Accountancy Project Workbook- Project 1 Financial Statement Analysis Class12 E-book


Statement-As an accountant you are required to Journalise these transactions and post them into ledger accounts and prepare a Trial Balance.

(1) Prepare Trading and Profit and Loss Account for the year ending 31st March 2016 and balance
sheet on the same date after considering the following adjustments:
(a) Plant & machinery are to be depreciated @ 6% p.a.
(b) Depreciation on office furniture and office equipments is to be charged @8% p.a.
(c) Closing Stock at the end Rs.1,00,000.
(d) Salaries outstanding Rs.40,000
(e) Interest on bank loan outstanding Rs.30,000
(f) Manager will get commission on net profit after charging such commission @ 5% p.a. (only
in the case of profit).
(2) Comment on the financial position and profitability of the business and give valuable
suggestion to the management when gross profit of the similar firm is Rs.5,00,000 and net
profit is Rs.40,000.


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