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प्रश्न
From the following Trial Balance of Rajnish & Sons and the additional information given below prepare Trading & Profit and Loss Account for the year ending on 31st March 2018 and Balance Sheet as on that date.
Trial Balance as of 31st March 2018
| Debit balances | Amount (₹) | Credit Balances | Amount (₹) |
| Stock (01.04.2017) | 1,20,000 | Capital | 6,00,000 |
| Purchases | 4,00,000 | Sales | 3,00,000 |
| Wages | 17,000 | Return outward | 8,000 |
| Carriage | 6,000 | Sudnry Creditors | 1,80,000 |
| Salaries | 60,000 | Bills Payable | 90,000 |
| Rent, Rates and Taxes | 12,000 | 8% Loan (taken on 01.10.2017) | 1,00,000 |
| Insurance | 8,000 | Bank Overdraft | 79,200 |
| Royalties | 10,000 | ||
| Discount | 4,500 | ||
| Courier charges | 5,200 | ||
| Bad Debts | 7,000 | ||
| Trade Expenses | 2,500 | ||
| Drawings | 15,000 | ||
| Machinery | 3,00,000 | ||
| Furniture | 1,50,000 | ||
| Patents | 50,000 | ||
| Sundry Debtors. | 1,90,000 | ||
| 13,57,200 | 13,57,200 |
Adjustments:
1. Closing Stock valued at ₹ 3,00,000 cost price and ₹ 3,20,000 at Market price.
2. Salaries were paid for 10 months only.
3. Insurance is paid for one year ending on 30.06.2018
4. One of the debtors Mr. Amit became insolvent, from whom ₹ 10,000 was not received.
5. 5% R.D.D. is to be maintained on Debtors.
6. Depreciate Machinery & Furniture @ 10% and 5% respectively.
उत्तर
| In the books of Rajnish & Sons | |||||
| Dr. | Trading & Profit & Loss A/c for the year ended 31st March, 2019 | Cr. | |||
| Particulars | Amt. (₹) | Amt. (₹) | Particulars | Amt. (₹) | Amt. (₹) |
| To Opening Stock | 1,20,000 | By Sales | 3,00,000 | ||
| To Purchases | 4,00,000 | By Closing Stock | 3,00,000 | ||
| Less: Return Outward | 8,000 | 3,92,000 | |||
| To Wages | 17,000 | ||||
| To Carriage | 6,000 | ||||
| To Royalties | 10,000 | ||||
| To Gross Profit c/d | 55,000 | ||||
| 6,00,000 | 6,00,000 | ||||
| To Salaries (10 m) | 60,000 | By Gross Profit b/d | 55,000 | ||
| Add: Outstanding (2m) | 12,000 | 72,000 | By Net Loss c/d | 1,14,700 | |
| To Rent, Rates and Taxes | 12,000 | ||||
| To Insurance | 8,000 | ||||
| Less: Prepaid Insurance. (3m) | 2,000 | 6,000 | |||
| To Discount | 4,500 | ||||
| To Courier charges | 5,200 | ||||
| To Bad Debts (T) | 7,000 | ||||
| Add: New B.D.(A) | 10,000 | ||||
| Add: New R.D.D.(A) | 9,000 | 26,000 | |||
| To Trade Expenses | 2,500 | ||||
| To Interest on loan | 4,000 | ||||
| To Depreciation on : | |||||
| Machinery | 30,000 | ||||
| Furniture | 7,500 | 37,500 | |||
| 1,69,700 | 1,69,700 | ||||
| Balance Sheet as of 31st March 2018 | |||||
| Liabilities | Amt. (₹) | Amt. (₹) | Assets | Amt. (₹) | Amt. (₹) |
| Capital | 6,00,000 | Machinery | 3,00,000 | ||
| Less : Drawings | 15,000 | Less: Depreciation @ 10% | 30,000 | 2,70,000 | |
| 5,85,000 | Furniture | 1,50,000 | |||
| Less : Net Loss | 1,14,700 | 4,70,300 | Less: Depreciation @ 5% | 7,500 | 1,42,500 |
| Sundry Creditors | 1,80,000 | Patents | 50,000 | ||
| Bills Payable | 90,000 | Sundry Debtors (T) | 1,90,000 | ||
| 8% Loan | 1,00,000 | Less: New B.D.(A) | 10,000 | ||
| Add: Int. on loan outstanding | 4,000 | 1,04,000 | 1,80,000 | ||
| Bank Overdraft | 79,200 | Less: New R.D.D.(A) | 9,000 | 1,71,000 | |
| Outstanding Salaries | 12,000 | Closing Stock | 3,00,000 | ||
| - | Prepaid Insurance | 2,000 | |||
| 9,35,500 | 9,35,500 | ||||
APPEARS IN
संबंधित प्रश्न
Expenses which are paid before due.
