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11th | Financial Statements of a Sole Proprietorship | Question No. 17 To 20 | Ts Grewal Solution 2022-2023

Question 17:


The following are the balances as on 31st March, 2022 extracted from the books of Dass:

 

 `

 

 `

Sales

9,20,000

Postage and Courier

6,200

Purchases

6,83,000

Miscellaneous Expenses

9,000

Returns Inward

13,000

Bad Debts

4,000

Returns Outward

22,000

Debtors

2,20,000

Stock on 1st April, 2018

1,76,000

Creditors

1,28,000

Carriage Inwards

24,000

Loan from Sahil

50,000

Rent

22,000

Capital

5,25,000

Discount

37,500

Drawings

19,100

Printing

7,200

Business Premises

3,90,000

Insurance

5,000

Office Furniture

15,000

Travelling Expenses

14,000

 

 


The stock on 31st March, 2022 was valued at  ` 2,40,000.
You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2022.

Answer:


Financial Statement of Bhagwan Das

Trading Account 

for the year ended March 31, 2022

Dr.

 

Cr.

Particulars 

 (`)

Particulars

 (`)

Stock

1,76,000

 

 

Purchases

6,83,000

 

Sales

9,20,000

 

Less: Return Outwards

(22,000)

6,61,000

Less: Return Inwards

(13,000)

9,07,000

Carriage Inwards

24,000

Closing Stock

2,40,000

Gross Profit (Balancing Figure)

2,86,000

 

 

 

11,47,000

 

11,47,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit and Loss Account 

for the year ended March 31, 2022

Dr.

 

Cr.

Particulars 

 (`)

Particulars

 (`)

Rent, Rates and Taxes

22,000

Gross Profit

2,86,000

Discount

37,500

 

 

Printing

7,200

 

 

Insurance

5,000

 

 

Travelling Expenses

14,000

 

 

Postage and Courier

6,200

 

 

Miscellaneous Expenses

9,000

 

 

Bad Debts

4,000

 

 

Net Profit (Balancing Figure)

1,81,100

 

 

 

2,86,000

 

2,86,000

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet

as on March 31, 2022

Liabilities 

 (`)

Assets

 (`)

Capital

5,25,000

 

Fixed Assets

 

Less: Drawings

(19,100)

 

Business Premises

3,90,000

Add: Net Profit

1,81,100

6,87,000

Office Furniture

15,000

Loan from Sahil

50,000

Current Assets

 

Current Liabilities 

 

Closing Stock

2,40,000

Creditors

1,28,000

Debtors

2,20,000

 

8,65,000

 

8,65,000

 

 

 

 

Question 18:


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

Credit Balances:

 `

Debit Balances (Contd.):

 `

Capital

3,60,000

Postage

2,730

Creditors

87,200

Bad Debts

2,870

Bills Payable

25,270

Interest

12,950

Sales

7,81,820

Insurance

4,170

Bad Debts Recovered

1,750

Machinery

1,00,000

Loan

1,20,000

Stock (Opening)

99,450

Debit Balances:

 

Purchases

6,20,920

Debtors

38,850

Wages

43,000

Salaries

40,000

Building

2,37,800

Discount

10,000

Selling Expenses

1,750

 

 

Fixtures and Fittings

1,61,550


Value of goods on hand (31st March, 2022) was  ` 1,43,000.

Answer:


Financial Statement of Anand

Trading Account 

for the year ended March 31, 2022

Dr.

 

Cr.

Particulars 

 (`)

Particulars

 (`)

Opening Stock

99,450

Sales

7,81,820

Purchases

6,20,920

Closing Stock

1,43,000

Wages

43,000

 

 

Gross Profit (Balancing Figure)

1,61,450

 

 

 

9,24,820

 

9,24,820

 

 

 

 

 

Profit and Loss Account 

for the year ended March 31, 2022

Dr.

 

Cr.

Particulars 

 (`)

Particulars

 (`)

Salaries

40,000

Gross Profit

1,61,450

Discount

10,000

Bad debts Recovered

1,750

Selling Expense

1,750

 

 

Postage

2,730

 

 

Bad Debts

2,870

 

 

Interest

12,950

 

 

Insurance

4,170

 

 

Net Profit (Balancing Figure)

88,730

 

 

 

1,63,200

 

1,63,200

 

 

 

 

 

Balance Sheet 

as on March 31, 2022

Liabilities 

 (`)

Assets

 (`)

Capita

3,60,000

 

Fixed Assets

 

Add: Net Profit

88,730

4,48,730

Building

2,37,800

Loan

1,20,000

Machinery

1,00,000

Current Liabilities

 

Fixtures and fittings

1,61,550

Creditors

87,200

Current Assets

 

Bills Payable

25,270

Closing Stock

1,43,000

 

 

Debtors

38,850

 

6,81,200

 

6,81,200

 

 

 

 

 

Question 19:


From the following balances, prepare Trading and Profit and Loss Account and the Balance Sheet:
 

Debit Balances:

 `

Debit Balances (Contd.):

 `

Machinery

2,00,000

Opening Stock

2,00,000

Building

1,50,000

Rent

45,000

Debtors

2,70,000

Sundry Expenses

20,000

Drawings

90,000

Carriage

15,000

Purchases

9,50,000

Credit Balances:

 

Wages

5,00,000

Capital

10,00,000

Bed Debts

10,000

Creditors

1,40,000

Bank

1,50,000

Sales

14,50,000

 

 

Commission

10,000


Closing Stock was of  ` 70,000 but its net realisable value was estimated at
 ` 60,000.

