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Page No 19.60:
Question 1:
Answer:
Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
1,600 |
Sales |
4,200 |
||
Purchases |
2,000 |
Closing Stock |
1,600 |
||
Wages |
800 |
|
|
||
Manufacturing Expenses |
150 |
|
|
||
Carriage |
160 |
|
|
||
Gross Profit (Balance Figure) |
1,090 |
|
|
||
|
5,800 |
|
5,800 |
||
|
|
|
|
||
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Salaries |
800 |
Gross Profit |
1,090 |
|||
Repairs |
190 |
Net Loss (Balancing Figure) |
2,490 |
|||
Rent |
450 |
|
|
|
||
Add: Unpaid Rent |
50 |
500 |
|
|
||
Bad Debts |
500 |
|
|
|||
Depreciation on: |
|
|
|
|||
Plant and machinery |
1,200 |
|
|
|
||
Delivery Vehicle |
390 |
1,590 |
|
|
||
|
|
|
|
|||
|
3,580 |
|
3,580 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
19,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(700) |
|
Plant and Machinery |
12,000 |
|
Less: Net Loss |
(2,490) |
|
Less:10% Deprecation |
(1,200) |
10,800 |
|
15,810 |
Delivery Vehicle |
2,600 |
|
|
|
|
Less:15% Depreciation |
(390) |
2,210 |
|
Current Liabilities |
|
|
|
||
Sundry Creditors |
2,600 |
Current Assets |
|
||
Bills Payable |
2,350 |
Closing Stock |
1,600 |
||
Unpaid Rent |
50 |
Sundry Debtors |
3,600 |
||
|
|
Cash at Bank |
2,600 |
||
|
20,810 |
|
20,810 |
||
|
|
|
|
Page No 19.60:
Question 2:
Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
1,600 |
Sales |
4,200 |
||
Purchases |
2,000 |
Closing Stock |
1,600 |
||
Wages |
800 |
|
|
||
Manufacturing Expenses |
150 |
|
|
||
Carriage |
160 |
|
|
||
Gross Profit (Balance Figure) |
1,090 |
|
|
||
|
5,800 |
|
5,800 |
||
|
|
|
|
||
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Salaries |
800 |
Gross Profit |
1,090 |
|||
Repairs |
190 |
Net Loss (Balancing Figure) |
2,490 |
|||
Rent |
450 |
|
|
|
||
Add: Unpaid Rent |
50 |
500 |
|
|
||
Bad Debts |
500 |
|
|
|||
Depreciation on: |
|
|
|
|||
Plant and machinery |
1,200 |
|
|
|
||
Delivery Vehicle |
390 |
1,590 |
|
|
||
|
|
|
|
|||
|
3,580 |
|
3,580 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
19,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(700) |
|
Plant and Machinery |
12,000 |
|
Less: Net Loss |
(2,490) |
|
Less:10% Deprecation |
(1,200) |
10,800 |
|
15,810 |
Delivery Vehicle |
2,600 |
|
|
|
|
Less:15% Depreciation |
(390) |
2,210 |
|
Current Liabilities |
|
|
|
||
Sundry Creditors |
2,600 |
Current Assets |
|
||
Bills Payable |
2,350 |
Closing Stock |
1,600 |
||
Unpaid Rent |
50 |
Sundry Debtors |
3,600 |
||
|
|
Cash at Bank |
2,600 |
||
|
20,810 |
|
20,810 |
||
|
|
|
|
Answer:
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
20,000 |
Sales |
1,64,000 |
|
|||
Purchases |
1,05,000 |
|
Less: Return Inwards |
(3,000) |
1,61,000 |
||
Less: Return Outwards |
(5,000) |
1,00,000 |
Closing Stock |
14,500 |
|||
Wages |
50,000 |
Gross Loss (Balancing Figure) |
5,000 |
||||
Manufacturing Expenses |
8,000 |
|
|
||||
Carriage |
1,500 |
|
|
||||
Fuel and Power |
1,000 |
|
|
||||
|
1,80,500 |
|
1,80,500 |
||||
|
|
|
|
||||
Profit and Loss Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Gross Loss |
5,000 |
|
|
||||
Repairs |
500 |
|
|
|
|||
Add: outstanding |
400 |
900 |
|
|
|||
Rent |
4,000 |
|
|
||||
Trade Expenses |
7,000 |
|
|
||||
Bad Debts |
2,000 |
|
Net Loss (Balancing Figure) |
27,900 |
|||
Add: Additional bad debts |
5,000 |
7,000 |
|
|
|||
Depreciation on Plant and Machinery |
4,000 |
|
|
||||
|
27,900 |
|
27,900 |
||||
|
|
|
|
||||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,00,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(10,000) |
|
Plant and Machinery |
40,000 |
|
Less: Net Loss |
(27,900) |
62,100 |
Less: Depreciation |
(4,000) |
36,000 |
Current Liabilities |
|
Current Assets |
|
||
Creditors |
12,000 |
Closing stock |
14,500 |
||
Bills payable |
5,000 |
Sundry debtors |
24,000 |
|
|
Outstanding repairs |
400 |
Less: Further Bad Debts |
(5,000) |
19,000 |
|
|
|
Bank |
10,000 |
||
|
79,500 |
|
79,500 |
||
|
|
|
|
Page No 19.61:
Question 3:
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
20,000 |
Sales |
1,64,000 |
|
|||
Purchases |
1,05,000 |
|
Less: Return Inwards |
(3,000) |
1,61,000 |
||
Less: Return Outwards |
(5,000) |
1,00,000 |
Closing Stock |
14,500 |
|||
Wages |
50,000 |
Gross Loss (Balancing Figure) |
5,000 |
||||
Manufacturing Expenses |
8,000 |
|
|
||||
Carriage |
1,500 |
|
|
||||
Fuel and Power |
1,000 |
|
|
||||
|
1,80,500 |
|
1,80,500 |
||||
|
|
|
|
||||
Profit and Loss Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Gross Loss |
5,000 |
|
|
||||
Repairs |
500 |
|
|
|
|||
Add: outstanding |
400 |
900 |
|
|
|||
Rent |
4,000 |
|
|
||||
Trade Expenses |
7,000 |
|
|
||||
Bad Debts |
2,000 |
|
Net Loss (Balancing Figure) |
27,900 |
|||
Add: Additional bad debts |
5,000 |
7,000 |
|
|
|||
Depreciation on Plant and Machinery |
4,000 |
|
|
||||
|
27,900 |
|
27,900 |
||||
|
|
|
|
||||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,00,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(10,000) |
|
Plant and Machinery |
40,000 |
|
Less: Net Loss |
(27,900) |
62,100 |
Less: Depreciation |
(4,000) |
36,000 |
Current Liabilities |
|
Current Assets |
|
||
Creditors |
12,000 |
Closing stock |
14,500 |
||
Bills payable |
5,000 |
Sundry debtors |
24,000 |
|
|
Outstanding repairs |
400 |
Less: Further Bad Debts |
(5,000) |
19,000 |
|
|
|
Bank |
10,000 |
||
|
79,500 |
|
79,500 |
||
|
|
|
|
Answer:
Financial Statement of M/s. Ram Prasad & Sons |
||||
Trading Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Opening Stock |
60,000 |
Sales |
1,60,000 |
|
Purchases |
80,000 |
Closing Stock |
80,000 |
|
Wages |
1,000 |
|
|
|
Add: Outstanding Wages |
50 |
10,500 |
|
|
Gross Profit (Balancing Figure) |
89,500 |
|
|
|
|
|
|
|
|
|
2,40,000 |
|
2,40,000 |
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Rent |
4,500 |
|
Gross Profit |
89,500 |
||
Less: Prepaid Rent |
(1,000) |
3,500 |
Interest Received |
3,000 |
||
Commission |
2,500 |
|
|
|||
General Expenses |
8,000 |
|
|
|||
Salaries |
5,000 |
|
|
|
||
Add: Outstanding Salaries |
4,500 |
9,500 |
|
|
||
Depreciation on Machinery |
4,000 |
|
|
|||
Net Profit (Balancing Figure) |
65,000 |
|
|
|||
|
92,500 |
|
92,500 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
90,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
65,000 |
1,55,000 |
Machinery |
40,000 |
|
Current Liabilities |
|
Less: 10% Deprecation |
(4,000) |
36,000 |
|
Sundry Creditors |
45,000 |
Current Assets |
|
||
Outstanding Salary |
4,500 |
Closing Stock |
80,000 |
||
Ousting Wages |
500 |
Sundry Debtors |
44,000 |
||
|
|
Bills Receivable |
29,000 |
||
|
|
Prepaid Rent |
1,000 |
||
|
|
Cash at Bank |
10,000 |
||
|
|
Cash in Hand |
5,000 |
||
|
2,05,000 |
|
2,05,000 |
||
|
|
|
|
Page No 19.61:
Question 4:
Financial Statement of M/s. Ram Prasad & Sons |
||||
Trading Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Opening Stock |
60,000 |
Sales |
1,60,000 |
|
Purchases |
80,000 |
Closing Stock |
80,000 |
|
Wages |
1,000 |
|
|
|
Add: Outstanding Wages |
50 |
10,500 |
|
|
Gross Profit (Balancing Figure) |
89,500 |
|
|
|
|
|
|
|
|
|
2,40,000 |
|
2,40,000 |
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Rent |
4,500 |
|
Gross Profit |
89,500 |
||
Less: Prepaid Rent |
(1,000) |
3,500 |
Interest Received |
3,000 |
||
Commission |
2,500 |
|
|
|||
General Expenses |
8,000 |
|
|
|||
Salaries |
5,000 |
|
|
|
||
Add: Outstanding Salaries |
4,500 |
9,500 |
|
|
||
Depreciation on Machinery |
4,000 |
|
|
|||
Net Profit (Balancing Figure) |
65,000 |
|
|
|||
|
92,500 |
|
92,500 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
90,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
65,000 |
1,55,000 |
Machinery |
40,000 |
|
Current Liabilities |
|
Less: 10% Deprecation |
(4,000) |
36,000 |
|
Sundry Creditors |
45,000 |
Current Assets |
|
||
Outstanding Salary |
4,500 |
Closing Stock |
80,000 |
||
Ousting Wages |
500 |
Sundry Debtors |
44,000 |
||
|
|
Bills Receivable |
29,000 |
||
|
|
Prepaid Rent |
1,000 |
||
|
|
Cash at Bank |
10,000 |
||
|
|
Cash in Hand |
5,000 |
||
|
2,05,000 |
|
2,05,000 |
||
|
|
|
|
Answer:
Trading Account |
|||||||
for the year ended March 31, 2016 | |||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
25,000 |
Sales |
2,27,800 |
|
|||
Purchases |
1,20,000 |
|
Less: Returns |
900 |
2,26,900 |
||
Less: Returns |
1,000 |
1,19,000 |
Closing Stock |
7,000 |
|||
Wages |
12,000 |
|
|
|
|||
Add: Outstanding |
600 |
12,600 |
|
|
|||
Gross Profit |
77,300 |
|
|
||||
|
2,33,900 |
|
2,33,900 |
||||
|
|
|
|
||||
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Bad-debts |
1,000 |
Gross Profit |
77,300 |
|||
Electricity Charges |
1,200 |
Commission |
500 |
|||
Salaries |
20,000 |
|
|
|
||
Add: Outstanding |
1,400 |
21,400 |
|
|
||
Telephone Charges |
2,400 |
|
|
|||
Insurance Premium |
1,500 |
|
|
|
||
Less: Prepaid |
200 |
1,300 |
|
|
||
General Expenses |
3,000 |
|
|
|||
Postage Expenses |
1,800 |
|
|
|||
Depreciation on |
|
|
|
|||
Plant and Machinery |
7,250 |
|
|
|
||
Furniture |
400 |
7,650 |
|
|
||
Net Profit |
38,050 |
|
|
|||
|
77,800 |
|
77,800 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,50,000 |
|
Plant and Machinery |
1,40,000 |
|
Add: Net Profit |
38,050 |
1,88,050 |
Add: Additions |
10,000 |
|
Outstanding Wages |
600 |
Less: Depreciation |
7,250 |
1,42,750 |
|
Outstanding Salaries |
1,400 |
Furniture |
8,000 |
|
|
Creditors |
40,000 |
Less: Depreciation |
400 |
7,600 |
|
|
|
Prepaid Insurance |
200 |
||
|
|
Closing Stock |
7,000 |
||
|
|
Cash at Bank |
40,000 |
||
|
|
Cash in Hand |
2,500 |
||
|
|
Sundry Debtors |
30,000 |
||
|
2,30,050 |
|
2,30,050 |
||
|
|
|
|
Working Notes:
Calculation of Depreciation
Page No 19.62:
Question 5:
Trading Account |
|||||||
for the year ended March 31, 2016 | |||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
25,000 |
Sales |
2,27,800 |
|
|||
Purchases |
1,20,000 |
|
Less: Returns |
900 |
2,26,900 |
||
Less: Returns |
1,000 |
1,19,000 |
Closing Stock |
7,000 |
|||
Wages |
12,000 |
|
|
|
|||
Add: Outstanding |
600 |
12,600 |
|
|
|||
Gross Profit |
77,300 |
|
|
||||
|
2,33,900 |
|
2,33,900 |
||||
|
|
|
|
||||
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Bad-debts |
1,000 |
Gross Profit |
77,300 |
|||
Electricity Charges |
1,200 |
Commission |
500 |
|||
Salaries |
20,000 |
|
|
|
||
Add: Outstanding |
1,400 |
21,400 |
|
|
||
Telephone Charges |
2,400 |
|
|
|||
Insurance Premium |
1,500 |
|
|
|
||
Less: Prepaid |
200 |
1,300 |
|
|
||
General Expenses |
3,000 |
|
|
|||
Postage Expenses |
1,800 |
|
|
|||
Depreciation on |
|
|
|
|||
Plant and Machinery |
7,250 |
|
|
|
||
Furniture |
400 |
7,650 |
|
|
||
Net Profit |
38,050 |
|
|
|||
|
77,800 |
|
77,800 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,50,000 |
|
Plant and Machinery |
1,40,000 |
|
Add: Net Profit |
38,050 |
1,88,050 |
Add: Additions |
10,000 |
|
Outstanding Wages |
600 |
Less: Depreciation |
7,250 |
1,42,750 |
|
Outstanding Salaries |
1,400 |
Furniture |
8,000 |
|
|
Creditors |
40,000 |
Less: Depreciation |
400 |
7,600 |
|
|
|
Prepaid Insurance |
200 |
||
|
|
Closing Stock |
7,000 |
||
|
|
Cash at Bank |
40,000 |
||
|
|
Cash in Hand |
2,500 |
||
|
|
Sundry Debtors |
30,000 |
||
|
2,30,050 |
|
2,30,050 |
||
|
|
|
|
Working Notes:
Calculation of Depreciation
Answer:
Financial Statements of Dev Morarji |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
2,10,000 |
Sales |
|
4,85,900 |
|||
Purchases |
|
2,16,500 |
|
|
|||
Carriage Inwards |
2,500 |
Closing Stock |
1,80,000 |
||||
Wages |
60,000 |
|
|
||||
Motive Power, Heating and Lighting |
16,000 |
|
|
||||
Gross Profit (Balancing Figure) |
1,60,900 |
|
|
||||
|
6,65,900 |
|
6,65,900 |
||||
|
|
|
|
Profit and Loss Account |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation on: |
|
Gross Profit |
1,60,900 |
|||
Furniture & Fixtures |
1,000 |
|
Discount Received |
5,800 |
||
Plant & Mach. |
25,000 |
|
|
|
||
Loose Tools |
5,000 |
31,000 |
|
|
||
Carriage Outwards |
6,000 |
|
|
|||
Printing & Stationery |
26,600 |
|
|
|||
Travelling Expenses |
4,000 |
|
|
|||
Office Expenses |
6,500 |
|
|
|||
Interest paid on Loan |
2,000 |
|
|
|||
Legal Charges |
19,000 |
|
|
|||
Net Profit (Balancing Figure) |
71,600 |
|
|
|||
|
1,66,700 |
|
1,66,700 |
|||
|
|
|
|
Balance Sheet |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
4,27,100 |
|
Fixed Assets |
|
|
Add: Net Profit |
71,600 |
4,98,700 |
Furniture & Fixtures |
20,000 |
|
Reserve |
5,000 |
Less: Depreciation @ 5% |
1,000 |
19,000 |
|
Loan |
3,80,000 |
Plant & Machinery |
2,50,000 |
|
|
Current Liabilities |
|
Less: Depreciation @10% |
25,000 |
2,25,000 |
|
Sundry Creditors |
24,300 |
Tools |
50,000 |
|
|
|
|
Less: Dep. |
5,000 |
45,000 |
|
|
|
Freehold Premises |
1,00,000 |
||
|
|
Investments |
40,000 |
||
|
|
Current Assets |
|
||
|
|
Closing Stock |
1,80,000 |
||
|
|
Sundry Debtors |
2,81,000 |
||
|
|
Bills Receivable |
18,000 |
||
|
9,08,000 |
|
9,08,000 |
||
|
|
|
|
Page No 19.62:
Question 6:
Financial Statements of Dev Morarji |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
2,10,000 |
Sales |
|
4,85,900 |
|||
Purchases |
|
2,16,500 |
|
|
|||
Carriage Inwards |
2,500 |
Closing Stock |
1,80,000 |
||||
Wages |
60,000 |
|
|
||||
Motive Power, Heating and Lighting |
16,000 |
|
|
||||
Gross Profit (Balancing Figure) |
1,60,900 |
|
|
||||
|
6,65,900 |
|
6,65,900 |
||||
|
|
|
|
Profit and Loss Account |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation on: |
|
Gross Profit |
1,60,900 |
|||
Furniture & Fixtures |
1,000 |
|
Discount Received |
5,800 |
||
Plant & Mach. |
25,000 |
|
|
|
||
Loose Tools |
5,000 |
31,000 |
|
|
||
Carriage Outwards |
6,000 |
|
|
|||
Printing & Stationery |
26,600 |
|
|
|||
Travelling Expenses |
4,000 |
|
|
|||
Office Expenses |
6,500 |
|
|
|||
Interest paid on Loan |
2,000 |
|
|
|||
Legal Charges |
19,000 |
|
|
|||
Net Profit (Balancing Figure) |
71,600 |
|
|
|||
|
1,66,700 |
|
1,66,700 |
|||
|
|
|
|
Balance Sheet |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
4,27,100 |
|
Fixed Assets |
|
|
Add: Net Profit |
71,600 |
4,98,700 |
Furniture & Fixtures |
20,000 |
|
Reserve |
5,000 |
Less: Depreciation @ 5% |
1,000 |
19,000 |
|
Loan |
3,80,000 |
Plant & Machinery |
2,50,000 |
|
|
Current Liabilities |
|
Less: Depreciation @10% |
25,000 |
2,25,000 |
|
Sundry Creditors |
24,300 |
Tools |
50,000 |
|
|
|
|
Less: Dep. |
5,000 |
45,000 |
|
|
|
Freehold Premises |
1,00,000 |
||
|
|
Investments |
40,000 |
||
|
|
Current Assets |
|
||
|
|
Closing Stock |
1,80,000 |
||
|
|
Sundry Debtors |
2,81,000 |
||
|
|
Bills Receivable |
18,000 |
||
|
9,08,000 |
|
9,08,000 |
||
|
|
|
|
Answer:
Financial Statements of Narain Lal |
||||||
Trading Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Opening Stock |
2,20,000 |
Sales |
15,00,000 |
|
||
Purchases |
11,00,000 |
Less: Sales Return |
(20,000) |
14,80,000 |
||
Carriage on Purchases |
18,000 |
Closing Stock |
2,00,600 |
|||
Gross Profit (Balancing Figure) |
3,42,600 |
|
|
|||
|
|
|
|
|||
|
16,80,600 |
|
16,80,600 |
|||
|
|
|
|
|||
Profit and Loss Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Discount |
16,000 |
Gross Profit |
3,42,600 |
||||
Taxes and Insurance |
20,000 |
|
Rent from Tenants |
10,000 |
|||
Less: Unexpired Insurance |
(2,000) |
18,000 |
Discount |
20,000 |
|||
General Expenses |
40,000 |
|
|
||||
Salaries |
90,000 |
|
|
|
|||
Add: Outstanding Salary |
15,000 |
1,05,000 |
|
|
|||
Commission |
22,000 |
|
|
||||
Bad Debts Written-off |
8,000 |
|
|
|
|||
Add: Provision for Doubtful Debts |
9,000 |
17,000 |
|
|
|||
Depreciation on: |
|
|
|
||||
Business Premises |
3,000 |
|
|
|
|||
Furniture and Fittings |
2,500 |
5,500 |
|
|
|||
Net Profit (Balancing Figure) |
1,49,100 |
|
|
||||
|
|
|
|
||||
|
3,72,600 |
|
3,72,600 |
||||
|
|
|
|
||||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
3,00,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(50,000) |
|
Business Premises |
2,00,000 |
|
Add: Net Profit |
1,49,100 |
3,99,100 |
Less: Depreciation |
(3,000) |
1,97,000 |
Current Liabilities |
|
Furniture and Fittings |
26,000 |
|
|
Creditors |
1,38,000 |
Less: Depreciation |
(2,500) |
23,500 |
|
Bank Overdraft |
42,000 |
Current Assets |
|
||
Outstanding Salary |
15,000 |
Closing Stock |
2,00,600 |
||
|
|
Debtors |
1,80,000 |
|
|
|
|
Less: Provision for Bad Debts |
(9,000) |
1,71,000 |
|
|
|
Unexpired Insurance |
2,000 |
||
|
5,94,100 |
|
5,94,100 |
||
|
|
|
|
Page No 19.63:
Question 7:
Financial Statements of Narain Lal |
||||||
Trading Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Opening Stock |
2,20,000 |
Sales |
15,00,000 |
|
||
Purchases |
11,00,000 |
Less: Sales Return |
(20,000) |
14,80,000 |
||
Carriage on Purchases |
18,000 |
Closing Stock |
