profit and Loss Account for the year ended 31/03/2021 and Balance Sheet as on that data after consideration the adjustment given there after [20] Trial Balance as on 31/03/2021 Particulars Share Capital Reserve Fund Creditors for Purchases Profit and Loss Account 01/04/2020 Profit for the year Opening Stock Debit Rs. Credit Rs. 1,68,000 3,000 20,000 8,000 80,000 1,96,000 62,000 Furniture and Equipments [5952]-602A Container Deposit 16,000 Sundry Debtors 30,000 Salaries 1,50,000 Commission 44,000 Rent and Taxes 23,000 Postages 4,000 Travelling and Conveyance 9,000 Printing and Stationery 7,000 Dividend paid 7,900 Admission fees 1,000 Purchases 31,70,000 Coolie charges, freight, cartage 80,000 Investments 1,20,000 Sales 38,10,000 Cash in Hand 2,100 Bank Balance Development Fund 200,000 4,000 41,2,1000 41,21,000 Other Information i) Closing stock is valued at Rs. 2,20,000. ii) Outstanding Rent Rs. 2,000. iii) Commission payable Rs. 10,000. iv) Rs. 4,000 salary was paid as advance as on 31/03/2021. v) Provide for Audit fees Rs. 8,000. vi) The Society declared 5% Dividend on its paid up capital as on 31/03/2020 for the year. The Society transferred 25% of its profit for the year ended 31/03/2020 to Reserve fund and also transferred. Rs. 4,000 to Development fund approved in the general meeting held on 31/10/2020. vii) Accrued Income on Investment Rs. 10,000. viii) The Directors recommend 10% Dividend for the current year. ix) Provide 10% Depreciation on furniture and equipments. Q2) From the following Trial Balance of Udyaya Co-operative Purchases and Sales Society Ltd as on 31/03/2021 prepare Trading Account, Profit and Loss Account for the year ended 31/03/2021 and Balance Sheet as on that data after consideration the adjustment given there after [20] Trial Balance as on 31/03/2021 Particulars Share Capital Reserve Fund Creditors for Purchases Profit and Loss Account 01/04/2020 Profit for the year Opening Stock Debit Rs. Credit Rs. 1,68,000 3,000 20,000 8,000 80,000 1,96,000 62,000 Furniture and Equipments [5952]-602A Container Deposit 16,000 Sundry Debtors 30,000 Salaries 1,50,000 Commission 44,000 Rent and Taxes 23,000 Postages 4,000 Travelling and Conveyance 9,000 Printing and Stationery 7,000 Dividend paid 7,900 Admission fees 1,000 Purchases 31,70,000 Coolie charges, freight, cartage 80,000 Investments 1,20,000 Sales 38,10,000 Cash in Hand 2,100 Bank Balance Development Fund 200,000 4,000 41,2,1000 41,21,000 Other Information i) Closing stock is valued at Rs. 2,20,000. ii) Outstanding Rent Rs. 2,000. iii) Commission payable Rs. 10,000. iv) Rs. 4,000 salary was paid as advance as on 31/03/2021. v) Provide for Audit fees Rs. 8,000. vi) The Society declared 5% Dividend on its paid up capital as on 31/03/2020 for the year. The Society transferred 25% of its profit for the year ended 31/03/2020 to Reserve fund and also transferred. Rs. 4,000 to Development fund approved in the general meeting held on 31/10/2020. vii) Accrued Income on Investment Rs. 10,000. viii) The Directors recommend 10% Dividend for the current year. ix) Provide 10% Depreciation on furniture and equipments.
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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