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प्रश्न
Answer in one sentence only.
To which account Gross Profit transferred?
उत्तर
Gross Profit, which is calculated by preparing Trading Account, is transferred on the credit side of Profit & Loss Account.
APPEARS IN
संबंधित प्रश्न
Trial Balance as on 31.03.2013
|
Particulars
|
Debit
Amount (Rs.)
|
Credit
Amount (Rs.)
|
|
Capital Accounts
|
||
|
Apeksha
|
60000
|
|
|
Pratiksha
|
35000
|
|
|
Purchases and Sales
|
46700
|
85000
|
|
Sundry Debtors and Creditors
|
28000
|
25000
|
|
Bills Receivable and Bills Payable.
|
9600
|
7800
|
|
Opening Stock
|
18000
|
|
|
Wages
|
9900
|
|
|
Investment
|
13500
|
|
|
Postage and Telegrams
|
3600
|
|
|
Insurance
|
1200
|
|
|
Plant and machinery
|
40700
|
|
|
Furniture
|
18000
|
|
|
Cash in hand
|
2500
|
|
|
Carriage
|
3200
|
|
|
Bad debts
|
400
|
|
|
Prepaid rent
|
7000
|
|
|
Salaries
|
10500
|
|
|
212800
|
212800
|
Given below is the Trial Balance of M/s. Shailesh and Nilesh as on 31st March, 2016. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as on that date :
Trial Balance
as on 31.03.2016
| Debit Balances | Amount | Credit Balances | Amount |
| Opening stock | 88,000 | Capital accounts : | |
| Purchase | 1,76,000 | Shailesh | 1,20,000 |
| Wages | 23,500 | Nilesh | 1,20,000 |
| Salaries (10 months) | 18,000 | Sundry creditors | 1,03,000 |
| Office expenses | 8,000 | Bank overdraft | 60,000 |
| Bank charges | 2,600 | Sales | 3,08,000 |
| Machinery | 90,000 | Current accounts : | |
| Land and building | 1,30,000 | Shailesh | 5,000 |
| Bad debts | 4,000 | Nilesh | 4,000 |
| Sundry debtors | 82,000 | ||
| Electricity charges | 9,900 | ||
| Furniture | 43,000 | ||
| 8% Debentures (1.10.2015) | 40,000 | ||
| Drawings : | |||
| Shailesh | 3,000 | ||
| Nilesh | 2,000 | ||
| 7,20,000 | 7,20,000 |
Adjustments :
1. Stock on 31st March, 2016 was valued at market price of Rs 84,000, which was 20% above its cost price.
2. Depreciate machinery at 10% p.a.
3. Create reserve for bad and doubtful debts at 5% on sundry debtors.
4. Provide interest on capital at 8% p.a.
5. Machinery includes purchase of machinery for Rs 40,000 on 1st January, 2016.
A new partner is admitted in the firm for getting additional capital and skill.
From the following Trial Balance of M/s Sanjay and Vijay, you are require to prepare Trading and Profit and Loss A/c for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below :
|
Trial Balance as on 31st March, 2010 |
||
|
Particulars |
Debit |
Credit |
|
Sundry Debtors and Creditors Bills Receivable and Bills Payable Purchases and Sales Return Inward Salaries and Wages Carriage outward Insurance Premium Postage and Telegram Plant and Machinery Advertisement Import Duty Bad Debts Printing and Stationery Cash in Hand Leasehold Premises Opening Stock Dividend Received Outstanding Audit fees 10% Bank Loan (Taken on 1.10.2009) Capital Accounts : Sanjay Vijay |
45,800 28,200 98,500 2,000 26,000 1,800 2,200 1,750 70,000 3,000 2,100 1,000 2,400 1,850 80,000 12,000
|
72,700 40,000 1,10,000
1,500 60,000 45,000 45,000
|
|
Total |
3,78,600 |
3,78,600 |
Additional Information:
(1) Closing Stock was valued at Rs 25,000.
(2) Unused Postage Stamps of Rs 250.
(3) Uninsured goods worth Rs 8,000 were stolen from the godown.
(4) Leasehold property is to be run for 10 years w.e.f.1.10.2009.
(5) Depreciate Plant and Machinery at 10% p.a.
(6) Our customer Mr. Ajay became insolvent and could not pay his debts of Rs 2,000.
Answer in one sentence only.
In the absence of partnership deed, what is profit sharing ratio of the partners?
Give the word / term or phrase which can substitute the following statement.
The statement showing list of all ledger balances.
Select the most appropriate alternative from those given below and rewrite the statement.
The gross profit is transferred to _________________ account.
Select the most appropriate alternative from those given below and rewrite the statement.
_________________ is the list of all ledger balances.
State whether the following statement is True or False.
Profit and loss account is a nominal account.
State whether the following statement is True or False.
Debit balance of Trading account shows gross profit.
State whether the following statement is True or False.
Credit balance of profit and loss account shows net profit of the business.