2,00,600 |
|||
Gross Profit (Balancing Figure) |
3,42,600 |
|
|
|||
|
|
|
|
|||
|
16,80,600 |
|
16,80,600 |
|||
|
|
|
|
|||
Profit and Loss Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Discount |
16,000 |
Gross Profit |
3,42,600 |
||||
Taxes and Insurance |
20,000 |
|
Rent from Tenants |
10,000 |
|||
Less: Unexpired Insurance |
(2,000) |
18,000 |
Discount |
20,000 |
|||
General Expenses |
40,000 |
|
|
||||
Salaries |
90,000 |
|
|
|
|||
Add: Outstanding Salary |
15,000 |
1,05,000 |
|
|
|||
Commission |
22,000 |
|
|
||||
Bad Debts Written-off |
8,000 |
|
|
|
|||
Add: Provision for Doubtful Debts |
9,000 |
17,000 |
|
|
|||
Depreciation on: |
|
|
|
||||
Business Premises |
3,000 |
|
|
|
|||
Furniture and Fittings |
2,500 |
5,500 |
|
|
|||
Net Profit (Balancing Figure) |
1,49,100 |
|
|
||||
|
|
|
|
||||
|
3,72,600 |
|
3,72,600 |
||||
|
|
|
|
||||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
3,00,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(50,000) |
|
Business Premises |
2,00,000 |
|
Add: Net Profit |
1,49,100 |
3,99,100 |
Less: Depreciation |
(3,000) |
1,97,000 |
Current Liabilities |
|
Furniture and Fittings |
26,000 |
|
|
Creditors |
1,38,000 |
Less: Depreciation |
(2,500) |
23,500 |
|
Bank Overdraft |
42,000 |
Current Assets |
|
||
Outstanding Salary |
15,000 |
Closing Stock |
2,00,600 |
||
|
|
Debtors |
1,80,000 |
|
|
|
|
Less: Provision for Bad Debts |
(9,000) |
1,71,000 |
|
|
|
Unexpired Insurance |
2,000 |
||
|
5,94,100 |
|
5,94,100 |
||
|
|
|
|
Answer:
Financial statement of M/s. Shradha & Sons |
||||||
Trading Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Opening Stock |
4,20,000 |
Sales |
15,50,000 |
|||
Purchases |
8,26,000 |
|
|
|
||
Less: Return Outwards |
(16,000) |
8,10,000 |
|
|
||
Carriages Inwards |
12,000 |
Closing Stock |
6,40,000 |
|||
Wages |
40,000 |
|
|
|
||
Add: Outstanding Wages |
24,000 |
64,000 |
|
|
||
Power |
60,000 |
|
|
|||
Gross Profit (Balancing Figure) |
8,24,000 |
|
|
|||
|
21,90,000 |
|
21,90,000 |
|||
|
|
|
|
|||
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Rent |
2,20,000 |
|
Gross Profit |
8,24,000 |
Add: Outstanding for One month (22,000/11) |
20,000 |
2,40,000 |
|
|
Salary |
1,50,000 |
|
|
|
Insurance |
36,000 |
|
|
|
Less: Prepaid 2 month(3,600 × 2/12) |
(6,000) |
30,000 |
|
|
Outstanding Interest on Bank Loan (25,000 × 8% × 6/12) |
10,000 |
|
|
|
Bad Debts |
6,000 |
|
|
|
Add: Provision for Doubtful Debts |
10,000 |
16,000 |
|
|
Depreciation on: |
|
|
|
|
Machinery |
50,000 |
|
|
|
Furniture |
7,000 |
57,000 |
|
|
Net Profit (Balancing Figure) |
3,21,000 |
|
|
|
|
8,24,000 |
|
8,24,000 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
8,00,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
3,21,000 |
|
Machinery |
5,00,000 |
|
Less: Drawings |
(1,80,000) |
9,41,000 |
Less: 10% Depreciation |
(50,000) |
4,50,000 |
8% Bank Loan |
2,50,000 |
|
Furniture |
1,40,000 |
|
Add: Outstanding Interest |
10,000 |
2,60,000 |
Less: 5% Deprecation |
(7,000) |
1,33,000 |
Current Liabilities |
|
Current Assets |
|
||
Creditors |
1,89,000 |
Closing Stock |
6,40,000 |
||
Wages Outstanding |
24,000 |
Debtors |
2,06,000 |
|
|
Rent Outstanding |
20,000 |
Less: Bad Debts |
(6,000) |
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(10,000) |
1,90,000 |
|
|
|
Prepaid insurance |
6,000 |
||
|
|
Cash in hand |
15,000 |
||
|
14,34,000 |
|
14,34,000 |
||
|
|
|
|
Page No 19.63:
Question 8:
Financial statement of M/s. Shradha & Sons |
||||||
Trading Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Opening Stock |
4,20,000 |
Sales |
15,50,000 |
|||
Purchases |
8,26,000 |
|
|
|
||
Less: Return Outwards |
(16,000) |
8,10,000 |
|
|
||
Carriages Inwards |
12,000 |
Closing Stock |
6,40,000 |
|||
Wages |
40,000 |
|
|
|
||
Add: Outstanding Wages |
24,000 |
64,000 |
|
|
||
Power |
60,000 |
|
|
|||
Gross Profit (Balancing Figure) |
8,24,000 |
|
|
|||
|
21,90,000 |
|
21,90,000 |
|||
|
|
|
|
|||
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Rent |
2,20,000 |
|
Gross Profit |
8,24,000 |
Add: Outstanding for One month (22,000/11) |
20,000 |
2,40,000 |
|
|
Salary |
1,50,000 |
|
|
|
Insurance |
36,000 |
|
|
|
Less: Prepaid 2 month(3,600 × 2/12) |
(6,000) |
30,000 |
|
|
Outstanding Interest on Bank Loan (25,000 × 8% × 6/12) |
10,000 |
|
|
|
Bad Debts |
6,000 |
|
|
|
Add: Provision for Doubtful Debts |
10,000 |
16,000 |
|
|
Depreciation on: |
|
|
|
|
Machinery |
50,000 |
|
|
|
Furniture |
7,000 |
57,000 |
|
|
Net Profit (Balancing Figure) |
3,21,000 |
|
|
|
|
8,24,000 |
|
8,24,000 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
8,00,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
3,21,000 |
|
Machinery |
5,00,000 |
|
Less: Drawings |
(1,80,000) |
9,41,000 |
Less: 10% Depreciation |
(50,000) |
4,50,000 |
8% Bank Loan |
2,50,000 |
|
Furniture |
1,40,000 |
|
Add: Outstanding Interest |
10,000 |
2,60,000 |
Less: 5% Deprecation |
(7,000) |
1,33,000 |
Current Liabilities |
|
Current Assets |
|
||
Creditors |
1,89,000 |
Closing Stock |
6,40,000 |
||
Wages Outstanding |
24,000 |
Debtors |
2,06,000 |
|
|
Rent Outstanding |
20,000 |
Less: Bad Debts |
(6,000) |
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(10,000) |
1,90,000 |
|
|
|
Prepaid insurance |
6,000 |
||
|
|
Cash in hand |
15,000 |
||
|
14,34,000 |
|
14,34,000 |
||
|
|
|
|
Answer:
Financial Statements of Mr. Niranjan |
|||||
Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
45,000 |
Sales |
4,35,000 |
|
|
Purchases |
2,95,000 |
|
Less: Sales Return |
(7,000) |
4,28,000 |
Less: Purchases Return |
(4,000) |
2,91,000 |
Closing Stock |
75,000 |
|
Wages |
40,000 |
|
|
|
|
Add: Outstanding wages |
5,000 |
45,000 |
|
|
|
Gross Profit (Balancing Figure) |
1,22,000 |
|
|
||
|
|
|
|
||
|
5,03,000 |
|
5,03,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Rent |
5,000 |
Goss Profit |
1,22,000 |
|||
Salaries |
24,000 |
|
|
|
||
Add: Outstanding Salaries |
1,200 |
25,200 |
|
|
||
Bad Debts |
1,000 |
|
Interest Accrued on Investment |
|
||
Add: Further Bad Debts |
5,000 |
|
(50,000 × 6% × 9/12) |
2,250 |
||
Add: Provision for Doubtful Debts |
1,750 |
7,750 |
Miscellaneous Receipts |
1,200 |
||
Advertisement expenses |
6,000 |
|
|
|||
Provision for discount on debtors |
665 |
|
|
|||
Insurance |
1,500 |
|
|
|||
Trade expenses |
2,000 |
|
|
|||
Depreciation on: |
|
|
|
|||
Machinery |
2,400 |
|
|
|
||
Furniture |
300 |
2,700 |
|
|
||
Net Profit (Balancing Figure) |
74,635 |
|
|
|||
|
1,25,450 |
|
1,25,450 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,20,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(21,000) |
|
Patents |
4,800 |
|
Add: Net Profit |
74,635 |
1,73,635 |
Plant and Machinery |
24,000 |
|
Current Liabilities |
|
Less: 10% Depreciation |
(2,400) |
21,600 |
|
Sundry Creditors |
19,000 |
Furniture |
1,500 |
|
|
Wages Outstanding |
5,000 |
Less: 20% Depreciation |
(300) |
1,200 |
|
Salaries Outstanding |
1,200 |
6% Investment |
50,000 |
|
|
Bills Payable |
800 |
Add: Accrued Interest |
2,250 |
52,250 |
|
|
|
Current Assets |
|
||
|
|
Closing Stock |
75,000 |
||
|
|
Debtors |
40,000 |
|
|
|
|
Less: Further Bad Debts |
(5,000) |
|
|
|
|
Less: Provision for Doubtful Debts |
(1,750) |
|
|
|
|
|
33,250 |
|
|
|
|
Less: Provision for Discount |
(665) |
32,585 |
|
|
|
Cash |
12,200 |
||
|
1,99,635 |
|
1,99,635 |
||
|
|
|
|
Page No 19.64:
Question 9:
Financial Statements of Mr. Niranjan |
|||||
Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
45,000 |
Sales |
4,35,000 |
|
|
Purchases |
2,95,000 |
|
Less: Sales Return |
(7,000) |
4,28,000 |
Less: Purchases Return |
(4,000) |
2,91,000 |
Closing Stock |
75,000 |
|
Wages |
40,000 |
|
|
|
|
Add: Outstanding wages |
5,000 |
45,000 |
|
|
|
Gross Profit (Balancing Figure) |
1,22,000 |
|
|
||
|
|
|
|
||
|
5,03,000 |
|
5,03,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Rent |
5,000 |
Goss Profit |
1,22,000 |
|||
Salaries |
24,000 |
|
|
|
||
Add: Outstanding Salaries |
1,200 |
25,200 |
|
|
||
Bad Debts |
1,000 |
|
Interest Accrued on Investment |
|
||
Add: Further Bad Debts |
5,000 |
|
(50,000 × 6% × 9/12) |
2,250 |
||
Add: Provision for Doubtful Debts |
1,750 |
7,750 |
Miscellaneous Receipts |
1,200 |
||
Advertisement expenses |
6,000 |
|
|
|||
Provision for discount on debtors |
665 |
|
|
|||
Insurance |
1,500 |
|
|
|||
Trade expenses |
2,000 |
|
|
|||
Depreciation on: |
|
|
|
|||
Machinery |
2,400 |
|
|
|
||
Furniture |
300 |
2,700 |
|
|
||
Net Profit (Balancing Figure) |
74,635 |
|
|
|||
|
1,25,450 |
|
1,25,450 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,20,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(21,000) |
|
Patents |
4,800 |
|
Add: Net Profit |
74,635 |
1,73,635 |
Plant and Machinery |
24,000 |
|
Current Liabilities |
|
Less: 10% Depreciation |
(2,400) |
21,600 |
|
Sundry Creditors |
19,000 |
Furniture |
1,500 |
|
|
Wages Outstanding |
5,000 |
Less: 20% Depreciation |
(300) |
1,200 |
|
Salaries Outstanding |
1,200 |
6% Investment |
50,000 |
|
|
Bills Payable |
800 |
Add: Accrued Interest |
2,250 |
52,250 |
|
|
|
Current Assets |
|
||
|
|
Closing Stock |
75,000 |
||
|
|
Debtors |
40,000 |
|
|
|
|
Less: Further Bad Debts |
(5,000) |
|
|
|
|
Less: Provision for Doubtful Debts |
(1,750) |
|
|
|
|
|
33,250 |
|
|
|
|
Less: Provision for Discount |
(665) |
32,585 |
|
|
|
Cash |
12,200 |
||
|
1,99,635 |
|
1,99,635 |
||
|
|
|
|
Answer:
Financial Statements of Vijay Kumar |
|||
Trading Account for the year ended March 31, 2016 |
|||
Dr. |
|
|
Cr. |
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
Opening Stock |
1,62,000 |
Sales |
6,53,600 |
Purchases |
4,70,000 |
Closing Stock |
2,30,000 |
Wages |
72,000 |
|
|
Gross Profit (Balancing Figure) |
1,79,600 |
|
|
|
8,83,600 |
|
8,83,600 |
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Taxes and Insurance |
13,150 |
Gross Profit |
1,79,600 |
|||
Bad Debts |
5,500 |
|
Commission |
13,200 |
||
Add: Further Bad Debts |
1,800 |
|
|
|
||
Add: Provision for Doubtful Debts |
3,050 |
|
|
|
||
|
10,350 |
|
|
|
||
Less: Exiting Provision |
9,000 |
1,350 |
|
|
||
Car Expenses |
18,000 |
|
|
|||
Charity |
1,050 |
|
|
|||
Depreciation on Machinery |
9,340 |
|
|
|||
Outstanding Interest on Loan |
7,000 |
|
|
|||
General Expenses |
47,400 |
|
|
|||
Net Profit (Balancing Figure) |
95,510 |
|
|
|||
|
1,92,800 |
|
1,92,800 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
2,45,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
95,510 |
|
Building |
1,10,000 |
|
Less: Drawings |
(20,000) |
3,20,510 |
Machinery |
93,400 |
|
Loan |
78,800 |
|
Less:10% Depreciation |
9,340 |
84,060 |
Add: Outstanding Interest |
7,000 |
85,800 |
Motor Car |
20,000 |
|
Current Liabilities |
|
Current Assets |
|
||
Creditors |
25,000 |
Closing Stock |
2,30,000 |
||
Bills Payable |
38,500 |
Debtors |
62,800 |
|
|
Bank Overdraft |
33,000 |
Less: Bad Debts |
(1,800) |
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(3,050) |
57,950 |
|
|
|
Cash |
800 |
||
|
5,02,810 |
|
5,02,810 |
||
|
|
|
|
Page No 19.64:
Question 10:
Financial Statements of Vijay Kumar |
|||
Trading Account for the year ended March 31, 2016 |
|||
Dr. |
|
|
Cr. |
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
Opening Stock |
1,62,000 |
Sales |
6,53,600 |
Purchases |
4,70,000 |
Closing Stock |
2,30,000 |
Wages |
72,000 |
|
|
Gross Profit (Balancing Figure) |
1,79,600 |
|
|
|
8,83,600 |
|
8,83,600 |
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Taxes and Insurance |
13,150 |
Gross Profit |
1,79,600 |
|||
Bad Debts |
5,500 |
|
Commission |
13,200 |
||
Add: Further Bad Debts |
1,800 |
|
|
|
||
Add: Provision for Doubtful Debts |
3,050 |
|
|
|
||
|
10,350 |
|
|
|
||
Less: Exiting Provision |
9,000 |
1,350 |
|
|
||
Car Expenses |
18,000 |
|
|
|||
Charity |
1,050 |
|
|
|||
Depreciation on Machinery |
9,340 |
|
|
|||
Outstanding Interest on Loan |
7,000 |
|
|
|||
General Expenses |
47,400 |
|
|
|||
Net Profit (Balancing Figure) |
95,510 |
|
|
|||
|
1,92,800 |
|
1,92,800 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
2,45,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
95,510 |
|
Building |
1,10,000 |
|
Less: Drawings |
(20,000) |
3,20,510 |
Machinery |
93,400 |
|
Loan |
78,800 |
|
Less:10% Depreciation |
9,340 |
84,060 |
Add: Outstanding Interest |
7,000 |
85,800 |
Motor Car |
20,000 |
|
Current Liabilities |
|
Current Assets |
|
||
Creditors |
25,000 |
Closing Stock |
2,30,000 |
||
Bills Payable |
38,500 |
Debtors |
62,800 |
|
|
Bank Overdraft |
33,000 |
Less: Bad Debts |
(1,800) |
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(3,050) |
57,950 |
|
|
|
Cash |
800 |
||
|
5,02,810 |
|
5,02,810 |
||
|
|
|
|
Answer:
Financial Statement of Modern Traders Trading Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Opening Stock |
1,50,000 |
Sales |
12,00,000 |
|
Purchases |
8,20,000 |
Closing Stock |
1,50,000 |
|
Freight Inwards |
20,000 |
|
|
|
Wages |
13,000 |
|
|
|
Add: Outstanding Wages |
5,000 |
18,000 |
|
|
Gross Profit (Balancing Figure) |
3,42,000 |
|
|
|
|
13,50,000 |
|
13,50,000 |
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Postage and Telegrams |
8,000 |
Gross Profit |
3,42,000 |
|
Bad Debts |
4,000 |
|
Discount Received |
4,000 |
Add: Provision for Doubtful Debts |
10,300 |
|
Rent Revenue |
12,000 |
Less: Existing Provision |
(8,000) |
6,300 |
|
|
Carriage Outwards |
5,000 |
|
|
|
Rent, Rates and Taxes |
46,000 |
|
|
|
Insurance |
7,000 |
|
|
|
Less: Prepaid Insurance |
(1,000) |
6,000 |
|
|
Salaries |
2,00,000 |
|
|
|
Printing and Stationery |
8,000 |
|
|
|
Depreciation on: |
|
|
|
|
Machinery |
40,000 |
|
|
|
Furniture |
2,500 |
42,500 |
|
|
Net Profit (Balancing Figure) |
36,200 |
|
|
|
|
3,58,000 |
|
3,58,000 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
8,50,000 |
|
Plant and Machinery |
4,00,000 |
|
Less: Drawings |
(50,000) |
|
Less: Accumulated Depreciation (90,000 + 40,000) |
(1,30,000) |
2,70,000 |
Add: Net Profit |
36,200 |
8,36,200 |
Furniture |
50,000 |
|
Reserve Fund |
50,000 |
Less: 5% Depreciation |
(2,500) |
47,500 |
|
Sundry Creditors |
90,000 |
Closing Stock |
15,000 |
||
Wages Outstanding |
5,000 |
Sundry Debtors |
2,06,000 |
|
|
|
|
Less: Provision for Doubtful Debts |
(10,300) |
1,95,700 |
|
|
|
Prepaid Insurance |
1,000 |
||
|
|
Cash at Bank |
2,55,000 |
||
|
|
Cash in Hand |
62,000 |
||
|
9,81,200 |
|
9,81,200 |
||
|
|
|
|
Page No 19.65:
Question 11:
Financial Statement of Modern Traders Trading Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Opening Stock |
1,50,000 |
Sales |
12,00,000 |
|
Purchases |
8,20,000 |
Closing Stock |
1,50,000 |
|
Freight Inwards |
20,000 |
|
|
|
Wages |
13,000 |
|
|
|
Add: Outstanding Wages |
5,000 |
18,000 |
|
|
Gross Profit (Balancing Figure) |
3,42,000 |
|
|
|
|
13,50,000 |
|
13,50,000 |
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Postage and Telegrams |
8,000 |
Gross Profit |
3,42,000 |
|
Bad Debts |
4,000 |
|
Discount Received |
4,000 |
Add: Provision for Doubtful Debts |
10,300 |
|
Rent Revenue |
12,000 |
Less: Existing Provision |
(8,000) |
6,300 |
|
|
Carriage Outwards |
5,000 |
|
|
|
Rent, Rates and Taxes |
46,000 |
|
|
|
Insurance |
7,000 |
|
|
|
Less: Prepaid Insurance |
(1,000) |
6,000 |
|
|
Salaries |
2,00,000 |
|
|
|
Printing and Stationery |
8,000 |
|
|
|
Depreciation on: |
|
|
|
|
Machinery |
40,000 |
|
|
|
Furniture |
2,500 |
42,500 |
|
|
Net Profit (Balancing Figure) |
36,200 |
|
|
|
|
3,58,000 |
|
3,58,000 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
8,50,000 |
|
Plant and Machinery |
4,00,000 |
|
Less: Drawings |
(50,000) |
|
Less: Accumulated Depreciation (90,000 + 40,000) |
(1,30,000) |
2,70,000 |
Add: Net Profit |
36,200 |
8,36,200 |
Furniture |
50,000 |
|
Reserve Fund |
50,000 |
Less: 5% Depreciation |
(2,500) |
47,500 |
|
Sundry Creditors |
90,000 |
Closing Stock |
15,000 |
||
Wages Outstanding |
5,000 |
Sundry Debtors |
2,06,000 |
|
|
|
|
Less: Provision for Doubtful Debts |
(10,300) |
1,95,700 |
|
|
|
Prepaid Insurance |
1,000 |
||
|
|
Cash at Bank |
2,55,000 |
||
|
|
Cash in Hand |
62,000 |
||
|
9,81,200 |
|
9,81,200 |
||
|
|
|
|
Answer:
Financial Statements of Mohan |
|||||
Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Openings Stock |
68,000 |
Sales |
11,00,000 |
|
|
|
|
Less: Returns |
(80,000) |
10,20,000 |
|
Purchases |
6,60,000 |
|
|
|
|
Less: Returns |
(15,000) |
6,45,000 |
Closing Stock |
70,000 |
|
Carriage Inwards |
30,000 |
|
|
||
Gross Profit (Balancing Figure) |
3,47,000 |
|
|
||
|
|
|
|
||
|
10,90,000 |
|
10,90,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Salaries |
90,000 |
|
Gross Profit |
3,47,000 |
|
Add: Outstanding |
2,000 |
92,000 |
Discount |
5,000 |
|
Rent and Insurance |
30,000 |
|
Rent Received |
3,000 |
|
Less: Prepaid Insurance |
