Question 5:
Trial Balance of a business as at 31st March, 2022 is given below:
|
Particulars |
Dr. |
Particulars |
Cr. |
||
|
Stock
on 1st April, 2018 |
25,000 |
Sales |
2,27,800 |
||
|
Furniture |
8,000 |
Commission |
500 |
||
|
Plant
and Machinery |
1,50,000 |
Returns
Outward |
1,000 |
||
|
Debtors |
30,000 |
Creditors |
40,000 |
||
|
Wages |
12,000 |
Capital |
1,50,000 |
||
|
Salaries |
20,000 |
|
|
||
|
Bad
Debts |
1,000 |
|
|
||
|
Purchases |
1,20,000 |
|
|
||
|
Electricity
Charges |
1,200 |
|
|
||
|
Telephone
Charges |
2,400 |
|
|
||
|
General
Expenses |
3,000 |
|
|
||
|
Postage
Expenses |
1,800 |
|
|
||
|
Returns
Inward |
900 |
|
|
||
|
Insurance
Premium |
1,500 |
|
|
||
|
Cash
in Hand |
2,500 |
|
|
||
|
Cash
at Bank |
40,000 |
|
|
||
|
|
4,19,300 |
|
4,19,300 |
||
|
|
|
|
|||
|
|
|
|
|
|
|
Prepare Trading and Profit and Loss Account for the
year ended 31st March, 2022 and Balance Sheet as at that date after taking into
account the following adjustments:
(i) Closing Stock was valued at `
7,000.
(ii) Outstanding liabilities for wages were `
600 and salaries ` 1,400.
(iii) Depreciation is to be provided @ 5% p.a. on fixed assets.
(iv) Included in Plant and Machinery is a machine purchased for ` 10,000 on 1st
October, 2018.
(v) Insurance premium paid in advance `
200.
Answer:
|
Trading Account for the year ended March
31, 2022 |
|||||
|
Dr. |
|
|
Cr. |
||
|
Particulars |
(`) |
Particulars |
(`) |
||
|
Opening
Stock |
25,000 |
Sales |
2,27,800 |
|
|
|
Purchases |
1,20,000 |
|
Less:
Returns |
900 |
2,26,900 |
|
Less:
Returns |
1,000 |
1,19,000 |
Closing
Stock |
7,000 |
|
|
Wages |
12,000 |
|
|
|
|
|
Add:
Outstanding Wages |
600 |
12,600 |
|
|
|
|
Gross
Profit |
77,300 |
|
|
||
|
|
2,33,900 |
|
2,33,900 |
||
|
|
|
|
|
||
|
Profit & Loss Account for the year ended March
31, 2022 |
||||
|
Dr. |
|
|
Cr. |
|
|
Particulars |
(`) |
Particulars |
(`) |
|
|
Bad
Debts |
1,000 |
Gross
Profit |
77,300 |
|
|
Insurance
Premium |
1,500 |
|
Commission
|
500 |
|
Less:
Prepaid |
200 |
1,300 |
|
|
|
Salaries
|
20,000 |
|
|
|
|
Add:
Outstanding Salaries |
1,400 |
21,400 |
|
|
|
Electricity
Charges |
1,200 |
|
|
|
|
General
Expenses |
3,000 |
|
|
|
|
Postage
Expenses |
1,800 |
|
|
|
|
Telephone
Charges |
2,400 |
|
|
|
|
Depreciation
on: |
|
|
|
|
|
Furniture
|
400 |
|
|
|
|
Plant
& Machinery |
7,250 |
7,650 |
|
|
|
Net
Profit |
38,050 |
|
|
|
|
|
77,800 |
|
77,800 |
|
|
|
|
|
|
|
|
Balance Sheet as on March 31, 2022 |
|||||
|
Dr. |
|
|
Cr. |
||
|
Liabilities |
(`) |
Assets |
(`) |
||
|
Creditors |
40,000 |
Furniture |
8,000 |
|
|
|
Outstanding
Wages |
600 |
Less:
Depreciation |
400 |
7,600 |
|
|
Outstanding
Salaries |
1,400 |
Plant
& Machinery |
1,50,000 |
|
|
|
Capital |
1,50,000 |
|
Less:
Depreciation |
7,250 |
1,42,750 |
|
Add: Net
Profit |
38,050 |
1,88,050 |
Cash
at Bank |
40,000 |
|
|
|
|
Cash
in Hand |
2,500 |
||
|
|
|
Closing
Stock |
7,000 |
||
|
|
|
Debtors |
30,000 |
||
|
|
|
Prepaid
Insurance |
200 |
||
|
|
2,30,050 |
|
2,30,050 |
||
|
|
|
|
|
