0444 Assignment No 2 Solution 2022-Autumn AIOU-Q 1 Ans-Advance Accounting<br /><br />Question<br />The Yasir Corporation was registered with a nominal Capital of Rs. <br />1,200,000 divided into equity shares of Rs. 10 each. On 31 March 2021 the following ledger balance were extracted from the company’s book: <br />Equity Share Capital up and Paid Up 920,000 10% Debentures 600,000 <br />Plant and Machinery 720,000 Sales 830,000 <br />Stock (1-4-2020) 150,000 5% Govt. Securities 120,000 <br />Fixtures 14,400 Reserve for Doubtful Debts 7,000 <br />Preliminary expenses 10,000 Sundry Creditors 100,000 <br />Freight and Duty 26,200 Sundry Debtors 174,000 <br />Goodwill 50,000 Buildings 600,000 <br />Wages 169,600 Bad debts 4,220 <br />Cash in hand 19,700 Commission paid 14,400 <br />Cash at bank 76,600 Salaries 29,000 <br />Director’s fees 11,480 Purchases 370,000 <br />Bills Payable 76,000 Interim dividend paid 15,000 <br />General Reserve 50,000 Rent 9,600 <br />Profit & Loss A/c (Cr) 1-4-2020 29,000 General Expenses 9,800 <br />Office Equipment 8,000 Debenture Interest 10,000 <br />The following adjustments were to be made:<br />i. The Stock on 31st March, 2021 was estimated at Rs. 200,000<br />ii. Final Dividend at 10% to be provided.<br />iii. Depreciation on Plan and Machinery at 10% and on Fixtures at 5%<br />iv. Preliminary expenses to be written off <br />v. Rs. 30,000 were to be transferred to General Reserve<br />vi. The provision for bad debts to be maintained at 10% on sundry debtors<br />Required: <br />You are required to prepare the <br />(i) Trading and Profit and Loss <br />Account and <br />(ii) Profit and Loss Appropriation Account for the year ended 31st March 2021 and the <br />(iii) Balance sheet as on that date.
