Question

Q:1 Prepare the projected Trading, Profit & Loss A/c and Balance sheet for the year ended 31.3.2014. M/s Solace & Company \ Trading and Profit & Loss Account Projected Projected 2012-13 2013-14 2012-13 2013-14 Dr. Particulars Amount (Rs.) Amount (Rs.) Cr. Particulars Amount (Rs.) Amount (Rs.) To, Opening Stock 180,000.00 250,000.00 By, Sales 1,000,000.00 1,000,000.00 To, Purchases 750,000.00 750,000.00 By, Closing Stock 250,000.00 320,000.00 To, Carriage Inward 40,000.00 40,000.00 To, Wages 80,000.00 80,000.00 GROSS PROFIT OLDGP/OLD SALES*100 20.00 To, Gross Profit (c/d) 200,000.00 200,000.00 1,250,000.00 1,320,000.00 1,250,000.00 1,320,000.00 To, Salaries 69,000.00 84,664.02 By, Gross Profit (b/d) 200,000.00 200,000.00 To Audit Fee 12,000.00 12,000.00 SALARY:TRAVELLING:STAFF To Travelling Expenses 7,100.00 8,711.80 690:71:120 881.00 To, Staff Welfare 12,000.00 14,724.18 To, Rent & Taxes 5,000.00 5,000.00 CREDIT SIDE OF P&L 200,000.00 To Telephone Expenses 12,000.00 12,000.00 DEBIT SIDE OF P&L 91,900.00 To, Electricity Charges 16,900.00 16,900.00 DIFF 108,100.00 To, Depreciation 40,000.00 20,000.00 NP% OLD NP/OLD SALES*100 To, Legal Charges 6,000.00 6,000.00 2 To, Net profit 20,000.00 20,000.00 200,000.00 200,000.00 200,000.00 200,000.00 M/s Solace & Company 98, West Canal Road, New Delhi - 110014 Balance Sheet Liabilities Projected Assets Projected 2012-13 2013-14 2012-13 2013-14 Particulars Amount (Rs.) Amount (Rs.) Particulars Amount (Rs.) Amount (Rs.) Capital A/c: 390,000.00 440,000.00 Building 50,000.00 40,000.00 Add : Net Profit 20,000.00 20,000.00 Less: Depreciation 10,000.00 8,000.00 DEP % 20 40,000.00 32,000.00 Computer 50,000.00 20,000.00 DEP % 60 Less: Depreciation 30,000.00 12,000.00 20,000.00 8,000.00 410,000.00 460,000.00 60,000.00 40,000.00 Current Liabilities: Current Assets Loans & Advances: Secured Loan 80,000.00 80,000.00 Closing Stock 250,000.00 320,000.00 Sundry Creditors 160,000.00 160,000.00 Cash in hand 30,000.00 30,000.00 Cash at Bank 110,000.00 110,000.00 Sundry Debtors 200,000.00 200,000.00 650,000.00 700,000.00 650,000.00 700,000.00 Additional Information for 2013 - 14: a. GP & NP ratio to sales will be same in both the years. b. External vouchers will remain same as in 2012-13. ​

Answer 1

Answer:

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