Question

Question 13.
From the following information, prepare Profit and Loss Account for the year ended 31st March, 2018:

Answer 1

Answer:

Hope you have understood.

Answer 2

Profit and Loss A/c for the year ended 31.3.2018

Explanation:

                                           Profit and Loss A/c

                                                as at 31.3.2018                                            

Particulars                Amount(Rs.)        Particulars          Amount(Rs.)  

To Rent                        5000             By Gross Profit         120000

To Salary                    35000            By Disct. Received    6000

To Comm. Paid           19000            By Interest Received 8000

To Interest on Loan     5000

To Advt.                        8000

To Printing and Stat.    4000

To Legal Charges        10000

To Bad debts                2000

To Loss by Fire             6000

To Depreciation            4000

To Net Profit                 36000

(bal. fig.)

                                                                                                                 

                                   134000                                            134000