(Answered) From the following trial balance of mr reddy you are

Accounting

From the following Trial Balance of Mr. Reddy, you are required to prepare Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet on that date:

	Debit Balance	Credit Balance
Particulars	Rs	Rs
Capital	-	1,00,000
Drawings	12,000	-
Sundry Creditors	-	40,000
Cash-in-hand	5,000	-
Cash-at-bank	11,600	-
Sundry Debtors	51,000	-
10% Loan (taken on Sep 1, 2008)	-	20,000
Provision for Doubtful Debts	-	4,000
Furniture	12,000	-
Machinery	28,400	-
Stock (Apr 1, 2008)	80,000	-
Purchases	1,80,000	-
Rent and Taxes	6,800	-
Salaries	18,000	-
Manufacturing Wages	25,000	-
Sales	-	2,80,800
Sundry Expenses	2,000	-
Insurance (including a premium of Rs 600 per annum paid Sep 30, 2009)	800	-
Commission	-	1,400
Carriage	4,000	-
Travelling Expenses	1,600	-
Bills Receivable	8,000	-
	4,46,200	4,46,200

Adjustments

Stock on Mar 31, 2009 was Rs 76,000
Write off bad debts Rs 1,000 and maintain the provision for doubtful debts at 5% on debtors
Manufacturing wages include Rs 1,600 for erection of new machinery on Mar 1, 2009
Depreciate machinery by 5% and furniture by 10%

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91065360
Price:- $40

Verified Expert

Priced at $80 Now at $40, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - at the beginning of 2016 pioneer products

Question - At the beginning of 2016, Pioneer Products' ownership interest in the common stock of LLB Co. increased to the point that it became appropriate to begin using the equity method of accounting for the investment ...

Question my choice is starbucksaccess each of the social

Question: My choice is Starbucks Access each of the social media pages for the brand you have selected (Facebook, Twitter, Instagram, etc.). Provide an assessment of the effectiveness of the social media sites: number of ...

Question - on january 1 2016 company x had an inventory

Question - On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company X had net purchases of $1,000,000 and net sales of $900,000. Historically, Company X's gross profit ratio has been 4 ...

Question - monty corporation was organized on january 1

Question - Monty Corporation was organized on January 1, 2020. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550,000 shares of no-par common stock with a stated value of $3 per share. ...

Question - retained earnings at 111x was 150000 and at

Question - Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $30,000 was issued. Both dividends were properly charged to re ...

Question - a company has 19 units in inventory at the

Question - A company has 19 units in inventory at the beginning of May and paid $55 for each unit. On May 2, the company buys 24 more units and pays $57 for each unit. On May 5, the company sells 30 units for $84 each. I ...

Question - stockman corp purchased 10 1000 6 bonds of

Question - Stockman Corp. purchased 10, $ 1,000 6% bonds of Energy Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds, and the bonds will mature in six years. Using the PV fu ...

Question - the following information pertains to hagen

Question - The following information pertains to Hagen Metal Work's ending inventory for the current year: Item Quantity Unit Cost Unit Market Value C 90 $24 $16 D 75 22 20 K 40 25 28 M 22 15 17 Required - a. Determine ...

Question - make an adjusting journal entriesat december 31

Question - Make an Adjusting Journal Entries. At December 31, the Long-Term Investments (Available-for-sale securities or "AFS") had a fair value of $180,190. The AFS Investment was originally purchased on May 1, 2017 fo ...

Question - marvin services corporation had the following

Question - Marvin Services Corporation had the following accounts and balances: Accounts payable $12,000 Equipment $14,000Accounts receivable 2,000 Land14,000 Buildings? Unearned service revenue 4,000 Cash 6,000 Total st ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert