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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
Explain the concept of cost of goods sold?
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 |
Prepare trading and profit and loss account and balance sheet as on March 31, 2017:
| Account Title | Amount ₹ |
Account Title | Amount ₹ |
| Machinery | 27,000 | Capital | 60,000 |
| Sundry debtors | 21,600 | Bills payable | 2,800 |
| Drawings | 2,700 | Sundry creditors | 1,400 |
| Purchases | 58,500 | Sales | 73,500 |
| Wages | 15,000 | ||
| Sundry expenses | 600 | ||
| Rent and taxes | 1,350 | ||
| Carriage inwards | 450 | ||
| Bank | 4,500 | ||
| Openings stock | 6,000 |
Closing stock, as on March 31, 2017 ₹ 22,400.
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.
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.
From the following balances of M/s Nilu Sarees as on March 31, 2017. Prepare trading and profit and loss account and balance sheet as on date.
| Account Title | Debit Amount ₹ |
Account Title | Credit Amount ₹ |
| Opening stock | 10,000 | Sales | 2,28,000 |
| Purchases | 78,000 | Capital | 70,000 |
| Carriage inwards | 2,500 | Interest | 7,000 |
| Salaries | 30,000 | Commission | 8,000 |
| Commission | 10,000 | Creditors | 28,000 |
| Wages | 11,000 | Bills payable | 2,370 |
| Rent and taxes | 2,800 | ||
| Repairs | 5,000 | ||
| Telephone expenses | 1,400 | ||
| Legal charges | 1,500 | ||
| Sundry expenses | 2,500 | ||
| cash in hand | 12,000 | ||
| Debtors | 30,000 | ||
| Machinery | 60,000 | ||
| Investments | 90,000 | ||
| Drawings | 18,000 |
Closing stock, as on March 31, 2017 ₹ 22,000.
Prepare trading and profit and loss account of M/s Sports Equipments for the year ended March 31, 2017 and balance sheet as on that date:
| Account Title | Debit Amount ₹ |
Credit Amount ₹ |
| Opening stock | 50,000 | |
| Purchases and sales | 3,50,000 | 4,21,000 |
| Sales returns | 5,000 | |
| Capital | 3,00,000 | |
| Commission | 4,000 | |
| Creditors | 1,00,000 | |
| Bank overdraft | 28,000 | |
| Cash in hand | 32,000 | |
| Furniture | 1,28,000 | |
| Debtors | 1,40,000 | |
| Plants | 60,000 | |
| Carriage on purchases | 12,000 | |
| Wages | 8,000 | |
| Rent | 15,000 | |
| Bad debts | 7,000 | |
| Drawings | 24,000 | |
| Stationery | 6,000 | |
| Travelling expenses | 2,000 | |
| Insurance | 7,000 | |
| Discount | 5,000 | |
| Office expenses | 2,000 |
Closing stock as on March 31, 2017 ₹ 2,500
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 |
