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from the following particulars for the year ending on mar 31 2010 of m s gemini comp 619047

From the following particulars for the year ending on Mar 31, 2010 of M/s Gemini Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date:

Stock Apr 1, 2009

46,400

Land and Building

3,19,000

Capital Apr 1, 2009

2,90,000

Furniture and Fixture

14,500

Purchases

1,16,000

Bills Receivable

20,300

Sales

4,64,000

Bills Payable

14,500

Office Expenses

46,690

Sundry Debtors

1,16,000

Return Inward

8,700

Plant and Machinery

26,100

Interest on Loan

1,740

Sundry Creditors

91,640

Return Outward

2,320

Loan (Dr.) @ 10% on Apr 1, 2009

29,000

Drawings

17,400

Investment

17,400

Wages

40,020

Cash at Bank

20,300

Advertisement

31,900

Cash in Hand

1,450

Apprenticeship Premium

6,960

Stock as on Mar 31, 2010

40,600

Adjustments to be made for the current year are:

  1. Interest on capital to be allowed at 5% for the year.
  2. Interest on drawings to be charged to him as ascertained for the year Rs 464.
  3. Apprenticeship premium is for three years received in advance on Apr 1, 2009.
  4. Stock valued at Rs 17,400 destroyed by fire on Mar 26, 2010 but the insurance company admitted a claim of Rs 11,600 only to be paid in the year 2011.
  5. Rs 29,000 out of advertisement expenses are to be carried forward.
  6. The manager is entitled to a commission of 10% of the net profit calculated after charging such commission.
  7. The stock includes material worth Rs 5,800 for which bill had not been received and therefore, not yet accounted for

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