O. 10 (A). From the following balances, prepare Trading, Profit
a Balance Sheet as at 31st March 2018:
Particular
Stock (Ist April 2017)
20,000 Goodwill
Purchase
2.92.000 Furniture and Fittings
Fuel and Power
34.000 Repair Charges
Capital
1.60.000 Bank
sales
5.90,000 Salaries
Rent
10.000 General Expenses
Returns Inwards
10.000 Debtors
Cash Discount allowed
15.000 Creditors
Cash Discount received
19,000 Output CGST
58,100 Output SGST
Input CGST
Input SGST
Drawings
Furniture purchased
er vel
at the rate of loy
Take the following adjustments into account
(a) General expenses include 5.000 chargeable to Furnitur
October 2017.
(b) Create a reserve of 5% on debtors for Bad and Doubtful Dehie
30.000 as a Bad-debt.
(2) Depreciation on Furniture and Fittings for the year is to be at the
per annum.
() Closing Stock was 40,000, but there was a loss by fire on 20th M
extent of 8,000. Insurance Company admitted the claim in full.
(e) (1) Goods costing 2,500 were used by the proprietor.
(II) Goods costing 31,500 were distributed as free samples.
on 20th March to
Answers
Answer:
2005
eptember 1. Started business with Rs. 100,000, paid into Bank Rs. 40,000,
2. Bought furniture for Rs. 10,000 and machinery for Rs. 20,000
3. Purchased goods for Rs. 28,000.
6. Sold goods for Rs. 16,000.
8. Purchased goods from Ishti q & Co. Rs. 22,000.
10. Paid telephone rent for the year by cheque Rs. 1,000.
11. Bought one typewriter for Rs. 4,200 from Universe
Typewriter Co. on credit.
15. Sold goods to Khurram for Rs. 24,000.
17. Sold goods to Ajmal for Rs. 4,000 for cash.
19. Amount withdrawn from bank for personal use Rs. 3,000.
20. Withdrew from bank for business use Rs. 7,000.
21. Received cash from Khurram Rs. 23,800, discount allowed Rs. 200.
22. Paid into bank Rs. 11,600.
25. Goods worth Rs. 2,000 found defective were returned to Ishta
& Co. and the balance of the amount due to them was settle
by issuing a cheque in their favour.
28. Bought goods worth Rs. 4,200 from Aslam and supplied then
to Akram at Rs. 6,000.
30. Akram returned goods worth Rs. 200, which in turn were se
to Aslam at Rs. 140.
30. Issued a cheque for Rs. 2,000 in favour
Explanation:
2005
eptember 1. Started business with Rs. 100,000, paid into Bank Rs. 40,000,
2. Bought furniture for Rs. 10,000 and machinery for Rs. 20,000
3. Purchased goods for Rs. 28,000.
6. Sold goods for Rs. 16,000.
8. Purchased goods from Ishtiaq & Co. Rs. 22,000.
10. Paid telephone rent for the year by cheque Rs. 1,000.
11. Bought one typewriter for Rs. 4,200 from Universe
Typewriter Co. on credit.
15. Sold goods to Khurram for Rs. 24,000.
17. Sold goods to Ajmal for Rs. 4,000 for cash.
19. Amount withdrawn from bank for personal use Rs. 3,000.
20. Withdrew from bank for business use Rs. 7,000.
21. Received cash from Khurram Rs. 23,800, discount allowed Rs. 200.
22. Paid into bank Rs. 11,600.
25. Goods worth Rs. 2,000 found defective were returned to Ishta
& Co. and the balance of the amount due to them was settle
by issuing a cheque in their favour.
28. Bought goods worth Rs. 4,200 from Aslam and supplied then
to Akram at Rs. 6,000.
30. Akram returned goods worth Rs. 200, which in turn were se
to Aslam at Rs. 140.
30. Issued a cheque for Rs. 2,000 in favour