Answer in one sentence only.
What is the Balance Sheet?
Answer in one sentence only.
What is Final Accounts?
Answer the following question in one sentence.
What is Trial Balance?
Answer in one sentence only.
What do you mean by carriage inward?
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.
Give the word / term or phrase which can substitute the following statement.
Assets which are held in the business for a long period.
Select the most appropriate alternative from those given below and rewrite the statement.
Wages paid for installation of machinery should be debited to _________________ account.
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.
To find out net profit or net loss of the business _________________ account is prepared.
Select the most appropriate alternative from those given below and rewrite the statement.
Trading account is prepared on the basis of __________________ expenses.
State whether the following statement is True or False.
The Balance Sheet is a nominal account.
Answer in One Sentence:
State the meaning of Final Accounts?
Answer in One Sentence:
What do you mean by Gross Profit?
Closing stock is an item of ________.
Balance sheet is ______.
Net profit of the business increases the ______.
Current assets does not include ______.
From the following Trial Balance of Nandini & Co. as of 31st March 2019. Prepare Final Accounts after considering the adjustments given below.
| Particulars | Debit Amount (₹) | Credit Amount (₹) |
| Loose Tools | 1,10,000 | |
| Furniture & Fixtures | 81,000 | |
| Bad debts | 1,400 | |
| Sundry Debtors | 81,600 | |
| Stock (31st March 2018) | 52,000 | |
| Purchases | 77,000 | |
| Sales Cash | 21,000 | |
| Sales Credit | 81,000 | |
| Returns | 400 | 600 |
| Advertisements | 4,800 | |
| Rate taxes & Insurances | 6,000 | |
| Repairs & maintenance | 1,200 | |
| Salaries (2/3rd for factory) | 18,000 | |
| Rent (Paid for 11 months) | 2,200 | |
| Machinery (Includes ₹ 24,000 | 84,000 | |
| purchased on 1st Oct. 2018) | ||
| Capital | 3,60,000 | |
| R.D.D. | 8,000 | |
| Sundry Creditors | 70,000 | |
| Drawings | 14,000 | |
| Interest | 1,200 | |
| Dividend | 2,800 | |
| Bank Balance | 40,000 | |
| Royalty | 6,000 | |
| 9% Bank loan (30th Sept 2018) | 40,000 | |
| Carriage Outwards | 4,000 | |
| Discount | 1,000 | |
| 5,84,600 | 5,84,600 |
Adjustments:
1. Closing stock valued at ₹ 1,00,000.
2. Write off ₹ 2,000 as bad debts and create a provision for doubtful debts @ 5% on Sundry Debtor.
3. Depreciate Machinery by 10% p.a. and Loose Tools is valued at ₹ 1,00,000.
4. Charge Interest on Capital @ 2% p.a.
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.
Following is the Trial Balance of Geeta Enterprises. You are required to prepare a Trading and Profit & Loss Account for the year ended 31st March 2019 and the Balance Sheet as of that date after taking into account the additional information provided to you.
Trial Balance as of 31st March, 2019
| Particulars | Debit Amount (₹) | Credit Amount (₹) |
| Capital A/c | 50,000 | |
| Drawings | 1,750 | |
| Opening Stock | 8,000 | |
| Purchases & Sales | 16,500 | 22,500 |
| Returns | 625 | 750 |
| Carriage Outward | 425 | |
| Wages - Productive | 1,000 | |
| Unproductive | 600 | |
| Salaries | 1,000 | |
| Travelling expenses | 1,125 | |
| Trade Expenses | 325 | |
| Fuel and Coal | 250 | |
| Discount | 460 | 550 |
| Sundry expenses | 225 | |
| Bad Debts | 200 | |
| Plant & Machinery | 20,000 | |
| Furniture | 5,500 | |
| Packing expenses | 175 | |
| Sundry Debtors & Creditors | 10,090 | 6,750 |
| Cash in hand | 2,200 | |
| Investments | 10,250 | |
| Reserve for Doubtful debts | 150 | |
| 80,700 | 80,700 |
Additional information:
