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प्रश्न
Prepare trading account in the books of Mr. Sanjay for the year ended 31st December 2017:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 570 | Purchases | 15,800 |
| Sales | 26,200 | Purchases returns | 90 |
| Sales returns | 60 | Closing stock | 860 |
उत्तर
Trading account of Mr. Sanjay for the
year ended 31st December 2017
| Particulars | ₹ | ₹ | Particulars | ₹ | ₹ |
| To Opening stock | 570 | By Sales | 26,200 | 26,140 | |
| To Purchases | 15,800 | 15,710 | Less: Sales return | 60 | |
| Less: Purchases returns | 90 | By Closing stock | 860 | ||
| To Gross profit c/d | 10,720 | ||||
| 27,000 | 27,000 |
APPEARS IN
संबंधित प्रश्न
What are the objectives of preparing trading account?
It is an account prepared to ascertain the gross profit/loss. It is a nominal account and represents the first stage of final accounts of a trading organisation.
Closing stock is on the credit side of the ______ and also in ______.
Opening stock is the first item on the ______ side of ______.
Distinguish between book keeping and accounting.
Mr. Sputnik, who is always in a hurry, prepares the following trial balance as at 31.12.2019. You are required to prepare the final accounts taking into consideration the trial balance for the year ended 31st December 2018.
| Debit (₹) | Credit (₹) | |
| Capital | 10,180 | |
| Drawings | 3,000 | |
| Opening Stock | 3,500 | |
| Leasehold Premises | 28,000 | |
| Purchases and Sales | 20,300 | 84,180 |
| Salaries and Wages | 5,600 | |
| Carriage Outward | 700 | |
| Rent | 900 | |
| Insurance | 600 | |
| Returns | 160 | 300 |
| Bank of India Current A/c | 2,200 | |
| Union Bank of India Current A/c | 600 | |
| Bad Debts | 300 | |
| Heavy Vehicles | 20,000 | |
| Motor Car | 11,000 | |
| Vehicle and Car Expenses | 2,500 | |
| Rent Earned | 1,500 | |
| Commission Paid | 800 | |
| Debtors and Creditors | 4,000 | 5,000 |
| Cash | 200 | |
| Import Duty and Clearing Charges | 1,600 | |
| Packing Expenses | 2,400 | |
| Loan from Mr. Baxi (long term) | 6,000 | |
| 1,07,760 | 1,07,760 |
Closing stock is ₹ 7,500.
The following is the trial balance of Mr. P. Crooke as on 31.03.2018.
| Debit (₹) | Credit (₹) | |
| Stock at Start | 30,000 | |
| Fuel & Gas | 5,600 | |
| Capital & Drawings | 8,000 | 3,50,000 |
| Debtors | 30,000 | |
| Bills Receivable & Payable | 12,000 | 8,000 |
| Additional Drawings (other than cash) | 4,000 | |
| Carriage | 9,000 | |
| Purchases & Sales | 1,90,000 | 3,40,000 |
| Bank Accounts | 15,000 | 5,000 |
| Creditors | 16,000 | |
| Returns | 5,000 | 20,000 |
| Office Administrative Expenses | 44,000 | |
| Loans (given & borrowed) | 10,000 | 1,00,000 |
| Petty Cash & Cash Balances | 2,000 | |
| Postage & Telegrams | 900 | |
| Printing & Stationery | 7,500 | |
| Wages | 20,000 | |
| Salaries | 14,000 | |
| Land | 1,50,000 | |
| Factory & Office Premises | 80,000 | |
| Machineries | 2,10,000 | |
| Commission | 8,000 | |
| 8,47,000 | 8,47,000 |
Compile the final accounts for the owner, after attending to the adjustment given below.
Adjustment:
- Stock in the Godown as on 31.3.2018 is ₹ 35,000.
Trial Balance of Mr. J. Junior as on 31.3.2019:
| Debit (₹) | Credit (₹) | |
| Factory Power | 16,000 | |
| Carriage Charges | 2,500 | |
| Salaries | 20,400 | |
| Sales & Purchases of Goods | 1,40,000 | 2,67,000 |
| Machinery | 1,20,000 | |
| Discounts Received and Allowed | 5,000 | 6,000 |
| Wages (manufacturing activity) | 18,000 | |
| Stock | 25,000 | |
| Commission | 3,800 | |
| Insurance | 8,000 | |
| Loose Tools (Fixed Asset) | 11,000 | |
| Returns of Goods | 5,000 | 6,000 |
| Debtors & Creditors | 45,000 | 18,000 |
| Carriage on Sales | 6,000 | |
| Rent & Rates | 10,800 | |
| Bad Debts Written off & Recovered | 2,000 | 1,600 |
| Investments | 80,000 | |
| Bank Accounts | 22,000 | 10,000 |
| Drawings & Capital | 15,000 | 2,37,000 |
| Bills Payable & Receivable | 6,000 | 4,000 |
| Income from Investments | 6,800 | |
| Cash | 2,500 | |
| 5,60,200 | 5,60,200 |
Compile Final Accounts:
- An inventory of the godown on 31.3.2019 reflected stock value stated as ₹ 50,000.
The following Trial Balance was from the books of Ram as on 31st December 2018.
| TRIAL BALANCE | |||
| Dr. (₹) | Cr. (₹) | ||
| Drawings Account | 7,000 | Capital Account | 90,000 |
| Purchases | 82,210 | Purchase Return | 4,240 |
| Sales Return | 1,820 | Sales | 1,49,840 |
| Opening Stock | 11,460 | Bad Debt Reserve | 4,240 |
| Salaries | 6,280 | Discount | 180 |
| Wages | 8,560 | Sundry Creditors | 16,980 |
| Leasehold Premises | 25,000 | ||
| Rent, Rates & Insurance | 6,940 | ||
| Carriage Inward | 2,310 | ||
| Office Expenses | 9,520 | ||
| Plant & Machinery | 24,000 | ||
| Light & Water | 7,950 | ||
| Bills Receivable | 1,240 | ||
| Sundry Debtors | 38,970 | ||
| Cash at Bank | 12,400 | ||
| Cash in Hand | 2,210 | ||
| Office Furniture | 3,500 | ||
| Travelling Expenses | 9,870 | ||
| Bad Debts | 1,000 | ||
| Carriage Outward | 3,240 | ||
| 2,65,480 | 2,65,480 | ||
Prepare a Trading Account and a Profit & Loss Account for the year ended 31st December 2018 and a Balance Sheet as at that date.
The value of Stock on 31st December 2018 was ₹ 14 920.
The following balances were extracted from the books of Sri S. Kumar on 31st December 2018.
| Dr. (₹) | Cr. (₹) | |
| Capital | 24,500 | |
| Drawings | 2,000 | |
| General Expenses | 2,500 | |
| Building | 11,000 | |
| Machinery | 9,340 | |
| Opening Stock | 16,200 | |
| Power | 2,240 | |
| Taxes & Insurance | 1,315 | |
| Wages | 7,200 | |
| Sundry Debtors | 6,280 | |
| Sundry Creditors | 2,500 | |
| Charity | 105 | |
| Bad Debts | 550 | |
| Bank Overdraft | 11,180 | |
| Sales | 65,360 | |
| Purchases | 47,000 | |
| Scooter | 2,000 | |
| Bad Debt Provision | 900 | |
| Commission | 1,320 | |
| Trade Expenses | 1,780 | |
| Bills Payable | 3,850 | |
| Cash | 100 | |
| 1,09,610 | 1,09,610 |
Stock on 31st December 2018 was valued at ₹ 23,500.
Prepare Final Accounts for the year ended 31st December 2018.