(2,000) |
28,000 |
|
|
|
Depreciation on: |
|
|
|
||
Land and Building |
3,000 |
|
|
|
|
Motor Vehicles |
20,000 |
23,000 |
|
|
|
Bad Debts |
5,000 |
|
|
|
|
Add: Provisions for Doubtful Debts |
10,000 |
|
|
|
|
Less: Exiting Provision |
(7,000) |
8,000 |
|
|
|
Interest on Loan |
3,000 |
|
|
||
Carriage Outwards |
25,000 |
|
|
||
Advertisement |
35,000 |
|
|
||
General Expenses |
34,000 |
|
|
||
Net Profit (Balancing Figure) |
1,07,000 |
|
|
||
|
3,55,000 |
|
3,55,000 |
||
|
|
|
|
||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
3,00,000 |
|
|
|
|
Less: Drawings |
(50,000) |
|
Land and Building |
1,20,000 |
|
Add: Net Profit |
1,07,000 |
3,57,000 |
Less: 2.5% Deprecation |
(3,000) |
1,17,000 |
Loan |
95,000 |
Motor Vehicles |
1,00,000 |
|
|
Creditors |
1,00,000 |
Less: 20% Deprecation |
(20,000) |
80,000 |
|
Bills Payable |
20,000 |
Closing Stock |
70,000 |
||
Salaries Outstanding |
2,000 |
Debtors |
2,00,000 |
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(10,000) |
1,90,000 |
|
|
|
Bills Receivable |
60,000 |
||
|
|
Bank |
35,000 |
||
|
|
Cash |
20,000 |
||
|
|
Prepaid Insurance |
2,000 |
||
|
5,74,000 |
|
5,74,000 |
||
|
|
|
|
Page No 19.66:
Question 12:
Financial Statements of Mohan |
|||||
Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Openings Stock |
68,000 |
Sales |
11,00,000 |
|
|
|
|
Less: Returns |
(80,000) |
10,20,000 |
|
Purchases |
6,60,000 |
|
|
|
|
Less: Returns |
(15,000) |
6,45,000 |
Closing Stock |
70,000 |
|
Carriage Inwards |
30,000 |
|
|
||
Gross Profit (Balancing Figure) |
3,47,000 |
|
|
||
|
|
|
|
||
|
10,90,000 |
|
10,90,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Salaries |
90,000 |
|
Gross Profit |
3,47,000 |
|
Add: Outstanding |
2,000 |
92,000 |
Discount |
5,000 |
|
Rent and Insurance |
30,000 |
|
Rent Received |
3,000 |
|
Less: Prepaid Insurance |
(2,000) |
28,000 |
|
|
|
Depreciation on: |
|
|
|
||
Land and Building |
3,000 |
|
|
|
|
Motor Vehicles |
20,000 |
23,000 |
|
|
|
Bad Debts |
5,000 |
|
|
|
|
Add: Provisions for Doubtful Debts |
10,000 |
|
|
|
|
Less: Exiting Provision |
(7,000) |
8,000 |
|
|
|
Interest on Loan |
3,000 |
|
|
||
Carriage Outwards |
25,000 |
|
|
||
Advertisement |
35,000 |
|
|
||
General Expenses |
34,000 |
|
|
||
Net Profit (Balancing Figure) |
1,07,000 |
|
|
||
|
3,55,000 |
|
3,55,000 |
||
|
|
|
|
||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
3,00,000 |
|
|
|
|
Less: Drawings |
(50,000) |
|
Land and Building |
1,20,000 |
|
Add: Net Profit |
1,07,000 |
3,57,000 |
Less: 2.5% Deprecation |
(3,000) |
1,17,000 |
Loan |
95,000 |
Motor Vehicles |
1,00,000 |
|
|
Creditors |
1,00,000 |
Less: 20% Deprecation |
(20,000) |
80,000 |
|
Bills Payable |
20,000 |
Closing Stock |
70,000 |
||
Salaries Outstanding |
2,000 |
Debtors |
2,00,000 |
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(10,000) |
1,90,000 |
|
|
|
Bills Receivable |
60,000 |
||
|
|
Bank |
35,000 |
||
|
|
Cash |
20,000 |
||
|
|
Prepaid Insurance |
2,000 |
||
|
5,74,000 |
|
5,74,000 |
||
|
|
|
|
Answer:
Financial Statements of Shri Sunder Lal Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
|
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
1,20,450 |
Sales |
5,63,010 |
|
|||
Purchases |
3,98,160 |
|
Less: Returns |
3,750 |
5,59,260 |
||
Less: Returns |
(2,910) |
|
Closing Stock |
1,27,410 |
|||
Less: Computer |
(6,000) |
3,89,250 |
|
|
|||
Wages |
93,770 |
|
|
||||
Carriage Inwards |
10,360 |
|
|
||||
Gross Profit (Balancing Figure) |
72,840 |
|
|
||||
|
6,86,670 |
|
6,86,670 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Office Salaries |
12,840 |
Gross Profit |
72,840 |
||
General Expenses |
15,360 |
Discount Received |
5,970 |
||
Bank Charges |
210 |
|
|
||
Discount Allowed |
7,920 |
|
|
||
Depreciation on: |
|
|
|
||
Plant and Machinery |
4,328 |
|
|
|
|
Furniture |
512 |
4,840 |
|
|
|
Rent and Rates |
7,260 |
|
|
||
Bad Debts |
2,760 |
|
|
|
|
Add: Provision for Doubtful Debts |
15,000 |
|
|
|
|
Less: Existing Provision |
(9,300) |
8,460 |
|
|
|
Insurance |
1,410 |
|
|
|
|
Less: Prepaid Insurance (720 × 6/12) |
(360) |
1,050 |
|
|
|
Outstanding Interest on Loan |
1,800 |
|
|
||
Net Profit (Balancing Figure) |
19,070 |
|
|
||
|
78,810 |
|
78,810 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Sundry Creditors |
37,350 |
Cash in Hand and Bank |
7,740 |
||
6% Loan |
30,000 |
|
Bills Receivable |
3,720 |
|
Add: Outstanding interest |
1,800 |
31,800 |
Sundry Debtors |
1,31,550 |
|
(3,000 × 6% for 12 months) |
|
Less: Provision for Doubtful Debts |
(15,000) |
1,16,550 |
|
Capital |
3,00,000 |
|
Plant and Machinery |
43,280 |
|
Less: Drawings |
(12,600) |
|
Less: 10% Depreciation |
(4,328) |
38,952 |
Add: Net Profit |
19,070 |
3,06,470 |
Furniture |
10,240 |
|
|
|
Less: 5% Depreciation |
(512) |
9,728 |
|
|
|
Land and Building |
65,160 |
||
|
|
Computer |
6,000 |
||
|
|
Prepaid Insurance |
360 |
||
|
|
Closing Stock |
1,27,410 |
||
|
3,75,620 |
|
3,75,620 |
||
|
|
|
|
Page No 19.66:
Question 13:
Financial Statements of Shri Sunder Lal Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
|
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
1,20,450 |
Sales |
5,63,010 |
|
|||
Purchases |
3,98,160 |
|
Less: Returns |
3,750 |
5,59,260 |
||
Less: Returns |
(2,910) |
|
Closing Stock |
1,27,410 |
|||
Less: Computer |
(6,000) |
3,89,250 |
|
|
|||
Wages |
93,770 |
|
|
||||
Carriage Inwards |
10,360 |
|
|
||||
Gross Profit (Balancing Figure) |
72,840 |
|
|
||||
|
6,86,670 |
|
6,86,670 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Office Salaries |
12,840 |
Gross Profit |
72,840 |
||
General Expenses |
15,360 |
Discount Received |
5,970 |
||
Bank Charges |
210 |
|
|
||
Discount Allowed |
7,920 |
|
|
||
Depreciation on: |
|
|
|
||
Plant and Machinery |
4,328 |
|
|
|
|
Furniture |
512 |
4,840 |
|
|
|
Rent and Rates |
7,260 |
|
|
||
Bad Debts |
2,760 |
|
|
|
|
Add: Provision for Doubtful Debts |
15,000 |
|
|
|
|
Less: Existing Provision |
(9,300) |
8,460 |
|
|
|
Insurance |
1,410 |
|
|
|
|
Less: Prepaid Insurance (720 × 6/12) |
(360) |
1,050 |
|
|
|
Outstanding Interest on Loan |
1,800 |
|
|
||
Net Profit (Balancing Figure) |
19,070 |
|
|
||
|
78,810 |
|
78,810 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Sundry Creditors |
37,350 |
Cash in Hand and Bank |
7,740 |
||
6% Loan |
30,000 |
|
Bills Receivable |
3,720 |
|
Add: Outstanding interest |
1,800 |
31,800 |
Sundry Debtors |
1,31,550 |
|
(3,000 × 6% for 12 months) |
|
Less: Provision for Doubtful Debts |
(15,000) |
1,16,550 |
|
Capital |
3,00,000 |
|
Plant and Machinery |
43,280 |
|
Less: Drawings |
(12,600) |
|
Less: 10% Depreciation |
(4,328) |
38,952 |
Add: Net Profit |
19,070 |
3,06,470 |
Furniture |
10,240 |
|
|
|
Less: 5% Depreciation |
(512) |
9,728 |
|
|
|
Land and Building |
65,160 |
||
|
|
Computer |
6,000 |
||
|
|
Prepaid Insurance |
360 |
||
|
|
Closing Stock |
1,27,410 |
||
|
3,75,620 |
|
3,75,620 |
||
|
|
|
|
Answer:
Financial Statements of Ram Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
1,14,600 |
Sales |
14,98,400 |
|
|
Purchase |
8,22,100 |
|
Less: Sales Return |
(18,200) |
14,80,200 |
Less: Purchases Return |
(42,400) |
7,79,700 |
Closing Stock |
1,49,200 |
|
Wages |
85,600 |
|
|
|
|
Add: Outstanding Wages |
5,700 |
91,300 |
|
|
|
Carriage Inwards |
23,100 |
|
|
||
Light and Water |
79,500 |
|
|
||
Gross Profit (Balance Figure) |
5,41,200 |
|
|
||
|
16,29,400 |
|
16,29,400 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Depreciation on: |
|
Gross Profit |
5,41,200 |
|
Leasehold Premises |
12,500 |
|
Discount |
1,800 |
Plant and Machinery |
24,000 |
36,500 |
|
|
Bad Debts |
10,000 |
|
|
|
Add: Further Bad Debts |
5,000 |
|
|
|
Add: Provision for Doubtful Debts |
50,000 |
|
|
|
|
65,000 |
|
|
|
Less: Existing Provision |
(42,400) |
22,600 |
|
|
Rent, Rates and Insurance |
69,400 |
|
|
|
Less: Prepaid Insurance |
(6,800) |
62,600 |
|
|
Salaries |
62,800 |
|
|
|
Office Expenses |
95,200 |
|
|
|
Traveller’s Salaries |
98,700 |
|
|
|
Carriage Outwards |
32,400 |
|
|
|
Net Profit (Balancing Figure) |
1,32,200 |
|
|
|
|
5,43,000 |
|
5,43,000 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
9,00,000 |
|
Fixed Assets |
|
||
Less: Drawings |
(70,000) |
|
Lease hold Premises |
2,50,000 |
|
|
Add: Net Profit |
1,32,200 |
9,62,200 |
Less: 5% Depreciation |
(12,500) |
2,37,500 |
|
Current Liabilities |
|
Plant and Machinery |
2,40,000 |
|
||
Sundry Creditors |
1,69,800 |
Less: 10% Depreciation |
(24,000) |
2,16,000 |
||
Wages Outstanding |
5,700 |
Office Furniture |
35,000 |
|||
|
|
Current Assets |
|
|||
|
|
Closing Stock |
1,49,200 |
|||
|
|
Sundry Debtors |
3,89,700 |
|
||
|
|
Less: Bad Debts |
5,000 |
|
||
|
|
Less: Provision for Doubtful Debts |
50,000 |
3,34,700 |
||
|
|
Bills Receivable |
12,400 |
|||
|
|
Cash at Bank |
1,24,000 |
|||
|
|
Cash in Hand |
22,100 |
|||
|
|
Prepaid Insurance |
6,800 |
|||
|
11,37,700 |
|
11,37,700 |
|||
|
|
|
|
|||
Page No 19.67:
Question 14:
Financial Statements of Ram Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
1,14,600 |
Sales |
14,98,400 |
|
|
Purchase |
8,22,100 |
|
Less: Sales Return |
(18,200) |
14,80,200 |
Less: Purchases Return |
(42,400) |
7,79,700 |
Closing Stock |
1,49,200 |
|
Wages |
85,600 |
|
|
|
|
Add: Outstanding Wages |
5,700 |
91,300 |
|
|
|
Carriage Inwards |
23,100 |
|
|
||
Light and Water |
79,500 |
|
|
||
Gross Profit (Balance Figure) |
5,41,200 |
|
|
||
|
16,29,400 |
|
16,29,400 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Depreciation on: |
|
Gross Profit |
5,41,200 |
|
Leasehold Premises |
12,500 |
|
Discount |
1,800 |
Plant and Machinery |
24,000 |
36,500 |
|
|
Bad Debts |
10,000 |
|
|
|
Add: Further Bad Debts |
5,000 |
|
|
|
Add: Provision for Doubtful Debts |
50,000 |
|
|
|
|
65,000 |
|
|
|
Less: Existing Provision |
(42,400) |
22,600 |
|
|
Rent, Rates and Insurance |
69,400 |
|
|
|
Less: Prepaid Insurance |
(6,800) |
62,600 |
|
|
Salaries |
62,800 |
|
|
|
Office Expenses |
95,200 |
|
|
|
Traveller’s Salaries |
98,700 |
|
|
|
Carriage Outwards |
32,400 |
|
|
|
Net Profit (Balancing Figure) |
1,32,200 |
|
|
|
|
5,43,000 |
|
5,43,000 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
9,00,000 |
|
Fixed Assets |
|
||
Less: Drawings |
(70,000) |
|
Lease hold Premises |
2,50,000 |
|
|
Add: Net Profit |
1,32,200 |
9,62,200 |
Less: 5% Depreciation |
(12,500) |
2,37,500 |
|
Current Liabilities |
|
Plant and Machinery |
2,40,000 |
|
||
Sundry Creditors |
1,69,800 |
Less: 10% Depreciation |
(24,000) |
2,16,000 |
||
Wages Outstanding |
5,700 |
Office Furniture |
35,000 |
|||
|
|
Current Assets |
|
|||
|
|
Closing Stock |
1,49,200 |
|||
|
|
Sundry Debtors |
3,89,700 |
|
||
|
|
Less: Bad Debts |
5,000 |
|
||
|
|
Less: Provision for Doubtful Debts |
50,000 |
3,34,700 |
||
|
|
Bills Receivable |
12,400 |
|||
|
|
Cash at Bank |
1,24,000 |
|||
|
|
Cash in Hand |
22,100 |
|||
|
|
Prepaid Insurance |
6,800 |
|||
|
11,37,700 |
|
11,37,700 |
|||
|
|
|
|
|||
Answer:
Financial Statements of Mr. S. Kapur | |||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
1,15,200 |
Sales |
19,75,600 |
|
|||
Purchases |
8,13,500 |
|
Less: Return Inwards |
13,600 |
19,62,000 |
||
Less: Return Outwards |
10,000 |
8,03,500 |
Closing Stock |
1,36,000 |
|||
Carriage on Purchases |
40,800 |
|
|
||||
Wages |
2,09,600 |
|
|
|
|||
Less: Wrongly included |
40,000 |
1,69,600 |
|
|
|||
Fuel and Power |
94,600 |
|
|
||||
Gross Profit (Balancing Figure) |
8,74,300 |
|
|
||||
|
20,98,000 |
|
20,98,000 |
||||
|
|
|
|
Profit and Loss Account |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation: |
|
Gross Profit |
8,74,300 |
|||
Machinery |
40,000 |
|
|
|
||
Patents |
30,000 |
70,000 |
|
|
||
Salaries |
3,00,000 |
|
|
|
||
Add: Outstanding Salaries |
30,000 |
3,30,000 |
|
|
||
Insurance |
12,000 |
|
|
|
||
Less: Prepaid Insurance |
1,700 |
10,300 |
|
|
||
Provision for Doubtful Debts |
14,500 |
|
|
|||
Carriage Outwards |
64,000 |
|
|
|||
Advertisement Expenses |
60,000 |
|
|
|||
Net Profit (Balancing Figure) |
3,25,500 |
|
|
|||
|
8,74,300 |
|
8,74,300 |
|||
|
|
|
|
Balance Sheet |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
16,00,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
3,25,500 |
|
Machinery |
4,00,000 |
|
|
Less: Drawings |
1,04,900 |
18,20,600 |
Less: Depreciation @ 10% |
40,000 |
3,60,000 |
|
Current Liabilities |
|
Patents |
1,50,000 |
|
||
Sundry Creditors |
1,26,000 |
Less: Depreciation @ 20% |
30,000 |
1,20,000 |
||
Outstanding Salary |
30,000 |
Building |
6,00,000 |
|
||
|
|
Add: Erection of Scooter Shed |
40,000 |
6,40,000 |
||
|
|
Computer |
2,00,000 |
|||
|
|
Current Assets |
|
|||
|
|
Closing Stock |
1,36,000 |
|||
|
|
Prepaid Insurance |
1,700 |
|||
|
|
Sundry Debtors |
2,90,000 |
|
||
|
|
Less: Provision @5% |
14,500 |
2,75,500 |
||
|
|
Cash at Bank |
2,32,600 |
|||
|
|
Cash in Hand |
10,800 |
|||
|
19,76,600 |
|
19,76,600 |
|||
|
|
|
|
Page No 19.68:
Question 15:
Financial Statements of Mr. S. Kapur | |||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
1,15,200 |
Sales |
19,75,600 |
|
|||
Purchases |
8,13,500 |
|
Less: Return Inwards |
13,600 |
19,62,000 |
||
Less: Return Outwards |
10,000 |
8,03,500 |
Closing Stock |
1,36,000 |
|||
Carriage on Purchases |
40,800 |
|
|
||||
Wages |
2,09,600 |
|
|
|
|||
Less: Wrongly included |
40,000 |
1,69,600 |
|
|
|||
Fuel and Power |
94,600 |
|
|
||||
Gross Profit (Balancing Figure) |
8,74,300 |
|
|
||||
|
20,98,000 |
|
20,98,000 |
||||
|
|
|
|
Profit and Loss Account |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation: |
|
Gross Profit |
8,74,300 |
|||
Machinery |
40,000 |
|
|
|
||
Patents |
30,000 |
70,000 |
|
|
||
Salaries |
3,00,000 |
|
|
|
||
Add: Outstanding Salaries |
30,000 |
3,30,000 |
|
|
||
Insurance |
12,000 |
|
|
|
||
Less: Prepaid Insurance |
1,700 |
10,300 |
|
|
||
Provision for Doubtful Debts |
14,500 |
|
|
|||
Carriage Outwards |
64,000 |
|
|
|||
Advertisement Expenses |
60,000 |
|
|
|||
Net Profit (Balancing Figure) |
3,25,500 |
|
|
|||
|
8,74,300 |
|
8,74,300 |
|||
|
|
|
|
Balance Sheet |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
16,00,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
3,25,500 |
|
Machinery |
4,00,000 |
|
|
Less: Drawings |
1,04,900 |
18,20,600 |
Less: Depreciation @ 10% |
40,000 |
3,60,000 |
|
Current Liabilities |
|
Patents |
1,50,000 |
|
||
Sundry Creditors |
1,26,000 |
Less: Depreciation @ 20% |
30,000 |
1,20,000 |
||
Outstanding Salary |
30,000 |
Building |
6,00,000 |
|
||
|
|
Add: Erection of Scooter Shed |
40,000 |
6,40,000 |
||
|
|
Computer |
2,00,000 |
|||
|
|
Current Assets |
|
|||
|
|
Closing Stock |
1,36,000 |
|||
|
|
Prepaid Insurance |
1,700 |
|||
|
|
Sundry Debtors |
2,90,000 |
|
||
|
|
Less: Provision @5% |
14,500 |
2,75,500 |
||
|
|
Cash at Bank |
2,32,600 |
|||
|
|
Cash in Hand |
10,800 |
|||
|
19,76,600 |
|
19,76,600 |
|||
|
|
|
|
Answer:
Financial Statements Trading Account for the year ended March 31, 2016 |
|||
Dr. |
|
|
Cr. |
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
Opening Stock |
2,20,000 |
Sales |
13,45,000 |
Purchases |
11,88,700 |
Closing Stock |
1,24,500 |
Gross Profit (Balancing Figure) |
60,800 |
|
|
|
14,69,500 |
|
14,69,500 |
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Rent |
9,000 |
|
Gross Profit |
60,800 |
||
Add: Outstanding Rent |
850 |
9,850 |
Net Loss (Balancing Figure) |
42,750 |
||
Trade Expenses |
10,750 |
|
|
|
||
Add: Outstanding Trade Expenses |
1,500 |
12,250 |
|
|
||
Bad Debts |
4,000 |
|
|
|
||
Add: Provision for Debts |
15,800 |
19,800 |
|
|
||
Depreciation on |
|
|
|
|||
Plant and Machinery |
17,500 |
|
|
|
||
Business Premises |
6,900 |
24,400 |
|
|
||
Salaries |
22,250 |
|
|
|||
Carriage Outwards |
4,000 |
|
|
|||
Discount |
11,000 |
|
|
|||
|
1,03,550 |
|
1,03,550 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
7,95,000 |
|
Fixed Assets |
|
|
Less: Net Loss |
(42,750) |
7,52,250 |
Plant and Machinery |
1,75,000 |
|
Current Liabilities |
|
Less: 10% Depreciation |
(17,500) |
1,57,500 |
|
Sundry Creditors |
1,06,500 |
Premises |
3,45,000 |
|
|
Bills Payable |
75,000 |
Less: 2% Depreciation |
(6,900) |
3,38,100 |
|
Rent Outstanding |
850 |
Current Assets |
|
||
Trade Expenses Outstanding |
1,500 |
Closing Stock |
1,24,500 |
||
|
|
Sundry Debtors |
3,20,000 |
|
|
|
|
Less: Bad Debts |
(4,000) |
|
|
|
|
|
3,16,000 |
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(15,800) |
3,00,200 |
|
|
|
Cash at Bank |
15,450 |
||
|
|
Cash in Hand |
350 |
||
|
9,36,100 |
|
9,36,100 |
||
|
|
|
|
Note: In the question, Manager Commission is given as 5% on Net Profit after charging commission. But, during the year the firm had a Net Loss of Rs 4,275, therefore, manager commission is not payable.
