From the following balances extracted from the Trial Balance of
Mr. Raja. You required to prepare a Trading and Profit and Loss
a/c for the year ending 31-3-2019
Stock on 1-4-
2018
3,000 Sales 72,000
Purchases 25,000 Purchases
returns
4,000
Wages 4,000 Interest
received
6,000
Sales Returns 2,000 Discount
received
4.500
Carriage 1,500 Commission
received
5,000
Cartage 2,500 Stock on
31-3-2019
2,500
Rent 6,000
Salaries 10,000
Answers
Answer:
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Page No 19.60:
Question 1:
Following are the balances extracted from the books of Manish Gupta on 31st March, 2018:
₹
₹
Capital
1,90,000
Cash at Bank
26,000
Drawing
7,000
Salaries
8,000
Plant and Machinery
1,20,000
Repairs
1,900
Delivery Vehicle
26,000
Stock on 1st April, 2017
16,000
Sundry Debtors
36,000
Rent
4,500
Sundry Creditors
26,000
Manufacturing Expenses
1,500
Purchases
20,000
Bills Payable
23,500
Sales
42,000
Bad Debts
5,000
Wages
8,000
Carriage
1,600
Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2018 after following adjustments are made:
(i) Closing Stock was ₹ 16,000.
(ii) Depreciate Plant and Machinery @ 10% and Delivery Vehicle @ 15%.
(iii) Unpaid Rent amounted to ₹ 500.
ANSWER:
Trading Account
for the year ended March 31, 2018
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Opening stock
16,000
Sales
42,000
Purchases
20,000
Closing Stock
16,000
Wages
8,000
Manufacturing Expenses
1,500
Carriage
1,600
Gross Profit (Balance Figure)
10,900
58,000
58,000
Profit and Loss Account
for the year ended March 31, 2018
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Salaries
8,000
Gross Profit
10,900
Repairs
1,900
Net Loss (Balancing Figure)
24,900
Rent
4,500
Add: Unpaid Rent
500
5,000
Bad Debts
5,000
Depreciation on:
Plant and machinery
12,000
Delivery Vehicle
3,900
15,900
35,800
35,800
Balance Sheet
as on March 31, 2018
Liabilities
Amount
(Rs)
Assets
Amount
(Rs)
Capital
1,90,000
Fixed Assets
Less: Drawings
(7,000)
Plant and Machinery
1,20,000
Less: Net Loss
(24,900)
Less:10% Deprecation
(12,000)
1,08,000
1,58,100
Delivery Vehicle
26,000
Less:15% Depreciation
(3,900)
22,100
Current Liabilities
Sundry Creditors
26,000
Current Assets
Bills Payable
23,500
Closing Stock
16,000
Unpaid Rent
500
Sundry Debtors
36,000
Cash at Bank
26,000
2,08,100