||
Question 6:
Following balances were extracted from the books of Vijay on 31st March,
2022:
|
Particulars |
` |
Particulars |
` |
|
Capital |
2,45,000 |
Loan |
78,800 |
|
Drawings |
20,000 |
Sales |
6,53,600 |
|
General
Expenses |
47,400 |
Purchases |
4,70,000 |
|
Building |
1,10,000 |
Motor
Car |
20,000 |
|
Machinery |
93,400 |
Provision
for Doubtful Debts |
9,000 |
|
Stock
on 1st April, 2018 |
1,62,000 |
Commission
(Cr.) |
13,200 |
|
Insurance |
13,150 |
Car
Expenses |
18,000 |
|
Wages |
72,000 |
Bills
Payable |
38,500 |
|
Debtors |
62,800 |
Cash |
800 |
|
Creditors |
25,000 |
Bank
Overdraft |
33,000 |
|
Bad
Debts |
5,500 |
Charity |
1,050 |
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2022
and Balance Sheet as at that date after giving effect to the following
adjustments:
(a) Stock as on 31st March, 2022 was valued at ` 2,30,000.
(b) Write off further `
1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%.
(c) Depreciate Machinery at 10%.
(d) Provide `
7,000 as outstanding interest on loan.
Answer:
|
Financial Statement of Vijay Kumar |
|||
|
Trading Account for
the year ended March 31, 2022 |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
(`) |
Particulars |
(`) |
|
Opening Stock |
1,62,000 |
Sales |
6,53,600 |
|
Purchases |
4,70,000 |
Closing Stock |
2,30,000 |
|
Wages |
72,000 |
|
|
|
Gross Profit (Balancing Figure) |
1,79,600 |
|
|
|
|
8,83,600 |
|
8,83,600 |
|
|
|
|
|
|
Profit and Loss Account for
the year ended March 31, 2022 |
||||||
|
Dr. |
|
Cr. |
||||
|
Particulars |
(`) |
Particulars |
(`) |
|||
|
Taxes and Insurance |
13,150 |
Gross Profit |
1,79,600 |
|||
|
Bad Debts |
5,500 |
|
Commission |
13,200 |
||
|
Add: Further Bad Debts |
1,800 |
|
|
|
||
|
Add: Provision for Doubtful Debts |
3,050 |
|
|
|
||
|
|
10,350 |
|
|
|
||
|
Less: Exiting Provision |
9,000 |
1,350 |
|
|
||
|
Car Expenses |
18,000 |
|
|
|||
|
Charity |
1,050 |
|
|
|||
|
Depreciation on Machinery |
9,340 |
|
|
|||
|
Outstanding Interest on Loan |
7,000 |
|
|
|||
|
General Expenses |
47,400 |
|
|
|||
|
Net Profit (Balancing Figure) |
95,510 |
|
|
|||
|
|
1,92,800 |
|
1,92,800 |
|||
|
|
|
|
|
|||
|
Balance Sheet as
on March 31, 2022 |
|||||
|
Liabilities |
(`) |
Assets |
(`) |
||
|
Capital |
2,45,000 |
|
Fixed Assets |
|
|
|
Add: Net Profit |
95,510 |
|
Building |
1,10,000 |
|
|
Less: Drawings |
(20,000) |
3,20,510 |
Machinery |
93,400 |
|
|
Loan |
78,800 |
|
Less:10% Depreciation |
9,340 |
84,060 |
|
Add: Outstanding Interest |
7,000 |
85,800 |
Motor Car |
20,000 |
|
|
Current Liabilities |
|
Current Assets |
|
||
|
Creditors |
25,000 |
Closing Stock |
2,30,000 |
||
|
Bills Payable |
38,500 |
Debtors |
62,800 |
|
|
|
Bank Overdraft |
33,000 |
Less: Bad Debts |
(1,800) |
|
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(3,050) |
57,950 |
|
|
|
|
Cash |
800 |
||
|
|
5,02,810 |
|
5,02,810 |
||
|
|
|
|
|
||
Click below for more Questions
Ts Grewal Solution 2022-2023
Class 11th
Click on below links for
11th TS Grewal’s Accountancy Solutions