Question 15:
From the following
Trial Balance and information, prepare Trading and Proft & Los Account of
Gurman for the year ended 31st March, 2024 and Balance Sheet as on that date
Heads of Accounts
|
LE.
|
Dr. (`)
|
Cr. (`)
|
Capital
|
|
|
1,00,000
|
Drawings
|
|
12,000
|
|
Land and
Building
|
|
90,000
|
|
Plant and
Machinery
|
|
20,000
|
|
Furniture
|
|
5,000
|
|
Sales
|
|
|
1,40,000
|
Returns
Outward
|
|
|
6,000
|
Debtors
|
|
18,400
|
|
Loan from
Gajanand (Taken on 1st July, 2023 @ 6% p.a.).
|
|
|
30,000
|
Purchases
|
|
80,000
|
|
Returns
Inward
|
|
5,000
|
|
Carriage
Inwards
|
|
10,000
|
|
Sundry
Expenses
|
|
600
|
|
Printing and
Stationery
|
|
500
|
|
Insurance
Expenses
|
|
1,000
|
|
Provision for Doubtful Debts
|
|
|
1,000
|
Provision for Discount on Debtors.
|
|
|
380
|
Bad Debts
|
|
400
|
|
Opening Stock
|
|
21,300
|
|
Salaries and Wages
|
|
15,500
|
|
Carriage Outwards
|
|
3,000
|
|
Creditors
|
|
|
12,000
|
Trade
Expenses
|
|
800
|
|
Cash at Bank
|
|
4,600
|
|
Cash in Hand
|
|
1,280
|
|
Total
|
|
2,89,380
|
2,89,380
|
Additional
Information:
(i) Value of
Closing Stock on 31st March, 2024 at cost was `27,300 and its
net realizable value (market value) was `30,000. ` (ii) Fire
occurred on 23rd March, 2024 and goods costing 10,000 were destroyed.
insurance
company accepted claim of ` 6,000 only and paid the claim
money on 10th April, 2024.
(iii) Bad Debts
amounting to ` 400 are to be written off.
Provision for Doubtful Debts is to be maintained at 5% and Provision for
Discount on Debtors at 2%.
(iv) Received
goods costing ` 6,000 on 27th March, 2024 but
the purchases was not recorded.
(v) Gurman took
goods of ` 2,000 for his personal use but
was not recorded.
(vi) Charge
depreciation @ 2% on Land and Building, @ 20% on Plant and Machinery and @ 5%
on Furniture.
Answer:
|
|
Trading
Account for
the year ended March 31, 2024 |
|
|||||
|
Dr. |
|
|
|
Cr. |
|
||
|
Particulars |
|
(`) |
Particulars |
(`) |
|
||
Opening Stock
|
|
21300
|
|
||||
Purchases
|
80,000
|
Sales
|
1,40,000
|
|
|||
Unrecorded Goods
|
6,000
|
|
|||||
Returns Outward
|
(6,000)
|
Returns Inward
|
5,000
|
1,35,000
|
|
||
Loss by fire
|
(10,000)
|
|
|||||
Drawing
|
(20,000)
|
68,000
|
Closing
Stock |
27,300 |
|
||
Carriage Inwards
|
|
10,000
|
|
||||
Gross Profit
|
|
63,000
|
|
|
|||
|
|
|
1,62,300 |
|
1,62,300 |
|
||
|
|
|
|
|
|
|||
|
|
|
Profit
& Loss Account for
the year ended March 31, 2024 |
|||||||||
|
Dr. |
|
|
|
|
Cr. |
||||||
|
Particulars |
|
Amount (`) |
Particulars |
Amount (`) |
|||||||
Sundry Expenses
|
|
600
|
Gross Profit
|
63,000
|
|||||||
Printing and Stationery
|
|
500
|
Prov. For Discount (Old)
|
380
|
|||||||
Salaries and
Wages
|
|
15,500
|
Less: Prov. For Discount (New)
|
342
|
38
|
||||||
Trade Expenses
|
|
800
|
|
||||||||
Carriage
Outwards
|
|
3,000
|
|
||||||||
Insurance Expenses
|
|
1,000
|
|
||||||||
Less: Prepaid
|
|
|
|||||||||
Less:
|
|
|
|||||||||
Bad Debts
|
400
|
|
|||||||||
Add: Bad Debts
|
400
|
|
|||||||||
800
|
|
||||||||||
|
Prov.
for D.D.(New) |
900 |
|
|||||||||
|
1,700 |
|
||||||||||
|
Prov.
for D.D.(Old) |
1,000 |
700 |
|
||||||||
Rent
|
|
|
|||||||||
Loss of stock
|
|
4,000
|
|
||||||||
(10,000-6,000)
|
|
|
|||||||||
|
Interest
on Loan |
1350 |
|
|||||||||
|
Depreciation
on |
|
|
|||||||||
|
Land
and Building |
1,800 |
|
|||||||||
|
Plant
and machinery |
4,000 |
|
|||||||||
|
Furniture |
250 |
6,050 |
|
||||||||
|
Net
profit |
|
29,538 |
|
||||||||
|
|
|
||||||||||
|
|
63,038 |
|
|
63,038 |
|||||||
|
|
|
|
|||||||||
|
Balance
Sheet as on
March 31, 2024 |
|
|
|||||||
|
Dr. |
|
|
Cr. |
|
|
||||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
|||||
Sundry Creditors
|
12,000
|
Land and Building
|
90,000
|
|
|
||||
Unrecorded creditors
|
6,000
|
Less:
Depreciation |
1,800 |
88,200 |
|
||||
Plant and Machinery
|
20,000
|
|
|
||||||
Capital
|
1,00,000
|
Less: Depreciation
|
4,000
|
16,000
|
|
||||
Furniture
|
5,000
|
|
|
||||||
Drawings
|
(12,000)
|
Less: Depreciation
|
250 |
4,750 |
|
||||
Drawings of goods
|
(2,000)
|
Debtors
|
18,400
|
|
|
||||
|
Add: Net Profit |
29,538 |
1,15,538 |
Add: Bad Debts
|
(400)
|
|
|
|||
|
Loan
from Gajanand |
30,000 |
Prov.