Page No 19.68:
Question 16:
Financial Statements Trading Account for the year ended March 31, 2016 |
|||
Dr. |
|
|
Cr. |
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
Opening Stock |
2,20,000 |
Sales |
13,45,000 |
Purchases |
11,88,700 |
Closing Stock |
1,24,500 |
Gross Profit (Balancing Figure) |
60,800 |
|
|
|
14,69,500 |
|
14,69,500 |
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Rent |
9,000 |
|
Gross Profit |
60,800 |
||
Add: Outstanding Rent |
850 |
9,850 |
Net Loss (Balancing Figure) |
42,750 |
||
Trade Expenses |
10,750 |
|
|
|
||
Add: Outstanding Trade Expenses |
1,500 |
12,250 |
|
|
||
Bad Debts |
4,000 |
|
|
|
||
Add: Provision for Debts |
15,800 |
19,800 |
|
|
||
Depreciation on |
|
|
|
|||
Plant and Machinery |
17,500 |
|
|
|
||
Business Premises |
6,900 |
24,400 |
|
|
||
Salaries |
22,250 |
|
|
|||
Carriage Outwards |
4,000 |
|
|
|||
Discount |
11,000 |
|
|
|||
|
1,03,550 |
|
1,03,550 |
|||
|
|
|
|
|||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
7,95,000 |
|
Fixed Assets |
|
|
Less: Net Loss |
(42,750) |
7,52,250 |
Plant and Machinery |
1,75,000 |
|
Current Liabilities |
|
Less: 10% Depreciation |
(17,500) |
1,57,500 |
|
Sundry Creditors |
1,06,500 |
Premises |
3,45,000 |
|
|
Bills Payable |
75,000 |
Less: 2% Depreciation |
(6,900) |
3,38,100 |
|
Rent Outstanding |
850 |
Current Assets |
|
||
Trade Expenses Outstanding |
1,500 |
Closing Stock |
1,24,500 |
||
|
|
Sundry Debtors |
3,20,000 |
|
|
|
|
Less: Bad Debts |
(4,000) |
|
|
|
|
|
3,16,000 |
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(15,800) |
3,00,200 |
|
|
|
Cash at Bank |
15,450 |
||
|
|
Cash in Hand |
350 |
||
|
9,36,100 |
|
9,36,100 |
||
|
|
|
|
Note: In the question, Manager Commission is given as 5% on Net Profit after charging commission. But, during the year the firm had a Net Loss of Rs 4,275, therefore, manager commission is not payable.
Answer:
Financial Statements Trading Account for the year ended March 31, 2016 |
|||
Dr. |
|
|
Cr. |
Particulars |
Amount Rs |
Particulars |
Amount Rs |
Opening Stock |
8,000 |
Sales |
2,20,000 |
Purchases |
1,26,000 |
Closing Stock |
20,600 |
Productive Wages |
56,500 |
|
|
Stores Consumed |
6,050 |
|
|
Carriage |
3,050 |
|
|
Gross Profit (Balancing Figure) |
41,000 |
|
|
|
2,40,600 |
|
2,40,600 |
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Salaries |
16,000 |
Gross Profit |
41,000 |
||
Rent and Rates |
5,200 |
|
Discount on Creditors |
500 |
|
Less: Rent Deposit |
(400) |
4,800 |
|
|
|
Insurance |
1,320 |
|
|
|
|
Less: Prepaid Insurance |
(120) |
1,200 |
|
|
|
Depreciation on Machinery |
5,200 |
|
|
||
Bad Debts |
1,020 |
|
|
|
|
Add: Provision for Doubtful Debts |
2,200 |
3,220 |
|
|
|
Provision for Discount on Debtors |
1,045 |
|
|
||
General Expenses |
2,600 |
|
|
||
Net Profit (Balancing Figure) |
7,435 |
|
|
||
|
41,500 |
|
41,500 |
||
|
|
|
|
||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,45,600 |
|
Building |
67,000 |
|
Add: Net Profit |
7,435 |
1,53,035 |
Machinery |
52,000 |
|
Secured Loan |
15,000 |
Less: 10% Depreciation |
(5,200) |
46,800 |
|
Sundry Creditors |
20,000 |
|
Furniture |
3,350 |
|
Less: Discount on Creditors |
500 |
19,500 |
Closing Stock |
20,600 |
|
|
|
Sundry Debtors |
44,000 |
|
|
|
|
Less: Provision for Doubtful Debts |
(2,200) |
|
|
|
|
|
41,800 |
|
|
|
|
Less: Discount on Debtors |
(1,045) |
40,755 |
|
|
|
Rent Deposit |
400 |
||
|
|
Prepaid Insurance |
120 |
||
|
|
Cash in Hand |
1,930 |
||
|
|
Cash at Bank |
6,580 |
||
|
1,87,535 |
|
1,87,535 |
||
|
|
|
|
Page No 19.69:
Question 17:
Financial Statements Trading Account for the year ended March 31, 2016 |
|||
Dr. |
|
|
Cr. |
Particulars |
Amount Rs |
Particulars |
Amount Rs |
Opening Stock |
8,000 |
Sales |
2,20,000 |
Purchases |
1,26,000 |
Closing Stock |
20,600 |
Productive Wages |
56,500 |
|
|
Stores Consumed |
6,050 |
|
|
Carriage |
3,050 |
|
|
Gross Profit (Balancing Figure) |
41,000 |
|
|
|
2,40,600 |
|
2,40,600 |
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Salaries |
16,000 |
Gross Profit |
41,000 |
||
Rent and Rates |
5,200 |
|
Discount on Creditors |
500 |
|
Less: Rent Deposit |
(400) |
4,800 |
|
|
|
Insurance |
1,320 |
|
|
|
|
Less: Prepaid Insurance |
(120) |
1,200 |
|
|
|
Depreciation on Machinery |
5,200 |
|
|
||
Bad Debts |
1,020 |
|
|
|
|
Add: Provision for Doubtful Debts |
2,200 |
3,220 |
|
|
|
Provision for Discount on Debtors |
1,045 |
|
|
||
General Expenses |
2,600 |
|
|
||
Net Profit (Balancing Figure) |
7,435 |
|
|
||
|
41,500 |
|
41,500 |
||
|
|
|
|
||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,45,600 |
|
Building |
67,000 |
|
Add: Net Profit |
7,435 |
1,53,035 |
Machinery |
52,000 |
|
Secured Loan |
15,000 |
Less: 10% Depreciation |
(5,200) |
46,800 |
|
Sundry Creditors |
20,000 |
|
Furniture |
3,350 |
|
Less: Discount on Creditors |
500 |
19,500 |
Closing Stock |
20,600 |
|
|
|
Sundry Debtors |
44,000 |
|
|
|
|
Less: Provision for Doubtful Debts |
(2,200) |
|
|
|
|
|
41,800 |
|
|
|
|
Less: Discount on Debtors |
(1,045) |
40,755 |
|
|
|
Rent Deposit |
400 |
||
|
|
Prepaid Insurance |
120 |
||
|
|
Cash in Hand |
1,930 |
||
|
|
Cash at Bank |
6,580 |
||
|
1,87,535 |
|
1,87,535 |
||
|
|
|
|
Answer:
Financial Statements for Mr. G. Vishwanath Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
8,100 |
Sales |
5,21,870 |
|
|
Purchases |
2,74,685 |
|
Less: Return Inwards |
(2,300) |
5,19,570 |
Less: Return Outwards |
(2,100) |
2,72,585 |
Closing Stock |
15,600 |
|
Wages |
54,755 |
|
|
|
|
Add: General Expenses |
2,000 |
56,755 |
|
|
|
Gross Profit (Balancing Figure) |
1,97,730 |
|
|
||
|
5,35,170 |
|
5,35,170 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Rent |
6,700 |
Gross Profit |
1,97,730 |
|
Salaries |
35,000 |
|
|
|
Carriage Outwards |
3,100 |
|
|
|
Interest on Loan |
10,000 |
|
|
|
Add: Interest Outstanding |
10,000 |
20,000 |
|
|
Electricity Charges |
4,200 |
|
|
|
General Expenses |
24,000 |
|
|
|
Less: Wages |
(2,000) |
22,000 |
|
|
Depreciation on |
|
|
|
|
Motor Van |
22,000 |
|
|
|
Plant and Machinery |
16,000 |
|
|
|
Computer |
7,400 |
45,400 |
|
|
Provision for Doubtful Debts |
3,265 |
|
|
|
Net Profit (Balancing Figure) |
58,065 |
|
|
|
|
1,97,730 |
|
1,97,730 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
2,10,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
58,065 |
2,68,065 |
Plant and Machinery |
1,60,000 |
|
Bank Loan |
2,00,000 |
|
Less: 10% Depreciation |
(16,000) |
1,44,000 |
Add: Interest Outstanding |
10,000 |
2,10,000 |
Motor Van |
2,20,000 |
|
Current Liabilities |
|
Less: 10% Depreciation |
(22,000) |
1,98,000 |
|
Creditors |
27,500 |
Computer |
37,000 |
|
|
|
|
Less: 20% Depreciation |
(7,400) |
29,600 |
|
|
|
Current Assets |
|
||
|
|
Closing Stock |
15,600 |
||
|
|
Debtors |
65,300 |
|
|
|
|
Less: Provision for Doubtful Debts |
(3,265) |
62,035 |
|
|
|
Cash at Bank |
50,000 |
||
|
|
Cash in Hand |
6,330 |
||
|
5,05,565 |
|
5,05,565 |
||
|
|
|
|
Working Note:
Calculation of Interest Outstanding on Loan
Amount of Bank Loan = 2,00,000
Interest on Loan (2,00,000 × 10%) |
20,000 |
Less: Interest Paid |
(10,000) |
Interest Outstanding |
10,000 |
Page No 19.70:
Question 18:
Financial Statements for Mr. G. Vishwanath Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
8,100 |
Sales |
5,21,870 |
|
|
Purchases |
2,74,685 |
|
Less: Return Inwards |
(2,300) |
5,19,570 |
Less: Return Outwards |
(2,100) |
2,72,585 |
Closing Stock |
15,600 |
|
Wages |
54,755 |
|
|
|
|
Add: General Expenses |
2,000 |
56,755 |
|
|
|
Gross Profit (Balancing Figure) |
1,97,730 |
|
|
||
|
5,35,170 |
|
5,35,170 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Rent |
6,700 |
Gross Profit |
1,97,730 |
|
Salaries |
35,000 |
|
|
|
Carriage Outwards |
3,100 |
|
|
|
Interest on Loan |
10,000 |
|
|
|
Add: Interest Outstanding |
10,000 |
20,000 |
|
|
Electricity Charges |
4,200 |
|
|
|
General Expenses |
24,000 |
|
|
|
Less: Wages |
(2,000) |
22,000 |
|
|
Depreciation on |
|
|
|
|
Motor Van |
22,000 |
|
|
|
Plant and Machinery |
16,000 |
|
|
|
Computer |
7,400 |
45,400 |
|
|
Provision for Doubtful Debts |
3,265 |
|
|
|
Net Profit (Balancing Figure) |
58,065 |
|
|
|
|
1,97,730 |
|
1,97,730 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
2,10,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
58,065 |
2,68,065 |
Plant and Machinery |
1,60,000 |
|
Bank Loan |
2,00,000 |
|
Less: 10% Depreciation |
(16,000) |
1,44,000 |
Add: Interest Outstanding |
10,000 |
2,10,000 |
Motor Van |
2,20,000 |
|
Current Liabilities |
|
Less: 10% Depreciation |
(22,000) |
1,98,000 |
|
Creditors |
27,500 |
Computer |
37,000 |
|
|
|
|
Less: 20% Depreciation |
(7,400) |
29,600 |
|
|
|
Current Assets |
|
||
|
|
Closing Stock |
15,600 |
||
|
|
Debtors |
65,300 |
|
|
|
|
Less: Provision for Doubtful Debts |
(3,265) |
62,035 |
|
|
|
Cash at Bank |
50,000 |
||
|
|
Cash in Hand |
6,330 |
||
|
5,05,565 |
|
5,05,565 |
||
|
|
|
|
Working Note:
Calculation of Interest Outstanding on Loan
Amount of Bank Loan = 2,00,000
Interest on Loan (2,00,000 × 10%) |
20,000 |
Less: Interest Paid |
(10,000) |
Interest Outstanding |
10,000 |
Answer:
Financial Statements of Mr. Prem Prakash Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
2,17,250 |
Sales |
12,61,770 |
|
|
Purchases |
8,32,900 |
|
Less: Sales Return |
(74,220) |
11,87,550 |
Less: Purchase Return |
(31,720) |
8,01,180 |
Closing Stock |
1,65,800 |
|
Wages |
99,150 |
|
|
|
|
Add: Outstanding Wages |
8,000 |
1,07,150 |
|
|
|
Factory Fuel and Power |
5,420 |
|
|
||
Factory Lighting |
3,920 |
|
|
||
Carriage Inwards |
8,970 |
|
|
||
Manufacturing Expenses |
26,800 |
|
|
||
Gross Profit (Balancing Figure ) |
1,82,660 |
|
|
||
|
13,53,350 |
|
13,53,350 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Office Salaries |
37,450 |
|
Gross Profit |
1,82,660 |
Add: Outstanding Salaries |
3,500 |
40,950 |
|
|
Travelling Expenses |
9,250 |
|
|
|
Carriage on Sales |
9,600 |
|
|
|
Provision for Doubtful Debts |
11,950 |
|
|
|
Rent and Taxes |
17,650 |
|
|
|
Add: Rent Outstanding |
1,500 |
19,150 |
|
|
Office Expenses |
27,780 |
|
|
|
Discount |
4,220 |
|
|
|
Insurance |
5,700 |
|
|
|
Less: Prepaid Insurance |
(700) |
5,000 |
|
|
Depreciation on |
|
|
|
|
Plant and Machinery |
27,500 |
|
|
|
Fixtures and Fittings |
1,720 |
29,220 |
|
|
Net Profit (Balancing Figure) |
25,540 |
|
|
|
|
1,82,660 |
|
1,82,660 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
9,32,300 |
|
Fixed Assets |
|
|
Less: Drawings |
(68,200) |
|
Plant and Machinery |
5,50,000 |
|
Add: Net Profit |
25,540 |
8,89,640 |
Less: 5% Depreciation |
(27,500) |
5,22,500 |
Current Liabilities |
|
Fixture and Fittings |
17,200 |
|
|
Creditors |
2,26,800 |
Less: 10% Depreciation |
(1,720) |
15,480 |
|
Bills Payable |
64,220 |
Current Assets |
|
||
Outstanding Wages |
8,000 |
Closing Stock |
1,65,800 |
||
Outstanding Salaries |
3,500 |
Sundry Debtors |
4,78,000 |
|
|
Rent Outstanding |
1,500 |
Less: Provision for Doubtful Debts |
(11,950) |
4,66,050 |
|
|
|
Prepaid Insurance |
700 |
||
|
|
Cash at Bank |
22,450 |
||
|
|
Cash in Hand |
680 |
||
|
11,93,660 |
|
11,93,660 |
||
|
|
|
|
Page No 19.71:
Question 19:
Financial Statements of Mr. Prem Prakash Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
2,17,250 |
Sales |
12,61,770 |
|
|
Purchases |
8,32,900 |
|
Less: Sales Return |
(74,220) |
11,87,550 |
Less: Purchase Return |
(31,720) |
8,01,180 |
Closing Stock |
1,65,800 |
|
Wages |
99,150 |
|
|
|
|
Add: Outstanding Wages |
8,000 |
1,07,150 |
|
|
|
Factory Fuel and Power |
5,420 |
|
|
||
Factory Lighting |
3,920 |
|
|
||
Carriage Inwards |
8,970 |
|
|
||
Manufacturing Expenses |
26,800 |
|
|
||
Gross Profit (Balancing Figure ) |
1,82,660 |
|
|
||
|
13,53,350 |
|
13,53,350 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Office Salaries |
37,450 |
|
Gross Profit |
1,82,660 |
Add: Outstanding Salaries |
3,500 |
40,950 |
|
|
Travelling Expenses |
9,250 |
|
|
|
Carriage on Sales |
9,600 |
|
|
|
Provision for Doubtful Debts |
11,950 |
|
|
|
Rent and Taxes |
17,650 |
|
|
|
Add: Rent Outstanding |
1,500 |
19,150 |
|
|
Office Expenses |
27,780 |
|
|
|
Discount |
4,220 |
|
|
|
Insurance |
5,700 |
|
|
|
Less: Prepaid Insurance |
(700) |
5,000 |
|
|
Depreciation on |
|
|
|
|
Plant and Machinery |
27,500 |
|
|
|
Fixtures and Fittings |
1,720 |
29,220 |
|
|
Net Profit (Balancing Figure) |
25,540 |
|
|
|
|
1,82,660 |
|
1,82,660 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
9,32,300 |
|
Fixed Assets |
|
|
Less: Drawings |
(68,200) |
|
Plant and Machinery |
5,50,000 |
|
Add: Net Profit |
25,540 |
8,89,640 |
Less: 5% Depreciation |
(27,500) |
5,22,500 |
Current Liabilities |
|
Fixture and Fittings |
17,200 |
|
|
Creditors |
2,26,800 |
Less: 10% Depreciation |
(1,720) |
15,480 |
|
Bills Payable |
64,220 |
Current Assets |
|
||
Outstanding Wages |
8,000 |
Closing Stock |
1,65,800 |
||
Outstanding Salaries |
3,500 |
Sundry Debtors |
4,78,000 |
|
|
Rent Outstanding |
1,500 |
Less: Provision for Doubtful Debts |
(11,950) |
4,66,050 |
|
|
|
Prepaid Insurance |
700 |
||
|
|
Cash at Bank |
22,450 |
||
|
|
Cash in Hand |
680 |
||
|
11,93,660 |
|
11,93,660 |
||
|
|
|
|
Answer:
Financial Statement of Shri Santosh Kumar Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
2,00,000 |
Sales |
46,80,000 |
|
|
Purchases |
21,20,000 |
|
Less: Return Inwards |
(80,000) |
46,00,000 |
Less: Return Outwards |
(40,000) |
20,80,000 |
Closing Stock |
3,08,000 |
|
Wages and Other Expenses |
10,00,000 |
|
|
||
Carriage Inwards |
1,20,000 |
|
|
||
Gross Profit (Balancing Figure) |
15,08,000 |
|
|
||
|
49,08,000 |
|
49,08,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Depreciation on: |
|
Gross Profit |
15,08,000 |
|
Plant and Machinery |
50,000 |
|
Discount |
60,000 |
Furniture and Fixture |
7,200 |
57,200 |
|
|
Consumption of Loss Tools (20,000 – 16,000) |
|
40,000 |
|
|
Salaries |
4,16,000 |
|
|
|
Add: Salary paid to B. Barua |
20,000 |
4,36,000 |
|
|
General Expenses and Insurance |
7,20,000 |
|
|
|
Less: Prepaid Insurance |
(4,000) |
7,16,000 |
|
|
Rent and Taxes |
1,44,000 |
|
|
|
Postage and Telegrams |
40,000 |
|
|
|
Provision for Doubtful Debts |
28,000 |
|
|
|
Less: Existing Provision |
(20,000) |
8,000 |
|
|
Net Profit (Balancing Figure) |
1,26,800 |
|
|
|
|
15,68,000 |
|
15,68,000 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
17,60,000 |
|
Fixed Assets |
|
||
Less: Drawings |
(20,000) |
|
Plant and Machinery |
10,00,000 |
|
|
Add: Net Profit |
1,26,800 |
18,66,800 |
Less: 5% Depreciation |
(50,000) |
9,50,000 |
|
Current Liabilities |
|
Furniture and Fixtures |
1,20,000 |
|
||
Sundry Creditors |
2,40,000 |
Less: 6% Deprecation |
(7,200) |
1,12,800 |
||
VAT Collected |
2,00,000 |
Goodwill |
1,00,000 |
|||
|
|
Current Assets |
|
|||
|
|
Closing Stock |
3,08,000 |
|||
|
|
Loos Tools |
1,60,000 |
|||
|
|
Sundry Debtors |
5,60,000 |
|
||
|
|
Less: Provision for Doubtful Debts |
(28,000) |
5,32,000 |
||
|
|
B. Barua |
20,000 |
|
||
|
|
Less: Salary |
(20,000) |
NIL |
||
|
|
Cash and Bank Balances |
1,40,000 |
|||
|
|
Prepaid Insurance |
4,000 |
|||
|
23,06,800 |
|
23,06,800 |
|||
|
|
|
|
Page No 19.71:
Question 20:
Financial Statement of Shri Santosh Kumar Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
2,00,000 |
Sales |
46,80,000 |
|
|
Purchases |
21,20,000 |
|
Less: Return Inwards |
(80,000) |
46,00,000 |
Less: Return Outwards |
(40,000) |
20,80,000 |
Closing Stock |
3,08,000 |
|
Wages and Other Expenses |
10,00,000 |
|
|
||
Carriage Inwards |
1,20,000 |
|
|
||
Gross Profit (Balancing Figure) |
15,08,000 |
|
