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प्रश्न
The following is the Trial Balance of Mr. V. Iyer for the year ended 31st December, 2018. Compile the final accounts for him, after incorporating the adjustments given.
| Dr. (₹) | Cr. (₹) | |
| 10% Loan on Mortgage of Premises | 34,000 | |
| Machinery | 50,000 | |
| Debtors and Creditors | 24,000 | 21,400 |
| Loose Tools | 5,000 | |
| Premises (owner built and mortgaged) | 75,000 | |
| Capital Invested and Cash Drawn | 4,000 | 1,00,000 |
| Stock (1.1.2018) | 18,000 | |
| Sales Against Cash | 48,000 | |
| Sales Against Credit | 72,000 | |
| Salaries | 10,000 | |
| Wages | 4,000 | |
| Carriage Outward | 2,000 | |
| Bad Debts Written off | 500 | |
| Royalty (Direct Expenses) | 3,000 | |
| Cash and Bank Balances | 6,000 | |
| Rent Paid | 5,000 | |
| Commissions | 400 | 500 |
| Purchases (Cash and Credit) and Returns | 66,000 | 6,000 |
| Rates and Taxes | 3,000 | |
| Miscellaneous Expenses | 6,000 | |
| 2,81,900 | 2,81,900 |
Closing stock is valued at ₹ 50,000.
उत्तर
| In the Books of Mr. V. Iyer | |||||
| Dr. | Trading and Profit and Loss A/c for the year ended 31.12.2018 |
Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Opening Stock | - | 18,000 | By Sales Cash | 48,000 | 1,20,000 |
| To Purchases | 66,000 | 60,000 | Add: Credit Sale | 72,000 | |
| Less: Returns | (6,000) | By Closing Stock | - | 50,000 | |
| To Wages | - | 4,000 | |||
| To Gross Profit | - | 88,000 | |||
| 1,70,000 | 1,70,000 | ||||
| To Salaries | - | 10,000 | By Gross Profit | - | 88,000 |
| To Carriage Outward | - | 2,000 | By Discount Received | - | 500 |
| To Bad Debt written of | - | 500 | |||
| To Royalty | - | 3,000 | |||
| To Rent Paid | - | 5,000 | |||
| To Commission Paid | - | 400 | |||
| To Rates & Taxes | - | 3,000 | |||
| To Misc. Expenses | - | 6,000 | |||
| To Net Profit | - | 58,600 | |||
| 88,500 | 88,500 | ||||
| Balance Sheet as on 31.12.2018 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Capital | 1,00,000 | 1,54,600 | Machinery | 50,000 |
| Add: Net Profit | 58,600 | Sundry Debtors | 24,000 | |
| Less: Drawings | (4,000) | Loose Tools | 5,000 | |
| 10% Loan on mortgage of Premises | - | 34,000 | Premises | 75,000 |
| Sundry Creditors | - | 21,400 | Cash & Bank Balance | 6,000 |
| Closing Stock | 50,000 | |||
| 2,10,000 | 2,10,000 | |||
APPEARS IN
संबंधित प्रश्न
Carriage inwards will be shown ______.
Prepare a Trading, Profit and Loss account of Mr. ABC for the year ending on 31st March, 2023 and a Balance Sheet as on 31st March, 2023.
| Particulars | Amount (Dr.) Rs. | Amount (Cr.) Rs. |
| Capital | 80,000 | |
| Drawings | 4,000 | |
| Cash at Bank | 4,700 | |
| Purchase | 66,000 | |
| Sales | 1,15,000 | |
| Purchase Returns | 3,000 | |
| Sales Returns | 6,000 | |
| Discount | 1,200 | |
| Carriage Outwards | 1,800 | |
| Salaries | 18,000 | |
| Trade expenses | 3,600 | |
| Opening stock | 15,000 | |
| Bad debts | 1,800 | |
| Rent | 4,500 | |
| Machinery | 1,08,000 | |
| Furniture | 18,000 | |
| Debtors | 12,000 | |
| Creditors | 30,000 | |
| Stationery | 7,500 | |
| Commission received | 900 | |
| Loan | 43,200 | |
| 2,72,100 | 2,72,100 |
Closing stock on 31st March, 2023 was valued at Rs. 78,000.
Why is a Trading Account prepared?
Distinguish between book keeping and accounting.
Explain the nature of a Trading Account.
The following is the trial balance of Harinath's business, for the year ending 31 March 2019:
| Debit (₹) | Credit (₹) | |
| Capital | 9,790 | |
| Drawings | 2,100 | |
| Debtors and Creditors | 8,220 | 6,470 |
| Cash and Bank Balance | 240 | 660 |
| Discounts | 340 | 210 |
| Purchases and Sales | 10,270 | 16,620 |
| Factory Premises | 5,500 | |
| Wages and Salaries | 1,880 | |
| Office Furniture | 1,000 | |
| Stock as on 1.4.2019 | 3,120 | |
| General Expenses | 210 | |
| Rates and Insurance | 270 | |
| Returns Inwards and Outwards | 1,500 | 1,000 |
| Bad Debts | 100 | |
| 34,750 | 34,750 |
Prepare the trading account and the profit and loss account for the year ended 31-3-2019, together with the balance sheet as on that date.
