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2. The following trial balance has been extracted from the ledgers of JKL at 31 March 2013. Particulars Debit (Rs.) Credit (Rs.) Sales (all on credit) 6,47,400 Inventory (1 April 2012) Trade receivable and payables 15,400 82,851 41,936 Purchases (all on credit) 321874 Carriage in Carriage out Electricity 13,256 32,460 6,994 Local business tax 8,940 Wages and salaries 1,38,292 Postages and stationery 6,984 Rent 14,600 Sales tax control 16,382 Employees' income tax control 4,736 Motor vehicles: At cost 49,400 Cumulative depreciation 21,240 Bank deposit account 90,000 Bank current account 77,240 Ordinary shares of Rs. 1 each 50,000 Retained earnings 76,597 TOTAL 8,58,291 8,58,291 Notes: 1. Inventory at 31 March 20X3 was valued at a cost of Rs. 19,473. 2. Prepaid rent amounted to Rs. 2,800. 3. Accruals are estimated as follows: Electricity - Rs. 946 Wages and salaries – Rs. 2,464 4. Depreciation on motor vehicles is to be calculated at 25 percent per annum using the reducing balance method. 5. Accrued interest on the bank deposit account amounts to Rs. 7,200. 6. An accrual for income tax of Rs. 30,000 is to be made on the profits of the year. Required: Prepare JKL'S statement of profit or loss for the year ended 31.3.2013 and Financial Position.

2. The following trial balance has been extracted from the ledgers of JKL at 31 March 2013. Particulars Debit (Rs.) Credit (Rs.) Sales (all on credit) 6,47,400 Inventory (1 April 2012) Trade receivable and payables 15,400 82,851 41,936 Purchases (all on credit) 321874 Carriage in Carriage out Electricity 13,256 32,460 6,994 Local business tax 8,940 Wages and salaries 1,38,292 Postages and stationery 6,984 Rent 14,600 Sales tax control 16,382 Employees' income tax control 4,736 Motor vehicles: At cost 49,400 Cumulative depreciation 21,240 Bank deposit account 90,000 Bank current account 77,240 Ordinary shares of Rs. 1 each 50,000 Retained earnings 76,597 TOTAL 8,58,291 8,58,291 Notes: 1. Inventory at 31 March 20X3 was valued at a cost of Rs. 19,473. 2. Prepaid rent amounted to Rs. 2,800. 3. Accruals are estimated as follows: Electricity - Rs. 946 Wages and salaries – Rs. 2,464 4. Depreciation on motor vehicles is to be calculated at 25 percent per annum using the reducing balance method. 5. Accrued interest on the bank deposit account amounts to Rs. 7,200. 6. An accrual for income tax of Rs. 30,000 is to be made on the profits of the year. Required: Prepare JKL'S statement of profit or loss for the year ended 31.3.2013 and Financial Position.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...
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Corporate accounting, As per Ind As Schedule 3 of companies act, 2013
2. The following trial balance has been extracted from the ledgers of JKL at 31 March 2013. Particulars Debit (Rs.) Credit (Rs.) Sales (all on credit) 6,47,400 Inventory (1 April 2012) Trade receivable and payables 15,400 82,851 41,936 Purchases (all on credit) 321874 Carriage in 13,256 Carriage out 32,460 Electricity 6,994 Local business tax 8,940 Wages and salaries 1,38,292 Postages and stationery 6,984 Rent 14,600 Sales tax control 16,382 Employees' income tax control 4,736 Motor vehicles: At cost 49,400 Cumulative depreciation 21,240 Bank deposit account 90,000 Bank current account 77,240 Ordinary shares of Rs. 1 each Retained earnings 50,000 76,597 ТОTAL 8,58,291 8,58,291 Notes: 1. Inventory at 31 March 20X3 was valued at a cost of Rs. 19,473. St 2. Prepaid rent amounted to Rs. 2,800. St 3. Accruals are estimated as follows: Electricity - Rs. 946 Wages and salaries - Rs. 2,464 4. Depreciation on motor vehicles is to be calculated at 25 percent per annum using the reducing balance method. 5. Accrued interest on the bank deposit account amounts to Rs. 7,200. 6. An accrual for income tax of Rs. 30,000 is to be made on the profits of the year. Required: Prepare JKL'S statement of profit or loss for the year ended 31.3.2013 and Financial Position.
Transcribed Image Text:2. The following trial balance has been extracted from the ledgers of JKL at 31 March 2013. Particulars Debit (Rs.) Credit (Rs.) Sales (all on credit) 6,47,400 Inventory (1 April 2012) Trade receivable and payables 15,400 82,851 41,936 Purchases (all on credit) 321874 Carriage in 13,256 Carriage out 32,460 Electricity 6,994 Local business tax 8,940 Wages and salaries 1,38,292 Postages and stationery 6,984 Rent 14,600 Sales tax control 16,382 Employees' income tax control 4,736 Motor vehicles: At cost 49,400 Cumulative depreciation 21,240 Bank deposit account 90,000 Bank current account 77,240 Ordinary shares of Rs. 1 each Retained earnings 50,000 76,597 ТОTAL 8,58,291 8,58,291 Notes: 1. Inventory at 31 March 20X3 was valued at a cost of Rs. 19,473. St 2. Prepaid rent amounted to Rs. 2,800. St 3. Accruals are estimated as follows: Electricity - Rs. 946 Wages and salaries - Rs. 2,464 4. Depreciation on motor vehicles is to be calculated at 25 percent per annum using the reducing balance method. 5. Accrued interest on the bank deposit account amounts to Rs. 7,200. 6. An accrual for income tax of Rs. 30,000 is to be made on the profits of the year. Required: Prepare JKL'S statement of profit or loss for the year ended 31.3.2013 and Financial Position.
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