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प्रश्न
From the trial balance of Sumathi and the adjustments prepare the trading and profit and loss account for the year ended 31st March, 2016, and a balance sheet as on that date.
| Particulars | Debit ₹ | Credit ₹ |
| Stock on April 1, 2015 | 900 | |
| Purchases | 2,000 | |
| Sales | 4,000 | |
| 10% Loan | 2,000 | |
| Carriage on purchases | 200 | |
| Rent from tenant | 250 | |
| Interest on loan | 100 | |
| Machinery | 400 | |
| Postage | 100 | |
| Salary | 650 | |
| Commission received | 200 | |
| Cash in hand | 75 | |
| Furniture | 4,000 | |
| Capital | 1,975 | |
| 8,425 | 8,425 |
Adjustments
(a) Six months interest on the loan is outstanding.
(b) Two months rent is due from the tenant, the monthly rent being ₹ 25.
(c) Salary for the month of March 2016, ₹ 75 is unpaid.
(d) Stock in hand on March 31, 2016, was valued at ₹ 1,030.
उत्तर
Trading and Profit & Loss A/c of Sumathi
for the year ended 31st March 2016
| Dr. | Cr. | |||||
| Particulars | ₹ | ₹ | Particulars | ₹ | ₹ | |
| To Opening stock | 900 | By Sales | 4,000 | |||
| To Purchases | 2,000 | By Closing Stock | 1,030 | |||
| To Carriage on purchases | 200 | |||||
| To Gross profit c/d | 1,930 | |||||
| 5,030 | 5,030 | |||||
| To Interest on loan | 100 | 200 | By Gross profit b/d | 1,930 | ||
| Add: Outstanding | 100 | By Rent from tenant | 250 | 300 | ||
| To Postage | 100 | Add: Accrued rent (25 × 5) | 50 | |||
| To Salary | 425 | 500 | By Commission received | 200 | ||
| Add: Unpaid salary | 75 | |||||
| To selling expenses | 225 | |||||
| To Net profit c/d | 1,405 | |||||
| 2,430 | 2,430 | |||||
Balance Sheet of Sumathi
as on 31.03.2016
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital | 1,975 | Cash in hand | 75 | |
| Add: Net profit | 1,405 | 3,380 | Furniture | 4,000 |
| Loan @ 10% | 2,000 | 2,100 | Machinery | 400 |
| Add: Outstanding interest | 100 | Accrued rent | 50 | |
| Salary unpaid | 75 | Closing stock | 1,030 | |
| 5,555 | 5,555 |
APPEARS IN
संबंधित प्रश्न
What is meant by provision for doubtful debts? Why is it created?
For the fol owing adjustments, pass adjusting entries:
- Outstanding wages ₹ 5,000.
- Depreciate machinery by ₹ 1,000.
- Interest on capital @ 5% (Capital: ₹ 20,000)
- Interest on drawings ₹ 50
- Write off bad debts ₹ 500
The trial balance of a trader on 31st December 2016 shows debtors as ₹ 50,000.
Adjustments:
- Write off ₹ 1,000 as bad debts
- Provide 5% for doubtful debts
- Provide 2% for discount on debtors
Show how these items will appear in the profit and loss A/c and balance sheet of the trader.
The following are the extracts from the trial balance.
Sundry debtors ₹ 30,000; Bad debts ₹ 5,000
Additional information:
(a) Write off further bad debts ₹ 3,000.
(b) Create 10% provision for bad and doubtful debts.
You are required to pass necessary adjusting entries and show how these items will appear in the profit and loss account and balance sheet.
The following are the extracts from the trial balance.
| Particulars | Debit ₹ | Credit ₹ |
| Sundry debtors | 50,000 | |
| Provision for doubtful debts | 5,000 | |
| Bad debts | 3,000 |
Additional information:
(a) Additional bad debts ₹ 3,000.
(b) Keep a provision for bad and doubtful debts @ 10% on sundry debtors.
You are required to pass necessary adjusting entries and show how these items will appear in the profit and loss account and balance sheet.
