prepare trading and profit and loss account and balance sheet from the following balances related to the year ended 31st March 2019. capital 100000, creditor 12000, return outward 5000, sales 164000, bill payble 5000, plant and machinery 40000, sundry debtors 24000, drawing 10000, purchase 105000, return inward 3000, wages 50000, bank 10000, repair 500, stock on 1st April 2018 RS 20000, rent 4000, manufacturing expenses 8000 ,trade expenses 7000, bad debt 2000, carriage 1500, fuel and power 1000.
Adjustment---
1-. closing stock was valued 14500.
2-. write off bad debts 5000.
3-. plant and machinery by 4000.
4-. RS 400 is due for repairs.
Answers
Answer:
gross profits of trading account = 24500
balance sheet - 169500
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Trading & Profit and loss A/c
for the year ended 31st March, 2019
Particulars Amount Particulars Amount
To Opening Stock 20000 By Sales 164000
To Purchases 105000 - Return Inward 3000 161000
- Return outward 5000 100000 By Closing Stock 14500
To Wages 50000
To Fuel & Power 1000
To Gross Profit c/d 4500
175500 175500
To Bad Debts 2000 By gross profit b/d 4500
+ written off 5000 7000 By Net Loss 27900
To repairs 500
+ Outstanding 400 900
To rent 4000
To manufacturing exp 8000
To trade exp 7000
To carriage 1500
To Depreciation 4000
32400 32400
Balance Sheet
as at 31st March, 2019
Liabilities Amount Assets Amount
Capital 100000 Plant & Machinery 40000
- Drawings 10000 - Depreciation 4000 36000
- Net loss 27900 62100 Sundry Debtors 24000
Creditor 12000 - Bad debts 5000 19000
Bill Payable 5000 Closing Stock 14500
Outstanding repairs 400 Bank 10000
79500 79500
Note - Bad debts are deducted from debtors only those given in adjustment as the one given above must have already been deducted from debtors.