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From the fallowing balance extracted from Bharath
Stores prepare
departmental trading and p&l account in columnar form for the year Ended 31-03-2019
Slock 01-04-2018
DP 1. - 120000
DP 2. - 90000
Purchase and sales
DP 1 - 160000 , 140000
DP 2 - 300000 ,280000
carriage inwards
DP 1- 4000
DP 2- 2000
particulars. DR. DR
Machinery. 36000
Salaries. 60000
Rent. 12000
Repairs to
Machinery. 30000
Dea and Crs. 45000. 60000
capital. 160000
cash in
hand. 12000
bills recivable
&payable. 15000
Drawing 20000
Buildings. 60000
TOTAL. 806000 806000
Adjustments:-
Stock on 31-3-19 dep1-140000 Dep2-120000
Salaries to be divided in the ratio of 7:3
value of machinery dept1-20000,dept2-16000
Depreciate machinery at 10% pa and bulding at 5%
Area occupied in the bulding 3:2 by dept1 and dept2 respectively
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Answer:
Explanation:
Trading and Profit and Loss Account
as on 31st December,2011
Dr Cr
Particulars Amt. (Rs.) Particular Amt. (Rs.)
To Opening Stock 76,800 By Sales 2,20,000
To Purchase 1,50,000 (-) Sales Return 200
2,19,800
(-) Purchase Return 10,000
1,40,000 By Closing Stock 20,000
To Carriage Inwards 100
To Wages
(-) Prepaid 500
40
460
To Gas, Coal and Water 12,00
To Gross Profit c/d 21,240
2,39,800 2,39,800
To Salary 2,000 By Gross Profit b/d 21,240
(+) Outstanding 100
2,100
By Discount 1,260
To Bank Charges 200 By Apprentice 1,260
To Trade Expenses 3,800
To Rates and Taxes
870
To Depreciation on Plant and Machinery 2,000
To Depreciation on Land and Building
1,200
To Provision for Doubtful Debts 2,715
To Discount Allowed 1,548
To Manager's Commission 633
[13,297×
205
5
]
To Net Profit
12,664
27,730 27,730
Balance Sheet
as on 31st December, 2011
Liabilities Amt. (Rs.) Assets Amt. (Rs.)
Capital 1,01,110 Land and Building
(-)Depreciation
12,000
1,200
10,800
(+) Net Profit
(-) Drawings 12,664
1,13,774
20,000
93,774 Cash at Bank
50,000
Bills Payable 1,28,870 Plant and Machinery
40,000
Outstanding Salary
100 (-) Depreciation
2,000
38,000
Outstanding Manager's
Commission 633 Bills Receivable
24,500
Sundry Debtors 54,300
(-) Provision
(-) Discount 2,715
1,548
50,037
Cash in Hand
30,000
Closing Stock
20,000
Prepaid Wages
40
2,23,377 2,23,377
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