Q13. From the following Trial Balance of Ganesh Traders prepare Trading and Profit and Loss
A/c. for the year ended 31-3-2012 and the Balance Sheet as on that date :
Rs.
1.96,000
42,000
50,000
34,000
4,400
Credit Balance
Sales -
Capital
Creditors
Returns
Loan
Rs.
4,24,000
2,20,000
70,000
4,600
36,000
Rent Received
6,400
Debit Balance
Purchases -
Wages-
Stock on 1-4-2011 -
Printing
Insurance paid
(upto 30-9-2012)
Salaries
Carriage Inward
Stationery
Advertising
Building
Machinery
Debtors
Retums
Cash in Hand
Patents
64,000
20,000
28,000
24,000
70,000
1,20,000
60,000
4,000
4,600
40,000
7,61,000
7,61,000
Answers
Answered by
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1) Profit for the year 2,660
2) Total Assets 2,57,660
Trading and Profit and Loss Account for the year ended 31-3-2012:
Sales 4,24,000
Less: Purchases 2,20,000
Gross Profit 2,04,000
Less: Operating Expenses:
Wages 20,000
Printing 4,000
Insurance paid (upto 30-9-2012) 24,000
Salaries 36,000
Carriage Inward 42,000
Stationery 6,400
Advertising 50,000
Total Operating Expenses 2,00,400
Profit from Operations 3,600
Less: Interest on loan 34,000
Profit for the year 2,660
Balance Sheet as on 31-3-2012:
Liabilities:
Capital 70,000
Creditors 64,000
Loan 1,20,000
Profit for the year 2,660
Total Liabilities 2,57,660
Assets:
Cash in Hand 4,600
Stock on 1-4-2011 28,000
Debtors 40,000
Returns 4,600
Building 1,96,000
Machinery 42,000
Patents 4,400
Total Assets 2,57,660
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