291
Question
Following is the Trial Balance of Mr. S. Kapur on 31st March, 2018:
Particulars
Dr.
(₹)
Cr.
(₹)
Cash in Hand
10,800
Cash at Bank
2,32,600
Purchases
8,13,500
Sales
19,75,600
Returns Inward
13,600
Returns Outward
10,000
Wages
2,09,600
Fuel and Power
94,600
Carriage Outwards
64,000
Carriage on Purchases
40,800
Stock on 1st April, 2017
1,15,200
Building
6,00,000
Computer
2,00,000
Machinery
4,00,000
Salaries
3,00,000
Patents
1,50,000
Advertisement Expenses
60,000
Insurance
12,000
Capital
16,00,000
Drawings
1,04,900
Sundry Debtors
2,90,000
Sundry Creditors
1,31,000
Input CGST
7,500
Input SGST
7,500
Output IGST
10,000
Total
37,26,600
37,26,600
Taking into account the following adjustments, prepare Trading and Profit and Loss Account and Balance Sheet:
(a) Stock in Hand on 31st March, 2018 is ₹1,36,000.
(b) Machinery is to be depreciated @ 10% and patents @ 20%.
(c) Salaries for the month of March, 2018 amounting to ₹30,000 were unpaid.
(d) Insurance includes a premium of ₹1,700 for the year ending 31st March, 2019.
(e) Wages include a sum of ₹40,000 spent on constructing a scooter shed for employees and customers.
(f) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry Debtors.
|
|
|
||
| Particulars | Dr. (₹) |
Cr. (₹) |
|
| Cash in Hand | 10,800 | ||
| Cash at Bank | 2,32,600 | ||
| Purchases | 8,13,500 | ||
| Sales | 19,75,600 | ||
| Returns Inward | 13,600 | ||
| Returns Outward | 10,000 | ||
| Wages | 2,09,600 | ||
| Fuel and Power | 94,600 | ||
| Carriage Outwards | 64,000 | ||
| Carriage on Purchases | 40,800 | ||
| Stock on 1st April, 2017 | 1,15,200 | ||
| Building | 6,00,000 | ||
| Computer | 2,00,000 | ||
| Machinery | 4,00,000 | ||
| Salaries | 3,00,000 | ||
| Patents | 1,50,000 | ||
| Advertisement Expenses | 60,000 | ||
| Insurance | 12,000 | ||
| Capital | 16,00,000 | ||
| Drawings | 1,04,900 | ||
| Sundry Debtors | 2,90,000 | ||
| Sundry Creditors | 1,31,000 | ||
| Input CGST | 7,500 | ||
| Input SGST | 7,500 | ||
| Output IGST | 10,000 | ||
| Total | 37,26,600 | 37,26,600 | |
| | |||
Taking into account the following adjustments, prepare Trading and Profit and Loss Account and Balance Sheet:
(a) Stock in Hand on 31st March, 2018 is ₹1,36,000.
(b) Machinery is to be depreciated @ 10% and patents @ 20%.
(c) Salaries for the month of March, 2018 amounting to ₹30,000 were unpaid.
(d) Insurance includes a premium of ₹1,700 for the year ending 31st March, 2019.
(e) Wages include a sum of ₹40,000 spent on constructing a scooter shed for employees and customers.
(f) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry Debtors.
Open in App
Solution
Trading Account
for the year ended March 31, 2018
Dr.
Cr.
Particulars
Amount
(₹)
Particulars
Amount
(₹)
Opening Stock
1,15,200
Sales
19,75,600
Purchases
8,13,500
Less: Returns
13,600
19,62,000
Less: Returns
10,000
8,03,500
Closing Stock
1,36,000
Carriage on Purchases
40,800
Fuel & Power
94,600
Wages
2,09,600
Less: Scooter Shed
40,000
1,69,600
Gross Profit
8,74,300
20,98,000
20,98,000
Profit & Loss Account
for the year ended March 31, 2018
Dr.
Cr.
