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Page No 17.51:

Answer:

Gross Profit

=

 Sales + Closing Stock – (Opening Stock + Freight and Packing + Goods Purchased)

 

=

1,90,000 + 30,000 – (25,000 + 10,000 + 1,40,000)

 

=

2,20,000 – 1,75,000 = Rs 45,000

 

Alternatively,

Trading Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

25,000

Sales

1,90,000

Purchases

1,40,000

Closing Stock

30,000

Freight and Packing

10,000

 

 

Gross Profit (Balancing Figure)

45,000

 

 

 

2,20,000

 

2,20,000

 

 

 

 

Note: Packing Expenses (Rs 6,000) on Sales is an Indirect Expense, therefore it is not considered to compute the amount of Gross Profit.

Page No 17.51:

Answer:

Closing Stock

=

Purchases + Carriage Inwards + Return Inwards + Gross Profit – (Sales + Return Outwards)

 

=

12,300 + 400 + 500 + 8,000 – (20,000 + 1,000)

 

=

21,200 – 21,000 = Rs 200

 

Alternatively,

Trading Account

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Purchase

12,300

 

Sales

20,000

 

Less: Return Outwards

(1,000)

11,300

Less: Return Inwards

(500)

19,500

Carriage Inwards

400

Closing Stock (Balancing Figure)

200

Gross Profit

8,000

 

 

 

19,700

 

19,700

 

 

 

 

 

Page No 17.51:

Answer:

Trading Account

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

2,300

Sales

2,540

 

Purchases

2,900

 

Less: Sales Return

(50)

2,490

Less: Purchases Return

(240)

2,660

Closing Stock

4,770

Carriage Inwards

10

 

 

Gross Profit (Balancing Figure)

2,290

 

 

 

7,260

 

7,260

 

 

 

 

               

Note: Depreciation is an Indirect Expense, therefore it is not shown in the Trading Account.

Page No 17.51:

Answer:

Trading Account

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

20,000

Sales

1,40,700

Purchases

85,000

Closing Stock

18,000

Carriage on Purchases

2,300

 

 

Gross Profit (Balancing Figure)

51,400

 

 

 

1,58,700

 

1,58,700

 

 

 

 

Note: Carriage on Sales and Office Rent are the Indirect Expenses, therefore, these are not considered to compute the amount of Gross Profit.

Page No 17.51:

Answer:

Trading Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

40,000

Sales

3,80,000

 

Purchases

4,00,000

 

Less: Return Inwards

(20,000)

3,60,000

Less: Return Outwards

(80,000)

3,20,000

Closing Stock

1,20,000

Carriage Inwards

20,000

 

 

Wages and Salaries

50,000

 

 

Gross Profit (Balancing Figure)

50,000

 

 

 

4,80,000

 

4,80,000

 

 

 

 

               

Note: Closing Stock is taken at its Market Price (i.e. Rs 1,20,000) instead of its Cost (i.e. Rs 1,30,000). This is because, as per Principle of Conservatism, Closing stock is taken at Cost or Market Price whichever is less.

Page No 17.51:

Answer:

Trading Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Purchase (Adjusted)

6,60,000

Sales

7,44,000

Freight and Carriage Inwards

3,600

 

 

Wages

6,000

 

 

Gross Profit (Balancing Figure)

74,400

 

 

 

7,44,000

 

7,44,000

 

 

 

 

           

Notes:

        1.        Freight and Carriage Outwards are indirect expenses, therefore it is not recorded in the Trading Account.

        2.        Closing Stock (i.e. Rs 50,400) is not recorded in the Trading Account as it is already adjusted in the amount of Adjusted Purchases.

Page No 17.51:

Answer:

Profit and Loss Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Salaries and Wages

3,000

Gross Profit (65,000 × 45%)

29,250

Commission Paid

200

Rent Received

1,700

Postage and Telegram

150

Interest on Investments

1,500

Insurance

300

 

 

Interest Paid

400

 

 

Carriage Outwards

500

 

 

Advertising

1,000

 

 

Discount Allowed

1,800

 

 

Bad Debts

900

 

 

Brokerage Paid

95

 

 

Net Profit (Balancing Figure)

24,105

 

 

 

32,405

 

32,450

 

 

 

 



Page No 17.52:

Answer:

Profit and Loss Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Rent

5,000

Gross Profit

1,20,000

Salary

35,000

Interest Received

8,000

Commission Paid

19,000

Discount Received

6,000

Interest on Loan

5,000

 

 

