18. The following is the Trial Balance of Ruby Ltd. Credits Rs. Debits Rs. Capital 10,000...

18. The following is the Trial Balance of Ruby Ltd.

Credits	Rs.	Debits	Rs.
Capital 10,000 shares of 10 each	1,00,000	Calls-in-arrears	6,400
Bad debts provision	2,400	Land	10,000
Sales	85,000	Building	25,000
Discount	750	Plant	15,000
Purchase Returns	3,400	Furniture	3,200
Creditors	13,200	Carriage inwards	2,300
Securities premium	6,000	Wages	21,400
General Reserve	24,000	Salaries	4,600
		Sales Returns	2,700
		Bank Charges	1,300
		Discount	550
		Coal, gas and water	700
		Rates and Taxes	800
		Purchases	50,000
		Bills Receivable	1,200
		Printing	4,900
		Debtors	42,800
		Opening Stock	25,000
		Fire Insurance	400
		Cash	16,500
	2,34,750		2,34,750

Prepare trading, profit and loss account and Vertical Balance Sheet after taking into account the following adjustments:

Value of closing stock was Rs. 30,000.
Outstanding liabilities were: Wages- Rs. 3,200, Salaries- Rs. 500, Rates and Taxes- Rs. 200.
Fire insurance prepaid was Rs. 120.
Provision to be made at 5% on debtors for Bad debts.
Depreciation to be charged on Buildings at 2 ½%, Plant at 10% and Furniture at 10% p.a.

Expert Solution

Note : AMOUNT OF CREDITORS SHOULD BE ON THE OUTER COLUMN

Prading (12300 and porofil and loss account of Ruby Ltd. Particulars Parohicula ou Rs. Opening stock 25000 sales 95000 purchases 50000 Less:sales return 2700) 82300 Less Purchase setim (3400) 46£00 Closing shoek 30000 carriage' Inward 2300 wages (21400+3200) 24600 Gross Profit old 13900 Total Total +12300 salaries (4600+500) 5100 Gross profil ble Bank Chorges 1300 Disount 750 Discount 550 260 .coal, gas and water 200 Rates and tax (900+200) 1000 Printing 4900 Fire insurance (400-120) 280 Deprecablon (625+15001320) 24-45: Net Loss 1465 13800 Bad debt provison 16275 16275 1/1

E vertical Balance sheet of Ruby Ltd. Equity and liabilities 1. Shareholders and C) slurre capital: 1000 shares of Flo each 100,000 (13) Les calls in anteny _66400) 93600 c) Reserves and surplus Securities Premium 6000 General Reserve (24.000-1465) 22535 29 535 2. Current lichilibet ett hors 13200 other current Liabilities Wages outstanding 3200 Salaries Outstanding 500 Rates and taxes outstanding 3900 (6) Short term provisions Bad debt provision (2400 - 260) 214D Total 14-1375 Assets I non current Assets al Fixed Assets Land 10000 2.4-375 Building (25000 -625) Plant (15000 - 1500) 13,500 Furniture (3200 - 320) 2890 50755 2. Current Asset 200 2/2

30000 42800 1200 (2) Current Assef. (a) closing stock b) Debtors ce) Bills geceivable (d) cash (6) other current Assef - Dore pond Fire Insurance Total 16500 120 LLL 335 3/3

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