following balance were extracted from the book shri s pal on 31 March 2020. you are required a prepare atrial balance. furniture 192000rs ,capital 200000 rs
Answers
Explanation:
Trading and Profit and Loss Account
as on 31st March,2010
Dr Cr
Particulars Amt. (Rs.) Particular Amt. (Rs.)
To Opening Stock 10,000 By Sales 80,000
To Purchase 40,000 (-) Sales Return 200
79,800
(-) Purchase Return 600
39,400 By Closing Stock 2000
To Wages 6,000
To Dock and Clearing Charges
4,000
To Gross Profit c/d 22,400
81,800 81,800
To Donation and Charity
600 By Gross Profit b/d 22,400
To Interest on Capital
2000 By Interest on Drawings
140
To Depreciation on Furniture
565 By Interest on Investment
10th
Elements of Book Keeping and Accountancy
Final Accounts
Preparation of Trading and Profit & loss Account and Balance Sheet of Sole trader
From the following balances...
ACCOUNTANCY
From the following balances extracted from the book of M/s Manju Chawla on March 31, 2010. You are requested to prepare the trading and profit and loss account and a balance sheet as on this date.
Account Title Amt. (Dr) Amt. (Cr)
Opening Stock 10,000
Purchase and Sales 40,000 80,000
Returns 200 600
Wages 6,000
Dock and Clearing Charges 4,000
Lighting 500
Miscellaneous Income 6,000
Rent 2,000
Capital 40,000
Drawings 2,000
Debtors and Creditors 6,000 7,000
Cash 3,000
Investment 6,000
Patent 4,000
Land and Machinery 43,000
Donations and Charity 600
Sales Tax Collected 1,000
Furniture 11,300
1,36,600 1,36,600
Closing Stock was Rs. 2,000.
(a) Interest on drawings @ 7% and interest, on capital @ 5%.
(b) Land and machinery is depredated at 5%.
(c) Interest on investment @ 6%.
(d) Unexpired rent Rs. 100.
(e) Charge 5% depreciation on furniture.
MEDIUM
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ANSWER
Trading and Profit and Loss Account
as on 31st March,2010
Dr Cr
Particulars Amt. (Rs.) Particular Amt. (Rs.)
To Opening Stock 10,000 By Sales 80,000
To Purchase 40,000 (-) Sales Return 200
79,800
(-) Purchase Return 600
39,400 By Closing Stock 2000
To Wages 6,000
To Dock and Clearing Charges
4,000
To Gross Profit c/d 22,400
81,800 81,800
To Donation and Charity
600 By Gross Profit b/d 22,400
To Interest on Capital
2000 By Interest on Drawings
140
To Depreciation on Furniture
565 By Interest on Investment
360
To Depreciation on Land and Machine
2,150 By Miscellaneous Income
6,000
To Lighting
500 By Rent Received 2,000
To Net Profit
24,985 (-) Unexpired Rent 100
1,900
30,800 30,800
Balance Sheet
as on 31st March, 2010
Liabilities Amt. (Rs.) Assets Amt. (Rs.)
Capital 40,000 Furniture 11,300
(+) Interest on Capital
(+) Net Profit
(-) Drawings 2,000
42,000
24,985
66,985
2,000 (-) Depreciation @5%
565
10,735
(-) Interest
140 Land and Machinery
43,000
Unexpired Rent 100 (-) Depreciation @ 5%
Investment 2,150
40,850
6,000
Sales Tax Collected
1,000 (+) Interest @ 6%
360Creditors
7,000 Debtors 6,000
Cash 3,000
Patents 4,000
Closing Stock 2,000