Home
Class 11
ACCOUNTS
Following Trial Balance has been extract...

Following Trial Balance has been extracted form the books of Prasad on 31st March, 2019:

Additional Information :
(i) Outstanding salaries were Rs 45,000.
(ii) Depreciate Machinery at 10%.
(iii) Rent Prepaid Rs 10,000.
(v) Provide for interest on capital @ 5% per annum.
(vi) Stock on 31st March, 2019 Rs 8,00,000.
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date.

Text Solution

Verified by Experts

The correct Answer is:
Gross Profit -Rs 8,95,000; Net Profit -Rs 6,05,000; Balance Sheet Total - Rs 20,50,000.
NA
Promotional Banner

Topper's Solved these Questions

  • ADJUSTMENTS IN PREPARATION OF FINANCIAL STATEMENTS

    TS GREWAL|Exercise Illustration- 1|2 Videos

  • ADJUSTMENTS IN PREPARATION OF FINANCIAL STATEMENTS

    TS GREWAL|Exercise Illustration- 2|2 Videos

  • ADJUSTMENTS IN PREPARATION OF FINANCIAL STATEMENTS

    TS GREWAL|Exercise Short answer type questions|38 Videos

  • ACCOUNTS FROM INCOMPLETE RECORDS-SINGLE ENTRY SYSTEM

    TS GREWAL|Exercise EVALUATION QUESTIONS WITH NISSING VALUES|1 Videos

  • BANK RECONCILIATION STATEMENT

    TS GREWAL|Exercise EVALUATION QUESTIONS : QUESTIONS WITH MISSING VALUES|8 Videos

Similar Questions

Explore conceptually related problems

Trial Balance of Chatter Sen on 31st March, 2019 revealed the following balances: Stock on 31st March, 2019 was valued at Rs 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date

Following is the Trial Balance of Virat as on 31st March 2019. Additional Information: Closing Stock as on 31st March, 2019 was Rs 42,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date by vertical form

Following Trial Balance is extracted from the books of a merchant on 31st March, 2019: Stock in Hand on 31st March, 2019 was valued at Rs 32,500. From the above, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date

Following is the Trial Balance of Venkat on 31st March, 2019. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 Value of Closing Stock as on 31st March, 2019 was Rs 2,70,000

From the following Trial Balance, Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date: On 31st March, 2019 the stock was valued at Rs 1,00,000

TS GREWAL-ADJUSTMENTS IN PREPARATION OF FINANCIAL STATEMENTS -Practical Problems
  1. Following are the balances extracted form the books of Manish on 31st ...

    Text Solution

    |

  2. Prepare Trading and Profit and Loss account and Balance sheet form the...

    Text Solution

    |

  3. Following Trial Balance has been extracted form the books of Prasad on...

    Text Solution

    |

  4. From the following Trial Balance of Shradha as on 31st March, 2019, pr...

    Text Solution

    |

  5. Trial balance of a business as at 31st March, 2019 is given below: ...

    Text Solution

    |

  6. Following are the balances extracted from the books Naraina on 31st Ma...

    Text Solution

    |

  7. Following balances are taken from the books of Niranjan. Prepare Tradi...

    Text Solution

    |

  8. From the following Trial Balance of Mahesh, prepare his Final Accounts...

    Text Solution

    |

  9. Following Balances were extracted from the books of Vijay on 31st Marc...

    Text Solution

    |

  10. Following are the balances extracted form the books of Manish on 31st ...

    Text Solution

    |

  11. Prepare Trading and Profit and Loss account and Balance sheet form the...

    Text Solution

    |

  12. Following Trial Balance has been extracted form the books of Prasad on...

    Text Solution

    |

  13. From the following Trial Balance of Shradha as on 31st March, 2019, pr...

    Text Solution

    |

  14. Trial balance of a business as at 31st March, 2019 is given below: ...

    Text Solution

    |

  15. Following are the balances extracted from the books Naraina on 31st Ma...

    Text Solution

    |

  16. Following balances are taken from the books of Niranjan. Prepare Tradi...

    Text Solution

    |

  17. From the following Trial Balance of Mahesh, prepare his Final Accounts...

    Text Solution

    |

  18. Following Balances were extracted from the books of Vijay on 31st Marc...

    Text Solution

    |