Kajol and Sunny were partners sharing profits and losses in the ratio of 3:2. The following Balances were extracted from the books of account for the year ended March 31, 2015.
|
Account Name |
Debit Amount Rs |
Credit Amount Rs |
|
Capital |
|
|
|
Kajol |
|
1,15,000 |
|
Sunny |
|
91,000 |
|
Current accounts [on 1-04-2005*] |
|
|
|
Kajol |
|
4,500 |
|
Sunny |
3,200 |
|
|
Drawings |
|
|
|
Kajol |
6,000 |
|
|
Sunny |
3,000 |
|
|
Opening stock |
22,700 |
|
|
Purchases and Sales |
1,65,000 |
2,35,800 |
|
Freight inward |
1,200 |
|
|
Returns |
2,000 |
3,200 |
|
Printing and Stationery |
900 |
|
|
Wages |
5,500 |
|
|
Bills receivables and Bills payables |
25,000 |
21,000 |
|
Discount |
400 |
800 |
|
Salaries |
6,000 |
|
|
Rent |
7,200 |
|
|
Insurance premium |
2,000 |
|
|
Traveling expenses |
700 |
|
|
Sundry expenses |
1,100 |
|
|
Commission |
|
1,600 |
|
Debtors and Creditors |
74,000 |
78,000 |
|
Building |
85,000 |
|
|
Plant and Machinery |
70,000 |
|
|
Motor car |
60,000 |
|
|
Furniture and Fixtures |
15,000 |
|
|
Bad debts |
1,500 |
|
|
Provision for doubtful debts |
|
2,200 |
|
Loan |
|
25,000 |
|
Legal expenses |
300 |
|
|
Audit fee |
900 |
|
|
Cash in hand |
7,500 |
|
|
Cash at bank |
12,000 |
|
|
|
5,78,100 |
5,78,100 |
Prepare final accounts for the year ended March 31,2015, with following adjustments:
(a) Stock on March 31,2015 was Rs37,500.
(b) Bad debts Rs3,000; Provision for bad debts is to be made at 5% on debtors
(c) Rent Prepaid were Rs1,200.
(d) Wages outstanding were Rs 2,200.
(e) Interest on capital to be allowed on capital at 6% per annum and interest on drawings to be charged @ 5% per annum.
(f) Kajol is entitled to a Salary of Rs 1,500 per annum.
(g) Prepaid insurance was Rs 500.
(h) Depreciation was charged on Building, @ 4%; Plant and Machinery, @ 5%; Motor car, @ 10% and furniture and fixture, @ 5%.
(i) Goods worth Rs 7,000 were destroyed by fire on January 20,2015. The Insurance company agreed to pay Rs 5,000 in full settlement of the claim.
*As per the question, this year should be 01-04-2014
From the following Trial Balance of M/s . Patil and Desai , you are required to prepare Trading and profit and loss Account for the year ended 31st March , 2016 and Balance Sheet as on that date :
Trial Balance as on 31.03.2016
| Debit Balances | Amount (₹) | Credit Balances | Amount (₹) |
| Machinery | 140000 | Capital accounts : | |
| Furniture | 80000 | Patil | 200000 |
| Coal,gas and water | 4300 | Desai | 150000 |
| Land and Building | 120000 | Sales | 330000 |
| Purchases | 232000 | Sundry creditors | 105000 |
| Postage and telegram | 2200 | Bank loan | 40000 |
| Export duty | 15500 | ||
| Wages and Salaries | 31000 | ||
| Rent and taxes | 7200 | ||
| Cash in hand | 58000 | ||
| Freight | 6200 | ||
| Prepaid rent | 3600 | ||
| Sundry debtors | 76000 | ||
| Salaries | 4200 | ||
| Opening stock | 39000 | ||
| Discount | 5800 | ||
| 825000 | 825000 |
Adjustments :
(1) Closing stock in hand was valued at ₹ 61000.
(2) Goods distributed as free samples were ₹ 3000.
(3) Outstanding salaries ₹ 900
(4) Provide reserve for doubtful debts at 5 % on sundry debtors.
(5) Depreciate machinery at 5 % p.a.
Select the most appropriate alternative from those given below and rewrite the statement.
All indirect expenses are debited to ____________ account.
Select the most appropriate alternative from the given below and rewrite the statement.
If any asset is taken over by a partner from the firm, his capital account will be ______
|
Liabilities
|
Amount
|
Assets
|
Amount
|
|
Sundry Creditors
|
7500
|
Cash at Bank
|
1500
|
|
Umesh’s Wife’s Loan
|
15000
|
Debtors 33750
|
|
|
Capital Accounts:
|
Less: R.D.D. - 3750
|
30000
|
|
|
Umesh
|
69000
|
Stock
|
67500
|
|
Prakash
|
45000
|
Machinery
|
22500
|
|
Furniture
|
15000
|
||
|
136500
|
136500
|
Net profit is ______.
Closing stock is valued at ______.
If there is no existing provision for doubtful debts, provision created for doubtful debts is ______.
What is the need for preparing final accounts?
Explain how closing stock is treated in final accounts?
