#5 | Final Account With Important Adjustment | Full Concept | #Commerce#Accounting

Final Account With Important Adjustment | Full Concept | From the following prepare the Trading and Profit and Loss Account for the year ended 31st March, 2015 and Balance Sheet of Mr Z as on that date: Particulars Capital Trade Creditors Bills Payable General Reserve Provision for Bad and Doubtful Debts Sales Discount Allowed Stock at April 1, 2014 Purchases Discount Received Building Particulars 50,450 Machinery, Plant and Furniture (cost 25,000) 10,000 Book Debts οποτε 5,000 Investment, 4% Government Loan at parem ₹ 15,000 16,400 1,000 Bank Balance (Dr.) 3,400 10,000 1,000 Bills Receivable 5,050 75,000 Salaries and Wages 2008 13,000 asw 2,000 15,000 Office Expenses 2,000 48,000 Repairs and Renewals 400 Interest Paid 1,800 700 10,000 Bad Debts Recovered 250 attoniszont sbalant tou poob sa 750 Audit Fee Additional information:9000l bebe tesyards tot nuano (a) The value of Stock on hand as at 31st March, 2015 was 18,000 included goods costing900 received on 30th March, 2015 in respect of which supplier's bill had not yet been received. ( b) Goods of the cost of 1,500 were sent to a customer on sale on approval basis but recorded in Sales Book at sales price of 2,000. Approval for the sale were not received till 31st March, 2015. (c) Provisions were made for doubtful debts to the extent of 400 and for depreciation on building at 2% pe r annum. (d) Machinery, Plant and Furniture was depreciated at 20% on the diminishing value; Mr. Z, however, considered that the proper method would be 8% on the original cost and wanted to adopt it from April 1, 2013 #bba #accounting #commerce