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Question
Use the following Trial Balance to complete the Final Accounts of Ms K. Pant for the year ending March 31, 2021.
TRIAL BALANCE
| Particulars | Dr. | Cr. |
| Capital | 3,78,000 | |
| Drawings | 40,000 | |
| Plant and Machinery | 1,60,000 | |
| Creditors | 1,00,000 | |
| Debtors | 1,40,000 | |
| Purchases | 2,75,000 | |
| Purchase returns | 14,000 | |
| Sales | 4,40,000 | |
| Sales Returns | 20,000 | |
| Cash in Hand | 30,000 | |
| Wages | 80,000 | |
| Repairs | 16,000 | |
| Salaries | 60,000 | |
| Opening Stock | 45,000 | |
| Rent | 24,000 | |
| Bills Receivable | 24,000 | |
| Bills Payable | 40,000 | |
| Bad Debts | 10,000 | |
| Carriage Inwards | 18,000 | |
| Furniture | 30,000 | |
| 9,72,000 | 9,72,000 |
Closing Stock was valued at Rs. 1,00,000.
Trading Account of Ms K.Pant for the year ending March 31, 2021
| Dr. | Cr. | ||
| Particulars | Amount | Particulars | Amount |
| To Purchases 2,75,000 | By Sales 4,40,000 | ||
|
(i) (-) ______ |
2,61,000 | (-) Sales Return 20,000 | 42,0000 |
| To Wages | 80,000 | By Closing Stock | 1,00,000 |
| To Opening Stock | 45,000 | ||
| (ii) ______ | (ii) ______ | ||
| To Gross Profit transferred to Profit and Loss Account | (iii) ______ | ||
| 5,20,000 | 5,20,000 |
Profit and Loss Account of Ms K. Pant for the year ending March 31, 2021
| Dr. | Cr. | ||
| Particulars | Amount | Particulars | Amount |
| To Salaries | 60,000 | By Gross Profit | (iii) ______ |
| To Repairs | 16,000 | ||
| To Rent | 24,000 | ||
| To Bad Debts | 10,000 | ||
| To Net Profit transferred to Balance Sheet | (iv) ______ | ||
| 1,16,000 | 1,16,000 |
Balance Sheet of Ms K.Pant as of March 31, 2021
| Liabilities | Amount | Assets | Amount |
| (v) ______ | Plant and machinery | 1,60,000 | |
| (-) Drawing 40,000 | Debtors | 1,40,000 | |
| (+) Net Profit (iv) ______ | 3,44,000 | Cash in Hand | 30,000 |
| Creditors | 1,00,000 | Bills Receivable | 24,000 |
| Bills Payable | 40,000 | Furniture | 30,000 |
| (vi) ______ | (vi) ______ | ||
| 4,84,000 | 4,84,000 |
Fill in the Blanks
Short Note
Solution
Trading Account of Ms K.Pant for the year ending March 31, 2021
| Dr. | Cr. | ||
| Particulars | Amount | Particulars | Amount |
| To Purchases 2,75,000 | By Sales 4,40,000 | ||
|
(-) Purchase returns - ₹ 14000 |
2,61,000 | (-) Sales Return 20,000 | 42,0000 |
| To Wages | 80,000 | By Closing Stock | 1,00,000 |
| To Opening Stock | 45,000 | ||
| Carriage Inwards | ₹ 18,000 | ||
| To Gross Profit transferred to Profit and Loss Account | ₹ 116000 | ||
| 5,20,000 | 5,20,000 |
Profit and Loss Account of Ms K. Pant for the year ending March 31, 2021
| Dr. | Cr. | ||
| Particulars | Amount | Particulars | Amount |
| To Salaries | 60,000 | By Gross Profit | ₹ 116000 |
| To Repairs | 16,000 | ||
| To Rent | 24,000 | ||
| To Bad Debts | 10,000 | ||
| To Net Profit transferred to Balance Sheet | ₹ 6000 | ||
| 1,16,000 | 1,16,000 |
Balance Sheet of Ms K.Pant as of March 31, 2021
| Liabilities | Amount | Assets | Amount |
| Capital - ₹ 378000 | Plant and machinery | 1,60,000 | |
| (-) Drawing 40,000 | Debtors | 1,40,000 | |
| (+) Net Profit - ₹ 6000 | 3,44,000 | Cash in Hand | 30,000 |
| Creditors | 1,00,000 | Bills Receivable | 24,000 |
| Bills Payable | 40,000 | Furniture | 30,000 |
| Closing Stock | ₹ 100000 | ||
| 4,84,000 | 4,84,000 |
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Final Accounts of Sole Proprietorship
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