From the following trial balance of Mr. A. Lal, prepare trading, profit and loss account and balance sheet as on March 31, 2011.
Account Title
Debit Amount Rs
Credit Amount Rs
Stock as on April 01, 2005*
16,000
Purchases and Sales
67,600
1,12,000
Returns inwards and outwards
4,600
3,200
Carriage inwards
1,400
General expenses
2,400
Bad debts
600
Discount received
1,400
Bank over draft
10,000
Interest on bank overdraft
600
Commission received
1,800
Insurance and taxes
4,000
Scooter expenses
200
Salaries
8,800
Cash in hand
4,000
Scooter
8,000
Furniture
5,200
Building
65,000
Debtors and Creditors
6,000
16,000
Capital
50,000
Closing stock Rs 15,000.
*As per the question, this year should be 2010 and not 2005.
From the following trial balance of Mr. A. Lal, prepare trading, profit and loss account and balance sheet as on March 31, 2011.
| Account Title | Debit Amount Rs | Credit Amount Rs |
| Stock as on April 01, 2005* | 16,000 |
|
| Purchases and Sales | 67,600 | 1,12,000 |
| Returns inwards and outwards | 4,600 | 3,200 |
| Carriage inwards | 1,400 |
|
| General expenses | 2,400 |
|
| Bad debts | 600 |
|
| Discount received |
| 1,400 |
| Bank over draft |
| 10,000 |
| Interest on bank overdraft | 600 |
|
| Commission received |
| 1,800 |
| Insurance and taxes | 4,000 |
|
| Scooter expenses | 200 |
|
| Salaries | 8,800 |
|
| Cash in hand | 4,000 |
|
| Scooter | 8,000 |
|
| Furniture | 5,200 |
|
| Building | 65,000 |
|
| Debtors and Creditors | 6,000 | 16,000 |
| Capital |
| 50,000 |
Closing stock Rs 15,000.
*As per the question, this year should be 2010 and not 2005.
| Trading Account as on March 31, 2011 | |||||||||||
| Dr. | Cr. | ||||||||||
| Particulars | Amount Rs | Particulars | Amount Rs | ||||||||
| Opening Stock |
| 16,000 | Sales | 1,12,000 |
| ||||||
| Purchases | 67,600 | Less: Sales Return Inwards | (4,600) | 1,07,400 | |||||||
|
| Less: Return Outwards | (3,200) | 64,400 | Closing Stock |
| 15,000 | |||||
| Carriage Inwards | 1,400 |
| |||||||||
| Profit and Loss (Gross Profit) | 40,600 |
| |||||||||
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| 1,22,400 |
| 1,22,400 | |||||||
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| Profit and Loss Account as on March 31, 2011 | |||
| Dr. | Cr. | ||
| Particulars | Amount Rs | Particulars | Amount Rs |
| General Expenses | 2,400 | Trading (Gross Profit) | 40,600 |
| Bad Debts | 600 | Discount Received | 1,400 |
| Interest on Bank Overdraft | 600 | Commission Received | 1,800 |
| Insurance and Taxes | 4,000 | ||
| Scooter Expenses | 200 | ||
| Salaries | 8,800 | ||
| Net Profit | 27,200 | ||
| 43,800 | 43,800 | ||
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| Balance Sheet as on March 31, 2011 | |||||||
| Liabilities | Amount Rs | Assets | Amount Rs | ||||
| Capital | 50,000 |
| Building | 65,000 | |||
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| Add: Net Profit | 27,200 | 77,200 | Furniture | 5,200 | ||
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| Scooter | 8,000 | |||||
| Creditors |
| 16,000 | Debtors | 6,000 | |||
| Bank Overdraft |
| 10,000 | Closing Stock | 15,000 | |||
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| Cash in Hand | 4,000 | |||||
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| 1,03,200 | 1,03,200 | ||||
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