MABS Institution
11th Accountancy Weekly Test - 2 ( Final accounts of sole proprietorship - II )-Aug 2020
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From the following trial balance of Mohan for the year ended 31st March, 2017 and additional information, prepare trading and profit and loss account and balance sheet.
Particulars Debit Rs Credtit Rs Capital 1,00,194 Drawings 7,500 Purchases 8,28,890 Promotional expenses 58,405 Sales 9,17,600 Bad debts 4,925 Discount 7,745 Provision for doubtful debts 250 Wages 16,000 Plant and machinery 41,500 Land and building 26,450 Sundry creditors 20,000 Sundry debtors 32,500 Cash in hand 11,629 Opening stock 2,500 10,38,044 10,38,044 Additional information:
(a) Closing stock is valued at Rs 15,500
(b) Write off Rs 500 as bad debts and create a provision for bad debts @ 10% on debtors.
(c) Depreciation @ 10% required