Question

From the following balances taken from the books of Ved & Co., prepare Trading and Profit
and Loss Account for the year ending 30th June, 2020 and Balance Sheet as on that date :
Capital
35,000 Returns Outward
Buildings
18,750 Salaries
Machinery
9,250 Discount Allowed
Debtors
7,000 Stock (1-7-2019)
General Expenses
800
Bills Payable
Rent paid
3,710 Sales
Drawings
650 Purchases
Electric Charges
190 Wages
Carriage Inward
850 Cash in hand
Cash at Bank
3,000 Sundry Creditors
Returns Inward
450
Closing stock is valued at 18,210.
IGP 14670N
100
110
1,110
200
16.500
5.000
63,500
46.850
2,500
1.800
10.000​

Answer 1

Answer:

prepare Trading and Profit

and Loss Account for the year ending 30th June, 2020 and Balance Sheet as on that date :

Capital

35,000 Returns Outward

Buildings

18,750 Salaries

Machinery

9,250 Discount Allowed

Debtors

7,000 Stock (1-7-2019)

General Expenses

800

Bills Payable

Rent paid

3,710 Sales

Drawings

650 Purchases

Electric Charges

190 Wages

Carriage Inward

850 Cash in hand