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Adjustments:
a. Stock on 31st March,2019 was valued at ₹. 3,00,000
b. Depreciate Plant & Machinery @ 20% and Furniture @ 10%
2. The following is the trial balance of Global Ltd. As on March 31, 2018
Debit balances ₹ Credit balances ₹
Opening stock 3,00,000 Purchase returns 40,000
Purchases 9,80,000 Sales 13,60,000
Wages 1,20,000 Discount 12,000
Carriage inwards 3,800 Profit and Loss A/c 60,000
Furniture 68,000 Share capital 4,00,000
Salaries 30,000 Creditors 70,000
Rent 16,000 General reserve 62,000
Trade expenses 23,200 Bills payable 28,000
Dividend paid 36,000
Debtors 1,10,000
Plant and machinery 1,16,000
Cash at bank 1,84,800
Patents 19,200
Loans and advances 20,000
Total 20,32,00 Total 20,32,000
0
Prepare an Income Statement and a Balance Sheet after considering the following adjustments:
a. Closing stock was ₹ 3,52,000
b. Provide for income tax @ 31.5%
c. Depreciation plant and machinery at 15%, furniture at 10% and patents at 20%
d. Outstanding rent amounted to ₹ 3,200
3. From the following balances of R&P Ltd., for the year ended 31-03-2019, you are required to
prepare the vertical form of Final Accounts, after considering other information provided:
Debit ₹ Credit ₹
Carriage inward 22,000 Sales 39,50,000
Purchases 26,10,000 Share capital 14,65,000
Delivery van 3,70,000 Creditors 3,20,000
Opening stock 1,80,000 Unsecured Long Term 3,60,000
Loans
Salary of office staff 72,000 Reserves 2,25,000
Salary of sales staff 60,000
Commission 6,000
Postage 7,000
Other expenses 18,000
Distribution expenses 19,000
Office rent 11,000
Debtors 6,30,000
Cash at bank 23,000
Furniture 2,50,000
Cash in hand 39,000
Interest on loan 45,000
Non operating expenses 48,000
Long term Investments 19,10,000
63,20,000 63,20,000
Other information:
a. Depreciate furniture by 10%