Question 19 Balance Sheet of Liabilities Capital Profit and Loss A/c 10% Loan Trade Payables rag Trading Co. on 31st Mar
Posted: Sun Jun 05, 2022 7:53 pm
- Question 19 Balance Sheet Of Liabilities Capital Profit And Loss A C 10 Loan Trade Payables Rag Trading Co On 31st Mar 1 (48.08 KiB) Viewed 51 times
(i) remaining life of property, plant and equipment is 5 years with even use. the net realizable
value of property, plant and equipment as on 31st march, 20x2was $ 64,000.
(ii) firm’s sales and purchases for the year 20x1-x2 amounted to $ 5 lacs and $ 4.50 lacs
respectively.
(iii) the cost and net realizable value of the stock were $ 34,000 and $ 38,000 respectively.
(iv) general expenses for the year 20x1-x2 were $16,500.
(v) deferred expenditure is normally amortized equally over 4 years starting from f.y. 20x0-x1 i.e.
$5,000 per year.
(vi) out of trade receivables worth $10,000, collection of $4,000 depends on successful re-design of
certain product already supplied to the customer.
(vii) closing trade payable is $10,000, which is likely to be settled at 95%.
(viii) there is pre-payment penalty of $2,000 for bank loan outstanding.
prepare profit & loss account for the year ended 31st march, 20x2 by assuming it is not a going
concern.
Question 19 Balance Sheet of Liabilities Capital Profit and Loss A/c 10% Loan Trade Payables rag Trading Co. on 31st March, 20X1 is given below: Amount Assets Amount 50,000 Property, Plant and Equipment 69,000 22,000 Stock in Trade 36,000 43,000 Trade Receivables 10,000 15,000 18,000 Deferred Expenditure Bank 3,000 1,33,000 1,33,000