|
||
|
49,08,000 |
|
49,08,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Depreciation on: |
|
Gross Profit |
15,08,000 |
|
Plant and Machinery |
50,000 |
|
Discount |
60,000 |
Furniture and Fixture |
7,200 |
57,200 |
|
|
Consumption of Loss Tools (20,000 – 16,000) |
|
40,000 |
|
|
Salaries |
4,16,000 |
|
|
|
Add: Salary paid to B. Barua |
20,000 |
4,36,000 |
|
|
General Expenses and Insurance |
7,20,000 |
|
|
|
Less: Prepaid Insurance |
(4,000) |
7,16,000 |
|
|
Rent and Taxes |
1,44,000 |
|
|
|
Postage and Telegrams |
40,000 |
|
|
|
Provision for Doubtful Debts |
28,000 |
|
|
|
Less: Existing Provision |
(20,000) |
8,000 |
|
|
Net Profit (Balancing Figure) |
1,26,800 |
|
|
|
|
15,68,000 |
|
15,68,000 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
17,60,000 |
|
Fixed Assets |
|
||
Less: Drawings |
(20,000) |
|
Plant and Machinery |
10,00,000 |
|
|
Add: Net Profit |
1,26,800 |
18,66,800 |
Less: 5% Depreciation |
(50,000) |
9,50,000 |
|
Current Liabilities |
|
Furniture and Fixtures |
1,20,000 |
|
||
Sundry Creditors |
2,40,000 |
Less: 6% Deprecation |
(7,200) |
1,12,800 |
||
VAT Collected |
2,00,000 |
Goodwill |
1,00,000 |
|||
|
|
Current Assets |
|
|||
|
|
Closing Stock |
3,08,000 |
|||
|
|
Loos Tools |
1,60,000 |
|||
|
|
Sundry Debtors |
5,60,000 |
|
||
|
|
Less: Provision for Doubtful Debts |
(28,000) |
5,32,000 |
||
|
|
B. Barua |
20,000 |
|
||
|
|
Less: Salary |
(20,000) |
NIL |
||
|
|
Cash and Bank Balances |
1,40,000 |
|||
|
|
Prepaid Insurance |
4,000 |
|||
|
23,06,800 |
|
23,06,800 |
|||
|
|
|
|
Answer:
Financial Statements Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
30,000 |
Sales |
1,50,000 |
|
|
Purchases |
1,20,000 |
|
Less: Returns |
(10,000) |
1,40,000 |
Less: Returns |
(20,000) |
1,00,000 |
Closing Stock |
45,000 |
|
Gross Profit (Balancing Figure) |
55,000 |
|
|
||
|
1,85,000 |
|
1,85,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Interest outstanding on Overdraft |
3,000 |
Gross Profit |
55,000 |
||
Establishment Expenses |
22,000 |
Commission |
5,000 |
|
|
Provision for Doubtful Debts |
10,000 |
|
Less: Advance Commission |
(1,000) |
4,000 |
Add: Bad Debts |
5,000 |
|
Accrued Interest on Deposits |
2,100 |
|
Less: Existing Provision |
(7,000) |
8,000 |
|
|
|
Depreciation on Furniture |
600 |
|
|
||
Taxes and Insurance |
5,000 |
|
|
|
|
Less: Prepaid Insurance |
(500) |
|
|
|
|
Add: Outstanding Taxes |
2,000 |
6,500 |
|
|
|
Salaries Outstanding |
1,000 |
|
|
||
Net Profit (Balancing Figure) |
20,000 |
|
|
||
|
61,100 |
|
61,100 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,00,000 |
|
Furniture |
6,000 |
|
Less: Drawings |
(14,000) |
|
Less: 10% Depreciation |
(600) |
5,400 |
Add: Net Profit |
20,000 |
1,00,600 |
Debtors |
50,000 |
|
Bank Overdraft |
20,000 |
|
Less: Provision for Doubtful Debts |
(10,000) |
40,000 |
Add: Interest Outstanding |
3,000 |
23,000 |
Closing Stock |
45,000 |
|
Outstanding Salaries |
1,000 |
Bills Receivable |
30,000 |
||
Outstanding Taxes |
2,000 |
Deposits |
40,000 |
|
|
Creditors |
20,000 |
Add: Accrued Interest |
2,100 |
42,100 |
|
Bills Payable |
25,000 |
Cash |
15,000 |
||
Advance Commission |
1,000 |
Prepaid Insurance |
500 |
||
|
1,78,000 |
|
1,78,000 |
||
|
|
|
|
Note: Loss of goods due to fire has not been recorded above as fire occurred on 1st April, 2016 which is subsequent to period for which above final accounts are prepared.
Page No 19.72:
Question 21:
Financial Statements Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
30,000 |
Sales |
1,50,000 |
|
|
Purchases |
1,20,000 |
|
Less: Returns |
(10,000) |
1,40,000 |
Less: Returns |
(20,000) |
1,00,000 |
Closing Stock |
45,000 |
|
Gross Profit (Balancing Figure) |
55,000 |
|
|
||
|
1,85,000 |
|
1,85,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Interest outstanding on Overdraft |
3,000 |
Gross Profit |
55,000 |
||
Establishment Expenses |
22,000 |
Commission |
5,000 |
|
|
Provision for Doubtful Debts |
10,000 |
|
Less: Advance Commission |
(1,000) |
4,000 |
Add: Bad Debts |
5,000 |
|
Accrued Interest on Deposits |
2,100 |
|
Less: Existing Provision |
(7,000) |
8,000 |
|
|
|
Depreciation on Furniture |
600 |
|
|
||
Taxes and Insurance |
5,000 |
|
|
|
|
Less: Prepaid Insurance |
(500) |
|
|
|
|
Add: Outstanding Taxes |
2,000 |
6,500 |
|
|
|
Salaries Outstanding |
1,000 |
|
|
||
Net Profit (Balancing Figure) |
20,000 |
|
|
||
|
61,100 |
|
61,100 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
1,00,000 |
|
Furniture |
6,000 |
|
Less: Drawings |
(14,000) |
|
Less: 10% Depreciation |
(600) |
5,400 |
Add: Net Profit |
20,000 |
1,00,600 |
Debtors |
50,000 |
|
Bank Overdraft |
20,000 |
|
Less: Provision for Doubtful Debts |
(10,000) |
40,000 |
Add: Interest Outstanding |
3,000 |
23,000 |
Closing Stock |
45,000 |
|
Outstanding Salaries |
1,000 |
Bills Receivable |
30,000 |
||
Outstanding Taxes |
2,000 |
Deposits |
40,000 |
|
|
Creditors |
20,000 |
Add: Accrued Interest |
2,100 |
42,100 |
|
Bills Payable |
25,000 |
Cash |
15,000 |
||
Advance Commission |
1,000 |
Prepaid Insurance |
500 |
||
|
1,78,000 |
|
1,78,000 |
||
|
|
|
|
Note: Loss of goods due to fire has not been recorded above as fire occurred on 1st April, 2016 which is subsequent to period for which above final accounts are prepared.
Answer:
Financial Statements of M/s. Taj & Co. Trading Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Opening Stock |
26,725 |
Sales |
2,52,400 |
|
Purchases |
1,62,505 |
|
Closing Stock |
12,550 |
Less: Goods destroyed by fire |
(1,500) |
1,61,005 |
|
|
Wages |
23,137 |
|
|
|
Power and Fuel |
1,350 |
|
|
|
Gross Profit (Balancing Figure) |
52,733 |
|
|
|
|
2,64,950 |
|
2,64,950 |
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Goods lost by fire |
1,500 |
|
Gross Profit |
52,733 |
|
Less: Insurance Co. |
(1,000) |
500 |
Provision for Doubtful Debts |
5,200 |
|
Salaries |
5,575 |
Less: Bad Debts |
(525) |
|
|
Depreciation on Furniture |
725 |
Less: Further Bad Debts |
(500) |
|
|
Postage |
4,226 |
Less: New Provision Doubtful Debts |
(2,485) |
1,690 |
|
Trade Expenses |
5,831 |
Accrued Interest on Loan to Suraj |
100 |
||
Net Profit (Balancing Figure) |
37,666 |
|
|
||
|
54,523 |
|
54,523 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
10,000 |
|
Furniture |
7,250 |
|
Less: Drawings |
(4,452) |
|
Less: 10% Depreciation |
(725) |
6,525 |
Add: Net Profit |
37,666 |
43,214 |
Sundry Debtors |
50,200 |
|
Sundry Creditors |
30,526 |
Less: Bad Debts |
(500) |
|
|
Bills Payable |
3,950 |
|
49,700 |
|
|
Outstanding Wages |
2,000 |
Less: Provision for Doubtful Debts |
(2,485) |
47,215 |
|
Outstanding Trade Expenses |
700 |
Closing Stock |
12,550 |
||
|
|
Loan to Suraj |
3,000 |
|
|
|
|
Add: Accrued Interest |
100 |
3,100 |
|
|
|
Cash in Hand and Bank |
10,000 |
||
|
|
Insurance Co. (Goods destroyed by fire) |
1,000 |
||
|
80,390 |
|
80,390 |
||
|
|
|
|
Page No 19.73:
Question 22:
Financial Statements of M/s. Taj & Co. Trading Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Opening Stock |
26,725 |
Sales |
2,52,400 |
|
Purchases |
1,62,505 |
|
Closing Stock |
12,550 |
Less: Goods destroyed by fire |
(1,500) |
1,61,005 |
|
|
Wages |
23,137 |
|
|
|
Power and Fuel |
1,350 |
|
|
|
Gross Profit (Balancing Figure) |
52,733 |
|
|
|
|
2,64,950 |
|
2,64,950 |
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Goods lost by fire |
1,500 |
|
Gross Profit |
52,733 |
|
Less: Insurance Co. |
(1,000) |
500 |
Provision for Doubtful Debts |
5,200 |
|
Salaries |
5,575 |
Less: Bad Debts |
(525) |
|
|
Depreciation on Furniture |
725 |
Less: Further Bad Debts |
(500) |
|
|
Postage |
4,226 |
Less: New Provision Doubtful Debts |
(2,485) |
1,690 |
|
Trade Expenses |
5,831 |
Accrued Interest on Loan to Suraj |
100 |
||
Net Profit (Balancing Figure) |
37,666 |
|
|
||
|
54,523 |
|
54,523 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
10,000 |
|
Furniture |
7,250 |
|
Less: Drawings |
(4,452) |
|
Less: 10% Depreciation |
(725) |
6,525 |
Add: Net Profit |
37,666 |
43,214 |
Sundry Debtors |
50,200 |
|
Sundry Creditors |
30,526 |
Less: Bad Debts |
(500) |
|
|
Bills Payable |
3,950 |
|
49,700 |
|
|
Outstanding Wages |
2,000 |
Less: Provision for Doubtful Debts |
(2,485) |
47,215 |
|
Outstanding Trade Expenses |
700 |
Closing Stock |
12,550 |
||
|
|
Loan to Suraj |
3,000 |
|
|
|
|
Add: Accrued Interest |
100 |
3,100 |
|
|
|
Cash in Hand and Bank |
10,000 |
||
|
|
Insurance Co. (Goods destroyed by fire) |
1,000 |
||
|
80,390 |
|
80,390 |
||
|
|
|
|
Answer:
Financial Statement of Mr. Gaurav | |||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
62,500 |
Sales |
8,75,000 |
|
|||
Purchases |
5,00,000 |
|
Less: Return Inwards |
|
8,75,000 |
||
Less: Drawings |
10,000 |
4,90,000 |
Closing Stock |
50,000 |
|||
Carriage |
10,000 |
|
|
||||
Wages and Salaries |
31,250 |
|
|
|
|||
Add: Outstanding |
12,500 |
43,750 |
|
|
|||
Gross Profit (Balancing Figure) |
3,18,750 |
|
|
||||
|
9,25,000 |
|
9,25,000 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation: |
|
Gross Profit |
3,18,750 |
|||
Machinery (WN1) |
11,950 |
|
Commission |
16,750 |
||
Furniture |
3,750 |
15,700 |
Bad Debts Recovered |
8,000 |
||
Taxes and Insurance |
21,250 |
|
|
|
||
Less: Prepaid |
5,000 |
16,250 |
|
|
||
Interest on Bank Loan |
3,000 |
|
|
|
||
Add: Outstanding Interest |
2,000 |
5,000 |
|
|
||
Net Profit (Balancing Figure) |
3,06,550 |
|
|
|||
|
3,43,500 |
|
3,43,500 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
4,64,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
3,06,550 |
|
Machinery |
1,38,750 |
|
Less: Drawings (62,500 + 10,000) |
72,500 |
6,98,050 |
Less: Depreciation @10% |
11,950 |
1,26,800 |
Current Liabilities |
|
Furniture |
25,000 |
|
|
Creditors |
43,750 |
Less: Depreciation @15% |
3,750 |
21,250 |
|
Bills Payable |
33,750 |
Land & Building |
5,00,000 |
||
10% Bank Loan |
50,000 |
Current Assets |
|
||
Outstanding Interest on Loan |
2,000 |
Closing Stock |
50,000 |
||
Outstanding Wages & Salaries |
12,500 |
Debtors |
75,000 |
||
|
|
Bills Receivable |
37,500 |
||
|
|
Bank |
24,500 |
||
|
|
Prepaid Insurance |
5,000 |
||
|
8,40,050 |
|
8,40,050 |
||
|
|
|
|
Working Note:
Calculation of Depreciation on Machinery
Page No 19.74:
Question 23:
Financial Statement of Mr. Gaurav | |||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
62,500 |
Sales |
8,75,000 |
|
|||
Purchases |
5,00,000 |
|
Less: Return Inwards |
|
8,75,000 |
||
Less: Drawings |
10,000 |
4,90,000 |
Closing Stock |
50,000 |
|||
Carriage |
10,000 |
|
|
||||
Wages and Salaries |
31,250 |
|
|
|
|||
Add: Outstanding |
12,500 |
43,750 |
|
|
|||
Gross Profit (Balancing Figure) |
3,18,750 |
|
|
||||
|
9,25,000 |
|
9,25,000 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation: |
|
Gross Profit |
3,18,750 |
|||
Machinery (WN1) |
11,950 |
|
Commission |
16,750 |
||
Furniture |
3,750 |
15,700 |
Bad Debts Recovered |
8,000 |
||
Taxes and Insurance |
21,250 |
|
|
|
||
Less: Prepaid |
5,000 |
16,250 |
|
|
||
Interest on Bank Loan |
3,000 |
|
|
|
||
Add: Outstanding Interest |
2,000 |
5,000 |
|
|
||
Net Profit (Balancing Figure) |
3,06,550 |
|
|
|||
|
3,43,500 |
|
3,43,500 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
4,64,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
3,06,550 |
|
Machinery |
1,38,750 |
|
Less: Drawings (62,500 + 10,000) |
72,500 |
6,98,050 |
Less: Depreciation @10% |
11,950 |
1,26,800 |
Current Liabilities |
|
Furniture |
25,000 |
|
|
Creditors |
43,750 |
Less: Depreciation @15% |
3,750 |
21,250 |
|
Bills Payable |
33,750 |
Land & Building |
5,00,000 |
||
10% Bank Loan |
50,000 |
Current Assets |
|
||
Outstanding Interest on Loan |
2,000 |
Closing Stock |
50,000 |
||
Outstanding Wages & Salaries |
12,500 |
Debtors |
75,000 |
||
|
|
Bills Receivable |
37,500 |
||
|
|
Bank |
24,500 |
||
|
|
Prepaid Insurance |
5,000 |
||
|
8,40,050 |
|
8,40,050 |
||
|
|
|
|
Working Note:
Calculation of Depreciation on Machinery
Answer:
Financial Statements of M/s Radha Krishna and Co. |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
85,000 |
Sales |
8,05,000 |
|
|||
Purchases |
4,57,500 |
|
Less: Return Inwards |
|
8,05,000 |
||
Less: Return Outward |
5,000 |
4,52,500 |
Closing Stock |
1,27,500 |
|||
Carriage Inwards |
3,500 |
|
|
||||
Wages |
33,500 |
|
|
||||
Dock Charges |
27,000 |
|
|
||||
Customs Duty |
23,000 |
|
|
||||
Gross Profit (Balancing Figure) |
3,08,000 |
|
|
||||
|
9,32,500 |
|
9,32,500 |
||||
|
|
|
|
Profit and Loss Account |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation on Furniture and Fittings |
2,550 |
Gross Profit |
3,08,000 |
|||
Depreciation on Plant & Machinery |
10,000 |
|
|
|||
Depreciation on Building |
11,500 |
|
|
|||
Salaries |
64,000 |
|
|
|||
Insurance |
4,500 |
|
|
|||
Old Bad Debts |
10,000 |
|
|
|
||
Add: New Bad Debts |
|
|
|
|
||
Add: New Provision |
16,000 |
|
|
|
||
Less: Old Provision |
5,000 |
21,000 |
|
|
||
Outstanding Interest on Loan |
30,000 |
|
|
|||
Rent |
24,000 |
|
|
|||
Discount |
2,500 |
|
|
|||
General Expenses |
3,500 |
|
|
|||
Rates & Taxes |
14,500 |
|
|
|||
Repairs |
7,000 |
|
|
|||
Net Profit (Balancing Figure) |
1,12,950 |
|
|
|||
|
3,08,000 |
|
3,08,000 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
5,00,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
1,12,950 |
6,12,950 |
Furniture and Fittings |
25,500 |
|
|
Loan on Mortgage |
2,50,000 |
Less: Depreciation @10% |
2,550 |
22,950 |
||
Current Liabilities |
|
Plant & Machinery |
2,00,000 |
|
||
Sundry Creditors |
1,95,000 |
Less: Depreciation @5% |
10,000 |
1,90,000 |
||
Bills Payable |
40,000 |
Building |
4,60,000 |
|
||
Outstanding Interest on Loan |
30,000 |
Less: Depreciation @2.5% |
11,500 |
4,48,500 |
||
|
|
Current Assets |
|
|||
|
|
Closing Stock |
1,27,500 |
|||
|
|
Sundry Debtors |
3,20,000 |
|
||
|
|
Less: Provision for Doubtful Debts @ 5% |
16,000 |
3,04,000 |
||
|
|
Bills Receivable |
35,000 |
|||
|
|
|
|
|||
|
11,27,950 |
|
11,27,950 |
|||
|
|
|
|
Page No 19.74:
Question 24:
Financial Statements of M/s Radha Krishna and Co. |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
85,000 |
Sales |
8,05,000 |
|
|||
Purchases |
4,57,500 |
|
Less: Return Inwards |
|
8,05,000 |
||
Less: Return Outward |
5,000 |
4,52,500 |
Closing Stock |
1,27,500 |
|||
Carriage Inwards |
3,500 |
|
|
||||
Wages |
33,500 |
|
|
||||
Dock Charges |
27,000 |
|
|
||||
Customs Duty |
23,000 |
|
|
||||
Gross Profit (Balancing Figure) |
3,08,000 |
|
|
||||
|
9,32,500 |
|
9,32,500 |
||||
|
|
|
|
Profit and Loss Account |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation on Furniture and Fittings |
2,550 |
Gross Profit |
3,08,000 |
|||
Depreciation on Plant & Machinery |
10,000 |
|
|
|||
Depreciation on Building |
11,500 |
|
|
|||
Salaries |
64,000 |
|
|
|||
Insurance |
4,500 |
|
|
|||
Old Bad Debts |
10,000 |
|
|
|
||
Add: New Bad Debts |
|
|
|
|
||
Add: New Provision |
16,000 |
|
|
|
||
Less: Old Provision |
5,000 |
21,000 |
|
|
||
Outstanding Interest on Loan |
30,000 |
|
|
|||
Rent |
24,000 |
|
|
|||
Discount |
2,500 |
|
|
|||
General Expenses |
3,500 |
|
|
|||
Rates & Taxes |
14,500 |
|
|
|||
Repairs |
7,000 |
|
|
|||
Net Profit (Balancing Figure) |
1,12,950 |
|
|
|||
|
3,08,000 |
|
3,08,000 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
5,00,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
1,12,950 |
6,12,950 |
Furniture and Fittings |
25,500 |
|
|
Loan on Mortgage |
2,50,000 |
Less: Depreciation @10% |
2,550 |
22,950 |
||
Current Liabilities |
|
Plant & Machinery |
2,00,000 |
|
||
Sundry Creditors |
1,95,000 |
Less: Depreciation @5% |
