Question 21:
Trial Balance of Chatter Sen on 31st March, 2024 revealed the following balances:
|
Debit
Balances: |
` |
Debit
Balances (Contd.): |
` |
|
Machinery |
10,00,000 |
Rent |
20,000 |
|
Purchases |
5,80,000 |
Insurance |
10,000 |
|
Sales
Return |
10,000 |
Advertisement |
10,000 |
|
Opening
Stock |
4,00,000 |
Cash
at Bank |
69,000 |
|
Discount
Allowed |
3,500 |
Credit
Balances: |
|
|
Bank
Charges |
750 |
Capital
A/c |
12,00,000 |
|
Sundry
Debtors |
4,50,000 |
Sales |
12,70,000 |
|
Salaries |
68,000 |
Purchases
Return |
12,750 |
|
Wages |
1,00,000 |
Discount
Received |
8,000 |
|
Freight
In |
7,500 |
Loan |
50,000 |
|
Freight
Out |
12,000 |
Sundry
Creditors |
2,00,000 |
Stock on 31st March, 2024 was ` 3,50,000 at cost and its net
realization value (market value) was ` 4,00,000.
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2024
and Balance Sheet as at the date.
Answer:
|
Financial Statement of
Chatter Sen |
|||||||
|
Trading
Account for
the year ended March 31, 2024 |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
( `) |
Particulars |
( `) |
||||
|
Opening Stock |
4,00,000 |
Sales |
12,70,000 |
|
|||
|
Purchases |
5,80,000 |
|
Less: Sales
Return |
(10,000) |
12,60,000 |
||
|
Less: Purchases Return
|
(12,750) |
5,67,250 |
Closing Stock |
3,50,000 |
|||
|
Wages |
1,00,000 |
|
|
||||
|
Freight Inwards |
7,500 |
|
|
||||
|
Gross Profit (Balancing
Figure) |
5,35,250 |
|
|
||||
|
|
16,10,000 |
|
16,10,000 |
||||
|
|
|
|
|
||||
|
Profit and Loss Account for the year ended March
31, 2024 |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
( `) |
Particulars |
( `) |
||
|
Discount Allowed |
3,500 |
Gross Profit |
5,35,250 |
||
|
Bank Charges |
750 |
Discount
Received |
8,000 |
||
|
Salaries |
68,000 |
|
|
||
|
Freight Outwards |
12,000 |
|
|
||
|
Rent |
20,000 |
|
|
||
|
Insurance |
10,000 |
||||
|
Advertisement |
10,000 |
|
|
||
|
Net Profit (Balancing Figure) |
4,19,000 |
|
|
||
|
|
5,43,250 |
|
5,43,250 |
||
|
|
|
|
|
||
|
Balance Sheet as on March 31, 2024 |
||||
|
Liabilities |
( `) |
Assets |
( `) |
|
|
Capital |
12,00,000 |
|
Fixed
Assets |
|
|
Add: Net Profit |
4,19,000 |
16,19,000 |
Machinery
|
10,00,000 |
|
Liabilities |
|
Current
Assets |
|
|
|
Sundry Creditors |
2,00,000 |
Closing Stock |
350,000 |
|
|
Loan |
50,000 |
Sundry Debtors |
4,50,000 |
|
|
|
|
Cash at Bank |
69,000 |
|
|
|
18,69,000 |
|
18,69,000 |
|
|
|
|
|
|
|
Question 23:
Following Trial Balance is extracted from the books of a merchant on 31st
March, 2024:
|
Debit
Balances: |
` |
Debit
Balances (Contd.): |
` |
|
Furniture
and Fittings |
6,400 |
Insurance |
12,500 |
|
Motor
Vehicles |
62,500 |
General
Charges |
7,820 |
|
Building |
75,900 |
Salaries |
33,000 |
|
Bad
Debts |
1,250 |
Credit
Balances: |
|
|
Sundry
Debtors |
38,000 |
Capital |
1,28,900 |
|
Stock
on 1st April, 2018 |
34,600 |
Bills
Payable |
2,000 |
|
Purchases |
55,750 |
Sundry
Creditors |
25,000 |
|
Sales
Return |
2,000 |
Sales |
1,54,500 |
|
Advertising |
4,500 |
Bank
Overdraft |
28,500 |
|
Interest |
1,180 |
Purchases
Return |
1,250 |
|
Cash
in Hand |
6,500 |
Commission |
1,750 |
Stock in Hand on 31st March, 2024 was valued at `
32,500.
From the above, prepare Trading and Profit and Loss Account for the year ended
31st March, 2024 and Balance Sheet as at that date.