Advertisement

8,000

 

 

Printing and Stationery

4,000

 

 

Legal Charges

10,000

 

 

Bad Debts

2,000

 

 

Loss by Fire

6,000

 

 

Depreciation

4,000

 

 

Net Profit (Balancing Figure)

36,000

 

 

 

1,34,000

 

1,34,000

 

 

 

 

Page No 17.52:

Answer:

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital

40,000

 

Plant

10,000

Less: Drawings

(4,400)

 

Furniture

3,700

Add: Net Profit

1,660

37,260

Closing Stock

14,800

General Reserve

1,000

Debtors

6,400

Creditors

4,200

Cash at Bank

7,200

 

 

Cash in Hand

360

 

42,460

 

42,460

 

 

 

 

Page No 17.52:

Answer:

(I) Balance Sheet in Order of Permanence

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital

1,80,000

 

Goodwill

20,000

Less: Drawings

(30,000)

 

Land and Building

60,000

Add: Net Profit

92,600

2,42,600

Plant and Machinery

40,000

Sundry Creditors

63,000

Furniture

16,000

Bills Payable

10,700

Investment

20,000

Liabilities for Expenses

1,200

Closing Stock

80,000

 

 

Sundry Debtors

50,000

 

 

 

Less: Provision for Doubtful Debts

(2,500)

47,500

 

 

Bill Receivable

13,000

 

 

Bank

20,000

 

 

Cash in Hand

1,000

 

3,17,500

 

3,17,500

 

 

 

 

 

 (II) Balance Sheet in Order of Liquidity

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Liabilities for Expenses

1,200

Cash in Hand

1,000

Bills Payable

10,700

Bank

20,000

Sundry Creditors

63,000

Bills Receivable

13,000

Capital

1,80,000

 

Sundry Debtors

50,000

 

Less: Drawings

(30,000)

 

Less: Provision for Doubtful Debts

(2,500)

47,500

Add: Net Profit

92,600

2,42,600

Closing Stock

80,000

 

 

Investment

20,000

 

 

Furniture

16,000

 

 

Plant and Machinery

40,000

 

 

Land and Building

60,000

 

 

Good will

20,000

 

3,17,500

 

3,17,500

 

 

 

 

Page No 17.52:

Answer:

Financial Statements of Jagat Shah

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars 

Amount

(Rs)

Opening Stock

1,000

Sales

8,200

 

Purchases

4,000

 

Less: Sales Return

(100)

8,100

Less: Purchases Return

(50)

3,950

Closing Stock

2,000

Wages

1,000

 

 

Carriage Inwards

50

 

 

Gross Profit (Balancing Figure)

4,100

 

 

 

10,100

 

10,100

 

 

 

 

               

 

Profit and Loss Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Salaries

600

Gross Profit

4,100

General Expenses

200

 

 

Rent

500

 

 

Carriage Outwards

200

 

 

Advertising

200

 

 

Net Profit (Balancing Figure)

2,400

 

 

 

4,100

 

4,100

 

 

 

 

           

 

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital

3,600

 

Fixed Assets

 

Less: Drawings

(400)

 

Machinery

700

Add: Net Profit

2,400

5,600

Current Assets

 

Current Liabilities

 

Closing Stock

2,000

Creditors

500

Debtors

3,000

 

 

Cash

400

 

6,100

 

6,100

 

 

 

 



Page No 17.53:

Answer:

Trading Account

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

2,000

Sales

14,500

Purchases

9,500

Closing Stock

300

Wages

5,000

Gross Loss (Balancing Figure)

1,850

Carriage

150

 

 

 

16,650

 

16,650

 

 

 

 

           

 

Profit and Loss Account

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Gross Loss

1,850

 

 

Rent

450

Net Loss (Balancing Figure)

2,500

Sundry Expenses

200

 

 

 

2,500

 

2,500

 

 

 

 

           

 

Balance Sheet

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital

10,000

 

Fixed Assets

 

Less: Drawings

(900)

 

Machinery

3,500

Less: Net Loss

(2,500)

6,600

Current Assets

 

Current Liabilities 

 

Closing Stock

300

Creditors

1,400

Debtors

2,700

 

 

Bank

1,500

 

8,000

 

8,000

 

 

 

 

Page No 17.53:

Answer:

Financial Statement of Bhagwan Das

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Stock

17,600

 

 

Purchases

68,300

 

Sales

92,000

 

Less: Return Outwards

(2,200)

66,100

Less: Return Inwards

(1,300)

