Advertisements
Advertisements
प्रश्न
Abraham is in business. The following balances were extracted from the books as on 31.12.2018. You are required to prepare a trading account and a profit and loss account for the year ended 31.12.2018 and a balance sheet as on that date.
| Debit (₹) | Credit(₹) | |
| Capital | 32,000 | |
| Drawings | 4,240 | |
| Purchases less Returns | 15,610 | |
| Rates and Taxes | 388 | |
| Salaries | 1,612 | |
| Lighting and Heating | 164 | |
| Electric Power | 384 | |
| Del credere Commission | 414 | |
| Insurance | 206 | |
| Advertising | 214 | |
| Sales less Returns | 34,176 | |
| Bad Debts Written off | 62 | |
| Postage, Telegrams, etc. | 826 | |
| Carriage | 754 | |
| Opening Stock | 6,160 | |
| Wages | 7,962 | |
| Land and Building | 15,840 | |
| Plant and Machinery | 4,034 | |
| Furniture and Fittings | 378 | |
| Sundry Debtors | 6,082 | |
| Sundry Creditors | 4,422 | |
| Cash at Bank | 5,268 | |
| 70,598 | 70,598 |
When preparing the accounts it is necessary to take the following matters into consideration: Closing stock on 31.12.2018 was ₹ 8,760.
उत्तर
| In the Books of Mr. Abraham | |||
| Dr. |
Trading and Profit and Loss A/c |
Cr. | |
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Opening Stock | 6,160 | By Sales Less Return | 34,176 |
| To Purchases Less Return | 15,610 | By Closing Stock | 8,760 |
| To Carriage Inward | 754 | ||
| To Wages | 7,962 | ||
| To Electric Power | 384 | ||
| To Gross Profit | 12,066 | ||
| 42,932 | 42,932 | ||
| To Rates & Taxes | 388 | By Gross Profit | 12,066 |
| To Lighting & Heating | 164 | ||
| To Salaries | 1,612 | ||
| To Del Credere Commission | 414 | ||
| To Insurance | 206 | ||
| To Advertising | 214 | ||
| To Bad debt written off | 62 | ||
| To Postage, telegrams etc. | 826 | ||
| To Net Profit | 8,180 | ||
| 12,066 | 12,066 | ||
| Balance Sheet as on 31.12.2018 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Capital | 32,000 | 35,940 | Land & Buildings | 15,840 |
| Add: Net profit | 888 | Plant & Machinery | 4,034 | |
| 40,180 | Furniture & Fittings | 378 | ||
| Less: Drawings | (4,240) | Sundry Debtors | 6,082 | |
| Sundry Creditors | 4,422 | Cash at bank | 5,268 | |
| Closing stock | 1,430 | |||
| 40,362 | 40,362 | |||
APPEARS IN
संबंधित प्रश्न
Compute the cost of goods sold from the following information:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 10,000 | Indirect expenses | 5,000 |
| Purchases | 80,000 | Closing stock | 15,000 |
| Direct expenses | 7,000 |
Prepare a Trading, Profit and Loss account of Mr. ABC for the year ending on 31st March, 2023 and a Balance Sheet as on 31st March, 2023.
| Particulars | Amount (Dr.) Rs. | Amount (Cr.) Rs. |
| Capital | 80,000 | |
| Drawings | 4,000 | |
| Cash at Bank | 4,700 | |
| Purchase | 66,000 | |
| Sales | 1,15,000 | |
| Purchase Returns | 3,000 | |
| Sales Returns | 6,000 | |
| Discount | 1,200 | |
| Carriage Outwards | 1,800 | |
| Salaries | 18,000 | |
| Trade expenses | 3,600 | |
| Opening stock | 15,000 | |
| Bad debts | 1,800 | |
| Rent | 4,500 | |
| Machinery | 1,08,000 | |
| Furniture | 18,000 | |
| Debtors | 12,000 | |
| Creditors | 30,000 | |
| Stationery | 7,500 | |
| Commission received | 900 | |
| Loan | 43,200 | |
| 2,72,100 | 2,72,100 |
Closing stock on 31st March, 2023 was valued at Rs. 78,000.
Purchases are recorded the ______ side of the ______.
Opening stock is the first item on the ______ side of ______.
Explain the needs of a Trading Account.
From the following trial balance and other additional information obtained from the books of Mr. Sunil Gavaskar, prepare his trading account and the profit and loss account for the half-year ended 30th September, 2018 and his balance sheet as on that date:
| Debit (₹) | Credit (₹) | |
| Capital Account | - | 1,55,000 |
| Drawings Account | 9,000 | |
| Trade Expenses | 12,000 | |
| Cash in Hand | 750 | |
| Cash at Bank | 22,700 | |
| Freehold Premises | 1,30,000 | |
| Stock as on 1.4.2018 | 35,000 | |
| Purchases and Sales | 75,000 | 2,50,000 |
| Returns | 2,800 | 2,000 |
| Carriage Inward | 1,500 | |
| Carriage Outward | 3,500 | |
| Sundry Debtors and Sundry Creditors | 48,000 | 25,000 |
| Bills Receivable and Bills Payable | 22,000 | 10,500 |
| Furniture and Fixtures | 15,400 | |
| Bad Debts | 1,500 | |
| Wages | 25,000 | |
| Salaries | 19,850 | |
| Advertisement | 15,000 | |
| Rent, Rates and Taxes | 3,500 | |
| 4,42,500 | 4,42,500 |
- Stock was valued at ₹ 40,000 on 30.9.2018.
