Home
Class 11
ACCOUNTS
The following balances has been extracte...

The following balances has been extracted from the trial of M/s Runway Shine Ltd. Prepare a trading and profit and loss account and a balance sheet as on March 31, 2017.

Adjustments
1. Further bad debts Rs. 1,000. Discount on debtors Rs. 500 and make a provision on debtors @ 5%.
2. Interest received on investment @ 5%.
3. Wages and interest outstanding Rs. 100 and Rs. 200 respectely.
4. Depreciation charged on motor car @ 5% p.a.
5. Closing Stock Rs. 32,500.

Text Solution

Verified by Experts

The correct Answer is:
Gross profit Rs. 78,000; Net profit Rs. 66,010, Total balance sheet Rs. 2,97,350
N/a
Promotional Banner

Topper's Solved these Questions

  • FINANCIAL STATEMENTS - II

    NCERT|Exercise TEST YOUR UNDERSTANDING|5 Videos

  • FINANCIAL STATEMENTS - II

    NCERT|Exercise LONG ANSWER|3 Videos

  • FINANCIAL STATEMENTS - I

    NCERT|Exercise TEST YOUR UNDERSTANDING-II|4 Videos

  • INTRODUCTION TO ACCOUNTING

    NCERT|Exercise All Questions|35 Videos