10,000 |
1,90,000 |
||
Bills Payable |
40,000 |
Building |
4,60,000 |
|
||
Outstanding Interest on Loan |
30,000 |
Less: Depreciation @2.5% |
11,500 |
4,48,500 |
||
|
|
Current Assets |
|
|||
|
|
Closing Stock |
1,27,500 |
|||
|
|
Sundry Debtors |
3,20,000 |
|
||
|
|
Less: Provision for Doubtful Debts @ 5% |
16,000 |
3,04,000 |
||
|
|
Bills Receivable |
35,000 |
|||
|
|
|
|
|||
|
11,27,950 |
|
11,27,950 |
|||
|
|
|
|
Answer:
Financial Statements of Mr. Rustomji |
||||||
Trading Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Opening Stock |
54,700 |
Sales |
3,70,000 |
|||
Purchases |
3,14,000 |
Closing Stock |
30,000 |
|||
Wages |
20,000 |
|
|
|
||
Add: Outstanding Wages |
900 |
20,900 |
|
|
||
Carriage Inwards |
2,240 |
|
|
|||
Gross Profit (Balancing Figure) |
8,160 |
|
|
|||
|
4,00,000 |
|
4,00,000 |
|||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation on: |
|
Gross Profit |
8,160 |
|||
Loose Tools |
400 |
|
Provision for Doubtful Debts (WN2) |
1,480 |
||
Building |
1,500 |
|
Bank Interest |
150 |
||
Motor Van |
10,000 |
11,900 |
Accrued Dividend |
270 |
||
Insurance |
1,700 |
|
Discount Received |
1,070 |
||
Less: Prepaid Insurance |
200 |
1,500 |
Net Loss (Balancing Figure) |
8,010 |
||
Outstanding Interest on Loan |
500 |
|
|
|||
Sundry Expenses |
3,980 |
|
|
|||
Discount Allowed |
1,260 |
|
|
|||
|
19,140 |
|
19,140 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
94,780 |
|
Fixed Assets |
|
||
Less: Net Loss |
8,010 |
|
Loose Tools |
2,000 |
|
|
Less: Drawings |
4,000 |
|
Less: Depreciation @ |
400 |
1,600 |
|
Less: Income Tax |
2,050 |
80,720 |
Motor Van |
25,000 |
|
|
Loan from Mohan |
5,000 |
Less: Depreciation @40% |
10,000 |
15,000 |
||
Current Liabilities |
|
Building |
30,000 |
|
||
Sundry Creditors |
38,000 |
Less: Depreciation @5% |
1,500 |
28,500 |
||
Bills Payable |
20,000 |
Investments |
13,000 |
|||
Outstanding Interest on Loan |
500 |
Furniture |
6,000 |
|||
Outstanding Wages |
900 |
Current Assets |
|
|||
|
|
Closing Stock |
30,000 |
|||
|
|
Sundry Debtors |
19,000 |
|
||
|
|
Less: Further Bad Debts |
600 |
|
||
|
|
Less: New Provision @5% |
920 |
17,480 |
||
|
|
Accrued Dividend |
270 |
|||
|
|
Prepaid Insurance |
200 |
|||
|
|
Cash at Bank |
32,400 |
|||
|
|
Cash in Hand |
670 |
|||
|
1,45,120 |
|
1,45,120 |
|||
|
|
|
|
Working Notes:
WN1: Calculation of Amount of Debtors
Total Amount of Debtors = Rs 19,000
Less: Further Bad Debts = Rs 600
Amount on which provision is to be maintained = Rs 18,400 (19,000 - 600)
WN2: Calculation of New Provision for Doubtful Debts
Particulars |
Amount (Rs) |
Old Bad Debts |
200 |
Add: Further Bad Debts |
600 |
Add: New Provision for Doubtful Debts |
920 |
Less: Old Provision for Doubtful Debts |
3,200 |
Net Amount |
(1,480) |
|
|
Page No 19.75:
Question 25:
Financial Statements of Mr. Rustomji |
||||||
Trading Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Opening Stock |
54,700 |
Sales |
3,70,000 |
|||
Purchases |
3,14,000 |
Closing Stock |
30,000 |
|||
Wages |
20,000 |
|
|
|
||
Add: Outstanding Wages |
900 |
20,900 |
|
|
||
Carriage Inwards |
2,240 |
|
|
|||
Gross Profit (Balancing Figure) |
8,160 |
|
|
|||
|
4,00,000 |
|
4,00,000 |
|||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation on: |
|
Gross Profit |
8,160 |
|||
Loose Tools |
400 |
|
Provision for Doubtful Debts (WN2) |
1,480 |
||
Building |
1,500 |
|
Bank Interest |
150 |
||
Motor Van |
10,000 |
11,900 |
Accrued Dividend |
270 |
||
Insurance |
1,700 |
|
Discount Received |
1,070 |
||
Less: Prepaid Insurance |
200 |
1,500 |
Net Loss (Balancing Figure) |
8,010 |
||
Outstanding Interest on Loan |
500 |
|
|
|||
Sundry Expenses |
3,980 |
|
|
|||
Discount Allowed |
1,260 |
|
|
|||
|
19,140 |
|
19,140 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
94,780 |
|
Fixed Assets |
|
||
Less: Net Loss |
8,010 |
|
Loose Tools |
2,000 |
|
|
Less: Drawings |
4,000 |
|
Less: Depreciation @ |
400 |
1,600 |
|
Less: Income Tax |
2,050 |
80,720 |
Motor Van |
25,000 |
|
|
Loan from Mohan |
5,000 |
Less: Depreciation @40% |
10,000 |
15,000 |
||
Current Liabilities |
|
Building |
30,000 |
|
||
Sundry Creditors |
38,000 |
Less: Depreciation @5% |
1,500 |
28,500 |
||
Bills Payable |
20,000 |
Investments |
13,000 |
|||
Outstanding Interest on Loan |
500 |
Furniture |
6,000 |
|||
Outstanding Wages |
900 |
Current Assets |
|
|||
|
|
Closing Stock |
30,000 |
|||
|
|
Sundry Debtors |
19,000 |
|
||
|
|
Less: Further Bad Debts |
600 |
|
||
|
|
Less: New Provision @5% |
920 |
17,480 |
||
|
|
Accrued Dividend |
270 |
|||
|
|
Prepaid Insurance |
200 |
|||
|
|
Cash at Bank |
32,400 |
|||
|
|
Cash in Hand |
670 |
|||
|
1,45,120 |
|
1,45,120 |
|||
|
|
|
|
Working Notes:
WN1: Calculation of Amount of Debtors
Total Amount of Debtors = Rs 19,000
Less: Further Bad Debts = Rs 600
Amount on which provision is to be maintained = Rs 18,400 (19,000 - 600)
WN2: Calculation of New Provision for Doubtful Debts
Particulars |
Amount (Rs) |
Old Bad Debts |
200 |
Add: Further Bad Debts |
600 |
Add: New Provision for Doubtful Debts |
920 |
Less: Old Provision for Doubtful Debts |
3,200 |
Net Amount |
(1,480) |
|
|
Answer:
Financial Statements of Shri Bansi Lal Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
57,600 |
Sales |
9,87,800 |
|
|
Purchases |
4,06,750 |
|
Less: Return Inwards |
(6,800) |
9,81,000 |
Less: Return Outwards |
(5,000) |
4,01,750 |
Closing Stock |
68,000 |
|
Carriage on Purchases |
20,400 |
|
|
||
Fuel and Power |
47,300 |
|
|
||
Wages |
1,04,800 |
|
|
|
|
Less: Building |
(20,000) |
84,800 |
|
|
|
Gross Profit (Balancing Figure) |
4,37,150 |
|
|
||
|
10,49,000 |
|
10,49,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Carriage on Sales |
32,000 |
Gross Profit |
4,37,150 |
||
Depreciation on Machinery |
20,000 |
|
|
||
Amortisation of Patents |
|
15,000 |
|
|
|
Insurance |
6,000 |
|
|
|
|
Less: Prepaid Insurance (1,700 × 6/12) |
(850) |
5,150 |
|
|
|
General Expenses |
30,000 |
|
|
||
Salaries |
1,50,000 |
|
|
|
|
Add: Unpaid Salaries |
15,000 |
1,65,000 |
|
|
|
Provision for Doubtful Debts |
7,250 |
|
|
||
Net Profit (Balancing Figure) |
1,62,750 |
|
|
||
|
4,37,150 |
|
4,37,150 |
||
|
|
|
|
||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
7,10,000 |
|
Patents |
75,000 |
|
Less: Drawings |
(52,450) |
|
Less: 20% Amortisation |
(15,000) |
60,000 |
Add: Net Profit |
1,62,750 |
8,20,300 |
Machinery |
2,00,000 |
|
Sundry Creditors |
63,000 |
Less: 10% Depreciation |
(20,000) |
1,80,000 |
|
Salaries Outstanding |
15,000 |
Freehold Land |
1,00,000 |
||
|
|
Sundry Debtors |
1,45,000 |
|
|
|
|
Less: Provision for Doubtful Debts |
(7,250) |
1,37,750 |
|
|
|
Prepaid Insurance |
850 |
||
|
|
Building |
3,00,000 |
|
|
|
|
Add: Wages |
20,000 |
3,20,000 |
|
|
|
Closing Stock |
68,000 |
||
|
|
Cash in Hand |
5,400 |
||
|
|
Cash at Bank |
26,300 |
||
|
8,98,300 |
|
8,98,300 |
||
|
|
|
|
Note: Rs 20,000 is reduced from Wages and added in Building since such amount is a Capital Expenditure.
Page No 19.76:
Question 26:
Financial Statements of Shri Bansi Lal Trading Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
57,600 |
Sales |
9,87,800 |
|
|
Purchases |
4,06,750 |
|
Less: Return Inwards |
(6,800) |
9,81,000 |
Less: Return Outwards |
(5,000) |
4,01,750 |
Closing Stock |
68,000 |
|
Carriage on Purchases |
20,400 |
|
|
||
Fuel and Power |
47,300 |
|
|
||
Wages |
1,04,800 |
|
|
|
|
Less: Building |
(20,000) |
84,800 |
|
|
|
Gross Profit (Balancing Figure) |
4,37,150 |
|
|
||
|
10,49,000 |
|
10,49,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Carriage on Sales |
32,000 |
Gross Profit |
4,37,150 |
||
Depreciation on Machinery |
20,000 |
|
|
||
Amortisation of Patents |
|
15,000 |
|
|
|
Insurance |
6,000 |
|
|
|
|
Less: Prepaid Insurance (1,700 × 6/12) |
(850) |
5,150 |
|
|
|
General Expenses |
30,000 |
|
|
||
Salaries |
1,50,000 |
|
|
|
|
Add: Unpaid Salaries |
15,000 |
1,65,000 |
|
|
|
Provision for Doubtful Debts |
7,250 |
|
|
||
Net Profit (Balancing Figure) |
1,62,750 |
|
|
||
|
4,37,150 |
|
4,37,150 |
||
|
|
|
|
||
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
7,10,000 |
|
Patents |
75,000 |
|
Less: Drawings |
(52,450) |
|
Less: 20% Amortisation |
(15,000) |
60,000 |
Add: Net Profit |
1,62,750 |
8,20,300 |
Machinery |
2,00,000 |
|
Sundry Creditors |
63,000 |
Less: 10% Depreciation |
(20,000) |
1,80,000 |
|
Salaries Outstanding |
15,000 |
Freehold Land |
1,00,000 |
||
|
|
Sundry Debtors |
1,45,000 |
|
|
|
|
Less: Provision for Doubtful Debts |
(7,250) |
1,37,750 |
|
|
|
Prepaid Insurance |
850 |
||
|
|
Building |
3,00,000 |
|
|
|
|
Add: Wages |
20,000 |
3,20,000 |
|
|
|
Closing Stock |
68,000 |
||
|
|
Cash in Hand |
5,400 |
||
|
|
Cash at Bank |
26,300 |
||
|
8,98,300 |
|
8,98,300 |
||
|
|
|
|
Note: Rs 20,000 is reduced from Wages and added in Building since such amount is a Capital Expenditure.
Answer:
Financial Statements of Mr. Bharat Trading Account for the year ended March 31, 2016 |
||||||
Dr. |
|
|
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Opening Stock |
48,000 |
Sales |
4,80,000 |
|
||
Purchases |
2,13,500 |
|
Less: Return Inwards |
(9,300) |
4,70,700 |
|
Less: Return Outwards |
(5,500) |
|
Closing Stock |
52,000 |
||
Less: Machinery |
(20,000) |
1,88,000 |
|
|
||
Wages |
1,50,000 |
|
|
|||
Factory Lighting and Heating |
800 |
|
|
|
||
Add: Outstanding Factory Lighting and Heating |
300 |
1,100 |
|
|
||
Gross Profit (Balancing Figure) |
1,35,600 |
|
|
|||
|
5,22,700 |
|
5,22,700 |
|||
|
|
|
|
|||
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Depreciation on Furniture |
130 |
Gross Profit |
1,35,600 |
|
Bad Debts |
2,500 |
|
Discount |
3,700 |
Add: Further Bad Debts |
700 |
|
|
|
Add: Provision of Doubtful Debts |
3,000 |
|
|
|
Less: Old Provision |
(2,500) |
3,700 |
|
|
Provision for Discount on Debtors |
840 |
|
|
|
Salaries |
14,000 |
|
|
|
Insurance |
6,300 |
|
|
|
General Expenses |
1,000 |
|
|
|
Discount |
6,500 |
|
|
|
Rent |
6,000 |
|
|
|
Net Profit (Balancing Figure) |
1,00,830 |
|
|
|
|
1,39,300 |
|
1,39,300 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
40,000 |
|
Plant and Machinery |
50,000 |
|
Add: Net Profit |
1,00,830 |
|
Add: Purchases |
20,000 |
70,000 |
Less: Drawings |
(7,000) |
1,33,830 |
Office Furniture and Fitting |
2,600 |
|
Bills Payable |
5,600 |
Less: 5% Depreciation |
(130) |
2,470 |
|
Sundry Creditors |
52,000 |
Closing Stock |
52,000 |
||
Outstanding Factory Lighting and Heating |
300 |
Accrued Commission |
12,000 |
||
|
|
Sundry Debtors |
45,700 |
|
|
|
|
Less: Further Bad Debts |
(700) |
|
|
|
|
|
45,000 |
|
|
|
|
Less: Provision for Doubtful Debts |
(3,000) |
|
|
|
|
|
42,000 |
|
|
|
|
Less: Provision for Discount on Debtor |
(840) |
41,160 |
|
|
|
Cash at Bank |
6,500 |
||
|
|
Cash in Hand |
400 |
||
|
|
Bills Receivable |
7,200 |
||
|
1,91,730 |
|
1,91,730 |
||
|
|
|
|
Page No 19.76:
Question 27:
Financial Statements of Mr. Bharat Trading Account for the year ended March 31, 2016 |
||||||
Dr. |
|
|
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Opening Stock |
48,000 |
Sales |
4,80,000 |
|
||
Purchases |
2,13,500 |
|
Less: Return Inwards |
(9,300) |
4,70,700 |
|
Less: Return Outwards |
(5,500) |
|
Closing Stock |
52,000 |
||
Less: Machinery |
(20,000) |
1,88,000 |
|
|
||
Wages |
1,50,000 |
|
|
|||
Factory Lighting and Heating |
800 |
|
|
|
||
Add: Outstanding Factory Lighting and Heating |
300 |
1,100 |
|
|
||
Gross Profit (Balancing Figure) |
1,35,600 |
|
|
|||
|
5,22,700 |
|
5,22,700 |
|||
|
|
|
|
|||
Profit and Loss Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Depreciation on Furniture |
130 |
Gross Profit |
1,35,600 |
|
Bad Debts |
2,500 |
|
Discount |
3,700 |
Add: Further Bad Debts |
700 |
|
|
|
Add: Provision of Doubtful Debts |
3,000 |
|
|
|
Less: Old Provision |
(2,500) |
3,700 |
|
|
Provision for Discount on Debtors |
840 |
|
|
|
Salaries |
14,000 |
|
|
|
Insurance |
6,300 |
|
|
|
General Expenses |
1,000 |
|
|
|
Discount |
6,500 |
|
|
|
Rent |
6,000 |
|
|
|
Net Profit (Balancing Figure) |
1,00,830 |
|
|
|
|
1,39,300 |
|
1,39,300 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
40,000 |
|
Plant and Machinery |
50,000 |
|
Add: Net Profit |
1,00,830 |
|
Add: Purchases |
20,000 |
70,000 |
Less: Drawings |
(7,000) |
1,33,830 |
Office Furniture and Fitting |
2,600 |
|
Bills Payable |
5,600 |
Less: 5% Depreciation |
(130) |
2,470 |
|
Sundry Creditors |
52,000 |
Closing Stock |
52,000 |
||
Outstanding Factory Lighting and Heating |
300 |
Accrued Commission |
12,000 |
||
|
|
Sundry Debtors |
45,700 |
|
|
|
|
Less: Further Bad Debts |
(700) |
|
|
|
|
|
45,000 |
|
|
|
|
Less: Provision for Doubtful Debts |
(3,000) |
|
|
|
|
|
42,000 |
|
|
|
|
Less: Provision for Discount on Debtor |
(840) |
41,160 |
|
|
|
Cash at Bank |
6,500 |
||
|
|
Cash in Hand |
400 |
||
|
|
Bills Receivable |
7,200 |
||
|
1,91,730 |
|
1,91,730 |
||
|
|
|
|
Answer:
Financial Statements of Shri Paras |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
57,600 |
Sales |
10,00,000 |
|
|||
Purchases |
4,06,750 |
|
Less: Returns Inward |
19,000 |
9,81,000 |
||
Less: Returns Outward |
5,000 |
4,01,750 |
Closing Stock |
68,000 |
|||
Freight on Purchases |
20,400 |
|
|
||||
Wages |
1,04,800 |
|
|
|
|||
Less: Wrongly included |
20,000 |
84,800 |
|
|
|||
Fuel and Power |
47,300 |
|
|
||||
Gross Profit (Balancing Figure) |
4,37,150 |
|
|
||||
|
10,49,000 |
|
10,49,000 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Provision for Doubtful Debts |
7,250 |
Gross Profit |
4,37,150 |
|||
Depreciation on: |
|
|
|
|||
Machinery |
20,000 |
|
|
|
||
Patents |
15,000 |
|
|
|
||
Building |
16,000 |
51,000 |
|
|
||
Salaries |
1,50,000 |
|
|
|
||
Add: Outstanding Salaries |
30,000 |
1,80,000 |
|
|
||
Insurance |
6,000 |
|
|
|
||
Less: Prepaid Insurance |
850 |
5,150 |
|
|
||
Rent |
10,000 |
|
|
|||
General Expenses |
20,000 |
|
|
|||
Carriage on Sales |
32,000 |
|
|
|||
Manager’s Commission |
11,977 |
|
|
|||
Net Profit (Balancing Figure) |
1,19,773 |
|
|
|||
|
4,37,150 |
|
4,37,150 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
7,10,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
1,19,773 |
|
Machinery |
2,00,000 |
|
Less: Drawings |
52,450 |
7,77,323 |
Less: Depreciation @10% |
20,000 |
1,80,000 |
Current Liabilities |
|
Patents and Patterns |
75,000 |
|
|
Sundry Creditors |
63,000 |
Less: Depreciation @20% |
15,000 |
60,000 |
|
O/s Manager’s Commission |
11,977 |
Building |
3,00,000 |
|
|
Outstanding Salaries |
30,000 |
Add: Cycle shed |
20,000 |
|
|
|
|
Less: Depreciation @5% |
16,000 |
3,04,000 |
|
|
|
Free hold Land |
1,00,000 |
||
|
|
Current Assets |
|
||
|
|
Closing Stock |
68,000 |
||
|
|
Prepaid Insurance |
850 |
||
|
|
Sundry Debtors |
1,45,000 |
|
|
|
|
Less: Provision@5% |
7,250 |
1,37,750 |
|
|
|
Cash at Bank |
26,300 |
||
|
|
Cash in Hand |
5,400 |
||
|
8,82,300 |
|
8,82,300 |
||
|
|
|
|
Page No 19.77:
Question 28:
Financial Statements of Shri Paras |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
57,600 |
Sales |
10,00,000 |
|
|||
Purchases |
4,06,750 |
|
Less: Returns Inward |
19,000 |
9,81,000 |
||
Less: Returns Outward |
5,000 |
4,01,750 |
Closing Stock |
68,000 |
|||
Freight on Purchases |
20,400 |
|
|
||||
Wages |
1,04,800 |
|
|
|
|||
Less: Wrongly included |
20,000 |
84,800 |
|
|
|||
Fuel and Power |
47,300 |
|
|
||||
Gross Profit (Balancing Figure) |
4,37,150 |
|
|
||||
|
10,49,000 |
|
10,49,000 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Provision for Doubtful Debts |
7,250 |
Gross Profit |
4,37,150 |
|||
Depreciation on: |
|
|
|
|||
Machinery |
