Please provide the trial balance and trading and profit and loss account for this
Dear Student
Please note that :
1. As no information was given in question about closing stock , The amount of Closing stock has been assumed.
2. Rs 300 for goods not as specified is Treated as purchase return and Rs 100 for broken goods claim has been credited in profit and loss account as this goods are not returned to the creditors but claim or concession or discount is received due to breakage of goods.
Please note that : In transaction no 19 . Das & co pay by cheque , Rs 100 left in their account , As no information about discount is given it has been assumed that this remaining Rs 100 is due to be received from Das & co and hence it will form part of Debtors.
Regards
| Trial Balance | |||
| Dr. | Cr. | ||
| Particulars | Amount | Particulars | Amount |
| Op Stock | 26,400 | Capital A/c | 50,000 |
| Mohan Ratta & Co | 5,000 | Marathi & Co | 0 |
| Discount Given | 100 | Ram & Sons | 7,000 |
| Dass & Co | 100 | Sales | 12,560 |
| Jai Chand & Sons | 1,440 | Discount Received | 130 |
| Carriage outward | 35 | Chatterjee and Mukhrjee | 0 |
| Purchase A/c | 10,250 | Purchase Return | 300 |
| Travelling Expenses | 100 | Claim Received on Defected Goods | 100 |
| Stationery A/c | 66 | ||
| Postage stamps | 15 | ||
| Furniture | 700 | ||
| Cash | 3,134 | ||
| Bank | 22,700 | ||
| Drawings | 50 | ||
| 70,090 | 70,090 | ||
| Trading A/c | |||||||
| Date | Particulars | Amount (in Rs) | Date | Particulars | Amount (in Rs) | ||
| Opening Stock | 26,400 | ||||||
| Purchases | 10,250 | Sales | 12,560 | ||||
| Less: Return Outwards | 300 | Less: Return Inwards | 0 | 12,560 | |||
| Less: Free Samlples | 0 | 9,950 | Closing Stock | 26,202 | |||
| Gross Profit | 2,412 | ||||||
| 38,762 | 38,762 | ||||||
Please note that :
1. As no information was given in question about closing stock , The amount of Closing stock has been assumed.
2. Rs 300 for goods not as specified is Treated as purchase return and Rs 100 for broken goods claim has been credited in profit and loss account as this goods are not returned to the creditors but claim or concession or discount is received due to breakage of goods.
| Profit and Loss Account | ||||||
| Dr. | Cr. | |||||
| Particulars | Amount | Particulars | Amount | |||
| (Rs) | (Rs) | |||||
| Discount given | 100 | Gross Profit | 2412 | |||
| Carriage Outward | 35 | Discount Received | 130 | |||
| Travelling Expenses | 100 | Claim Received on defected goods | 100 | |||
| Stationery | 66 | |||||
| Postage and Stamps | 15 | |||||
| Net Profit / (Net loss) | 2,326 | |||||
| 2,642 | 2,642 | |||||
| Balancesheet | ||||
| Liabilities | Amount | Assets | Amount | |
| (Rs) | (Rs) | |||
| Capital | 50,000 | Fixed Assets | ||
| Less : Drawings | 50 | |||
| Less : Income Tax | 0 | Furniture | 700 | |
| Add: Net Profit | 2,326 | 52,276 | Current Assets | |
| Sundry Debtors | 6,540 | |||
| Closing Stock | 26,202 | |||
| Cash | 3,134 | |||
| Bank | 22700 | |||
| Current Liabilities | ||||
| Creditors | 7,000 | |||
| 59,276 | 59,276 | |||
Please note that : In transaction no 19 . Das & co pay by cheque , Rs 100 left in their account , As no information about discount is given it has been assumed that this remaining Rs 100 is due to be received from Das & co and hence it will form part of Debtors.
Regards