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Trading and P&L Account for ABC & Bros.

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Vansh Goel
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11 views2 pages

Trading and P&L Account for ABC & Bros.

Ok

Uploaded by

Vansh Goel
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

Prepare a trading and profit and loss account and Balance Sheet of M/s ABC & Bros.

for the year


ending March 31, 2017. from the following figures taken from his trial balance :

Adjustments:
Depreciation charged on machinery @ 5% p.a.
Further bad debts ₹ 1,500, discount on debtors @ 5% and make a provision on debtors @ 6%.
Wages prepaid ₹ 1,000.
Interest on investment @ 5% p.a.
Closing stock ₹ 10,000.
Adjustments:
Closing stock was valued at the end of the year ₹ 40,000.
Salary amounting ₹ 500 and trade expense ₹ 300 are due.
Depreciation charged on building and machinery are @ 4% and @ 5% respectively.
Make a provision of @ 5% on sundry debtors.

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