90,700

Carriage Inwards

2,400

Closing Stock

24,000

Gross Profit (Balancing Figure)

28,600

 

 

 

1,14,700

 

1,14,700

 

 

 

 

               

 

Profit and Loss Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Rent, Rates and Taxes

2,200

Gross Profit

28,600

Discount

3,750

 

 

Printing

720

 

 

Insurance

500

 

 

Travelling Expenses

1,400

 

 

Postage and Telegram

620

 

 

Miscellaneous Expenses

900

 

 

Bad Debts

400

 

 

Net Profit (Balancing Figure)

18,110

 

 

 

28,600

 

28,600

 

 

 

 

           

 

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital

52,500

 

Fixed Assets

 

Less: Drawings

(1,910)

 

Business Premises

39,000

Add: Net Profit

18,110

68,700

Office Furniture

1,500

Mata Din Loan

5,000

Current Assets

 

Current Liabilities 

 

Closing Stock

24,000

Creditors

12,800

Debtors

22,000

 

86,500

 

86,500

 

 

 

 

Page No 17.53:

Answer:

Financial Statement of Anand

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

9,945

Sales

78,182

Purchases

62,092

Closing Stock

14,300

Wages

4,300

 

 

Gross Profit (Balancing Figure)

16,145

 

 

 

92,482

 

92,482

 

 

 

 

           

 

Profit and Loss Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Salaries

4,000

Gross Profit

16,145

Discount

1,000

 

 

Postage

273

 

 

Bad Debts

287

 

 

Interest

1,295

 

 

Insurance

417

 

 

Net Profit (Balancing Figure)

8,873

 

 

 

16,145

 

16,145

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capita

36,000

 

Fixed Assets

 

Add: Net Profit

8,873

44,873

Building

23,780

Loan

12,000

Machinery

10,000

Current Liabilities

 

Fixtures and fittings

16,155

Creditors

8,720

Current Assets

 

Bills Payable

2,527

Closing Stock

14,300

 

 

Debtors

3,885

 

68,120

 

68,120

 

 

 

 

Page No 17.53:

Answer:

Financial Statement of Messers Gupta and Sons

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

2,720

Sales

12,439

 

Purchases

10,492

 

Less: Return Inwards

(1,000)

11,439

Less: Return Outwards

(1,200)

9,292

Closing Stock

7,929

Carriage

400

 

 

Wages

1,510

 

 

Gross Profit (Balancing Figure)

5,446

 

 

 

19,368

 

19,368

 

 

 

 

               

 

Profit and Loss Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Insurance

119

Gross Profit

5,446

Postage

132

Commission

390

Salaries

1,400

Discount

627

Depreciation

600

 

 

Net Profit (Balancing Figure)

4,212

 

 

 

6,463

 

6,463

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

18,000

 

Fixed Assets

 

Add: Net Profit

4,212

22,212

Building

5,290

 

 

Machinery

6,710

Current Liabilities

 

Current Assets

 

Creditors

7,581

Closing Stock

7,929

Bills Payable

4,827

Debtors

8,100

 

 

Bills Receivable

3,291

 

 

Cash bank

1,900

 

 

Cash in Hand

1,400

 

34,620

 

34,620

 

 

 

 



Page No 17.54:

Answer:

Financial Statement of M/s. Raja & Sons

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

29,500

Sales

1,47,200

 

Purchases

84,170

 

Less: Sales Return

(4,700)

1,42,500

Less: Purchases Return

(3,900)

80,270

Closing Stock

36,200

Carriage

2,200

 

 

Wages

45,000

 

 

Gross Profit (Balancing Figure)

21,730

 

 

 

1,78,700

 

1,78,700

 

 

 

 

               

 

Profit and Loss Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Salary

5,400

Gross Profit

21,730

Insurance

2,500

Rent Received

3,150

Trade Expenses

4,900

 

 

Net profit (Balancing Figure)

12,080

 

 

 

24,880

 

24,880

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

58,900

 

Fixed Assets

 

Add: Net Profit

12,080

 

Machinery

12,000

Less: Drawings

(2,100)

68,880

 

 

Current Liabilities

 

Current Assets

 

Creditors

4,200

Closing Stock

36,200

Bank Overdraft

9,700

Debtors

38,080

Bills Payable

3,900

Cash

400

 

86,680

 

86,680

 

 

 

 

 

Page No 17.54:

Answer:

Financial Statement of M/s. Mangal & Sons

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

12,500

Sales

70,000

 