20,000 |
|
|
|
||
Patents |
15,000 |
|
|
|
||
Building |
16,000 |
51,000 |
|
|
||
Salaries |
1,50,000 |
|
|
|
||
Add: Outstanding Salaries |
30,000 |
1,80,000 |
|
|
||
Insurance |
6,000 |
|
|
|
||
Less: Prepaid Insurance |
850 |
5,150 |
|
|
||
Rent |
10,000 |
|
|
|||
General Expenses |
20,000 |
|
|
|||
Carriage on Sales |
32,000 |
|
|
|||
Manager’s Commission |
11,977 |
|
|
|||
Net Profit (Balancing Figure) |
1,19,773 |
|
|
|||
|
4,37,150 |
|
4,37,150 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
7,10,000 |
|
Fixed Assets |
|
|
Add: Net Profit |
1,19,773 |
|
Machinery |
2,00,000 |
|
Less: Drawings |
52,450 |
7,77,323 |
Less: Depreciation @10% |
20,000 |
1,80,000 |
Current Liabilities |
|
Patents and Patterns |
75,000 |
|
|
Sundry Creditors |
63,000 |
Less: Depreciation @20% |
15,000 |
60,000 |
|
O/s Manager’s Commission |
11,977 |
Building |
3,00,000 |
|
|
Outstanding Salaries |
30,000 |
Add: Cycle shed |
20,000 |
|
|
|
|
Less: Depreciation @5% |
16,000 |
3,04,000 |
|
|
|
Free hold Land |
1,00,000 |
||
|
|
Current Assets |
|
||
|
|
Closing Stock |
68,000 |
||
|
|
Prepaid Insurance |
850 |
||
|
|
Sundry Debtors |
1,45,000 |
|
|
|
|
Less: Provision@5% |
7,250 |
1,37,750 |
|
|
|
Cash at Bank |
26,300 |
||
|
|
Cash in Hand |
5,400 |
||
|
8,82,300 |
|
8,82,300 |
||
|
|
|
|
Answer:
Financial Statement of Mr. Shanmuganathan |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
26,725 |
Sales |
2,52,400 |
|
|||
Purchases |
1,60,000 |
|
Less: Return Inwards |
2,52,400 |
|||
Less: Loss by Fire |
1,500 |
1,58,500 |
Closing Stock |
12,550 |
|||
Carriage Inwards |
2,505 |
|
|
||||
Manufacturing Wages |
23,137 |
|
|
||||
Power and Fuel |
1,350 |
|
|
||||
Gross Profit (Balancing Figure) |
52,733 |
|
|
||||
|
2,64,950 |
|
2,64,950 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Depreciation on Furniture |
725 |
Gross Profit |
52,733 |
||
Loss by Fire |
500 |
Provision for Doubtful Debts |
1,690 |
||
Advertisement |
3,000 |
Accrued Interest on Loan |
150 |
||
Salaries |
5,575 |
|
|
||
Postage |
1,226 |
|
|
||
Trade Expenses |
5,831 |
|
|
||
Net Profit (Balancing Figure) |
37,716 |
|
|
||
|
54,573 |
|
54,573 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
50,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
37,716 |
|
Furniture |
7,250 |
|
|
Less: Drawings |
4,452 |
83,264 |
Less: Depreciation @10% |
725 |
6,525 |
|
|
|
Loan to Subbu |
3,000 |
|||
|
|
Accrued Interest on Loan |
150 |
|||
Current Liabilities |
|
Current Assets |
|
|||
Sundry Creditors |
30,526 |
Closing Stock |
12,550 |
|||
Bills Payable |
3,950 |
Sundry Debtors |
50,200 |
|
||
|
|
Less: Further Bad Debts |
500 |
|
||
Outstanding Wages |
2,000 |
Less: Provision for Doubtful Debts @ 5% |
2,485 |
47,215 |
||
Outstanding Trade Expenses |
700 |
Insurance Claim |
1,000 |
|||
|
|
Cash in Hand and at Bank |
50,000 |
|||
|
1,20,440 |
|
1,20,440 |
|||
|
|
|
|
Working Notes:
WN1: Calculation of Amount of Debtors
Total Amount of Debtors = Rs 50,200
Less: Further Bad Debts = Rs 500
Amount on which provision is to be maintained = Rs 49,700
WN2: Calculation of New Provision for Doubtful Debts
Particulars |
Amount (Rs) |
Old Bad Debts |
525 |
Add: Further Bad Debts |
500 |
Add: New Provision for Doubtful Debts |
2,485 |
Less: Old Provision for Doubtful Debts |
5,200 |
Net Amount |
(1,690) |
|
|
Page No 19.78:
Question 29:
Financial Statement of Mr. Shanmuganathan |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Opening Stock |
26,725 |
Sales |
2,52,400 |
|
|||
Purchases |
1,60,000 |
|
Less: Return Inwards |
2,52,400 |
|||
Less: Loss by Fire |
1,500 |
1,58,500 |
Closing Stock |
12,550 |
|||
Carriage Inwards |
2,505 |
|
|
||||
Manufacturing Wages |
23,137 |
|
|
||||
Power and Fuel |
1,350 |
|
|
||||
Gross Profit (Balancing Figure) |
52,733 |
|
|
||||
|
2,64,950 |
|
2,64,950 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Depreciation on Furniture |
725 |
Gross Profit |
52,733 |
||
Loss by Fire |
500 |
Provision for Doubtful Debts |
1,690 |
||
Advertisement |
3,000 |
Accrued Interest on Loan |
150 |
||
Salaries |
5,575 |
|
|
||
Postage |
1,226 |
|
|
||
Trade Expenses |
5,831 |
|
|
||
Net Profit (Balancing Figure) |
37,716 |
|
|
||
|
54,573 |
|
54,573 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
50,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
37,716 |
|
Furniture |
7,250 |
|
|
Less: Drawings |
4,452 |
83,264 |
Less: Depreciation @10% |
725 |
6,525 |
|
|
|
Loan to Subbu |
3,000 |
|||
|
|
Accrued Interest on Loan |
150 |
|||
Current Liabilities |
|
Current Assets |
|
|||
Sundry Creditors |
30,526 |
Closing Stock |
12,550 |
|||
Bills Payable |
3,950 |
Sundry Debtors |
50,200 |
|
||
|
|
Less: Further Bad Debts |
500 |
|
||
Outstanding Wages |
2,000 |
Less: Provision for Doubtful Debts @ 5% |
2,485 |
47,215 |
||
Outstanding Trade Expenses |
700 |
Insurance Claim |
1,000 |
|||
|
|
Cash in Hand and at Bank |
50,000 |
|||
|
1,20,440 |
|
1,20,440 |
|||
|
|
|
|
Working Notes:
WN1: Calculation of Amount of Debtors
Total Amount of Debtors = Rs 50,200
Less: Further Bad Debts = Rs 500
Amount on which provision is to be maintained = Rs 49,700
WN2: Calculation of New Provision for Doubtful Debts
Particulars |
Amount (Rs) |
Old Bad Debts |
525 |
Add: Further Bad Debts |
500 |
Add: New Provision for Doubtful Debts |
2,485 |
Less: Old Provision for Doubtful Debts |
5,200 |
Net Amount |
(1,690) |
|
|
Answer:
Financial Statements of Atam Prakash Trading Account for the year ended March 31, 2016 |
|||
Dr. |
|
|
Cr. |
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
Opening Stock |
4,50,000 |
Sales |
31,00,000 |
Purchases |
26,00,000 |
Closing Stock |
5,30,000 |
Freight and Octroi |
46,000 |
|
|
Gross Profit (Balancing Figure) |
5,34,000 |
|
|
|
36,30,000 |
|
36,30,000 |
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Trade Expenses |
5,000 |
Gross Profit |
5,34,000 |
||
Salaries |
55,000 |
|
Commission |
13,000 |
|
Add: O/s Salaries (55,000 × 1/11) |
5,000 |
60,000 |
Add: Accrued Commission |
1,220 |
14,220 |
Rent |
24,000 |
|
|
||
Advertising Expenses |
|
12,500 |
|
|
|
Insurance Premium |
4,000 |
|
|
|
|
Less: Prepaid Insurance |
(1,000) |
3,000 |
|
|
|
Discount |
2,000 |
|
|
||
Bad Debts |
16,000 |
|
|
|
|
Add: Provision for Doubtful Debts |
12,000 |
|
|
|
|
|
28,000 |
|
|
|
|
Less: Existing Provision |
(9,000) |
19,000 |
|
|
|
Depreciation on furniture |
10,000 |
|
|
||
Manager’s Commission |
37,520 |
|
|
||
Net Profit (Balancing Figure) |
3,75,200 |
|
|
||
|
5,48,220 |
|
5,48,220 |
||
|
|
|
|
Working Note:
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
8,00,000 |
|
Furniture |
1,00,000 |
|
Less: Drawings |
(60,000) |
|
Less: 10% Depreciation |
(10,000) |
90,000 |
Add: Net Profit |
3,75,200 |
11,15,200 |
Sundry Debtors |
4,00,000 |
|
Creditors |
2,00,000 |
Less: Provision for Doubtful Debts |
(12,000) |
3,88,000 |
|
Manager’s Commission Payable |
37,520 |
Land and Building |
2,00,000 |
||
Salaries Outstanding |
5,000 |
Closing Stock |
5,30,000 |
||
|
|
Bank |
58,000 |
||
|
|
Cash in Hand |
52,000 |
||
|
|
Prepaid Insurance |
1,000 |
||
|
|
Accrued Commission |
1,220 |
||
|
|
Deferred Advertisement Expenses |
37,500 |
||
|
13,57,720 |
|
13,57,720 |
||
|
|
|
|
Page No 19.79:
Question 30:
Financial Statements of Atam Prakash Trading Account for the year ended March 31, 2016 |
|||
Dr. |
|
|
Cr. |
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
Opening Stock |
4,50,000 |
Sales |
31,00,000 |
Purchases |
26,00,000 |
Closing Stock |
5,30,000 |
Freight and Octroi |
46,000 |
|
|
Gross Profit (Balancing Figure) |
5,34,000 |
|
|
|
36,30,000 |
|
36,30,000 |
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Trade Expenses |
5,000 |
Gross Profit |
5,34,000 |
||
Salaries |
55,000 |
|
Commission |
13,000 |
|
Add: O/s Salaries (55,000 × 1/11) |
5,000 |
60,000 |
Add: Accrued Commission |
1,220 |
14,220 |
Rent |
24,000 |
|
|
||
Advertising Expenses |
|
12,500 |
|
|
|
Insurance Premium |
4,000 |
|
|
|
|
Less: Prepaid Insurance |
(1,000) |
3,000 |
|
|
|
Discount |
2,000 |
|
|
||
Bad Debts |
16,000 |
|
|
|
|
Add: Provision for Doubtful Debts |
12,000 |
|
|
|
|
|
28,000 |
|
|
|
|
Less: Existing Provision |
(9,000) |
19,000 |
|
|
|
Depreciation on furniture |
10,000 |
|
|
||
Manager’s Commission |
37,520 |
|
|
||
Net Profit (Balancing Figure) |
3,75,200 |
|
|
||
|
5,48,220 |
|
5,48,220 |
||
|
|
|
|
Working Note:
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
8,00,000 |
|
Furniture |
1,00,000 |
|
Less: Drawings |
(60,000) |
|
Less: 10% Depreciation |
(10,000) |
90,000 |
Add: Net Profit |
3,75,200 |
11,15,200 |
Sundry Debtors |
4,00,000 |
|
Creditors |
2,00,000 |
Less: Provision for Doubtful Debts |
(12,000) |
3,88,000 |
|
Manager’s Commission Payable |
37,520 |
Land and Building |
2,00,000 |
||
Salaries Outstanding |
5,000 |
Closing Stock |
5,30,000 |
||
|
|
Bank |
58,000 |
||
|
|
Cash in Hand |
52,000 |
||
|
|
Prepaid Insurance |
1,000 |
||
|
|
Accrued Commission |
1,220 |
||
|
|
Deferred Advertisement Expenses |
37,500 |
||
|
13,57,720 |
|
13,57,720 |
||
|
|
|
|
Answer:
Financial Statements of Ashok Trading Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Opening Stock |
30,000 |
Sales |
5,00,000 |
|
Purchases |
2,25,000 |
Closing Stock |
55,000 |
|
Wages |
8,000 |
|
|
|
Less: Machinery |
(1,500) |
6,500 |
|
|
Gas and Fuel |
50,000 |
|
|
|
Freight |
3,000 |
|
|
|
Gross Profit (Balancing Figure) |
2,40,500 |
|
|
|
|
5,55,000 |
|
5,55,000 |
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Depreciation on: |
|
Gross Profit |
2,40,500 |
||
Plant and Machinery (WN1) |
24,000 |
|
Interest on Loan to Anwar |
1,000 |
|
Freehold property |
11,250 |
35,250 |
Add: Accrued Interest (WN2) |
2,000 |
3,000 |
Consumption of Loose Tools |
3,000 |
Provision for Doubtful Debts |
20,000 |
|
|
(15,000 – 12,000) |
|
Less: Bad Debts |
(15,000) |
|
|
Salaries |
35,000 |
Less: Further Bad Debts |
(500) |
|
|
Office Expenses |
5,000 |
Less: Provision for Debts |
(4,450) |
50 |
|
Discount |
5,000 |
|
|
||
Postage and Telegrams |
2,000 |
|
|
||
Insurance |
5,000 |
|
|
||
Rent |
7,000 |
|
|
||
Manager’s Commission (WN3) |
13,300 |
|
|
||
Net Profit (Balancing Figure) |
1,33,000 |
|
|
||
|
2,43,550 |
|
2,43,550 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
2,00,000 |
|
Plant and Machinery |
1,20,000 |
|
Less: Drawings |
(10,000) |
|
Add: Creditors for Machinery |
22,000 |
|
Add: Net Profit |
1,33,000 |
3,23,000 |
Add: Wages |
1,500 |
|
Creditors for Machinery |
22,000 |
|
1,43,500 |
|
|
Sundry Creditors |
34,000 |
Less: 20% Depreciation |
(24,000) |
1,19,500 |
|
Bills Payable |
10,000 |
Freehold Property |
75,000 |
|
|
Manager’s Commission Payable |
13,300 |
Less: 15% Depreciation |
(11,250) |
63,750 |
|
|
|
Loose Tools |
15,000 |
|
|
|
|
Less: Consumption of Loose Tools |
(3,000) |
12,000 |
|
|
|
Office Furniture |
25,000 |
||
|
|
Loan to Anwar |
30,000 |
|
|
|
|
Add: Accrued Interest |
2,000 |
32,000 |
|
|
|
Sundry Debtors |
45,000 |
|
|
|
|
Less: Further Bad Debts |
(500) |
|
|
|
|
|
44,500 |
|
|
|
|
Less: Provision for Doubtful Debts |
(4,450) |
40,050 |
|
|
|
Cash in Hand |
2,000 |
||
|
|
Cash at Bank |
3,000 |
||
|
|
Bills Receivable |
50,000 |
||
|
|
Closing Stock |
55,000 |
||
|
4,02,300 |
|
4,02,300 |
||
|
|
|
|
Working Note:
1. As depreciation not to be charged on machinery purchased during the year. Hence amount of depreciation on machinery is:
2. Calculation of Accrued Interest
Interest on Loan 30,000 ×10% |
3,000 |
Less: Interest Received |
(1,000) |
Accrued Interest |
2,000 |
3. Calculation of Manager's Commission
Page No 19.80:
Question 31:
Financial Statements of Ashok Trading Account for the year ended March 31, 2016 |
||||
Dr. |
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
Opening Stock |
30,000 |
Sales |
5,00,000 |
|
Purchases |
2,25,000 |
Closing Stock |
55,000 |
|
Wages |
8,000 |
|
|
|
Less: Machinery |
(1,500) |
6,500 |
|
|
Gas and Fuel |
50,000 |
|
|
|
Freight |
3,000 |
|
|
|
Gross Profit (Balancing Figure) |
2,40,500 |
|
|
|
|
5,55,000 |
|
5,55,000 |
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Depreciation on: |
|
Gross Profit |
2,40,500 |
||
Plant and Machinery (WN1) |
24,000 |
|
Interest on Loan to Anwar |
1,000 |
|
Freehold property |
11,250 |
35,250 |
Add: Accrued Interest (WN2) |
2,000 |
3,000 |
Consumption of Loose Tools |
3,000 |
Provision for Doubtful Debts |
20,000 |
|
|
(15,000 – 12,000) |
|
Less: Bad Debts |
(15,000) |
|
|
Salaries |
35,000 |
Less: Further Bad Debts |
(500) |
|
|
Office Expenses |
5,000 |
Less: Provision for Debts |
(4,450) |
50 |
|
Discount |
5,000 |
|
|
||
Postage and Telegrams |
2,000 |
|
|
||
Insurance |
5,000 |
|
|
||
Rent |
7,000 |
|
|
||
Manager’s Commission (WN3) |
13,300 |
|
|
||
Net Profit (Balancing Figure) |
1,33,000 |
|
|
||
|
2,43,550 |
|
2,43,550 |
||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
2,00,000 |
|
Plant and Machinery |
1,20,000 |
|
Less: Drawings |
(10,000) |
|
Add: Creditors for Machinery |
22,000 |
|
Add: Net Profit |
1,33,000 |
3,23,000 |
Add: Wages |
1,500 |
|
Creditors for Machinery |
22,000 |
|
1,43,500 |
|
|
Sundry Creditors |
34,000 |
Less: 20% Depreciation |
(24,000) |
1,19,500 |
|
Bills Payable |
10,000 |
Freehold Property |
75,000 |
|
|
Manager’s Commission Payable |
13,300 |
Less: 15% Depreciation |
(11,250) |
63,750 |
|
|
|
Loose Tools |
15,000 |
|
|
|
|
Less: Consumption of Loose Tools |
(3,000) |
12,000 |
|
|
|
Office Furniture |
25,000 |
||
|
|
Loan to Anwar |
30,000 |
|
|
|
|
Add: Accrued Interest |
2,000 |
32,000 |
|
|
|
Sundry Debtors |
45,000 |
|
|
|
|
Less: Further Bad Debts |
(500) |
|
|
|
|
|
44,500 |
|
|
|
|
Less: Provision for Doubtful Debts |
(4,450) |
40,050 |
|
|
|
Cash in Hand |
2,000 |
||
|
|
Cash at Bank |
3,000 |
||
|
|
Bills Receivable |
50,000 |
||
|
|
Closing Stock |
55,000 |
||
|
4,02,300 |
|
4,02,300 |
||
|
|
|
|
Working Note:
1. As depreciation not to be charged on machinery purchased during the year. Hence amount of depreciation on machinery is:
2. Calculation of Accrued Interest
Interest on Loan 30,000 ×10% |
3,000 |
Less: Interest Received |
(1,000) |
Accrued Interest |
2,000 |
3. Calculation of Manager's Commission
Answer:
Financial Statements of K |
||||||||
Trading Account for the year ended March 31, 2016 |
||||||||
Dr. |
|
Cr. |
||||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||||
Opening Stock |
75,000 |
Sales |
23,10,000 |
|
||||
Purchases |
15,95,000 |
|
Less: Sale of Investments |
1,10,000 |
22,00,000 |
|||
Less: Wrongly Included |
45,000 |
15,50,000 |
Closing Stock |
2,25,000 |
||||
Freight on Purchases |
25,000 |
|
|
|
||||
Less: Wrongly Included |
5,000 |
20,000 |
|
|
||||
Wages |
66,000 |
|
|
|
||||
Add: Outstanding Wages |
6,000 |
72,000 |
|
|
||||
Gross Profit (Balancing Figure) |
7,08,000 |
|
|
|||||
|
24,25,000 |
|
24,25,000 |
|||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Salaries |
1,40,000 |
Gross Profit |
7,08,000 |
|||
Depreciation on: |
|
Profit on Sale of Investments |
10,000 |
|||
Machinery (WN1) |
52,500 |
|
Interest on Investments |
12,000 |
||
Furniture |
4,000 |
|
Discount Received |
15,000 |
||
Building |
7,500 |
64,000 |
|
|
||
Commission on Sales |
45,000 |
|
|
|
||
Add: O/s Commission on Sales |
10,000 |
55,000 |
|
|
||
Old Bad Debts |
15,000 |
|
|
|
||
Add: Further Bad Debts |
10,000 |
|
|
|
||
Add: New Provision |
12,000 |
|
|
|
||
Less: Old Provision |
8,000 |
29,000 |
|
|
||
Insurance |
24,000 |
|
|
|
||
Less: Prepaid Insurance |
8,000 |
16,000 |
|
|
||
Postages, Telegrams and Telephones |
12,000 |
|
|
|||
