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  • Trial Balance-1

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    nathnaba01
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    The trial balance of A and B firm on March 31, 2023 includes assets worth ₹279,000 on the debit side and liabilities and capital of ₹279,000 on the credit side. Several adjustments need to be made, including calculating interest on capital and the investment, depreciating various assets, recognizing prepaid and accrued items, and maintaining provisions for doubtful debts.

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    The trial balance of A and B firm on March 31, 2023 includes assets worth ₹279,000 on the debit side and liabilities and capital of ₹279,000 on the credit side. Several adjustments need to be made, including calculating interest on capital and the investment, depreciating various assets, recognizing prepaid and accrued items, and maintaining provisions for doubtful debts.

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    © All Rights Reserved
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    3 views1 page

    Trial Balance-1

    Uploaded by

    nathnaba01
    The trial balance of A and B firm on March 31, 2023 includes assets worth ₹279,000 on the debit side and liabilities and capital of ₹279,000 on the credit side. Several adjustments need to be made, including calculating interest on capital and the investment, depreciating various assets, recognizing prepaid and accrued items, and maintaining provisions for doubtful debts.

    Copyright:

    © All Rights Reserved
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    of 1

    Trial Balance of A and B firm on 31/03/2023 is as follows:

    Debit ₹ Credit . ₹

    Plant & Machinery 35000 Capital: A 50000


    Salaries 7000 B 50000
    Carriage outward 1000 Trading A/c (Gross Profit) 120000
    Furniture 10000 Creditors 30000
    Land & Building 100000 Discount 2000
    Debtors 40000 Bank Loan 15000
    Bad Debts 2000 Commission 1500
    Cash at Bank 8000 Outstanding Wages 200
    Investment 10000 Bank Overdraft 2600
    Establishment 6000 Interest on Investment 1000
    Cash 3000 Sundry Receipts 200
    Closing Stock 12000 Bills Payable 4700
    Depreciation on Machinery 5000 Provision for doubtful debts 1800
    Drawings: A 3000
    B 4000
    Publicity 3000
    Rent and Rates 6000
    General Expenses 4000
    Insurance 4500
    Stationery 1500
    Goodwill 6500
    Patents 7500
    279000

    279000

    Adjustments :
    1. Interest on capital @ 10% p.a
    2. Prepaid Insurance ₹ 500
    3. Depreciation on Furniture @ 10 % p.a
    4. Appreciation of Land @ 20%
    5. Interest on Investment accrued ₹500
    6. Commission received in advance ₹ 500
    7. Outstanding interest on bank overdraft ₹300.
    8. Maintain a provision for doubtful debts @ 5% on debtors.

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