Question 26.
Trial Balance of Chatter Sen on 31st March, 2018 revealed the following balances:
Stock on 31st March, 2018 was valued at ₹ 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at the date.
Answers
Answer:
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Trading and P&L A/c with Balance Sheet as at 31.3.2018
Explanation:
In the Books of Chatter Sen
Trading and P&L A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Opening Stock 40000 By Sales 126000
To Purchases 56725 (-1000)
(-1275) By Closing Stock 35000
To Wages 10,000
To Freight Inwards 750
To Gross Profit 53525
(bal.)
161000 161000
To Discount Allowed 350 By Gross Profit 53525
To Bank Charges 75 By Discount Rec. 800
To Salaries 6800
To Freight outwards 1200
To Rent,Rates and Taxes 2000
To Advertisement 2000
To Net Profit 41900
(bal.)
54325 54325
Balance Sheet
as at 31.3.2018
Notes to A/c Amount(Rs.)
Non-Current Assets:
Plant and Machinery 90000
Current Assets:
Closing Stock 35000
Sundry Debtors 45000
Cash at Bank 6900
Total(A) 176900
Non-Current Liabilities:
Capital 151900
(+41900)
Current Liabilities:
Creditors 20000
Loan 5000
Total(B) 176900