for D.D.(New) |
(900) |
|
|
||||
Interest on loan
|
1,350 |
Prov. on Discount on (New)
|
(342) |
16,758 |
|
||||
Cash at Bank
|
4,600
|
|
|||||||
Cash in Hand
|
1,280
|
|
|||||||
Insurance company
|
6,000 |
|
|||||||
Closing stock
|
27,300 |
|
|||||||
|
|
|
||||||||
|
|
1,64,888 |
1,64,888 |
|
||||||
|
|
|
|
|
|
|
||||
Question 16:
The following is the Trial Balance of Ashok as on 31st March, 2024:
Particulars
|
Dr.
(`)
|
Particulars
|
Cr.
(`)
|
Building
|
1,500,00
|
Capital
|
30,000
|
Purchases (Adjusted)
|
2,90,000
|
Sales
|
5,29,500
|
Salaries
|
S,000
|
Wages Outstanding (At the end)
|
8,000
|
Bad Debts
|
2,000
|
Provision for Depreciation on
Furniture
|
12,000
|
Wages
|
10,000
|
Apprentice Premium
|
500
|
Rent
|
5,000
|
Sundry Creditors
|
20,000
|
Prepaid Rent (At the end)
|
3,000
|
|
|
Insurance
|
5,000
|
|
|
Furniture (At cost)
|
60,000
|
|
|
Drawings
|
5,000
|
|
|
Sundry Debtors
|
25,000
|
|
|
Closing Stock
|
40,000
|
|
|
|
|
6,00,000
|
|
6,00,000
|
Prepare Trading
and Profit & Loss Account for the year ended 31st March, 2024 and
Balance Sheet
as on that date after making the following adjustments:
(i) Salaries for
the month of March, 2024 of ` 1,000 were unpaid which are to
be provided.
Balance in the
account included ` 800 paid in advance.
(ii) Insurance
is prepaid to the extent of ` 2,000.
(iii)
Depreciate Furniture by 10% on original cost and Building by 5%.
(iv) Stock of ` 1,500 was
taken by Ashok for his personal use.
(v) Make a
Provision for Doubtful Debts equal to 10% of Sundry Debtors.
Answer:
|
Trading
Account for
the year ended March 31, 2024 |
|||||
|
Dr. |
|
|
|
Cr. |
|
|
Particulars |
|
(`) |
Particulars |
(`) |
|
Purchases (Adjusted)
|
2,90,000
|
Sales
|
5,29,500
|
||
Drawing
|
1,500
|
2,88,500
|
|||
Wages
|
|
10,000
|
|||
Gross Profit
|
|
2,31,000
|
|
||
(Transferred to P&L A/c)
|
|
||||
|
|
|
5,29,500 |
|
5,29,500 |
|
|
|
|
|
|
||
|
Profit
& Loss Account for
the year ended March 31, 2024 |
|||||||||
|
Dr. |
|
|
|
|
Cr. |
||||
|
Particulars |
|
Amount (`) |
Particulars |
Amount (`) |
|||||
Salaries
|
5,000
|
Gross Profit
|
2,31,000
|
||||||
Less: O/s Salaries
|
1,000
|
(Transferred from tading A/c)
|
|||||||
6,000
|
Apprentice Premium
|
500
|
|||||||
Add: advance
|
800
|
5,200
|
|
||||||
Bad Debts
|
2,000
|
|
|||||||
Add: Prov. For D.D. (New)
|
2,500
|
4,500
|
|
||||||
Rent
|
|
5,000
|
|
||||||
Insurance Expenses
|
5,000
|
|
|||||||
Less: Prepaid
|
(2,000)
|
3,000
|
|
||||||
|
Building |
6,000 |
|
|||||||
|
Furniture |
7,500 |
13,500 |
|
||||||
|
Net profit |
|
2,00,300 |
|
||||||
|
(Transferred
to Capital A/c) |
|
|
|||||||
|
|
2,31,500 |
|
|
2,31,500 |
|||||
|
|
|
|
|||||||
|
Balance
Sheet as on
March 31, 2024 |
|
|||||||||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
||||||
Sundry Creditors
|
20,000
|
Building
|
1,500,00
|
|
|
|||||
Wages Outstanding
|
8,000 |
Less:
Depreciation |
7,500 |
1,42,500 |
|
|||||
Salaries
Outstanding
|
1,000
|
Furniture (At cost)
|
60,000
|
|
|
|||||
Capital
|
30,000
|
Less: Prov. For Dep
|
12,000
|
42,000
|
|
|||||
|
Drawings
of goods |
(1,500) |
Sundry Debtors
|
25,000
|
|
|
|||||
Drawings
|
(5,000)
|
Less: Prov. for D.D.(New)
|
2,500
|
22,500
|
|
|||||
23,500
|
Prepaid Salaries
|
800
|
|
|||||||
|
Add: Net Profit |
2,00,300 |
2,23,800 |
Prepaid Rent
|
3,000
|
|
|||||
Closing Stock
|
40,000
|
|
|
|||||||
|
|
2,52,800 |
2,52,800 |
|
|||||||
|
|
|
|
|
|
|
|||||
Click below for more Questions
Ts Grewal Solution 2024-2025
Class 11th