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Prepare the final accounts from the …

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Prepare the final accounts from the following trial balance for the year ended 31st March, 2015. Name of AccountsDebit Balance (Rs)Name of AccountsCredit Balance (Rs)Drawings85,000Capital15,00,000Purchases28,00,000Creditors4,50,000Carriage inward40,000Outstanding expenses90,000Wages3,00,000Rent received20,000Power1,10,000Purchase return1,50,000Depreciation on machinery20,000Sales44,00,000Advertisement development1,50,000Provision for bad debts20,000Plant and machinery7,00,000Discount received35,000Goodwill1,80,000  Agent’s samples60,000  Opening stock3,50,000  Debtors2,62,000  Cash at bank1,60,000  Cash in hand198,000  Salaries5,00,000  General expenses1,70,000  Prepaid expenses9,000  Salary to agent2,10,000  Rent and insurance2,30,000  Discount allowed70,00  Sales return29,000  Commission to agent32,000   66,65,000 66,65,000 Adjustments: (i) Closing stock was valued at Rs 5,00,000 goods costing Rs 50,000 was destroyed by fire. The insurance company admitted a claim for Rs 30,000 only. (ii) Depreciate agents samples by 25%. (iii) Write-off advertisement development by 30%. (iv) Write-off Rs 22,000 as bad debts and create a provision for doubtful debts on debtors at 5%. (v) Proprietor withdrew Rs 10,000 for his private use. This amount was included in general expenses. (vi) Charge 5% manager's commission on net profit after charging his commission. (vii) There is an contingent liability of Rs 2,00,000 in respect of a court case.
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