Question 20.
From the following balances of Anand, prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2018:
Value of goods on hand (31st March, 2018) was ₹ 1,43,000.
Answers
Answer:
Hope you have understood.
Trading and P&L A/c with Balance sheet as at 31.3.18
Explanation:
In The Books of Anand
Trading and P&L A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Opening stock 99450 By Sales 781820
To Purchases 620920 By Closing Stock 143000
To Wages 43000
To Gross Profit 161450
(Bal. fig.)
924820 924820
To Salaries 40000 By Gross Profit 161450
To Discount 10000 By Bad debts recovered 1750
To Postage 2730
To Bad debts 2870
To Interest 12950
To Insurance 4170
To Selling expenses 1750
To Net Profit 88730
163200 163200
Balance Sheet
as at 31.3.18
Notes to A/c Amount(Rs.)
Non-Current Assets:
Buildings - 237800
Furniture and Fixtures - 161550
Machinery - 100000
Current Assets:
Debtors - 38850
Closing Stock - 143000
Total(A) 681200
Non-Current Liabilities:
Capital 1 448730
Loan - 120000
Current Liabilities:
Creditors - 87200
Bills Payables - 25270
Total(B) 681200
Notes to A/c:
1)Calculation of Capital to be transferred to Balance sheet
Capital Rs.360000
Add:Net profit Rs.88730
Capital Rs.448730