Prepare the trading profit and loss account of Mohit traders as on 31" March 2019 and prepare balance sheet as on that date.
Debit balance
Opening stock
Purchases
Cash in hand
Cash at Bank
Return Inwards
Wages
Factory expenses
Carriage inwards
Insurance
Buildings
Plant
Goodwill
Salaries
Furniture
Drawings
Rent
Debtors
Adjustments:
Amount
24000
160000
16000
32000
4000
22,000
18000
6000
8000
100000
80000
30000
28000
12000
18000
2000
80000
640000
a) Salaries outstanding 12000
b) Wages outstanding 6000.
c) Commission due 2400.
d) Depreciation on building 5% and plant 3%.
e) Insurance paid in advance 700.
f) Closing stock 12000.
Credit balances
Sales
Return outwards
Capital
Creditors
Bills payable
Commission received
Amount
400000
2000
150000
64000
20000
4000
640000
Answers
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TRADING ACCOUNT ↑
PROFIT AND LOSS ACCOUNT ↑
BALANCE SHEET ↑
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