49. Asha and Lata share profits and losses in the ratio of their opening capitals.

49. Asha and Lata share profits and losses in the ratio of their opening capitals. From the given Trial balance you are required to prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2013 and a Balance Sheet as on that date, after taking into consideration the additional information provided.



Adjustments:

1) Write off bad debts of Rs. 7,500 and maintain RDD at 5% of Debtors.

2) Provide for Reserve for discount on Debtors & Creditors at 5%

3) Depreciation at 10% on all fixed Assets.

4) Goods worth Rs. 10,500 were lost due to fire, insurance claim admitted of Rs. 10000.

5) Asha took goods of Rs. 8,700 for personal use.

6) Goods worth Rs. 12,000 were left to be recorded in the purchases book although they were purchases on 24.03.12.

7) Outstanding Salaries of Rs. 16,000 whereas wages of Rs. 12,300 were paid in advance.

8) Interest on Capital at 6% and on drawings at 7%

9) Bills receivable of Rs. 6,300 was dishonoured.

10) Closing stock is valued at Rs. 1,50,000 at cost and Rs. 1,67,000 at market price.




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