1. Closing stock of goods on 31st March 2019 valued at ₹ 7,100 at cost price and ₹ 7,500/- as market price.
2. Travelling expenses include ₹ 125 spent on personal traveling.
3. ₹ 175 is to be written off as bad debts which were due from Mr. Ashok, a debtor, and 5% R.D.D. is to be maintained on debtors.
4. Reserve for discount on debtors as well as on creditors is to be maintained at 2% and 3% respectively.
5. Provide 10% depreciation on Plant & Machinery and Furniture.
From the following Trial Balance of Ayub & Co. as of 31st March 2019, you are required to prepare Trading Account, Profit and Loss Account for the year ending 31st March 2019, and Balance Sheet as of that date after making necessary adjustments.
Trial Balance as of 31st March 2019
| Debit balances | Amount (₹) | Credit Balances | Amount (₹) |
| Cash in hand | 4,575 | Discount | 900 |
| Cash at Bank | 15,450 | Loan from Abhay | 15,000 |
| Drawings | 18,000 | Creditors | 18,225 |
| Furniture | 6,000 | Sales | 1,95,000 |
| Plant & Machinery | 45,000 | Returns Outward | 3,000 |
| Opening Stock | 30,000 | Capital | 90,000 |
| Purchases | 1,20,000 | ||
| Salaries and Wages | 33,600 | ||
| Debtors | 30,600 | ||
| Returns Inward | 7,500 | ||
| Audit Fees | 2,250 | ||
| Rent. Rates and Taxes | 5,400 | ||
| Bad debts | 600 | ||
| Travelling Expenses | 750 | ||
| Insurance | 1,200 | ||
| Interest on Loan from Abhay | 450 | ||
| Trade Expenses | 300 | ||
| Sundry expenses | 450 | ||
| 3,22,125 | 3,22,125 |
Adjustments:
1. Stock on hand on 31st March 2019 valued at ₹ 60,000
2. Rent amounting to ₹ 600 Prepaid.
3. Bad Debts ₹ 600 and create a Provision for Doubtful Debts 5%
4. Depreciation on Plant & Machinery by 10% and Furniture is valued at ₹ 4,500
5. Outstanding Salaries ₹ 900
From the following Trial Balance of John & Sons, you are required to prepare Trading Account, Profit and Loss Account for the year ending 31st March 2019 and Balance Sheet as of that date.
Trial Balance as of 31st March 2019
| Debit balances | Amount (₹) | Credit Balances | Amount (₹) |
| Drawings (1st July 2018) | 12,000 | Sundry Creditors | 40,000 |
| Cash in hand | 8,000 | Returns | 4,500 |
| Cash at Bank | 20,000 | Dividend | 100 |
| Bills Receivable | 15,000 | Rent | 200 |
| Wages | 1,800 | Sales | 53,200 |
| Discount | 700 | Bank Loan | 5,000 |
| Rent | 2,000 | Capital | 99,700 |
| Advertisement | 3,000 | ||
| Bad debts | 1,200 | ||
| Travelling Expenses | 800 | ||
| Purchases | 40,000 | ||
| Machinery | 15,000 | ||
| Motor Car | 18,000 | ||
| Returns | 1,200 | ||
| Stock (1st April 2018) | 10,000 | ||
| Sundry Debtors | 35,000 | ||
| Carriage outwards | 1,000 | ||
| 6% Investment | 18,000 | ||
| (1st Sept 2018) | |||
| 2,02,700 | 2,02,700 |
Adjustments:
1. Closing Stock ₹ 27,000
2. Charge Depreciation on Machinery and Motor car @ 10% and 5% respectively.
3. Create R.D.D. 5% on Sundry Debtors
4. Interest on Drawings @ 5% p.a.
5. Create Discount on Sundry Creditors 3%
6. Advertisement ₹ 1,000 is prepaid.
7. Outstanding Rent ₹ 1,500
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%.