Purchases

37,500

 

Less: Return Inwards

(1,300)

68,700

Less: Return Outwards

(500)

37,000

Closing Stock

15,000

Carriage

1,450

 

 

Gross Profit (Balancing Figure)

32,750

 

 

 

83,700

 

83,700

 

 

 

 

               

 

Profit and Loss Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Salary

3,850

Gross Profit

32,750

Insurance

200

 

 

Commission

750

 

 

Interest

900

 

 

Printing

250

 

 

Rent and Taxes

1,300

 

 

Net Profit (Balancing Figure)

25,500

 

 

 

32,750

 

32,750

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

7,100

 

Fixed Assets

 

Add: Net Profit

25,500

32,600

Furniture

1,000

Current Liabilities

 

Current Assets

 

Creditors

20,000

Closing Stock

15,000

Bills Payable

3,150

Debtors

32,500

 

 

Bills Receivable

2,000

 

 

Bank

5,250

 

55,750

 

55,750

 

 

 

 

Page No 17.54:

Answer:

Trading Account

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

20,000

Sales

1,45,000

Purchases

95,000

Closing Stock

6,000

Wages

50,000

Gross Loss (Balancing Figure)

15,500

Carriage

1,500

 

 

 

1,66,500

 

1,66,500

 

 

 

 

           

 

Profit and Loss Account

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Gross Loss

15,500

 

 

Rent

4,500

Net Loss (Balancing Figure)

22,000

Sundry Expenses

2,000

 

 

 

22,000

 

22,000

 

 

 

 

           

 

Balance Sheet

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

1,00,000

 

Fixed Assets

 

Less: Net Loss

(22,000)

 

Machinery

35,000

Less: Drawings

(9,000)

69,000

Current Assets

 

Current Liabilities 

 

Closing Stock

6,000

Creditors

14,000

Debtors

27,000

 

 

Bank

15,000

 

83,000

 

83,000

 

 

 

 

Page No 17.54:

Answer:

Financial Statement of Hari & Co.

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

1,65,000

Sales

6,35,000

 

Purchases

4,68,500

 

Less: Return Inwards

(4,500)

6,30,500

Less: Return Outwards

(1,100)

4,67,400

Closing Stock

1,82,100

Wages

25,000

 

 

Carriage Inwards

8,500

 

 

Gross Profit (Balancing Figure)

1,46,700

 

 

 

8,12,600

 

8,12,600

 

 

 

 

               

 

Profit and Loss Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

General Expenses

8,000

 

 

Rent Paid

37,100

Gross Profit

1,46,700

Electricity Charges

1,900

 

 

Salaries

11,100

 

 

Discount Allowed

2,000

 

 

Net Profit (Balancing Figure)

86,600

 

 

 

1,46,700

 

1,46,700

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

3,50,000

 

Fixed Assets

 

Add: Net Profit

86,600

 

Building

1,87,500

Less: Drawings

(6,500)

4,30,100

Machinery

92,500

Current Liabilities

 

Current Assets

 

Sundry Creditors

1,00,000

Closing Stock

1,82,100

Bills Payable

50,000

Debtors

70,000

 

 

Cash at bank

30,000

 

 

Cash in Hand

18,000

 

5,80,100

 

5,80,100

 

 

 

 



Page No 17.55:

Answer:

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

2,000

Sales

16,400

 

Purchases

10,500

 

Less: Return Inwards

(400)

16,000

Less: Return Outwards

(500)

10,000

Closing Stock

1,450

Wages

5,000

Gross Loss (Balancing Figure)

500

Manufacturing Expenses

800

 

 

Carriage

150

 

 

 

17,950

 

17,950

 

 

 

 

               

 

Profit and Loss Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Gross Loss

500

 

 

Repairs

50

 

 

Rent

400

 

 

Trade Expenses

700

Net Loss (Balancing Figure)

1,850

Bad Debts

200

 

 

 

1,850

 

1,850

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

10,000

 

Fixed Assets

 

Less: Drawings

(1,200)

 

Plant and Machinery

4,000

Less: Net Loss

(1,850)

6,950

Current Assets

 

Current Liabilities

 

Closing Stock

1,450

Sundry Creditors

1,200

Sundry Debtors

2,400

Bills Payable

700

Bank

1,000

 

8,850

 

8,850

 

 

 

 

Page No 17.55:

Answer:

Financial Statement of Chatter Sen

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

40,000

Sales

1,27,000

 

Purchases

58,000

 

Less: Sales Return

(1,000)