Answer:


Financial Statement of….

Trading Account 

for the year ended …

Dr.

 

Cr.

Particulars 

 (Rs)

Particulars

 (Rs)

Opening Stock

2,00,000

Sales

14,50,000

Purchases

9,50,000

Closing Stock (Note)

60,000

Carriage

15,000

Gross Loss (Balancing Figure)

1,55,000

Wages

5,00,000

 

 

 

 

 

 

 

16,65,000

 

16,65,000

 

 

 

 

 

 

 

 

 

 

 

Profit and Loss Account 

for the year ended March 31, …..

Dr.

 

Cr.

Particulars 

 (Rs)

Particulars

 (Rs)

Gross Loss

1,55,000

Commission

10,000

Bad Debts

10,000

Net Loss (Balancing Figure)

2,20,000

Rent

45,000

 

 

Sundry Expenses

20,000

 

 

 

 

 

 

 

 

 

 

 

2,30,000

 

2,30,000

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet 

as on March 31, ….

Liabilities 

 (Rs)

Assets 

 (Rs)

Capital

10,00,000

 

Fixed Assets

 

Less: Net Loss

2,20,000

 

Building

1,50,000

Less: Drawings

90,000

6,90,000

Machinery

2,00,000

Current Liabilities

 

Current Assets

 

Creditors

1,40,000

Closing Stock

60,000

 

 

Debtors

2,70,000

 

 

Bank

1,50,000

 

 

 

 

 

8,30,000

 

8,30,000

 

 

 

 

 

Note: Closing Stock is recorded at cost price or market price which is lower.

Question 20:


The following is the Trial Balance of Atul as at 31st March, 2020:

Heads of Accounts

L.F.

Dr. Balance (`)

Cr. Balance (`)

Capital

 

 

50,000

Drawings

 

10,000

 

Debtors

 

24,000

 

Creditors

 

 

16,000

Adjusted Purchases

 

75,700

 

Sales

 

 

1,31,000

Sales Return

 

1,500

 

Bank Loan

 

 

10,000

Interest on Loan

 

300

 

Cash in Hand

 

3,000

 

Cash at Bank

 

7,500

 

Miscellaneous Income

 

 

1,000

Wages

 

6,000

 

Furniture

 

33,900

 

Carriage Outwards

 

4,500

 

Carriage Inwards

 

5,000

 

Salaries

 

12,000

 

Rent

 

18,000

 

Bad Debts

 

600

 

Discount Allowed

 

5,000

 

Discount Received

 

 

2,600

Bills Receivable

 

10,000

 

Bills Payable

 

 

8,000

Insurance

 

2,000

 

Commission

 

 

15,400

Closing Stock

 

15,000

 

Total

 

2,34,000

2,34,000

Prepare Trading and Profit and loss account for the year ending on 31 March, 2022 and Balance Sheet as on that date.

Answer:


Trading and Profit and Loss Account

Particulars

(`)

Particulars

 

(`)

Adjusted Purchases

75,700

Sales

1,31,000

 

Wages

6,000

Sales Return

1,500

1,29,500

Carriage Inwards

5,000

 

 

 

Gross Profit

42,800

 

 

 

 

1,29,500

 

 

1,29,500

Interest on Loan

300

Gross Profit

42,800

Carriage Outwards

4,500

Miscellaneous Income

1,000

Rent

18,000

Discount Received

2,600

Bad Debts

600

Commission

15,400

Discount Allowed

5,000

 

 

 

Insurance

2,000

 

 

 

Salary

12,000

 

 

 

Net Profit

19,400

 

 

 

 

61,800

 

 

61,800

 

 

 

 

 

1

Balance Sheet

Liabilities

 

(`)

Assets

(`)

Capital

50,000

 

Debtors

24,000

Add: Net Profit

19,400

 

Cash in Hand

3,000

 

69,400

 

Cash at Bank

7,500

Less: Drawings

10,000

59,400

Furniture

33,900

 

 

 

Bills Receivable

10,000

Creditors

 

16,000

Closing Stock

15,000

Bank Loan

 

10,000

 

 

Bills Payable

 

8,000

 

 

 

 

 

 

 

 

 

93,400

 

93,400

 

 

 

 

 

 

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