Home
Class 11
ACCOUNTS
Prepare the trading and profit and loss ...

Prepare the trading and profit and loss account and a balance sheet of M/s Shine Ltd. from the following particulars.

Adjustments
1. Closing stock was valued Rs. 35,000.
2. Depreciation charged on furniture and fixture @ 5%.
3. Further bad debts Rs. 1,000. Make a provision for bad debts @ 5% on sundry debtors.
4. Depreciation charged on motor car @ 10%.
5. Interest on drawing @ 6%.
6. Rent, rates and taxes was outstanding Rs.200.
7. Discount on debtors 2%.

Text Solution

Verified by Experts

The correct Answer is:
Gross loss Rs. 17,050; Net loss Rs. 27,482; Total balance sheet Rs. 318,894
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