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प्रश्न
Given below is the Trial Balance of M/s. Krishna & Sons Pvt. Ltd. as on 31st March, 2023. Prepare a Trading and Profit and Loss account for the year ending 31st March, 2023 and a Balance Sheet as on the same date.
Trial Balance of M/s. Krishna & Sons Pvt Ltd. as on 31st March 2023.
| Particulars | Dr. | Cr. |
| Capital | - | 50,000 |
| Drawings | 1,000 | - |
| Debtors and Creditors | 25,000 | 15,000 |
| Loan | - | 20,000 |
| Discounts | 4,750 | 300 |
| Purchases and Sales | 90,000 | 1,72,000 |
| Land and Buildings | 88,000 | - |
| Salaries | 33,000 | - |
| Cash in hand | 2,700 | - |
| Stock as on 01-04-2022 | 28,000 | - |
| Commission Received | - | 18,550 |
| Sales Return and Purchase Return | 750 | 550 |
| Carriage inward | 1,200 | - |
| Bills receivable and Bills payable | 7,500 | 5,500 |
| Total | 2,81,900 | 2,81,900 |
Closing Stock was valued at ₹ 25,000
उत्तर
| M/s. Krishna & Sons Pvt Ltd. | |||||
| Dr. | Trading and Profit & Loss Account for the year ending on 31st March, 2023 | Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Opening Stock A/c (Stock as on 1-4-2022) | 28,000 | By Sales A/c | 1,72,000 | 1,71,250 | |
| To Purchases A/c | 90,000 | 89,450 | Less: Sales Return A/c | (750) | |
| Less: Purchase Returns | (550) | By Closing Stock A/c | 25,000 | ||
| To Carriage Inwards | 1,200 | ||||
| To Gross Profit (transferred to P&L A/c) | 77,600 | ||||
| 1,96,250 | 1,96,250 | ||||
| To Discount allowed A/c | 4,750 | By Gross Profit (transferred from trading A/c) | 77,600 | ||
| To Salaries | 33,000 | By Discount Received A/c | 300 | ||
| To Net profit (Balancing figure) | 58,700 | By Commission Received A/c | 18,550 | ||
| 96,450 | 96,450 | ||||
| Balance Sheet as on 31st March 2023 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Bills payable | 5,500 | Cash in hand | 2,700 | |
| Creditors | 15,000 | Closing stock | 25,000 | |
| Loan | 20,000 | Bills receivables | 7,500 | |
| Capital | 50,000 | 1,07,700 | Debtors | 25,000 |
| Less: Drawings | (1,000) | Land and Buildings | 88,000 | |
| Add: Net Profit | 58,700 | |||
| 1,48,200 | 1,48,200 | |||
APPEARS IN
संबंधित प्रश्न
Give a word, term, or phrase which can substitute the following statement:
Carriage paid on sale of goods.
Fill in the blank :
Interest on Bank Loan is debited to _________ A/c
Fill in the blank :
Profit and Loss account is prepared to find out ___________ results of the business.
Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.
Find the odd one :
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
| 1) | Bank charges | ₹ 22,000 |
| 2) | Interest (Cr.) | ₹ 16,000 |
| 3) | Sundry expenses | ₹ 42,000 |
| 4) | Insurance | ₹ 35,000 |
| 5) | Salaries | ₹ 40,000 |
| 6) | Rates and Taxes | ₹ 13,000 |
| 7) | Postage | ₹ 8,000 |
| 8) | Advertisement | ₹ 40,000 |
| 9) | Rent paid | ₹ 32,000 |
| 10) | Bad debts | ₹ 10,000 |
| 11) | Commission | ₹ 17,500 |
| 12) | Printing & Stationery | ₹ 21,000 |
| 13) | Loss by fire | ₹ 18,000 |
| 14) | Discount (Dr) | ₹ 23,000 |
| 15) | Discount (Cr) | ₹ 37,000 |
| 16) | Misc. Income | ₹ 14,000 |
| 17) | Depreciation | ₹ 34,000 |
| 18) | Carriage Outwards | ₹ 60,000 |
| 19) | Godown Expenses | ₹ 40,000 |
| Note: Gross Profit | ₹ 4,07,500 | |
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
| 1) | Bank charges | ₹ 22,000 | 11) | Commission (Cr) | ₹ 17,500 |
| 2) | Interest (Cr.) | ₹ 16,000 | 12) | Printing & Stationery | ₹ 21,000 |
| 3) | Sundry expenses | ₹ 42,000 | 13) | Loss by fire | ₹ 18,000 |
| 4) | Insurance | ₹ 35,000 | 14) | Discount (Dr) | ₹ 23,000 |
| 5) | Salaries | ₹ 40,000 | 15) | Discount (Cr) | ₹ 37,000 |
| 6) | Rates and Taxes | ₹ 13,000 | 16) | Misc. Income | ₹ 14,000 |
| 7) | Postage | ₹ 8,000 | 17) | Depreciation | ₹ 34,000 |
| 8) | Advertisement | ₹ 40,000 | 18) | Carriage Outwards | ₹ 60,000 |
| 9) | Rent paid | ₹ 32,000 | 19) | Godown Expenses | ₹ 40,000 |
| 10) | Bad debts | ₹ 10,000 | Note: Gross Profit | ₹ 4,07,500 | |
Office rent, office lighting, office salaries, insurance, postage and telegrams, stationery and printing, audit fees, legal expenses are recorded on the ______ side of the ______.
What is the purpose of a Profit and Loss Account?
