Problem.No.3Asignut.unThe Mafatlal manufacturing company Itd. Chennai was registered with a nominal capital Rs.12,00,000 in equity sharesof Rs.10 each. The following is the list of balances extracted from its books on 31st march 2018.DebitRs. Credit6,00,000 Sales RFO1,50,000 6% debentures loug Jumu bowu14,400 | Profit and loss A/c(Cr.)fuefil at15,000 Bills payable Tuade ayasles6,60,000 Sundry creditors adi layables75,000 General reservekes Suup.1,74,000 Provision68,000 debts(1.4.97) OP63,300 Subscribed, called up & paid up3,70,000 capital10,0001,6,73013,67020,00026,23029,00011,4504,22018,00024,92,000Premises TAStock(1.4.2017) OSFurniture TACalls-in-arrears ()Shaue CaÞPlant & machinery TAInterim dividend() App. of Puefut RRSSundry debtors Tuode hec.Goodwill ITARs.8,30,0006,00,00029,000 - R76,0001,00,00050,0007,0008,00,0008YeakfordoubtfulCash nad bank balances CAPurchases (-)COGSPreliminary expenses ep f AmoutWages EBEGeneral expensesOtheu ExpAdvertising Otheu ExpFreight(t) COGSSalaries €B€Directors'feesOthee ExpBad debtsDebenture interest paid FC24,92,000The following adjustments have to be made:Stock on 31st March 2018 was valued at Rs. 1,90,000 CSWrite offpreliminary expensesProvide for half year's debenture interest. 6 e 6,00.000 x*6/129.FU1294 50 Otheu esep E)NNI (-)OPTheprovision for doubtful debts on 31st March 1998 should be equal to 1% on sales. NP R30o ()fuoui DeblouDirectors' fees are outstanding to the extent of Rs. 550 and salaries Rs. 1,000.. L mDepreciate Plant & Machinery by 5%; premises by 2% and write off Rs. 2,400 on furniture.Goods to the value of Rs. 3,000 were distributed as free samples during the year. But no entry in this respecthad been made. (-) Puuchases puom COGS 3,70,000-3o00,4)adveutiriy i OGYou are required to prepare the Statement of Profit & -Loss. for the year ended '31st March 2018 and the-Balance Sheet as on8,30.00the same- date.1714000

Profit and loss statement: Profit and loss statement is one of the financial statements of the…

had been made. (-) Puuchass fuom COGS 3,70,00-3000, (4) adveelixuy m 0E You are required to prepare the Statement of Profit &-Loss. for the year ended '31st March 2018 and the-Balance Sheet as on the same- date. 1714000

had been made. (-) Puuchass fuom COGS 3,70,00-3000, (4) adveelixuy m 0E You are required to prepare the Statement of Profit &-Loss. for the year ended '31st March 2018 and the-Balance Sheet as on the same- date. 1714000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

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