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34 The following is the Trial …

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34 The following is the Trial Balance of Zoya Steels Ltd. as on 31 March 2018. 6 Name of Accounts Debit (Rs) Credit (Rs) Cash in Hand 1,080 Cash at Bank 5.260 Purchases and Sales 81,350 1,97,560 Return Inwards and Outwards 1.360 1.000 Wages 20,960 Fuel and Power 9,460 Carriage on Sales 13,400 Carriage on purchases 4,080 Opening Inventory 11,520 Building 60,000 Freehold Land 20.000 Machinery 36.000 Salaries. 33,000 Patents 12,000 General Expenses 6,000 Insurance 1.200 Capital Drawings Sundry Debtors and Creditors Total 1,42.000 10,490 29,000 15,600 3,56,160 3,56,160 You are required to prepare Trading Account, Profit& Loss Account and Balance Sheet as on that date after considering the following adjustments- 1. Inventory at the end was 13,600, 2. Insurance includes a premium of 170 for the next year. 3. Wages include a sum of 4,000 spent on the erection of cycle shed for employees. 4 A provision for bad and doubtful debts is to created on debtors @5% on sundry debtor. 5. Manager is to be given a commission of 10% on Net Profits before charging such commission.
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