Printing and Stationery |
18,000 |
|
|
|||
Miscellaneous Expenses |
30,000 |
|
|
|||
Net Profit (Balancing Figure) |
3,81,000 |
|
|
|||
|
7,45,000 |
|
7,45,000 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
8,00,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
3,81,000 |
|
Machinery |
5,00,000 |
|
|
Less: Drawings |
60,000 |
11,21,000 |
Add: Additions |
45,000 |
|
|
|
|
Add: Freight |
5,000 |
|
||
|
|
Less: Depreciation |
52,500 |
4,97,500 |
||
|
|
Building |
3,00,000 |
|
||
|
|
Less: Dep.@ 2.5% |
7,500 |
2,92,500 |
||
|
|
Furniture |
40,000 |
|
||
|
|
Less: Dep.@ 10% |
4,000 |
36,000 |
||
Current Liabilities |
|
Current Assets |
|
|||
Creditors |
3,00,000 |
Closing Stock |
2,25,000 |
|||
O/standing Commission on sales |
10,000 |
Debtors |
2,50,000 |
|
||
O/standing Wages |
6,000 |
Less: Further Bad Debts |
10,000 |
|
||
|
|
Less: New Provision for Doubtful Debts |
12,000 |
2,28,000 |
||
|
|
Prepaid Insurance |
8,000 |
|||
|
|
Bank |
1,50,000 |
|||
|
14,37,000 |
|
14,37,000 |
|||
|
|
|
|
Working Notes:
Calculation of Depreciation on Machinery
Page No 19.80:
Question 32:
Financial Statements of K |
||||||||
Trading Account for the year ended March 31, 2016 |
||||||||
Dr. |
|
Cr. |
||||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||||
Opening Stock |
75,000 |
Sales |
23,10,000 |
|
||||
Purchases |
15,95,000 |
|
Less: Sale of Investments |
1,10,000 |
22,00,000 |
|||
Less: Wrongly Included |
45,000 |
15,50,000 |
Closing Stock |
2,25,000 |
||||
Freight on Purchases |
25,000 |
|
|
|
||||
Less: Wrongly Included |
5,000 |
20,000 |
|
|
||||
Wages |
66,000 |
|
|
|
||||
Add: Outstanding Wages |
6,000 |
72,000 |
|
|
||||
Gross Profit (Balancing Figure) |
7,08,000 |
|
|
|||||
|
24,25,000 |
|
24,25,000 |
|||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Salaries |
1,40,000 |
Gross Profit |
7,08,000 |
|||
Depreciation on: |
|
Profit on Sale of Investments |
10,000 |
|||
Machinery (WN1) |
52,500 |
|
Interest on Investments |
12,000 |
||
Furniture |
4,000 |
|
Discount Received |
15,000 |
||
Building |
7,500 |
64,000 |
|
|
||
Commission on Sales |
45,000 |
|
|
|
||
Add: O/s Commission on Sales |
10,000 |
55,000 |
|
|
||
Old Bad Debts |
15,000 |
|
|
|
||
Add: Further Bad Debts |
10,000 |
|
|
|
||
Add: New Provision |
12,000 |
|
|
|
||
Less: Old Provision |
8,000 |
29,000 |
|
|
||
Insurance |
24,000 |
|
|
|
||
Less: Prepaid Insurance |
8,000 |
16,000 |
|
|
||
Postages, Telegrams and Telephones |
12,000 |
|
|
|||
Printing and Stationery |
18,000 |
|
|
|||
Miscellaneous Expenses |
30,000 |
|
|
|||
Net Profit (Balancing Figure) |
3,81,000 |
|
|
|||
|
7,45,000 |
|
7,45,000 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
8,00,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
3,81,000 |
|
Machinery |
5,00,000 |
|
|
Less: Drawings |
60,000 |
11,21,000 |
Add: Additions |
45,000 |
|
|
|
|
Add: Freight |
5,000 |
|
||
|
|
Less: Depreciation |
52,500 |
4,97,500 |
||
|
|
Building |
3,00,000 |
|
||
|
|
Less: Dep.@ 2.5% |
7,500 |
2,92,500 |
||
|
|
Furniture |
40,000 |
|
||
|
|
Less: Dep.@ 10% |
4,000 |
36,000 |
||
Current Liabilities |
|
Current Assets |
|
|||
Creditors |
3,00,000 |
Closing Stock |
2,25,000 |
|||
O/standing Commission on sales |
10,000 |
Debtors |
2,50,000 |
|
||
O/standing Wages |
6,000 |
Less: Further Bad Debts |
10,000 |
|
||
|
|
Less: New Provision for Doubtful Debts |
12,000 |
2,28,000 |
||
|
|
Prepaid Insurance |
8,000 |
|||
|
|
Bank |
1,50,000 |
|||
|
14,37,000 |
|
14,37,000 |
|||
|
|
|
|
Working Notes:
Calculation of Depreciation on Machinery
Answer:
Financial Statement of Banerjee |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Purchases (Adjusted) |
2,10,000 |
|
Sales |
3,85,000 |
|
||
Less: Return Outwards |
2,500 |
2,07,500 |
Less: Return Inwards |
1,500 |
3,83,500 |
||
Carriage Inwards |
1,200 |
|
|
||||
Wages |
45,300 |
|
|
||||
Gross Profit (Balancing Figure) |
1,29,500 |
|
|
||||
|
3,83,500 |
|
3,83,500 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Carriage Outwards |
2,000 |
Gross Profit |
1,29,500 |
|||
Depreciation: |
|
Commission |
1,500 |
|||
Office Equipment |
2,400 |
|
Discount |
1,200 |
||
Plant & Machinery |
5,000 |
|
|
|
||
Land & Building |
3,000 |
|
|
|
||
Furniture and Fixtures |
3,000 |
13,400 |
|
|
||
Bad Debts |
1,200 |
|
|
|
||
Add: Provision for Doubtful Debts |
800 |
2,000 |
|
|
||
Insurance |
1,500 |
|
|
|
||
Less: Prepaid Insurance |
250 |
1,250 |
|
|
||
Salaries 39,000 |
|
|
|
|||
Add: Outstanding 11,500 |
50,500 |
|
|
|||
Office Expenses |
15,400 |
|
|
|||
Discount |
750 |
|
|
|||
Salary to Banerjee |
15,000 |
|
|
|||
Outstanding Interest on Loan |
2,250 |
|
|
|||
General Reserve |
2,965 |
|
|
|||
Net Profit (Balancing Figure) |
26,685 |
|
|
|||
|
1,32,200 |
|
1,32,200 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
|
|
Fixed Assets |
|
|
Capital | 1,15,000 |
|
Land & Building |
50,000 |
|
Add: Salary |
15,000 |
|
Less: Depreciation @ 6% |
3,000 |
47,000 |
Add: Net Profit |
26,685 |
1,56,685 |
Plant & Machinery |
50,000 |
|
General Reserve |
2,965 |
Less: Depreciation @ 10% |
5,000 |
45,000 |
|
Chatterji’s Loan |
25,000 |
Office Equipments |
12,000 |
|
|
|
|
Less: Depreciation @ 20% |
2,400 |
9,600 |
|
|
|
Furniture and Fixtures |
20,000 |
|
|
|
|
Less: Depreciation @ 15% |
3,000 |
17,000 |
|
Current Liabilities |
|
Current Assets |
|
||
Sundry Creditors |
25,000 |
Closing Stock |
45,000 |
||
Expenses Payable |
3,300 |
Prepaid Insurance |
250 |
||
O/standing Interest on Loan |
2,250 |
Sundry Debtors |
40,000 |
|
|
Bills Payable |
12,350 |
Less: Provision for Doubtful Debts |
800 |
39,200 |
|
|
|
Cash at Bank |
16,000 |
||
|
|
Bills Receivable |
20,000 |
||
|
2,39,050 |
|
2,39,050 |
||
|
|
|
|
Note: When closing stock is given in the Trial Balance, then it will be only shown at one place, that is, on the Assets side of the Balance Sheet.
Page No 19.81:
Question 33:
Financial Statement of Banerjee |
|||||||
Trading Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Purchases (Adjusted) |
2,10,000 |
|
Sales |
3,85,000 |
|
||
Less: Return Outwards |
2,500 |
2,07,500 |
Less: Return Inwards |
1,500 |
3,83,500 |
||
Carriage Inwards |
1,200 |
|
|
||||
Wages |
45,300 |
|
|
||||
Gross Profit (Balancing Figure) |
1,29,500 |
|
|
||||
|
3,83,500 |
|
3,83,500 |
||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Carriage Outwards |
2,000 |
Gross Profit |
1,29,500 |
|||
Depreciation: |
|
Commission |
1,500 |
|||
Office Equipment |
2,400 |
|
Discount |
1,200 |
||
Plant & Machinery |
5,000 |
|
|
|
||
Land & Building |
3,000 |
|
|
|
||
Furniture and Fixtures |
3,000 |
13,400 |
|
|
||
Bad Debts |
1,200 |
|
|
|
||
Add: Provision for Doubtful Debts |
800 |
2,000 |
|
|
||
Insurance |
1,500 |
|
|
|
||
Less: Prepaid Insurance |
250 |
1,250 |
|
|
||
Salaries 39,000 |
|
|
|
|||
Add: Outstanding 11,500 |
50,500 |
|
|
|||
Office Expenses |
15,400 |
|
|
|||
Discount |
750 |
|
|
|||
Salary to Banerjee |
15,000 |
|
|
|||
Outstanding Interest on Loan |
2,250 |
|
|
|||
General Reserve |
2,965 |
|
|
|||
Net Profit (Balancing Figure) |
26,685 |
|
|
|||
|
1,32,200 |
|
1,32,200 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
|
|
Fixed Assets |
|
|
Capital | 1,15,000 |
|
Land & Building |
50,000 |
|
Add: Salary |
15,000 |
|
Less: Depreciation @ 6% |
3,000 |
47,000 |
Add: Net Profit |
26,685 |
1,56,685 |
Plant & Machinery |
50,000 |
|
General Reserve |
2,965 |
Less: Depreciation @ 10% |
5,000 |
45,000 |
|
Chatterji’s Loan |
25,000 |
Office Equipments |
12,000 |
|
|
|
|
Less: Depreciation @ 20% |
2,400 |
9,600 |
|
|
|
Furniture and Fixtures |
20,000 |
|
|
|
|
Less: Depreciation @ 15% |
3,000 |
17,000 |
|
Current Liabilities |
|
Current Assets |
|
||
Sundry Creditors |
25,000 |
Closing Stock |
45,000 |
||
Expenses Payable |
3,300 |
Prepaid Insurance |
250 |
||
O/standing Interest on Loan |
2,250 |
Sundry Debtors |
40,000 |
|
|
Bills Payable |
12,350 |
Less: Provision for Doubtful Debts |
800 |
39,200 |
|
|
|
Cash at Bank |
16,000 |
||
|
|
Bills Receivable |
20,000 |
||
|
2,39,050 |
|
2,39,050 |
||
|
|
|
|
Note: When closing stock is given in the Trial Balance, then it will be only shown at one place, that is, on the Assets side of the Balance Sheet.
Answer:
Profit and Loss Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Printing and Stationery |
2,000 |
Gross Profit |
1,17,200 |
||||
Depreciation: |
|
Provision for Doubtful Debts (WN1) |
2,950 |
||||
Loose tools |
500 |
|
Interest on Loan |
1,000 |
|
||
Plant & Machinery |
11,500 |
|
Add: Accrued Interest |
1,000 |
2,000 |
||
Furniture |
200 |
12,200 |
Insurance Claim Received |
5,000 |
|||
Salaries |
14,000 |
|
|
|
|||
Add: Outstanding Salaries |
700 |
14,700 |
|
|
|||
Insurance |
3,000 |
|
|
|
|||
Less: Prepaid Insurance |
400 |
2,600 |
|
|
|||
Office Rent |
2,600 |
|
|
||||
Discount |
1,500 |
|
|
||||
Net Profit (Balancing Figure) |
91,550 |
|
|
||||
|
1,27,150 |
|
1,27,150 |
||||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
2,00,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
91,550 |
|
Loose Tools |
2,000 |
|
|
Less: Drawings |
10,000 |
2,81,550 |
Less: Depreciation |
500 |
1,500 |
|
|
|
Plant & Machinery |
1,00,000 |
|
||
|
|
Add: Additions |
15,000 |
|
||
|
|
Less: Depreciation @10% |
11,500 |
1,03,500 |
||
|
|
Furniture and Fixtures |
4,000 |
|
||
|
|
Less: Depreciation @5% |
200 |
3,800 |
||
|
|
Freehold Property |
60,000 |
|||
|
|
Loan to Sudhir |
40,000 |
|||
|
|
Accrued Interest on Loan |
1,000 |
|||
Current Liabilities |
|
Current Assets |
|
|||
Creditors for Machinery |
15,000 |
Closing Stock |
74,000 |
|||
Creditors |
40,000 |
Prepaid Insurance |
400 |
|||
Outstanding Salaries |
700 |
Debtors |
25,000 |
|
||
Outstanding Wages |
500 |
Less: Provision for Doubtful Debts @5% |
1,250 |
23,750 |
||
Bills Payable |
5,700 |
Cash at Bank |
25,000 |
|||
|
|
Cash in Hand |
10,500 |
|||
|
3,43,450 |
|
3,43,450 |
|||
|
|
|
|
Notes:
1. As trading profit is given in the question, thus, there is no need to prepare Trading Account.
2. Since per annum word is not suffixed with the depreciation rate, thus, depreciation will be
calculated for full year.
Working Notes:
Calculation of New Provision for Doubtful Debts
Particulars |
Amount (Rs) |
Old Bad Debts |
600 |
Add: New Bad Debts |
|
Add: New Provision for Doubtful Debts |
1,250 |
Less: Old Provision for Doubtful Debts |
4,800 |
Net Amount |
(2,950) |
|
|
Page No 19.82:
Question 34:
Profit and Loss Account for the year ended March 31, 2016 |
|||||||
Dr. |
|
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Printing and Stationery |
2,000 |
Gross Profit |
1,17,200 |
||||
Depreciation: |
|
Provision for Doubtful Debts (WN1) |
2,950 |
||||
Loose tools |
500 |
|
Interest on Loan |
1,000 |
|
||
Plant & Machinery |
11,500 |
|
Add: Accrued Interest |
1,000 |
2,000 |
||
Furniture |
200 |
12,200 |
Insurance Claim Received |
5,000 |
|||
Salaries |
14,000 |
|
|
|
|||
Add: Outstanding Salaries |
700 |
14,700 |
|
|
|||
Insurance |
3,000 |
|
|
|
|||
Less: Prepaid Insurance |
400 |
2,600 |
|
|
|||
Office Rent |
2,600 |
|
|
||||
Discount |
1,500 |
|
|
||||
Net Profit (Balancing Figure) |
91,550 |
|
|
||||
|
1,27,150 |
|
1,27,150 |
||||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
2,00,000 |
|
Fixed Assets |
|
||
Add: Net Profit |
91,550 |
|
Loose Tools |
2,000 |
|
|
Less: Drawings |
10,000 |
2,81,550 |
Less: Depreciation |
500 |
1,500 |
|
|
|
Plant & Machinery |
1,00,000 |
|
||
|
|
Add: Additions |
15,000 |
|
||
|
|
Less: Depreciation @10% |
11,500 |
1,03,500 |
||
|
|
Furniture and Fixtures |
4,000 |
|
||
|
|
Less: Depreciation @5% |
200 |
3,800 |
||
|
|
Freehold Property |
60,000 |
|||
|
|
Loan to Sudhir |
40,000 |
|||
|
|
Accrued Interest on Loan |
1,000 |
|||
Current Liabilities |
|
Current Assets |
|
|||
Creditors for Machinery |
15,000 |
Closing Stock |
74,000 |
|||
Creditors |
40,000 |
Prepaid Insurance |
400 |
|||
Outstanding Salaries |
700 |
Debtors |
25,000 |
|
||
Outstanding Wages |
500 |
Less: Provision for Doubtful Debts @5% |
1,250 |
23,750 |
||
Bills Payable |
5,700 |
Cash at Bank |
25,000 |
|||
|
|
Cash in Hand |
10,500 |
|||
|
3,43,450 |
|
3,43,450 |
|||
|
|
|
|
Notes:
1. As trading profit is given in the question, thus, there is no need to prepare Trading Account.
2. Since per annum word is not suffixed with the depreciation rate, thus, depreciation will be
calculated for full year.
Working Notes:
Calculation of New Provision for Doubtful Debts
Particulars |
Amount (Rs) |
Old Bad Debts |
600 |
Add: New Bad Debts |
|
Add: New Provision for Doubtful Debts |
1,250 |
Less: Old Provision for Doubtful Debts |
4,800 |
Net Amount |
(2,950) |
|
|
Answer:
Financial Statement of Ram Lal and Sons |
||||||||
Trading Account for the year ended March 31, 2016 |
||||||||
Dr. |
|
Cr. |
||||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||||
Opening Stock |
70,000 |
Sales |
4,00,000 |
|
||||
Purchases |
2,60,000 |
|
Less: Return Inwards |
8,000 |
3,92,000 |
|||
Less: Wrongly Included |
10,000 |
|
Closing Stock |
35,000 |
||||
Less: Return Outwards |
7,000 |
2,43,000 |
|
|
||||
Carriage |
5,000 |
|
|
|||||
Wages |
50,000 |
|
|
|
||||
Add: Outstanding Wages |
6,000 |
56,000 |
|
|
||||
Gross Profit (Balancing Figure) |
53,000 |
|
|
|||||
|
4,27,000 |
|
4,27,000 |
|||||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2016 |
||||||
Dr. |
|
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Depreciation on: |
|
Gross Profit |
53,000 |
|||
Land & Building |
2,450 |
|
Provision for Doubtful Debts (WN3) |
6,200 |
||
Plant & Machinery (WN1) |
21,000 |
|
Discount |
6,000 |
||
Furniture |
8,250 |
31,700 |
Net Loss (Balancing Figure) |
81,500 |
||
Salaries |
45,000 |
|
|
|
||
Add: Outstanding Salaries |
5,000 |
50,000 |
|
|
||
Interest on Bank Loan |
12,000 |
|
|
|
||
Add: Outstanding Interest |
3,000 |
15,000 |
|
|
||
Commission |
15,000 |
|
|
|||
Discount |
7,000 |
|
|
|||
Advertisement |
15,000 |
|
|
|||
Taxes and Insurance |
13,000 |
|
|
|||
|
1,46,700 |
|
1,46,700 |
|||
|
|
|
|
Balance Sheet as on March 31, 2016 |
||||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|||
Capital |
3,50,000 |
|
Fixed Assets |
|
||
Less: Net Loss |
81,500 |
|
Plant & Machinery |
2,05,000 |
|
|
Less: Drawings |
15,000 |
2,53,500 |
Add: Additions |
10,000 |
|
|
10% Bank Loan |
1,50,000 |
Less: Depreciation @ 10% |
21,000 |
1,94,000 |
||
Current Liabilities |
|
Land & Building |
98,000 |
|
||
Creditors |
25,000 |
Less: Depreciation @ 2.5% |
2,450 |
95,550 |
||
Outstanding Salaries |
5,000 |
Furniture |
55,000 |
|
||
Outstanding Wages |
6,000 |
Less: Depreciation @ 15% |
8,250 |
46,750 |
||
Outstanding Interest |
3,000 |
Current Assets |
|
|||
|
|
Closing Stock |
35,000 |
|||
|
|
Debtors |
50,000 |
|
||
|
|
Less: New Bad Debts |
2,000 |
|
||
|
|
Less: New Provision for Doubtful Debts |
4,800 |
43,200 |
||
|
|
Cash in Hand |
8,000 |
|||
|
|
Cash at Bank |
20,000 |
|||
|
4,42,500 |
|
4,42,500 |
|||
|
|
|
|
Note: As per the Prudence Concept, closing stock is to be valued at cost price or market price, whichever is less.
Working Notes:
WN1:Calculation of Depreciation on Plant and Machinery
WN2: Calculation of Amount of Debtors
Total Amount of Debtors = 50,000
Less: New Bad Debts = 2,000
Amount on which provision is to be maintained = Rs 48,000
WN3: Calculation of New Provision for Doubtful Debts
Particulars |
Amount (Rs) |
Old Bad Debts |
|
Add: New Bad Debts |
2,000 |
Add: New Provision for Doubtful Debts |
4,800 |
Less: Old Provision for Doubtful Debts |
13,000 |
Net Amount |
(6,200) |
|
|
View NCERT Solutions for all chapters of Class 13