Stock on 31-3-2019 valued at ₹ 5,690.
The following is the trial balance of Miss H. Seattle as on 31st December, 2018.
| Dr. (₹) | Cr. (₹) | |
| Salaries | 5,500 | |
| Wages | 33,000 | |
| Returns Accounted | 10,000 | 8,000 |
| Carriage Inwards | 12,000 | |
| Carriage Outwards | 10,000 | |
| Rent | 3,300 | |
| Insurance | 7,000 | |
| Stock on 1.1.2018 | 15,000 | |
| Rates and Taxes | 2,700 | |
| Power and Fuel | 8,000 | |
| Plant and Machinery | 1,00,000 | |
| Furniture and Fixtures | 10,000 | |
| Purchases | 1,20,000 | |
| Sales | 2,05,000 | |
| Investments (long-term basis) | 80,000 | |
| Income from Investments | 10,000 | |
| Commission Receipts | 12,000 | |
| Discount to Customers and from Creditors | 4,000 | 6,000 |
| Bad Debts Written off | 2,000 | |
| Cash in Bank | 25,000 | |
| Cash in Hand | 500 | |
| Capital | 2,20,000 | |
| Debtors' and Creditors' Personal Accounts | 52,000 | 39,000 |
| 5,00,000 | 5,00,000 |
Compile the final accounts for the owner, after attending to the adjustment given below.
- Closing stock is evaluated at the lower market price ₹ 42,000 ignoring the cost price, which is higher by ₹ 4,000.
From the following Trial Balance of Rinky, prepare a Trading Account and a Profit & Loss Account for the year ended 31.12.2018 and a Balance Sheet on that date.
| TRIAL BALANCE | |||
| Dr. (₹) | Cr. (₹) | ||
| Building | 20,000 | Capital Account | 25,000 |
| Depreciation on above | 1,000 | Provision for Depreciation on Machinery on 1.1.2018 | 800 |
| Machinery | 6,800 | Creditors | 12,000 |
| Furniture | 2,000 | Bank Loan | 6,000 |
| Drawings | 1,500 | Sales | 53,000 |
| Debtors | 8,000 | Outstanding Carriage Inward | 200 |
| Cash | 1,600 | ||
| Opening Stock | 5,000 | ||
| Purchase | 31,000 | ||
| Wages | 3,000 | ||
| Carriage Inwards | 400 | ||
| Salary | 4,000 | ||
| Prepaid Salary | 1,000 | ||
| Advertisement | 300 | ||
| Insurance | 3,500 | ||
| Packing Materials | 7,900 | ||
| 97,000 | 97,000 | ||
Closing Stock ₹ 15,000.
The following is the Trial Balance of ABC Industries as on 31st December 2015.
| TRIAL BALANCE of ABC Industries as on 31.12.2015 | |||
| Particulars | Amount (Dr.) | Particulars | Amount (Cr.) |
| Salaries | 4,000.00 | Sales | 83,000.00 |
| Cash Balance | 2,000.00 | Rent Received | 2,000.00 |
| Bank Balance | 3,000.00 | Purchases Returns | 1,000.00 |
| Wages | 1,500.00 | Creditors | 7,000.00 |
| Insurance | 500.00 | Capital Account | 25,000.00 |
| Trade Expenses | 7,000.00 | ||
| Discount Allowed | 750.00 | ||
| Opening Stock (1.1.2015) | 5,000.00 | ||
| Buildings | 40,000.00 | ||
| Furniture | 15,000.00 | ||
| Sales Returns | 250.00 | ||
| Drawings | 1,000.00 | ||
| Debtors | 5,000.00 | ||
| Purchases | 30,000.00 | ||
| Legal Charges | 1,000.00 | ||
| Advertisement Expenses | 2,000.00 | ||
| 1,18,000.00 | 1,18,000.00 | ||
The closing stock was valued at ₹ 9,000.
You are required to prepare a Trading Account and a Profit and Loss Account for the year ending 31st December 2015 and a Balance Sheet as on 31st December, 2015.
From the following Trail Balance of A.B. Chandra as on 31st December, 2019.
| TRIAL BALANCE of A.B. Chandra As on 31.12.2019 | |||
| Particulars | Amount (Dr.) | Particulars | Amount (Cr.) |
| Cash in Hand | 2,000 | Discount Received | 750 |
| Drawings | 2,800 | Capital | 40,000 |
| Opening Stock (01/01/2018) | 4,000 | Purchases Returns | 1,250 |
| Wages | 2,000 | Sales | 83,000 |
| Cash at Bank | 3,500 | Creditors | 15,000 |
| Insurance | 700 | Bank Loan | 10,000 |
| Trade Expenses | 1,200 | ||
| Furniture | 20,000 | ||
| Buildings | 61,000 | ||
| Salaries | 5,000 | ||
| Discount Allowed | 750 | ||
| Sales Returns | 3,000 | ||
| Purchases | 31,250 | ||
| Debtors | 10,000 | ||
| Telephone Charges | 1,000 | ||
| Bills Receivable | 1,800 | ||
| 1,50,000 | 1,50,000 | ||
The closing stock was valued at ₹ 12,000.
You are required to prepare a Trading Account and a Profit and Loss Account for the year ending 31st December 2019 and a Balance Sheet as on 31st December, 2019.
