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11th | Financial Statements of a Sole Proprietorship | Question No. 21 To 25 | Ts Grewal Solution 2022-2023

Question 21:


From the following balances, as on 31st March, 2022, prepare Trading and Profit and Loss Account and Balance Sheet:

 

 `

 

 `

Capital Account

1,00,000

Returns Outward

5,000

Plant and Machinery

40,000

Rent

4,000

Sundry Debtors

24,000

Sales

1,64,000

Sundry Creditors

12,000

Manufacturing Expenses

8,000

Life Insurance Premium

12,000

Trade Expenses

7,000

Purchases

1,05,000

Bad Debts

2,000

Wages

50,000

Carriage

1,500

Bank

10,000

Bills Payable

7,000

Repairs

500

Returns Inward

4,000

Stock (1st April, 2018)

20,000

 

 


Closing Stock on 31st March, 2022 was valued at  ` 14,500.

Answer:


Trading Account 
for the year ended March 31, 2022

Dr.

 

Cr.

Particulars 

 (`)

Particulars

 (`)

Opening Stock

20,000

Sales

1,64,000

 

Purchases

1,05,000

 

Less: Return Inwards

(4,000)

1,60,000

Less: Return Outwards

(5,000)

1,00,000

Closing Stock

14,500

Wages

50,000

Gross Loss (Balancing Figure)

5,000

Manufacturing Expenses

8,000

 

 

Carriage

1,500

 

 

 

1,79,500

 

1,79,500

 

 

 

 

 

Profit and Loss Account 
for the year ended March 31, 2022

Dr.

 

Cr.

Particulars 

 (`)

Particulars

 (`)

Gross Loss

5,000

 

 

Repairs

500

 

 

Rent

4,000

 

 

Trade Expenses

7,000

Net Loss

(Balancing Figure)

18,500

Bad Debts

2,000

 

 

 

18,500

 

18,500

 

 

 

 

 

Balance Sheet 
as on March 31, 2022

Liabilities 

 (`)

Assets 

 (`)

Capital

1,00,000

 

Fixed Assets

 

Less: Life Insurance Premium

(12,000)

 

Plant and Machinery                 

40,000

Less: Net Loss

(18,500)

69,500

Current Assets

 

Current Liabilities

 

Closing Stock

14,500

Sundry Creditors

12,000

Sundry Debtors

24,000

Bills Payable

7,000

Bank

10,000

 

88,500

 

88,500

 

 

 

 

Question 22:


Trial Balance of Chatter Sen on 31st March, 2022 revealed the following balances:
 

Debit Balances:

 `

Debit Balances (Contd.):

 `

Plant and Machinery

90,000

Rent

2,000

Purchases

58,000

Advertisement

2,000

Sales Return

1,000

Cash at Bank

6,900

Opening Stock

40,000

Credit Balances:

 

Discount Allowed

350

Capital A/c

1,10,000

Bank Charges

75

Sales

1,27,000

Sundry Debtors

45,000

Purchases Return

1,275

Salaries

6,800

Discount Received

800

Wages

10,000

Loan

5,000

Freight In

750

Sundry Creditors

20,000

Freight Out

1,200

 

 


Stock on 31st March, 2022 was valued at  ` 35,000.
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2022 and Balance Sheet as at the date.

Answer:


Financial Statement of Chatter Sen

Trading Account 

for the year ended March 31, 2022

Dr.

 

Cr.

Particulars 

 (`)

Particulars

 (`)

Opening Stock

40,000

Sales

1,27,000

 

Purchases

58,000

 

Less: Sales Return  

(1,000)

1,26,000

Less: Purchases Return 

(1,275)

56,725

Closing Stock

35,000

Wages

10,000

 

 

Freight Inwards

750

 

 

Gross Profit (Balancing Figure)

53,525

 

 

 

1,61,000

 

1,61,000

 

 

 

 

 

Profit and Loss Account

for the year ended March 31, 2022

Dr.

 

Cr.

