Question

from the following figures prepare trading and profit and loss account for the year ended 31st march 2010 and balance sheet as on date
Opening stock
40000

Purchase
180000

Sales
320000

Sales return
5500

Wages
22,000

Carriage
1200

Bad debts
600

Bad debts s provision
1000

Sundry debtors
50300

Sundry creditors
15800

Office furniture
5300

Plant and machinery
78000

Establishment charges
5100

Advertisement
5500

Goodwill
10000

Import duty and clearing charges
4200

Commission- cr.side
800

Capital
120000

Drawings
15000

Investment 16100
Cash 16000
Rent and insurance 2800
Adjustments
1. Rent outstanding amount to rupees 500 insurance unexpired to rupees 300
2. Commission outstanding to rupees 120 has been received in advance
3. Write of f rupees 300 as bad debts and provision for doubtful debts to be maintained at 2.5 % on sundry debtors
4 depreciate plant and machinery by 5%
5 wages outstanding 2000
6 stock on 31st march 2010 was rupees 34000
Q2 give the format of trading,profit/,loss,and balancesheet

Answer 1

Explanation:

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

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