Prepare trading,profit and loss account and balance sheet from the following trial balance.Cash -9700 (debit)Capital-20167 (credit)Bank-5000(debit)Purchases-8000(debit)Discount-100(credit)Machinery-1900(debit)Bracewel's account-2000(debit)salaries-700(debit)sales-3000(credit)rent-300(credit)depreciation-100(debit)srikanth's account-4000(credit)interest on capital-167(debit)
Trading Account for the year ended … | |||||
Dr. |
| Cr. | |||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | ||
Purchases A/c | 8,000 | Sales A/c | 3,000 | ||
|
| Gross Loss (b.f.) | 5,000 | ||
| 8,000 |
| 8,000 | ||
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Profit and Loss Account for the year ended… | |||||
Dr. |
| Cr. | |||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | ||
Gross Loss | 5,000 | Discount A/c | 100 | ||
Salaries A/c | 700 | Rent A/c | 300 | ||
Depreciation A/c | 100 | Net Loss(b.f.) | 5,567 | ||
Interest on Capital A/c | 167 |
|
| ||
| 5,967 |
| 5,967 | ||
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Balance Sheet as at… | ||||
Liabilities | Amount (Rs) | Assets | Amount (Rs) | |
Capital | 20,167 |
| Fixed Assets |
|
Less: Net Loss | 5,567 | 14,600 | Machinery | 1,900 |
Current Liabilities |
| Current Assets |
| |
Srikanth | 4,000 | Bracewel | 2,000 | |
|
| Cash bank | 5,000 | |
|
| Cash in Hand | 9,700 | |
| 18,600 |
| 18,600 | |
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