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प्रश्न
From the following Trial Balance of Manish Enterprise, Prepare the Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance sheet as of that date.
Trial Balance as of 31st March 2019
| Debit balances | Amount (₹) | Credit Balances | Amount (₹) |
| Cash in hand | 5,200 | Capital | 50,000 |
| Opening stock | 10,370 | Bank Loan | 15,000 |
| Goodwill | 10,000 | Bills Payable | 8,500 |
| Patents | 4,000 | Creditors | 38,260 |
| Cash at Bank | 4,400 | General Reserve | 1,500 |
| Freight | 2,500 | Dividend | 2,000 |
| Power & Fuel | 1,500 | Interest on Fixed Deposit | 3,440 |
| Furniture | 12,000 | Sales | 40,000 |
| Purchases | 35,260 | ||
| Mobile charges | 3,200 | ||
| Factory Salaries | 2,400 | ||
| Repairs | 800 | ||
| Lighting | 1,000 | ||
| Carriage outward | 360 | ||
| Professional charges | 1,240 | ||
| Debtors | 40,000 | ||
| Plant & Machinery | 13,700 | ||
| Office Equipments | 10,000 | ||
| Carriage Inwards | 770 | ||
| 1,58,700 | 1,58,700 |
Adjustments:
1. Closing Stock was ₹ 32,000.
2. Write off 50% of patents, depreciate Plant & Machinery by 10% p.a and Office Equipment by 20%.
3. Reserve for bad debts is to be created 5% and discount on Debtors 2%.
4. Outstanding expenses Mobile charges ₹ 300 and Freight ₹ 500
5. Charge Interest on Capital @ 5%.
6. Goods of ₹ 2,000 distributed on free samples.
उत्तर
| In the books of Manish Enterprise | |||||
| Dr. | Trading & Profit & Loss A/c for the year ended 31st March, 2019 | Cr. | |||
| Particulars | Amt. (₹) | Amt. (₹) | Particulars | Amt. (₹) | Amt. (₹) |
| To Opening Stock | 10,370 | By Sales | 40,000 | ||
| To Purchases | 35,260 | By Goods distributed as | |||
| To Power and fuel | 1,500 | free samples | 2,000 | ||
| To Factory salaries | 2,400 | By Closing Stock | 32,000 | ||
| To Carriage Inwards | 770 | ||||
| To Freight | 2,500 | ||||
| Add : Outstanding | 500 | 3,000 | |||
| To Gross Profit c/d | 20,700 | ||||
| 74,000 | 74,000 | ||||
| To Mobile charges | 3,200 | By Gross Profit b/d | 20,700 | ||
| Add :Outstanding | 300 | 3,500 | By Dividend | 2,000 | |
| To Repairs | 800 | By Interest on Fixed | |||
| To Lighting | 1,000 | Deposit | 3,440 | ||
| To Carriage Outward | 360 | ||||
| To Professional charges | 1,240 | ||||
| To Reserve for Bad debts | 2,000 | ||||
| To Provision for Discount on Debtors | 760 | ||||
| To Interest on Capital | 2,500 | ||||
| To Advertisement | 2,000 | ||||
| To Depreciation on : | |||||
| Patents | 2,000 | ||||
| Plant and Machinery | 1,370 | ||||
| Office Equipments | 2,000 | 5,370 | |||
| To Net Profit c/d | 6,610 | ||||
| 26,140 | 26,140 | ||||
| Balance Sheet as of 31st March 2019 | |||||
| Liabilities | Amt. (₹) | Amt. (₹) | Assets | Amt. (₹) | Amt. (₹) |
| Capital | 50,000 | Cash in hand | 5,200 | ||
| Add : Interest on Capital | 2,500 | Goodwill | 10,000 | ||
| 52,500 | Patents | 4,000 | |||
| Add : Net profit | 6,610 | 59,110 | Less : Written off | 2,000 | 2,000 |
| Bank loan | 15,000 | Cash at bank | 4,400 | ||
| Bills Payable | 8,500 | Furniture | 12,000 | ||
| Creditors | 38,260 | Debtors (T) | 40,000 | ||
| General Reserve | 1,500 | Less : New R.D.D. (A) | 2,000 | ||
| Outstanding Mobile charges | 300 | 38,000 | |||
| Outstanding Freight | 500 | Less : Provision for Dis. on | |||
| Debtors @ 2% | 760 | 37,240 | |||
| Plant and Machinery | 13,700 | ||||
| Less : Dep. @ 10% | 1,370 | 12,330 | |||
| Office Equipments | 10,000 | ||||
| Less : Dep. @ 20% | 2,000 | 8,000 | |||
| Closing Stock | 32,000 | ||||
| 1,23,170 | 1,23,170 | ||||
APPEARS IN
संबंधित प्रश्न
What is bad debts?
