Question 11:
From the following Trial Balance of Shubho, prepare final accounts for the year ended 31st March, 2022 and Balance Sheet as at that date:
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Particulars |
Dr. Balances |
Cr. Balances |
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Land
and Building |
50,000 |
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Purchases
(Adjusted) |
2,10,000 |
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Stock
(31st March, 2022) |
45,000 |
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Returns
Inward |
1,500 |
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Returns
Outward |
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2,500 |
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Wages |
45,300 |
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Salaries |
39,000 |
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Office
Expenses |
15,400 |
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Carriage
Inwards |
1,200 |
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Carriage
Outwards |
2,000 |
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Discount
allowed |
750 |
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Discount
received |
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1,200 |
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Bad
Debts |
1,200 |
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Sales |
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3,85,000 |
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Capital
Account |
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1,15,000 |
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Chatterji's Loan A/c (taken on 1st Oct., 2018 @ 18% p.a. |
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25,000 |
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Insurance |
1,500 |
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Commission |
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1,500 |
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Plant
and Machinery |
50,000 |
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Furniture
and Fixtures |
20,000 |
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Bills
Receivable |
20,000 |
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Sundry
Debtors |
40,000 |
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Sundry
Creditors |
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25,000 |
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Cash
at Bank |
16,000 |
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Office
Equipments |
12,000 |
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Bills
Payable |
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12,350 |
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Expenses
Payable |
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3,300 |
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Total |
5,70,850 |
5,70,850 |
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The following adjustments be taken care of:
(i) Depreciate Land and Building @ 6%, Plant and
Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%.
(ii) Calculate Provision for Doubtful Debts at 2% on Sundry Debtors.
(iii) Insurance premium includes ` 250 Insurance Premium paid in advance.
(iv) Provide salary to Shubho ` 15,000 p.a.
(v) Outstanding Salaries ` 11,500.
(vi) 10% of the final profit is to be transferred to General Reserve.
Answer:
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Trading Account for the year ended March
31, 2022 |
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Dr. |
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Cr. |
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Particulars |
(`) |
Particulars |
(`) |
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Purchases
(Adjusted) |
2,07,500 |
Sales |
3,85,000 |
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Less:
Returns |
1,500 |
3,83,500 |
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Carriage
Inwards |
1,200 |
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Wages |
45,300 |
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Gross
Profit |
1,29,500 |
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3,83,500 |
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3,83,500 |
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Profit & Loss Account for the year ended March
31, 2022 |
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Dr. |
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Cr. |
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Particulars |
Amount (`) |
Particulars |
Amount (`) |
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Carriage
Outwards |
2,000 |
Gross
Profit |
1,29,500 |
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Salaries |
39,000 |
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Commission |
1,500 |
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Add:
Outstanding |
11,500 |
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Discount |
1,200 |
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Add:
Payable to Proprietor |
15,000 |
65,500 |
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Insurance
Premium |
1,500 |
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Less:
Prepaid |
250 |
1,250 |
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Discount |
750 |
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Office
Expenses |
15,400 |
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Outstanding
Interest on Loan |
2,250 |
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Bad
Debts |
1,200 |
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Add:
Provision for Doubtful Debts |
800 |
2,000 |
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Depreciation
on: |
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Furniture
& Fixtures |
3,000 |
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Land
& Building |
3,000 |
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Office
Equipment |
2,400 |
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Plant
& Machinery |
5,000 |
13,400 |
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General
Reserve |
2,965 |
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Net
Profit |
26,685 |
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1,32,200 |
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1,32,200 |
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Balance Sheet as on March 31, 2022 |
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Dr. |
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Cr. |
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Liabilities |
Amount (`) |
Assets |
Amount (`) |
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Bills
Payable |
12,350 |
Furniture
& Fixtures |
20,000 |
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Creditors |
25,000 |
Less:
Depreciation |
3,000 |
17,000 |
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Expenses
Payable |
3,300 |
Land
& Building |
50,000 |
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Capital |
1,15,000 |
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Less:
Depreciation |
3,000 |
47,000 |
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Add:
Salary Payable |
15,000 |
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Debtors |
40,000 |
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Add: Net
Profit |
26,685 |
1,56,685 |
Less:
Provision |
800 |
39,200 |
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Chatterji’s Loan |
25,000 |
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Plant
& Machinery |
50,000 |
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Add:
Outstanding Interest |
2,250 |
27,250 |
Less:
Depreciation |
5,000 |
45,000 |
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General
Reserve |
2,965 |
Office
Equipment |
12,000 |
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Outstanding
Salaries |
11,500 |
Less:
Depreciation |
2,400 |
9,600 |
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Bills
Receivable |
20,000 |
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Closing
Stock |
45,000 |
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Cash
at Bank |
16,000 |
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Prepaid
Insurance |
250 |
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2,39,050 |
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2,39,050 |
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Class 11th
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