Answer:
|
Trading
Account for
the year ended March 31, 2024 |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
(Rs) |
Particulars |
(Rs) |
||||
|
Opening Stock |
34,600 |
Sales |
1,54,500 |
|
|||
|
Purchases |
55,750 |
|
Less: Sales Return |
(2,000) |
1,52,500 |
||
|
Less: Purchases Return |
(1,250) |
54,500 |
Closing Stock |
32,500 |
|||
|
Gross Profit (Balancing
Figure) |
95,900 |
|
|
||||
|
|
1,85,000 |
|
1,85,000 |
||||
|
|
|
|
|
||||
|
Profit And Loss Account for the year ended March
31, 2024 |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(Rs) |
Particulars |
(Rs) |
||
|
Taxes and
Insurance |
12,500 |
Gross Profit |
95,900 |
||
|
General Charges |
7,820 |
Commission
|
1,750 |
||
|
Salaries |
33,000 |
|
|
||
|
Bad Debts |
1,250 |
|
|
||
|
Advertising |
4,500 |
|
|
||
|
Interest |
1,180 |
|
|
||
|
Net Profit (Balancing
Figure) |
37,400 |
|
|
||
|
|
97,650 |
|
97,650 |
||
|
|
|
|
|
||
|
Balance Sheet as on March 31, 2024 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capital |
1,28,900 |
|
Fixed
Assets |
|
|
Add: Net Profit |
37,400 |
1,66,300 |
Building |
75,900 |
|
Current
Liabilities |
|
Furniture and
Fittings |
6,400 |
|
|
Sundry Creditors |
25,000 |
Motor
Vehicles |
62,500 |
|
|
Bank Overdraft |
28,500 |
Current
Assets |
|
|
|
Bills Payable |
2,000 |
Closing Stock |
32,500 |
|
|
|
|
Sundry Debtors |
38,000 |
|
|
|
|
Cash in Hand |
6,500 |
|
|
|
2,21,800 |
|
2,21,800 |
|
|
|
|
|
|
|
Question 22:
Prepare Trial Balance, Trading and Profit & Loss Account for the year ended 31st March, 2024 and Balance Sheet of Gurman Trading Company as at that date, from the following extract of Ledger balances:
|
Proprietor's Capital A/c |
1,19,400 |
Proprietor's Drawings A/c |
10,550 |
|
Wages |
40,970 |
Plant and Machinery |
28,800 |
|
Sundry Debtors |
71,500 |
Salaries |
11,000 |
|
Bank Loan |
20,000 |
Sundry Creditors |
60,830 |
|
Purchases |
2,56,590 |
Returns Inward |
2,780 |
|
Commission Received |
5,640 |
Sales |
3,56,430 |
|
Rent |
5,620 |
Discount Allowed |
5,870 |
|
Travelling Expenses |
1,880 |
Stock on 1st April, 2021 |
89,680 |
|
Cash |
530 |
Insurance |
400 |
|
Repairs |
3,370 |
Bank (Debit Balance) |
18,970 |
|
Furniture |
8,970 |
Bad Debts |
3,620 |
|
Input CGST |
5,100 |
Output CGST |
4,500 |
|
Input SGST |
5,100 |
Output SGST |
4,500 |
Stock in Hand on 31st March, 2024 was valued at `1,28,960.
Answer:
|
Heads of Accounts |
L.F. |
Dr.
Balance (`) |
Cr.
Balance (`) |
|
Capital |
|
|
1,19,400 |
|
Drawings |
|
10,550 |
|
|
Debtors |
|
71,500 |
|
|
Creditors |
|
|
60,830 |
|
Purchases |
|
2,56,590 |
|
|
Sales |
|
|
3,56,430 |
|
Sales Return |
|
2,780 |
|
|
Bank Loan |
|
|
20,000 |
|
Travelling Expenses |
|
1,880 |
|
|
Cash in Hand |
|
530 |
|
|
Cash at Bank |
|
18,970 |
|
|
Plan and machinery |
|
28,800 |
|
|
Commission Received |
|
|
5,640 |
|
Wages |
|
40,970 |
|
|
Furniture |
|
8,970 |
|
|
Salaries |
|
11,000 |
|
|
Rent |
|
5,620 |
|
|
Bad Debts |
|
3,620 |
|
|
Discount Allowed |
|
5,870 |
|
|
Input CGST |
|
5,100 |
|
|
Input SGST |
|
5,100 |
|
|
Output CGST |
|
|
4,500 |
|
Output SGST |
|
|
4,500 |
|
Repair |
|
3,370 |
|
|
Insurance |
|
400 |
|
|
Opening Stock |
|
89,680 |
|
|
Total |
|
5,71,300 |
5,71,300 |
1
|
Dr. |
Trading and Profit & Loss A/c |
Cr. |
||
|
Particulars |
