Account - from the following trial balance of Ram and sons prepare trading account and profit and loss and balance sheet.
Dear Student,
Hereunder is answer given,
Regards,
Hereunder is answer given,
| Trading Account | |||||||||||
| Dr. | Cr. | ||||||||||
| Particulars | Amount Rs |
Particulars | Amount Rs |
||||||||
| Opening Stock | 20000 | Sales | 250000 | ||||||||
| Purchases | 75000 | Less : Sales Return Inwards | (8000) | 242000 | |||||||
| Less : Return Outwards | (3000) | 72000 | Closing Stock | 25000 | |||||||
| Carriage wages |
7500 36500 |
||||||||||
| Profit and Loss (Gross Profit) | 131000 | ||||||||||
| 267000 | 267000 | ||||||||||
| Profit and Loss Account | |||
| Dr. | Cr. | ||
| Particulars | Amount Rs |
Particulars | Amount Rs |
| Rent & Taxes | 24000 | Trading (Gross Profit) | 131000 |
| Trade Expenses | 4000 | Int. on BD | 2000 |
| Repairs | 1200 | Commission Received | 3300 |
| salary | 12000 | ||
| Net Profit | 95100 | ||
| 136300 | 136300 | ||
| Balance Sheet | |||||||
| Liabilities | Amount Rs |
Assets | Amount Rs |
||||
| Capital | 170000 | Plant and Machinery | 160000 | ||||
| Less Drawings Add Net Profit |
(16600) 95100 |
248500 | Bill receivable | 14000 | |||
| Debtors | 55000 | ||||||
| Creditors | 15000 | Closing Stock | 25000 | ||||
| Bank Overdraft | 10,000 | Bank deposit | 20000 | ||||
| Bills Payable | 6200 | Cash in Hand | 5700 | ||||
| 279,700 | 279,700 | ||||||
Regards,