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प्रश्न
The following is the trial balance of Manju Chawla on March 31, 2017. You are required to prepare trading and profit and loss account and a balance sheet as on date:
| Account title | Debit Amount ₹ |
Credit Amount ₹ |
| Opening stock | 10,000 | |
| Purchases and sales | 40,000 | 80,000 |
| Returns | 200 | 600 |
| Productive wages | 6,000 | |
| Dock and Clearing charges | 4,000 | |
| Donation and charity | 600 | |
| Delivery van expenses | 6,000 | |
| Lighting | 500 | |
| Sales tax collected | 1,000 | |
| Bad debts | 600 | |
| Misc. incomes | 6,000 | |
| Rent from tenants | 2,000 | |
| Royalty | 4,000 | |
| Capital | 40,000 | |
| Drawings | 2,000 | |
| Debtors and Creditors | 6,000 | 7,000 |
| Cash | 3,000 | |
| Investment | 6,000 | |
| Patents | 4,000 | |
| Land and Machinery | 43,000 |
Closing stock ₹ 2,000
उत्तर
| Dr. | Trading Account as on March 31, 2017 | Cr. | |
| Particulars | Amount ₹ |
Particulars | Amount ₹ |
| Opening Stock | 10,000 | Sales 80,000 | |
| Purchases 40,000 | Less: Sales Returns (200) |
79,800 | |
| Less: Purchases Returns (600) |
39,400 | ||
| Productive Wages | 6,000 | Closing Stock | 2,00( |
| Dock and Clearing Charges |
4,000 | ||
| Royalty | 4,000 | ||
| Profit and Loss (Gross Profit) |
18,400 | ||
| 81,800 | 81,800 | ||
| Dr. | Profit and Loss Account as on March 31, 2017 | Cr. | |
| Particulars | Amount ₹ |
Particulars | Amount ₹ |
| Donation and Charity |
600 | Trading (Gross Profit) |
18,400 |
| Delivery Van Expenses |
6,000 | Misc. Incomes | 6,000 |
| Lighting | 500 | Rent from Tenants | 2,000 |
| Bad Debts | 600 | ||
| Net Profit | 18,700 | ||
| 26,400 | 26,400 | ||
| Balance Sheet as on March 31, 2017 | ||||
| Liabilities | Amount ₹ |
Assets | Amount ₹ |
|
| Capital | 40,000 | Patents | 4,000 | |
| Add: Profit and Loss | ||||
| (Net Profit) | 18,700 | Land and Machinery | 43,000 | |
| 58,700 | Investment | 6,000 | ||
| Less: Drawings | (2,000) | 56,700 | Debtors | 6,700 |
| Cash | 3,000 | |||
| Sales Tax Collected | 1,000 | Closing Stock | 2,000 | |
| Creditors | 7,000 | |||
| 64,700 | 64,700 | |||
Note:
As per the solution, net profit is ₹ 18,700; however, according to the answer given in the book, it is ₹ 18,400.
There is a misprint in the trial balance given in the question.
In order to match the trial balance, debtors have been taken as ₹ 6,700; however, the debtors given in the trial balance is ₹ 60,000.
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संबंधित प्रश्न
What is the purpose of preparing trading and profit and loss account?
What are closing entries? Give four examples of closing entries.
From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2017, calculate the gross profit.
|
|
(₹) |
|
Closing stock |
2,50,000 |
|
Net sales during the year |
40,00,000 |
|
Net purchases during the year |
15,00,000 |
|
Opening stock |
15,00,000 |
|
Direct expenses |
80,000 |
₹
From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of:
(a) Cost of goods available for sale
(b) Cost of goods sold during the year
(c) Gross Profit
|
|
₹ |
|
Opening stock |
25,000 |
|
Credit purchases |
7,50,000 |
|
Cash purchases |
3,00,000 |
|
Credit sales |
12,00,000 |
|
Cash sales |
4,00,000 |
|
Wages |
1,00,000 |
|
Salaries |
1,40,000 |
|
Closing stock |
30,000 |
|
Sales return |
50,000 |
|
Purchases return |
10,000 |
The following are the extracts from the trial balance of M/s Bhola and Sons as on March 31, 2017
| Account title | Debit ₹ |
Credit ₹ |
| Opening Stock | 2,00,000 | |
| Purchases | 8,10,000 | |
| Sales | 10,10,000 | |
| 10,10,000 | 10,10,000 |
(Only relevant items)
Closing Stock as on date was valued at ₹ 3,00,000.
You are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M/s Bhola and Sons.