(`) |
Particulars |
|
(`) |
|
Opening stock |
89,680 |
Sales |
3,56,430 |
|
|
Purchases |
2,56,590 |
Less:
Sales Return |
2,780 |
3,53,650 |
|
Wages |
40,970 |
Closing stock |
|
1,28,960 |
|
Gross Profit |
95,370 |
|
|
|
|
|
|
|
|
|
|
|
4,82,610 |
|
|
4,82,610 |
|
Rent |
5,620 |
Gross Profit |
95,370 |
|
|
Salary |
11,000 |
Commission Received |
5,640 |
|
|
Discount Allowed |
5,870 |
|
|
|
|
Travelling Expenses |
1,880 |
|
|
|
|
Repair |
3,370 |
|
|
|
|
Insurance |
400 |
|
|
|
|
Bad debts |
3,620 |
|
|
|
|
Net Profit |
69,250 |
|
|
|
|
|
1,01,010 |
|
|
1,01,010 |
|
|
|
|
|
|
1
|
Balance
Sheet |
||||
|
Liabilities |
|
(`) |
Assets |
(`) |
|
Capital |
1,19,400 |
|
Debtors |
71,500 |
|
Add: Net Profit |
69,250 |
|
Plant and Machinery |
28,800 |
|
|
1,08,850 |
|
Cash |
530 |
|
Less: Drawings |
10,550 |
1,78,100 |
Furniture |
8,970 |
|
Bank Loan |
|
20,000 |
Bank |
18,970 |
|
Creditors |
|
60,830 |
Input CGST |
600 |
|
|
|
|
Input SGST |
600 |
|
|
|
|
Closing stock |
1,28,960 |
|
|
|
2,58,930 |
|
2,58,930 |
|
|
|
|
|
|
Question 23:
From the following Trial Balance, prepare Trading and Profit & Loss Account for the year ended 31st March, 2024 and Balance Sheet as at that date:
|
Heads of Accounts |
LF. |
Dr.
Balance (`) |
Cr.
Balance (`) |
|
Capital |
|
|
5,00,000 |
|
Plant and Machinery |
|
1,00,000 |
|
|
Land and Building |
|
1,20,000 |
|
|
Sales |
|
|
9,00,000 |
|
Furniture and Fixtures |
|
50,000 |
|
|
Trade Expenses |
|
30,000 |
|
|
Cash at Bank |
|
2,50,000 |
|
|
Wages and Salaries |
|
60,000 |
|
|
Repairs |
|
10,000 |
|
|
Purchases |
|
6,00,000 |
|
|
Opening Stock |
|
2,00,000 |
|
|
Sundry Debtors |
|
1,40,000 |
|
|
Sundry Creditors |
|
|
1,50,000 |
|
Purchases Return |
|
|
10,000 |
|
Rent |
|
|
22,000 |
|
Discount |
|
8,000 |
|
|
Drawings |
|
10,000 |
|
|
Bad Debts |
|
4,000 |
|
|
Input CGST A/c |
|
10,000 |
|
|
Input SGST A/c |
|
10,000 |
|
|
Input IGSTA/c |
|
5,000 |
|
|
Output CGST A/c |
|
|
5,000 |
|
Output SGST A/c |
|
|
5,000 |
|
Output IGST A/c |
|
|
15,000 |
|
Total |
|
16,07,000 |
16,07,000 |
The stock on 31th March, 2024 was valued at `1,40,000.
|
Dr. |
|
Trading and Profit & Loss A/c |
Cr. |
||
|
Particulars |
|
(`) |
Particulars |
|
(`) |
|
Opening stock |
|
2,00,000 |
Sales |
|
9,00,000 |
|
Purchases |
6,00,000 |
|
Closing stock |
|
1,40,000 |
|
Less:Purchases Return |
10,000 |
5,90,000 |
|
|
|
|
Wages |
|
60,000 |
|
|
|
|
Gross Profit |
|
1,90,000 |
|
|
|
|
|
|
10,40,000 |
|
|
10,40,000 |
|
Discount Allowed |
|
8,000 |
Gross Profit |
1,90,000 |
|
|
Travelling Expenses |
|
30,000 |
Rent Received |
22,000 |
|
|
Repair |
|
10,000 |
|
|
|
|
Bad debts |
|
4,000 |
|
|
|
|
Net Profit |
|
1,60,000 |
|
|
|
|
|
|
2,12,000 |
|
|
2,12,000 |
|
|
|
|
|
|
|
1
|
Balance
Sheet |
||||
|
Liabilities |
|
(`) |
Assets |
(`) |
|
Capital |
5,00,000 |
|
Debtors |
1,40,000 |
|
Add: Net Profit |
1,60,000 |
|
Plant and Machinery |
1,00,000 |
|
|
6,60,000 |
|
Land and Building |
1,20,000 |
|
Less: Drawings |
10,000 |
6,50,000 |
Furniture |
50,000 |
|
Creditors |
|
1,50,000 |
Bank |
2,50,000 |
|
|
|
|
Closing stock |
1,40,000 |
|
|
|
8,00,000 |
|
8,00,000 |
|
|
|
|
|
|
Click below for more Questions
Ts Grewal Solution 2024-2025
Class 11th
Chapter 18 – Financial Statements of a Sole Proprietorship