please help 7.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2015 andBalance Sheet on that date in the books of Mr. Maroti considering followingadjustments.Trial Balance is given below:Trial Balancefor the year ended 31St March, 2015Credit BalancesDebit BalancesAmt?Amt?35,000 By Sales4,200 Discount10,000 Creditors2,25,200 Bank Overdraft13,600 Interest on Investment12,000 Capital6,0002,0003,0008,0004,000To Opening StockTo Salary & Wages3,30,0004,00020,00010,0008,0001,00,000To Cash in handTo PurchasesTo Sundry expensesTo WagesTo Bills ReceivableTo Travelling expensesTo Bad debtsTo Factory expensesTo CommissionTo Investment20,00040,0006,00012,00021,000To DebtorsTo ToolsTo FurnitureTo Goodwill4,72,000To Building50,0004,72,000Adjustments: 1. Closing stock – Cost price 40,000 and market price 745,0002.Goods withdrawn for personal use of 1,2003.Uninsured Goods destroyed by fire 12,0004. Write off Bad debts 74505.Outstanding expenses : Salary and wages 7800, Rent 1,2006.Depreciate building by 7.5% p.a.(GP=1,03,000;NP=70,000;B/S=2,00,800)

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7.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2015 and Balance Sheet on that date in the books of Mr. Maroti considering following adjustments.Trial Balance is given below: Trial Balance for the year ended 31Sst March, 2015 Credit Balances Debit Balances Amt Amt 35,000 By Sales 4,200 Discount 10,000 Creditors 2,25,200 Bank Overdraft 13,600 Interest on Investment 12,000 Capital 6,000 2,000 3,000 8,000 4,000 20,000 40,000 6,000 12,000 21,000 50,000 To Opening Stock To Salary & Wages To Cash in hand 3,30,000 4,000 20,000 10,000 8,000 1,00,000 To Purchases To Sundry expenses To Wages To Bills Receivable To Travelling expenses To Bad debts To Factory expenses To Commission To Investment To Debtors To Tools To Furniture To Goodwill 4,72,000 To Building 4,72,000 Adjustments: 1. Closing stock - Cost price 40,000 and market price 745,000 2.Goods withdrawn for personal use of 1,200 3.Uninsured Goods destroyed by fire 12,000 4. Write off Bad debts 7450 5.Outstanding expenses : Salary and wages T800, Rent 1,200 6.Depreciate building by 7.5% p.a. (GP=1,03,000;NP=70,000;B/S=2,00,800)

7.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2015 and Balance Sheet on that date in the books of Mr. Maroti considering following adjustments.Trial Balance is given below: Trial Balance for the year ended 31Sst March, 2015 Credit Balances Debit Balances Amt Amt 35,000 By Sales 4,200 Discount 10,000 Creditors 2,25,200 Bank Overdraft 13,600 Interest on Investment 12,000 Capital 6,000 2,000 3,000 8,000 4,000 20,000 40,000 6,000 12,000 21,000 50,000 To Opening Stock To Salary & Wages To Cash in hand 3,30,000 4,000 20,000 10,000 8,000 1,00,000 To Purchases To Sundry expenses To Wages To Bills Receivable To Travelling expenses To Bad debts To Factory expenses To Commission To Investment To Debtors To Tools To Furniture To Goodwill 4,72,000 To Building 4,72,000 Adjustments: 1. Closing stock - Cost price 40,000 and market price 745,000 2.Goods withdrawn for personal use of 1,200 3.Uninsured Goods destroyed by fire 12,000 4. Write off Bad debts 7450 5.Outstanding expenses : Salary and wages T800, Rent 1,200 6.Depreciate building by 7.5% p.a. (GP=1,03,000;NP=70,000;B/S=2,00,800)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 13EA: Dortmund Stockyard reports $896,000 in credit sales for 2018 and $802,670 in 2019. It has a $675,000...

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