Particulars 

 (`)

Particulars

 (`)

Discount Allowed

350

Gross Profit

53,525

Bank Charges

75

Discount Received

800

Salaries

6,800

 

 

Freight Outwards

1,200

 

 

Rent, Rates and Taxes

2,000

 

 

Advertisement

2,000

 

 

Net Profit (Balancing Figure)

41,900

 

 

 

54,325

 

54,325

 

 

 

 

 

Balance Sheet 

as on March 31, 2022

Liabilities 

 (`)

Assets 

 (`)

Capital

1,10,000

 

Fixed Assets

 

Add: Net Profit

41,900

1,51,900

Plant and Machinery          

90,000

Liabilities

 

Current Assets

 

Sundry Creditors

20,000

Closing Stock

35,000

Loan

5,000

Sundry Debtors

45,000

 

 

Cash at Bank

6,900

 

1,76,900

 

1,76,900

 

 

 

 

Question 23:


Following Trial Balance is extracted from the books of a merchant on 31st March, 2022:
 

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, 2022 was valued at  ` 32,500.
From the above, prepare Trading and Profit and Loss Account for the year ended 31st March, 2022 and Balance Sheet as at that date.

Answer:


Trading Account 

for the year ended March 31, 2022

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, 2022

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, 2022

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 24:


Prepare Trial Balance, Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet of the Premier 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

Bills Receivable

9,500

Plant and Machinery

28,800

Wages

40,970

Salaries

11,000

Sundry Debtors

62,000

Sundry Creditors

60,830

Bank Loan

20,000

Returns Inward

2,780

Purchases

2,56,590

Sales

3,56,430

Commission Received

5,640

Discount Allowed

5,870

Rent

5,620

Stock on 1st April, 2021

89,680

Travelling Expenses

1,880

Insurance

400

Cash

530

Bank (Debit Balance)

18,970

Repairs

3,370

Bad Debts

3,620

Furniture

8,970

Output CGST

4,500

Input CGST

5,100

Output SGST

4,500

Input SGST

5,100

 

 

Stock in Hand on 31st March, 2022 was valued at ` 1,28,960.

Answer:


Heads of Accounts

L.F.

Dr. Balance

(`)

Cr. Balance

(`)

Capital

 

 

1,19,400

Drawings

 

10,550

 

Debtors

 

62,000

 

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

Bills Receivable1

 

9,500

 

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

 

Bill receivable

9,500

Add: Net Profit

10,550

 

Debtors

62,000

 

1,08,850

 

Plant and Machinery

28,800

Less: Drawings

69,250

1,78,100

Cash

530

Bank Loan

 

20,000

Furniture

8,970

Creditors

 

60,830

Bank

18,970

 

 

 

Input CGST

600

 

 

 

Input SGST

600

 

 

 

Closing stock

1,28,960

 

 

2,58,930

 

2,58,930

 

 

 

 

 

 

 

Question 25:


From the following Trial Balance, prepare Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet as at that date:

Heads of Accounts

LF.

Dr. Balance (`)

Cr. Balance (`)

Capital

 

 

500000

Plant and Machinery

 

100000

 

Land and Building

 

120000

 

Sales

 

 

900000

Furniture and Fixtures

 

50000

 

Trade Expenses

 

30000

 

Cash at Bank

 

250000

 

Wages and Salaries

 

60000

 

Repairs

 

10000

 

Purchases

 

600000

 

Opening Stock

 

200000

 

Sundry Debtors

 

100000

 

Sundry Creditors

 

 

120000

Purchases Return

 

 

10000

Rent

 

 

22000

Discount

 

8000

 

Drawings

 

10000

 

Bills Receivable

 

40000

 

Bills Payable

 

 

30000

Bad Debts

 

4000

 

Input CGST A/c

 

10000

 

Input SGST A/c

 

10000

 

Input IGSTA/c

 

5000

 

Output CGST A/c

 

 

5000

Output SGST A/c

 

 

5000

Output IGST A/c

 

 

15000

Total

 

16,07,000

16,07,000

The stock on 31th March, 2022 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

 

Bill receivable

40,000

Add: Net Profit

1,60,000

 

Debtors

1,00,000

 

6,60,000

 

Plant and Machinery

1,00,000

Less: Drawings

10,000

6,50,000

Land and Building

1,20,000

Bills Payable

 

30,000

Furniture

50,000

Creditors

 

1,20,000

Bank

2,50,000

 

 

 

Closing stock

1,40,000

 

 

 

 

 

 

 

 

 

 

 

 

8,00,000

 

8,00,000

 

 

 

 

 

 

 

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