The following are the extracts from the trial balance.
| Particulars | Debit ₹ | Credit ₹ |
| Sundry debtors | 50,000 | |
| Discount on debtors | 2,000 | |
| Bad debts | 3,000 |
Additional information:
(a) Create a provision for doubtful debts @ 10% on sundry debtors.
(b) Create a provision for discount on debtors @ 5% on sundry debtors.
You are required to pass necessary adjusting entries and show how these items will appear in the final accounts.
Prepare trading account of Archana for the year ending 31st December 2106 from the following information.
| Debit balance | ₹ | Credit balance | ₹ |
| Opening stock | 80,000 | Purchases returns | 10,000 |
| Purchases | 8,60,000 | Sales returns | 3,16,000 |
| Freight inwards | 52,000 | Import duty on purchases | 30,000 |
| Wages | 24,000 | Sales | 14,40,000 |
Adjustments:
(a) Closing stock ₹ 1,00,000
(b) Wages outstanding ₹ 12,000
(c) Freight inwards paid in advance ₹ 5,000
The following trial balance was extracted from the books of Arun Traders as of 31st March 2018.
| Particulars | Debit | Credit |
| Buildings | 17,500 | |
| Plant and machinery | 12,000 | |
| Cash purchases | 30,000 | |
| Credit purchases | 8,500 | |
| Sales | 63,250 | |
| Bills receivable | 6,750 | |
| Coal and water | 1,625 | |
| Office expenses | 5,250 | |
| Rent received | 1,750 | |
| Carriage outwards | 2,875 | |
| Repairs and maintenance | 500 | |
| Wages | 9,250 | |
| Debtors and creditors | 9,000 | 8,500 |
| Cash | 2,000 | |
| Capital | 44,750 | |
| Opening stock | 13,000 | |
| 1,18,250 | 1,18,250 |
Prepare trading and profit and loss account for the year ending 31st March, 2018 and balance sheet as on that date after considering the following:
- Depreciate Plant and machinery @ 20%
- Wages outstanding amounts to ₹ 750.
- Half of the repairs and maintenance paid is for the next year.
- Closing stock was valued at ₹ 15,000.
From the following trial balance of Ramesh as of 31st March 2017, prepare the trading and profit and loss account and the balance sheet as of that date,
| Particulars | Debit ₹ | Credit ₹ |
| Stock (01.04.2016) | 40,000 | |
| Purchases | 85,000 | |
| Sales | 1,90,000 | |
| Sundry creditors | 48,000 | |
| Furniture and fixtures | 65,000 | |
| Debtors | 45,000 | |
| Cash at bank | 21,000 | |
| Wages | 37,500 | |
| Drawings | 15,000 | |
| Telephone charges | 3,000 | |
| Bad debts | 2,000 | |
| Provision for bad debts | 2,500 | |
| Discount received | 3,000 | |
| Capital | 85,000 | |
| Advertising | 15,000 | |
| 3,28,500 | 3,28,500 |
Adjustments:
- The closing stock was valued at ₹ 35,000
- Unexpired advertising ₹ 250
- Provision for bad and doubtful debts is to be increased to ₹ 3,000
- Provide 2% for discount on debtors.
Following are the ledger balances of Devi as on 31st December, 2016.
| Debit balance | ₹ | Credit balance | ₹ |
| Purchases | 35,000 | Goodwill | 40,000 |
| Salaries | 11,750 | Sundry debtors | 20,500 |
| Drawings | 4,500 | Furniture | 31,000 |
| Opening Stock | 6,250 | General expenses | 3,250 |
| Capital | 50,000 | Commission received | 2,750 |
| Sales | 78,500 | Loan | 44,000 |
| Carriage inwards | 21,800 | Cash at bank | 3,100 |
| Bad debts | 600 | Provision for bad debts | 2,500 |
Prepare trading and profit and loss account for the year ended 31st December, 2016 and balance sheet as on that date.
- Stock on 31st December, 2016 ₹ 5,800.
- Write off bad debts ₹ 500.
- Make a provision for bad debts @ 5%.
- Provide for discount on debtors @ 2%.
