Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st March 2019 75000 Sales 350000 Purchases 245000 Wages 50000 Discount 5000 Furniture and fittings 17000 Salaries 7500 Rent 4950 Sundry expenses 7050 Profit and loss appropriation Account on 31st March 2020 15030 Dividend paid 9000 Share capital 100000 Debtors and creditors 37500 17500 Plant and machinery 29000 Cash and bank 16200 Reserve 15500 Patent and trade mark 4830 ______ _______ 503030 503030 ______ _______ Prepare Profit and loss account for the year ended 31stMarch 2020 and balance sheet as on that date after taking into consideration the following adjustments: Stock on 31st March 2020 was valued at Rs.82000 Depreciation on fixed assets @ 10% Make a provision for income tax @ 50% Provide corporate dividend tax @ 10%.
Following is the
Debit Credit
Stock on 31st March 2019 75000
Sales 350000
Purchases 245000
Wages 50000
Discount 5000
Furniture and fittings 17000
Salaries 7500
Rent 4950
Sundry expenses 7050
Dividend paid 9000
Share capital 100000
Debtors and creditors 37500 17500
Plant and machinery 29000
Cash and bank 16200
Reserve 15500
Patent and trade mark 4830
______ _______
503030 503030
______ _______
Prepare Profit and loss account for the year ended 31stMarch 2020 and
- Stock on 31st March 2020 was valued at Rs.82000
Depreciation on fixed assets @ 10%- Make a provision for income tax @ 50%
- Provide corporate dividend tax @ 10%.
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