Ifra javed

ASSIGNMENT : ADVANCE ACCOUNTING DEGREE : BS ECONOMICS & FINANCE SEMESTER : 2 nd SUBMITTED BY : IFRA JAVED SUBMITTED TO : SIR ALI GOHAR ROLL NO : 3220 SUBMISSION DATE : 9/June/2020 ILLUSTRATION NO: 1 The following is the trial Balance of Shumile Ltd. as at 31st Dec 2017 with the following information . Particular Rs Particular Rs Stock (1-1-2017) Free hold premises Plant and Machinery Sundry Debtors Purchases Cash at Bank Cash in hand Customs duty Fuel and power Paid up capital 6% Debenture Profit and Loss Account Sales Bad Debts Provision Director’s fees Repair and Renewal Wages and Salaries Insurance 50,000 144,000 171,000 39,000 90,000 30,000 800 3,500 1,500 150,000 200,000 17,500 240,000 1,200 4,000 2,400 46,000 4,100 Bad Debts Preliminary Expenses Interim Dividend Furniture and Fixture General Reserve Share premium Debenture Redemption Reserve Debenture Interest Paid Commission received Sundry creditors Bills payable Investment (short term) 1,000 4,000 9,000 30,000 10,000 5,000 4,500 6,000 1,600 16,500 10,000 20,000 Prepared Trading& profit & Loss account or the year of ended 31st Dec 2017 and Balance sheet as at that date after considering the following information . 1. Create a Reserve for Bad debt @ 5% on Debtor. 2. Provide Depreciation on Plant and Machinery @ 10% Furniture and Fixture @ 5%