1,26,000

Less: Purchases Return

(1,275)

56,725

Closing Stock

35,000

Wages

10,000

 

 

Freight Inwards

750

 

 

Gross Profit (Balancing Figure)

53,525

 

 

 

1,61,000

 

1,61,000

 

 

 

 

               

 

Profit and Loss Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Discount Allowed

350

Gross Profit

53,525

Bank Charges

75

Discount Received

800

Salaries

6,800

 

 

Freight Outwards

1,200

 

 

Rent, Rates and Taxes

2,000

 

 

Advertisement

2,000

 

 

Net Profit (Balancing Figure)

41,900

 

 

 

54,325

 

54,325

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

1,10,000

 

Fixed Assets

 

Add: Net Profit

41,900

1,51,900

Plant and Machinery

90,000

Current Liabilities

 

Current Assets

 

Sundry Creditors

25,000

Closing Stock

35,000

 

 

Sundry Debtors

45,000

 

 

Cash at Bank

6,900

 

1,76,900

 

1,76,900

 

 

 

 

Page No 17.55:

Answer:

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

3,460

Sales

15,450

 

Purchases

5,575

 

Less: Sales Return

(200)

15,250

Less: Purchases Return

(125)

5,450

Closing Stock

3,250

Gross Profit (Balancing Figure)

9,590

 

 

 

18,500

 

18,500

 

 

 

 

               

 

Profit And Loss Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Taxes and Insurance

1,250

Gross Profit

9,590

General Charges

782

Commission

175

Salaries

3,300

 

 

Bad Debts

125

 

 

Advertising

450

 

 

Interest

118

 

 

Net Profit (Balancing Figure)

3,740

 

 

 

9,765

 

9,765

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

12,890

 

Fixed Assets

 

Add: Net Profit

3,740

16,630

Building

7,590

Current Liabilities

 

Furniture and Fittings

640

Sundry Creditors

2,500

Motor Vehicles 

6,250

Bank Overdraft

2,850

Current Assets 

 

Bills Payable

200

Closing Stock

3,250

 

 

Sundry Debtors

3,800

 

 

Cash in Hand

650

 

22,180

 

22,180

 

 

 

 

Page No 17.55:

Answer:

Financial Statement of John Smith

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

2,000

Sales

10,000

Purchases:

 

Closing Stock

1,500

Paper

2,000

 

 

 

Boxes, Lables, etc.               

500

2,500

 

 

Wages

5,000

 

 

Carriage

10

 

 

Gross Profit (Balancing Figure)

1,990

 

 

 

11,500

 

11,500

 

 

 

 

             

 

Profit and Loss Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Rates and Taxes

40

Gross Profit

1,990

Insurance

150

 

 

Incidental Expenses

200

 

 

Net Profit (Balancing Figure)

1,600

 

 

 

1,990

 

1,990

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

6,000

 

Fixed Assets

 

Less: Drawings

(1,000)

 

Land and Building

2,000

Add: Net Profit

1,600

6,600

Machinery Plant

1,500

Loan on Mortgage

1,000

Current Assets

 

Current Liabilities

 

Closing Stock

1,500

Creditors

500

Debtors

1,500

 

 

Bills Receivable

300

 

 

Cash at Bank

1,250

 

 

Cash in Hand

50

 

8,100

 

8,100

 

 

 

 



Page No 17.56:

Answer:

Financial Statement of Harish Chandra

Trading Account 

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

16,200

Sales

65,360

Purchases

47,000

Closing Stock

23,500

Power

2,240

 

 

Wages

7,200

 

 

Gross Profit (Balancing Figure)

16,220

 

 

 

88,860

 

88,860

 

 

 

 

           

 

Profit and Loss Account

for the year ended March 31, 2014

Dr.

 

Cr.

Particulars 

Amount

(Rs)

Particulars

Amount

(Rs)

General Expenses

2,500

Gross Profit

16,220

Taxes and Insurance

1,315

Commission

1,320

Bad Debts

550

 

 

Car Expenses

1,800

 

 

Charity

105

 

 

Net Profit (Balancing Figure)

11,270

 

 

 

17,540

 

17,540

 

 

 

 

           

 

Balance Sheet 

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital

24,500

 

Fixed Assets

 

Add: Net Profit

11,270

 

Building

11,000

Less: Drawings

(2,000)

33,770

Machinery

9,340

Reserve Fund

900

Motor Car

2,000

Loan

7,880

Current Assets

 

Current Liabilities