Final Accounts Important Question | books of Manpreet

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On 31st March, 2020 the following Trial Balance was prepared from the books of Manpreet:
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2020 and also
the Balance Sheet as at that date after making the following adjustments:
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2024 and also
the Balance Sheet as at that date after making the following adjustments:

(i) Closing Stock at cost was ₹ 35,000 whereas its net realisable value (market value) was ₹ 30,000.
(ii) A new machine was purchased for ₹ 3,000 on 1st October, 2019 but it was not paid for and no entry was passed in the books.
(iii) Wages include ₹ 500 paid for the installation of machinery.
(iv) Provision for Doubtful Debts was raised to ₹ 1,400 and further bad debts of ₹ 300 were written off.
(v) In the month of March, 2020, a fire broke out and destroyed stock to the value of ₹ 8,000. The insurance company admitted claim for loss of stock to the tune of ₹ 5,000 only and the amount was paid in April, 2020.
(vi) Outstanding wages were ₹ 700 while outstanding salaries amounted to ₹ 500.
(vii) Prepaid insurance was ₹ 250 and prepaid advertisement ₹ 500.
(viii) Machinery was depreciated by 10% and furniture by 15%.

On 31st March, 2024 the following Trial Balance was prepared from the books of Manpreet:


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