Question

Question 16.
From the following Trial Balance, prepare Trading Account, Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at the date:

Following adjustments are to be considered:
(i) Closing Stock ₹ 15,270.
(ii) Printing and Stationery expenses due ₹ 58,650.
(iii) Outstanding liabilities for salaries ₹ 12,000.
(iv) An old machine value at ₹ 12,000 (Book Value of which was ₹ 2,000) was given in exchange for a new machine purchased on 1st April, 2017. The machine given in exchange was not recorded in the books. Cheque issued for new machine purchased was accounted in the books of account.
(v) Depreciation @ 10% p.a. is to be provided on all fixed assets except building.

Answer 1

Answer:

Hope you have understood

Answer 2

Answer:

Explanation:

Trading account

To opening account                         8400       By sales       479760

To Purchase  300000                                less sales return (1800)      477960

  less Purchase return( 12200)  287800     By closing stock                   15270

To Wages                                       2800

To cariage                                      890

Gross profit                                193340

                                            -----------------------                                     -----------------

                                              493230                                                493230

Profit &loss Account

To carriage in                              300     By gross profit                  193340

To Depreciation                                      By Profit on machine          10000

 plant & machinery  13300

 motor vehicles         17600       30900  

To salaries      12000

outstanding    12000                    24000

To telephone charges                    3290

To printing     1350

outstanding   58650                    60000

To insurance                                 31200

To Net profit                                   53650

                                               ----------------------                                       -------------

                                                     203340                                               203340