Question
17:
From the following balances of Anand, prepare Trading Account, Profit and Loss Account, and Balance Sheet as at 31st March, 2024:
|
Credit
Balances: |
` |
Debit
Balances (Contd.): |
` |
|
Capital |
4,60,000 |
Postage |
2,730 |
|
Creditors |
1,12,470 |
Bad Debts |
2,870 |
|
Sales |
7,81,820 |
Interest |
12,950 |
|
Bad Debts Recovered |
1,750 |
Insurance |
4,170 |
|
Loan |
1,20,000 |
Machinery |
1,00,000 |
|
Debit Balances: |
|
Stock (Opening) |
99,450 |
|
Debtors |
38,850 |
Purchases |
6,20,920 |
|
Salaries |
40,000 |
Wages |
43,000 |
|
Discount |
10,000 |
Building |
3,37,800 |
|
Fixtures and Fittings |
1,61,550 |
Selling Expenses |
1,750 |
Value of goods on hand (31st March, 2024) was `
1,43,000.
Answer:
|
Financial Statement of Anand |
|||||
|
Trading
Account for
the year ended March 31, 2024 |
|||||
|
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, 2024 |
|||||
|
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, 2024 |
||||
|
Liabilities |
( `) |
Assets |
( `) |
|
|
Capita |
4,60,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
88,730 |
5,48,730 |
Building |
3,37,800 |
|
Loan |
1,20,000 |
Machinery |
1,00,000 |
|
|
Current Liabilities |
|
Fixtures and fittings |
1,61,550 |
|
|
Creditors |
1,12,470 |
Current Assets |
|
|
|
Closing Stock |
1,43,000 |
|||
|
|
|
Debtors |
38,850 |
|
|
|
7,81,200 |
|
7,81,200 |
|
|
|
|
|
|
|
Question 18:
From the following balances, prepare Trading and Profit and Loss Account and the Balance Sheet:
|
Debit
Balances: |
` |
Debit
Balances (Contd.): |
` |
|
Machinery |
4,00,000 |
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 |
12,00,000 |
|
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 |
12,00,000 |
|
Fixed
Assets |
|
|
Less: Net Loss |
2,20,000 |
|
Building |
1,50,000 |
|
Less: Drawings |
90,000 |
8,90,000 |
Machinery |
4,00,000 |
|
Current Liabilities |
|
Current
Assets |
|
|
|
Creditors |
1,40,000 |
Closing Stock |
60,000 |
|
|
|
|
Debtors |
2,70,000 |
|
|
|
|
Bank |
1,50,000 |
|
|
|
|
|
|
|
|
|
10,30,000 |
|
10,30,000 |
|
|
|
|
|
|
|
Note: Closing Stock is recorded at cost
price or market price which is lower.
Question 19:
The following is the Trial Balance of Atul as at 31st March, 2024:
|
Heads of Accounts |
L.F. |
Dr.
Balance (`) |
Cr.
Balance (`) |
|
Capital |
|
|
50,000 |
|
Drawings |
|
10,000 |
|
|
Debtors |
|
34,000 |
|
|
Creditors |
|
|
24,000 |
|
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, 2024 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 |
34,000 |
|
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 |
|
Creditors |
|
24,000 |
Closing Stock |
15,000 |
|
Bank Loan |
|
10,000 |
|
|
|
|
|
93,400 |
|
93,400 |
|
|
|
|
|
|
Question 20:
From the following balances, as on 31st March, 2024, 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 |
19,000 |
Manufacturing
Expenses |
8,000 |
|
Life
Insurance Premium |
12,000 |
General
Expenses |
7,500 |
|
Purchases |
1,05,000 |
Bad
Debts |
2,000 |
|
Wages |
50,000 |
Carriage |
1,500 |
|
Bank |
10,000 |
Returns
Inward |
4,000 |
|
Stock
(1st April, 2023) |
20,000 |
Closing
Stock on 31st March, 2024 was valued at `
14,500.
Answer:
|
Trading Account |
|||||||
|
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 |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
( `) |
Particulars |
( `) |
||
|
Gross Loss |
5,000 |
Net Loss (Balancing Figure) |
18,500 |
||
|
Rent |
4,000 |
|
|
||
|
General Expenses |
7,500 |
|
|
||
|
Bad Debts |
2,000 |
||||
|
|
|
||||
|
|
18,500 |
|
18,500 |
||
|
|
|
|
|
||
|
Balance Sheet |
||||
|
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 |
19,000 |
Sundry Debtors |
24,000 |
|
|
Bank |
10,000 |
|||
|
|
88,500 |
|
88,500 |
|
|
|
|
|
|
|
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 18 – Financial Statements of a Sole Proprietorship