Question 37.
Following information is obtained from the books of Vinay, who maintained his books of account under Single Entry System:
Vinay banks all receipts and makes payments by means of cheque.
From the above information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date.
Answers
Trading and P&L A/c with Balance Sheet as at 31.3.2018
Explanation:
Trading A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Opening Stock 31250 By Sales 120625
To Purchases 37500 (100000+20625)
To Wages 33625 By Closing Stock 15625
To Light and Power 2375
To Gross Profit 31500
(bal. fig.)
To Salary 5625 By Gross Profit 31500
To Interest 375
To Rent 6625
To Expenses 10625
To Dep. on Plant 4050
To Net Profit 4200
(bal. fig.)
Balance Sheet
as at 31.3.2018
Notes to A/c Amount(Rs.) Non-Current Assets:
Plant 36575
Current Assets:
Debtors 30625
Closing Stock 16375
Bank 15625
Total(A) 99200
Non-Current Liabilities:
Capital 87200
(-7500+12500+4200)
Current Liabilities:
Creditors 12000
Total(B) 99200
Balance Sheet
as at 1.4.17
Notes to A/c Amount(Rs.)
Non-Current Assets:
Plant 37500
Current Assets:
Debtors 18750
Closing Stock 31250
Bank 3125
Total(A) 90625
Non-Current Liabilities:
Capital(bal. fig.) 78000
Current Liabilities:
Creditors 12625
Total(B) 90625
*Working Notes:
1) Bank A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Bal. b/d 3125 By Plant A/c 3125
To Capital A/c 12500 By Creditors 38125
To Debtors 88125 By Drawings 7500
To Sales 20625 By Salaries 5625
By Wages 33625
By Interest 375
By Rent 6625
By Light and Power 2375
By Expenses 10625
By Bal. c/d 16375
124375 124375
2) Debtors A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Bal. b/d 18750 By Cash A/c 88125
To Sales(bal. fig.) 100000 By Bal. c/d 30625
118750 118750
3) Creditors A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Cash A/c 38125 By Bal. c/d 12625
To Bal. c/d 12000 By Purchases A/c 37500
(bal. fig.)
50125 50125