Mr. Mohan gives you the following trial balance and some other information:
Trial Balance as on 31st March, 2017
₹
6,50,000
9,70,000
Particulars
Capital
Sales
Purchases
Opening Inventory
Freights Inward
Salaries
Other Administration Expenses
Furniture
Trade receivables and Trade payables
Returns
Discounts
Bad Debts
Investments in Government Securities
Cash in Hand and Cash at Bank
4,30,000
1,10,000
40,000
2,10,000
1,50,000
3,50,000
2,10,000
20,000
19,000
5,000
1,00,000
1,87,000
18,31,000
1,90,000
12,000
9,000
18,31,000
Other Information:
(1) Closing Inventory was 1,80,000;
(ii
) Depreciate Furniture @ 10% p.a.
Answers
Answer:
Following are the balances extracted from the books of Manish Gupta on 31st March, 2018:
Step-by-step explanation:
₹
₹
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
2,08,100
plz follow me on brainly
- आंसर प्लस वन 23456789 वेदर रिपोर्ट इन 2019 एंड इन 2020 मॉडल पेपर 2019