Expenses which are paid before due.
Select the most appropriate alternative from those given below and rewrite the statement.
A_________________ is an intangible asset.
What is a Computer? Explain limitations of computerised accounting systems ?
Answer in one sentence only.
What is Final Accounts?
Answer the following question in one sentence.
What is Trial Balance?
Give the word / term or phrase which can substitute the following statement.
A statement showing financial position of the business on a particular date.
Give the word / term or phrase which can substitute the following statement.
Stock in hand at the end of the accounting year.
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 those given below and rewrite the statement.
A statement showing financial position of the business is called as _________________.
Select the most appropriate alternative from those given below and rewrite the statement.
To find out net profit or net loss of the business _________________ account is prepared.
State whether the following statement is True or False.
All direct expenses are debited to Trading account.
State whether the following statement is True or False.
Trading account is a nominal account.
State whether the following statement is True or False.
Partners must share profits and losses equally.
State whether the following statement is True or False.
Return Inward is deducted from purchases.
Answer in One Sentence:
Why Balance Sheet is prepared?
Answer in One Sentence:
What do you mean by Gross Profit?
Closing stock is an item of ________.
Current assets does not include ______.
Goodwill is classified as ______.
What are final accounts? What are its constituents?
Prepare Final accounts of Abdul Traders for the year ending 31st March 2019 with the help of the following Trial Balance and Adjustments.
Trial Balance as of 31st March 2019.
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Salaries | 10,000 | Interest Received | 2,400 |
| Purchases | 71,400 | Capital | 1,60,000 |
| Rent (11 months) | 2,200 | Sales | 85,000 |
| Machinery | 56,000 | Provision for Bad Debts | 2,000 |
| Advance against wages | 4,000 | Commissions Received | 1,600 |
| Opening stock | 20,000 | Bills Payable | 9,200 |
| Bad debts | 1,000 | Creditors | 56,000 |
| Prepaid Insurance | 2,400 | ||
| Wages | 2,600 | ||
| Loose Tools | 26,000 | ||
| Commission receivable | 400 | ||
| Sundry Debtors | 64,000 | ||
| Cash | 1,000 | ||
| Bank | 3,000 | ||
| Drawings | 7,600 | ||
| Freight Inward | 1,000 | ||
| Bills Receivable | 13,600 | ||
| Loan to Aruna | 30,000 | ||
| 3,16,200 | 3,16,200 |
Adjustments:
1. Closing stock valued at ₹ 89,600
2. Outstanding expenses Salaries ₹ 2,000, Wages ₹ 4,000
3. Charge depreciation on Machinery @ 10%
4. Bad debts are written off ₹ 2,000 and create a provision for bad and doubtful debts 5% on Sundry Debtors.
From the following Trial Balance of Jyoti, Trading Co. Prepare the Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as of that date.
Trial Balance as of 31st March 2019
| Debit balances | Amount (₹) | Credit Balances | Amount (₹) |
| Stock (1.4.2018) | 9,500 | Capital | 2,00,000 |
| Sales Returns | 750 | R.D.D. | 1,000 |
| Loose Tools | 55,000 | Sales | 38,750 |
| Debtors | 50,800 | Purchases return | 455 |
| Bills Receivable | 4,000 | Creditors | 47,000 |
| Purchases | 29,455 | Bills Payable | 8,000 |
| Furniture | 15,000 | Discount | 1,845 |
| Salaries | 5,000 | ||
| Carriage Outward | 3,000 | ||
| Legal expenses | 2,000 | ||
| Insurance | 2,200 | ||
| Goodwill | 20,000 | ||
| Machinery | 40,000 | ||
| Wages | 2,345 | ||
| Bank | 30,000 | ||
| Drawings | 8,000 | ||
| Investments | 20,000 | ||
| 2,97,050 | 2,97,050 |
Adjustments:
1. Closing stock valued at ₹ 58,000 Cost Price while the Market price is ₹ 60,000
2. Write off ₹ 1,200 as Bad debts and create provision for doubtful debts 2% on Sundry Debtors and also create provision for discount on Creditors 5%.
3. Loose Tools is valued at ₹ 52,000 and depreciate Furniture by 10% p.a.
4. Outstanding expenses Salary ₹ 1,000 and Wages ₹ 225
5. Charge interest on Capital 2% and on Drawings 10%.