The following is the trial balance of Mr. Deepak as on March 31, 2017. You are required to prepare trading account, profit and loss account and a balance sheet as on date:
| Account title | Debit Amount ₹ |
Account title | Credit Amount ₹ |
| Drawings | 36,000 | Capital | 2,50,000 |
| Insurance | 3,000 | Bills payable | 3,600 |
| General expenses | 29,000 | Creditors | 50,000 |
| Rent and taxes | 14,400 | Discount received | 10,400 |
| Lighting (factory) | 2,800 | Purchases return | 8,000 |
| Travelling expenses | 7,400 | Sales | 4,40,000 |
| Cash in hand | 12,600 | ||
| Bills receivable | 5,000 | ||
| Sundry debtors | 1,04,000 | ||
| Furniture | 16,000 | ||
| Plant and Machinery | 1,80,000 | ||
| Opening stock | 40,000 | ||
| Purchases | 1,60,000 | ||
| Sales return | 6,000 | ||
| Carriage inwards | 7,200 | ||
| Carriage outwards | 1,600 | ||
| Wages | 84,000 | ||
| Salaries | 53,000 |
Closing stock ₹ 35,000.
Prepare trading and profit and loss account and balance sheet from the following particulars as on March 31, 2017.
| Account Title | Debit Amount ₹ |
Credit Amount ₹ |
| Purchases and Sales | 3,52,000 | 5,60,000 |
| Return inwards and Return outwards | 9,600 | 12,000 |
| Carriage inwards | 7,000 | |
| Carriage outwards | 3,360 | |
| Fuel and power | 24,800 | |
| Opening stock | 57,600 | |
| Bad debts | 9,950 | |
| Debtors and Creditors | 1,31,200 | 48,000 |
| Capital | 3,48,000 | |
| Investment | 32,000 | |
| Interest on investment | 3,200 | |
| Loan | 16,000 | |
| Repairs | 2,400 | |
| General expenses | 17,000 | |
| Wages and salaries | 28,800 | |
| Land and buildings | 2,88,000 | |
| Cash in hand | 32,000 | |
| Miscellaneous receipts | 160 | |
| Sales tax collected | 8,350 |
Closing stock ₹ 30,000.
From the following trial balance of Mr. A. Lal, prepare trading, profit and loss account and balance sheet as on March 31, 2017.
| Account Title | Debit Amount ₹ |
Credit Amount ₹ |
| Stock as on April 01, 2016 | 16,000 | |
| Purchases and Sales | 67,600 | 1,12,000 |
| Returns inwards and outwards | 4,600 | 3,200 |
| Carriage inwards | 1,400 | |
| General expenses | 2,400 | |
| Bad debts | 600 | |
| Discount received | 1,400 | |
| Bank overdraft | 10,000 | |
| Interest on bank overdraft | 600 | |
| Commission received | 1,800 | |
| Insurance and taxes | 4,000 | |
| Scooter expenses | 200 | |
| Salaries | 8,800 | |
| Cash in hand | 4,000 | |
| Scooter | 8,000 | |
| Furniture | 5,200 | |
| Building | 65,000 | |
| Debtors and Creditors | 6,000 | 16,000 |
| Capital | 50,000 |
Closing stock ₹ 15,000.
Prepare trading and profit and loss account and balance sheet of M/s Royal Traders from the following balances as on March 31, 2017.
| Debit balances | Amount ₹ |
Credit balances | Amount ₹ |
| Stock | 20,000 | Sales | 2,45,000 |
| Cash | 5,000 | Creditors | 10,000 |
| Bank | 10,000 | Bills payable | 4,000 |
| Carriage on purchases | 1,500 | Capital | 2,00,000 |
| Purchases | 1,90,000 | ||
| Drawings | 9,000 | ||
| Wages | 55,000 | ||
| Machinery | 1,00,000 | ||
| Debtors | 27,000 | ||
| Postage | 300 | ||
| Sundry expenses | 1,700 | ||
| Rent | 4,500 | ||
| Furniture | 35,000 |
Closing stock ₹ 8,000.
Prepare trading and profit and loss account from the following particulars of M/s Neema Traders as on March 31, 2017.
| Account Title | Debit Amount ₹ |
Account Title | Credit Amount ₹ |
| Buildings | 23,000 | Sales | 1,80,000 |
| Plant | 16,930 | Loan | 8,000 |
| Carriage inwards | 1,000 | Bills payable | 2,520 |
| Wages | 3,300 | Bank overdraft | 4,720 |
| Purchases | 1,64,000 | Creditors | 8,000 |
| Sales return | 1,820 | Capital | 2,36,000 |
| Opening stock | 9,000 | Purchases return | 1,910 |
| Machinery | 2,10,940 | ||
| Insurance | 1,610 | ||
| Interest | 1,100 | ||
| Bad debts | 250 | ||
| Postage | 300 | ||
| Discount | 1,000 | ||
| Salaries | 3,000 | ||
| Debtors | 3,900 |
Stock on March 31, 2017 ₹ 16,000.
Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 60,000 |
| Administration expenses | 45,000 |
| Selling and distribution Expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 60,000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 60,000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
