Question 19:
From the following Trial Balance of Ramesh, prepare Trading, Profit and Loss Account for the year ending 31st March, 2022 and a Balance Sheet as on that date:
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|
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|
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|
Heads
of Accounts |
Dr. |
Cr. |
|
|
Drawings |
15,000 |
|
|
|
Capital |
|
3,50,000 |
|
|
Plant
and Machinery |
2,05,000 |
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|
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Debtors |
50,000 |
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Creditors |
|
28,000 |
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Returns
Inward |
8,000 |
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Returns
Outward |
|
7,000 |
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Discount
Allowed |
7,000 |
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Discount
Received |
|
6,000 |
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Commission |
15,000 |
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|
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Interest
on Bank Loan |
12,000 |
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|
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Furniture |
55,000 |
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Provision
for Doubtful Debts |
|
13,000 |
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Wages |
50,000 |
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Salaries |
45,000 |
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Advertisement |
15,000 |
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Rent
and Taxes |
13,000 |
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Purchases |
2,60,000 |
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Sales |
|
4,00,000 |
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Stock
on 1st April, 2018 |
70,000 |
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Carriage |
5,000 |
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Land
and Building |
98,000 |
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Cash
in Hand |
8,000 |
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Cash
at Bank |
20,000 |
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10%
Bank Loan as on 1st April, 2018 |
|
1,50,000 |
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Input
CGST |
9,000 |
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Input
SGST |
9,000 |
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Output
IGST |
|
15,000 |
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Total |
9,69,000 |
9,69,000 |
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Adjustments:
(i) Cost of stock on 31st March, 2022 was ` 37,000. However, its market
value was ` 35,000.
(ii) Wages outstanding were ` 6,000 and salaries outstanding were ` 5,000 on 31st March, 2022.
(iii) Depreciate Land and Building @ 212%, Plant and Machinery @ 10% p.a. and
Furniture @ 15% p.a.
(iv) Purchase includes purchase of machinery for ` 10,000 on 1st October, 2018.
(v) Debtors include bad debts of ` 2,000. Maintain a provision for doubtful debts @ 10% on
Debtors.
Answer:
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Trading Account for the year ended March
31, 2022 |
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Dr. |
|
|
Cr. |
|||
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Particulars |
Amount (`) |
Particulars |
Amount (`) |
|||
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Opening
Stock |
70,000 |
Sales |
4,00,000 |
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Purchases |
2,60,000 |
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Less:
Returns |
8,000 |
3,92,000 |
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Less:
Machinery |
10,000 |
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Closing
Stock |
35,000 |
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Less:
Returns |
7,000 |
2,43,000 |
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Carriage |
5,000 |
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|||
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Wages |
50,000 |
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Add:
Outstanding |
6,000 |
56,000 |
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Gross
Profit |
53,000 |
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|||
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|
4,27,000 |
|
4,27,000 |
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Profit & Loss Account for the year ended March
31, 2022 |
|||||||
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Dr. |
|
|
Cr. |
||||
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Particulars |
Amount (`) |
Particulars |
Amount (`) |
||||
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Interest
on Bank Loan |
12,000 |
|
Gross
Profit |
53,000 |
|||
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Add:
Outstanding |
3,000 |
15,000 |
Discount
Received |
6,000 |
|||
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Salaries |
45,000 |
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Old
Provision for DD |
13,000 |
|
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Add:
Outstanding |
5,000 |
50,000 |
Less:
Provision for DD |
4,800 |
8,200 |
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Advertisement |
15,000 |
Net
Loss |
81,500 |
||||
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Commission |
15,000 |
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|
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Discount
Allowed |
7,000 |
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Further
Bad Debts |
2,000 |
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Rent
and Taxes |
13,000 |
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Depreciation
on: |
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Land
& Building |
2,450 |
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Plant
& Machinery |
21,000 |
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Furniture |
8,250 |
31,700 |
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|||
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1,48,700 |
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1,48,700 |
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Balance Sheet as on March 31, 2022 |
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|
Dr. |
|
|
Cr. |
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Liabilities |
Amount (`) |
Assets |
Amount (`) |
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|
Creditors |
28,000 |
Plant
&Machinery |
2,05,000 |
|
|
|
Wages
Outstanding |
6,000 |
Add:
Purchases |
10,000 |
|
|
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Capital |
3,50,000 |
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Less:
Depreciation |
21,000 |
1,94,000 |
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Less:
Drawings |
15,000 |
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Furniture |
55,000 |
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Less: Net
Loss |
81,500 |
2,53,500 |
Less:
Depreciation |
8,250 |
46,750 |
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Outstanding
Salaries |
5,000 |
Debtors |
50,000 |
|
|
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Bank
Loan |
1,50,000 |
|
Less: FBD |
2,000 |
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Add: Outstanding Interest |
3,000 |
1,53,000 |
Less:
Provision |
4,800 |
43,200 |
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Closing
Stock |
35,000 |
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Cash
at Bank |
20,000 |
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Land
&Building |
98,000 |
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|
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Less:
Depreciation |
2,450 |
95,550 |
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|
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Input
SGST |
3,000 |
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Cash
in Hand |
8,000 |
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|
4,45,500 |
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4,45,500 |
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