Suresh started buisness on 1st April 2013 with a capital of Rs 30 000 The following trial balance wa...........

Accountancy (11th) Chapter-10 Financial Statements-2

Suresh started buisness on 1st April, 2013 with a capital of Rs 30,000. The following trial balance was drawn up from his books at the end of the year. (5 marks)

Name of Accounts	Amt(Rs)	Name of Accounts	Amt(Rs)
Drawings	4,500	Capital	40,000
Plant and fixtures	8,000	Sales	1,60,000
Purchases	1,16,000	Creditors	12,000
Carriage inward	2,000	Bills payable	9,000
Wages	8,000
Return inward	4,000
Salaries	10,000
Printing	800
Advertisement	1,200
Trade Charges	600
Rent	1,400
Debtors	25,000
Bills Receivable	5,000
Investments	15,000
Discount	500
Cash at bank	16,000
Cash in hand	3,000
	2,21,000		2,21,000

The value of stock as at 31st March, 2014 was Rs 26,000. You are required to prepare his trading and profit and loss account for the year ended 31st March, 2014 and a balance sheet as on the date after taking the following facts into account.

Interest on capital is to be provided at 6% per annum.
An additional capital of Rs 10,000 was introduced by Suresh on 1st October, 2013.
Plant and fixtures are to be depreciated by 10% per annum.
Salaries outstanding on 31st March, 2014 amounted to Rs 500.
Accrued interest on investment amounted to Rs 750.
Rs 500 are bad debts and provision for doubtful debts is to be created at 5% on the balance of debtors.

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