The following is the trial balance of Sanjay Industries Ltd. as on 31st March, 2020 Cr. (Rs) 30,60,000 9,00,000 27,000 9

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The Following Is The Trial Balance Of Sanjay Industries Ltd As On 31st March 2020 Cr Rs 30 60 000 9 00 000 27 000 9 1 (33.17 KiB) Viewed 107 times

The following is the trial balance of Sanjay Industries Ltd. as on 31st March, 2020 Cr. (Rs) 30,60,000 9,00,000 27,000 90,000 Head of Accounts Dr.(Rs) Stock, 1st April, 2019 6,75,000 Sales Wages 2,70,000 Share Capital (Authorized Capital 2,00,000 shares of Rs 10 each) Discount Purchases 22,05,000 Carriage inwards 8550 Purchase returns Patents & trade marks 43,200 Salaries 67,500 Bills receivable 45,000 Sundry expenses 63,450 Bills payable Rent 36,000 Debtors & Creditors 2,47,500 Plant & Machinery 2,61,000 Furniture and fittings 1,53,000 Cash at bank 4,15,800 General reserve P & L 31st March 2019 Total 44,91,000 63,000 1,57,500 1,39,500 54000 44,91,000

Further Information: 1. Outstanding rent amounting to Rs 7,200 while outstanding salaries Rs 8100 are at the end of the year. 2. Make a provision for doubtful debts amounting to Rs 4,590 3. Stock on 31st March 2020 was valued at Rs 7,92,000 4. Depreciate Plant & Machinery @ 14% and furniture & fittings @ 18% 5. Amortize patents and trademarks @ 5% 6. Provide for managerial remuneration @ 10% of the net profit after tax 7. Make a provision for income tax @ 35% 8. The Board of Directors proposes a dividend @ 10% for the year ended on 31st March 2020 after transfer to General Reserve @5% of the profit after tax. Required: Prepare the Profit and Loss account and Profit and Loss Appropriation account for the company and Balance Sheet.