Particulars
Amount
(₹)
Particulars
Amount
(₹)
Insurance
12,000
Gross Profit
8,74,300
Less: Prepaid
1,700
10,300
Salaries
3,00,000
Add: Outstanding
30,000
3,30,000
Advertisement Expenses
60,000
Carriage Outwards
64,000
Provision for DD
14,500
Depreciation on:
Machinery
40,000
Patents
30,000
70,000
Net Profit
3,25,500
8,74,300
8,74,300
Balance Sheet
as on March 31, 2018
Dr.
Cr.
Liabilities
Amount
(₹)
Assets
Amount
(₹)
Creditors
1,31,000
Machinery
4,00,000
Capital
16,00,000
Less: Depreciation
40,000
3,60,000
Less: Drawings
1,04,900
Patents
1,50,000
Add: NetProfit
3,25,500
18,20,600
Less: Depreciation
30,000
1,20,000
Outstanding Salaries
30,000
Debtors
2,90,000
Less: Provision
14,500
2,75,500
Input SGST
5,000
Prepaid Insurance
1,700
Building
6,00,000
Add: Scooter Shed
40,000
6,40,000
Computer
2,00,000
Cash in Hand
10,800
Closing Stock
1,36,000
Cash at Bank
2,32,600
19,81,600
19,81,600
|
Trading Account
for the year ended March 31, 2018
|
||||||
| Dr. |
Cr.
|
|||||
|
Particulars
|
Amount
(₹)
|
Particulars
|
Amount
(₹)
|
|||
| Opening Stock |
1,15,200
|
Sales |
19,75,600
|
|
||
| Purchases |
8,13,500
|
|
Less: Returns |
13,600
|
19,62,000
|
|
| Less: Returns |
10,000
|
8,03,500
|
Closing Stock |
1,36,000
|
||
| Carriage on Purchases |
40,800
|
|
||||
| Fuel & Power |
94,600
|
|
||||
| Wages |
2,09,600
|
|
|
|||
| Less: Scooter Shed |
40,000
|
1,69,600
|
|
|||
| Gross Profit |
8,74,300
|
|
||||
|
20,98,000
|
|
20,98,000
|
||||
|
Profit & Loss Account
for the year ended March 31, 2018
|
||||||
| Dr. |
Cr.
|
|||||
|
Particulars
|
Amount
(₹)
|
Particulars
|
Amount
(₹)
|
|||
| Insurance |
12,000
|
|
Gross Profit | 8,74,300 | ||
| Less: Prepaid |
1,700
|
10,300
|
|
|||
| Salaries |
3,00,000
|
|
|
|
||
| Add: Outstanding |
30,000
|
3,30,000
|
|
|
||
| Advertisement Expenses |
60,000
|
|
||||
| Carriage Outwards |
64,000
|
|
||||
| Provision for DD |
14,500
|
|
||||
| Depreciation on: |
|
|
||||
| Machinery |
40,000
|
|
|
|||
| Patents |
30,000
|
70,000
|
|
|||
| Net Profit |
3,25,500
|
|
||||
|
8,74,300
|
|
8,74,300
|
||||
|
Balance Sheet
as on March 31, 2018
|
|||||
| Dr. |
Cr.
|
||||
|
Liabilities
|
Amount
(₹)
|
Assets
|
Amount
(₹)
|
||
| Creditors |
1,31,000
|
Machinery |
4,00,000
|
|
|
| Capital |
16,00,000
|
|
Less: Depreciation |
40,000
|
3,60,000
|
| Less: Drawings |
1,04,900
|
|
Patents |
1,50,000
|
|
| Add: NetProfit |
3,25,500
|
18,20,600
|
Less: Depreciation |
30,000
|
1,20,000
|
| Outstanding Salaries |
30,000
|
Debtors |
2,90,000
|
|
|
|
|
|
Less: Provision |
14,500
|
2,75,500
|
|
|
|
Input SGST |
5,000
|
|||
|
|
|
Prepaid Insurance |
1,700
|
||
|
|
Building |
6,00,000
|
|
||
|
|
Add: Scooter Shed |
40,000
|
6,40,000
|
||
|
|
Computer |
2,00,000
|
|||
|
|
Cash in Hand |
10,800
|
|||
|
|
Closing Stock |
1,36,000
|
|||
|
|
Cash at Bank |
2,32,600
|
|||
|
19,81,600
|
|
19,81,600
|
|||
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