The following is the trial balance of Mr. A. Chatterjee for the year ended 31st December, 2018. Compile the final accounts for him, after incorporating the adjustments and thereafter supply him with the required information, listed by him.
| Debit (₹) | Credit (₹) | |
| Opening Stock | 5,000 | |
| Capital | 30,000 | |
| Drawings | 2,000 | |
| Loan from Mr. Patel | 8,000 | |
| Purchases and Sales | 13,000 | 50,000 |
| Rejections Returned | 2,000 | 500 |
| Wages | 5,000 | |
| Salaries | 8,000 | |
| Carriage Outward | 2,000 | |
| Rent and Rates | 3,000 | |
| Telephone and Trunk Calls | 800 | |
| Petty Expenses | 400 | |
| Plant and Machinery | 35,000 | |
| Office Fixtures and Equipment | 10,000 | |
| Cash in Hand | 2,000 | |
| Bank Overdraft | 1,000 | |
| Customers and Suppliers | 8,000 | 6,700 |
| 96,200 | 96,200 |
Closing stock value is ₹ 15,000.
Trial Balance as on 31.3.2019 of Ms. Counsel.
| Debit (₹) | Credit (₹) | |
| Purchases and Sales | 2,40,000 | 4,15,000 |
| Wages & Factory Supervisor's Remuneration | 35,000 | |
| Building | 1,80,000 | |
| Machinery & Equipment | 4,75,000 | |
| Commission | 2,800 | 1,600 |
| Freehold Land | 1,00,000 | |
| Watch Dogs Squad | 30,100 | |
| Debit Notes & Credit Notes (issued in connection with goods) |
10,000 | 15,000 |
| Creditors & Debtors | 60,000 | 45,000 |
| Salaries & Staff Welfare | 38,000 | |
| Bill (drawn to guarantee payment) | 10,000 | 7,000 |
| Building Repairs | 15,000 | |
| Cash & Bank | 50,000 | |
| Bonus | 2,500 | |
| Discounts | 3,200 | 14,600 |
| Watch Dogs Upkeep Costs | 6,600 | |
| Accounts of the owner | 35,000 | 5,95,000 |
| Interest-free Loan | 1,00,000 | |
| General Reserve | 1,30,000 | |
| Opening Stock | 30,000 | |
| 13,23,200 | 13,23,200 |
Compile Final Accounts:
- Closing Stock at the cost price is ₹ 8,000 more than the opening stock - but the ruling market price is ₹ 5,000 only, on 31.3.2019.
Prepare a Trading, Profit and Loss A/c. and Balance Sheet of M/s. Sultan Enterprises for the year ended 31st March, 2010 from the following Trial Balance:
| Trial Balance as on 31.03.2010 | ||
| Heads of Accounts | Dr. (₹) | CR. (₹) |
| Opening Stock | 15,000 | |
| Salary | 2,400 | |
| Purchase & Sales | 80,000 | 1,20,000 |
| Machinery | 40,000 | |
| Returns | 4,000 | 5,000 |
| Commission Received | 6,000 | |
| Investments | 10,000 | |
| Interest on Investment | 1,200 | |
| Carriage on Purchase | 3,000 | |
| Rent & Rates | 4,000 | |
| Debtors & Creditors | 22,800 | 15,700 |
| Bills Receivable & Bills Payable | 3,400 | 4,100 |
| Cash-in-hand | 6,400 | |
| Wages | 18,600 | |
| Discount Allowed | 5,200 | |
| Royalty Paid | 12,000 | |
| Discount Received | 6,000 | |
| Drawings and Capital | 1,200 | 70,000 |
| 2,28,000 | 2,28,000 | |
Closing Stock was ₹ 15,250.
Prepare a Trading, Profit and Loss account of Mr. A. Awasthi for the year ending on 31st March, 2022 and a Balance Sheet as on 31st March, 2022.
| Particulars | Amount (Dr.) Rs. | Amount (Cr.) Rs. |
| Capital | 60,000 | |
| Drawings | 4,500 | |
| Cash at Bank | 4,200 | |
| Purchase | 66,000 | |
| Sales | 1,35,000 | |
| Purchase Returns | 3,000 | |
| Sales Returns | 6,000 | |
| Discount | 1,200 | |
| Carriage Outwards | 1,800 | |
| Salaries | 18,000 | |
| Trade expenses | 3,600 | |
| Opening stock | 15,000 | |
| Bad debts | 1,800 | |
| Rent | 4,500 | |
| Machinery | 1,08,000 | |
| Furniture | 15,000 | |
| Debtors | 15,000 | |
| Creditors | 30,000 | |
| Stationary | 7,500 | |
| Commission received | 900 | |
| Loan | 43,200 | |
| 2,72,100 | 2,72,100 |
Closing stock on 31st March, 2022 was valued at ₹ 78,000.
