Prepare trading and profit and loss account and balance sheet, as on March 31, 2017 :

Account Title

Amount

Rs

Account Title

Amount

Rs

Machinery

27,000

Capital

60,000

Sundry debtors

21,600

Bills payable

2,800

Drawings

2,700

Sundry creditors

1,400

Purchases

58,500

Sales

73,500

Wages

15,000

Sundry expenses

600

Rent and taxes

1,350

Carriage inwards

450

Bank

4,500

Openings stock

6,000

Closing stock, as on March 31, 2017 Rs 22,400.

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Solution

Trading Account as on March 31, 2017

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Opening Stock

6,000

Sales

73,500

Purchases

58,500

Closing Stock

22,400

Wages

15,000

Carriage Inwards

450

Profit and Loss (Gross Profit)

15,950

95,900

95,900

Profit and Loss Account as on March 31, 2017

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Sundry Expenses

600

Trading (Gross Profit)

15,950

Rent and Taxes

1,350

Net Profit

14,000

15,950

15,950

Balance Sheet as on March 31, 2017

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital

60,000

Fixed Assets

Add: Net Profit

14,000

Machinery

27,000

74,000

Less: Drawings

2,700

71,300

Current Assets

Bank

4,500

Sundry Creditors

1,400

Closing Stock

22,400

Bills Payable

2,800

Sundry Debtors

21,600

75,500

75,500

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Prepare trading and profit and loss account and balance sheet of M/s Royal Traders from the following balances as on March 31, 2017.

Debit balances	Amount Rs	Credit balances	Amount Rs
Stock	20,000	Sales	2,45,000
Cash	5,000	Creditors	10,000
Bank	10,000	Bills payable	4,000
Carriage on purchases	1,500	Capital	2,00,000
Purchases	1,90,000
Drawings	9,000
Wages	55,000
Machinery	1,00,000
Debtors	27,000
Postage	300
Sundry expenses	1,700
Rent	4,500
Furniture	35,000

Closing stock Rs 8,000.

From the following balances of M/s Nilu Sarees as on March 31, 2017. Prepare trading and profit and loss account and balance sheet as on date.

Account Title	Debit Amount Rs	Account Title	Credit Amount Rs
Opening stock	10,000	Sales	2,28,000
Purchases	78,000	Capital	70,000
Carriage inwards	2,500	Interest	7,000
Salaries	30,000	Commission	8,000
Commission	10,000	Creditors	28,000
Wages	11,000	Bills payable	2,370
Rent and taxes	2,800
Repairs	5,000
Telephone expenses	1,400
Legal charges	1,500
Sundry expenses	2,500
cash in hand	12,000
Debtors	30,000
Machinery	60,000
Investments	90,000
Drawings	18,000

Closing stock, as on March 31, 2017 Rs 22,000.

The following is the Trial Balance of Mr. Deepak as on March 31, 2017. You are required to prepare trading account, profit and loss account and a balance sheet as on date:

Account title	Debit Amount Rs	Account title	Credit Amount Rs
Drawings	36,000	Capital	2,50,000
Insurance	3,000	Bills payable	3,600
General expenses	29,000	Creditors	50,000
Rent and taxes	14,400	Discount received	10,400
Lighting (factory)	2,800	Purchases return	8,000
Travelling expenses	7,400	Sales	4,40,000
Cash in hand	12,600
Bills receivable	5,000
Sundry debtors	1,04,000
Furniture	16,000
Plant and Machinery	1,80,000
Opening stock	40,000
Purchases	1,60,000
Sales return	6,000
Carriage inwards	7,200
Carriage outwards	1,600
Wages	84,000
Salaries	53,000

Closing stock Rs 35,000.

From the following balances of M/s Jyoti Exports, prepare trading and profit and loss account for the year ended March 31, 2017 and balance sheet as on this date.

Account Title	Debit Amount Rs	Account Title	Credit Amount Rs
Sundry debtors	9,600	Sundry creditors	2,500
Opening stock	22,800	Sales	72,670
Purchases	34,800	Purchases returns	2,430
Carriage inwards	450	Bills payable	15,600
Wages	1,770	Capital	42,000
Office rent	820
Insurance	1,440
Factory rent	390
Cleaning charges	940
Salary	1,590
Building	24,000
Plant and Machinery	3,600
Cash in hand	2,160
Gas and Water	240
Octroi	60
Furniture	20,540
Patents	10,000
	1,35,200		1,35,200

Closing stock Rs 10,000.

1. To provision for doubtful debts is to be maintained at 5 per cent on sundry debtors.

2. Wages amounting to Rs 500 and salary amounting to Rs 350 are outstanding.

3. Factory rent prepaid Rs 100.

4. Depreciation charged on Plant and Machinery @ 5% and Building @ 10%.

5. Outstanding insurance Rs 100.

Prepare trading and profit and loss account from the following particulars of M/s Neema Traders as on March 31, 2017.

Account Title	Debit Amount Rs	Account Title	Credit Amount Rs
Buildings	23,000	Sales	1,80,000
Plant	16,930	Loan	8,000
Carriage inwards	1,000	Bills payable	2,520
Wages	3,300	Bank overdraft	4,720
Purchases	1,64,000	Creditors	8,000
Sales return	1,820	Capital	2,36,000
Opening stock	9,000	Purchases return	1,910
Machinery	2,10,940
Insurance	1,610
Interest	1,100
Bad debts	250
Postage	300
Discount	1,000
Salaries	3,000
Debtors	3,900

Stock on March 31, 2017 Rs 16,000.

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Account Title	Amount Rs	Account Title	Amount Rs
Machinery	27,000	Capital	60,000
Sundry debtors	21,600	Bills payable	2,800
Drawings	2,700	Sundry creditors	1,400
Purchases	58,500	Sales	73,500
Wages	15,000
Sundry expenses	600
Rent and taxes	1,350
Carriage inwards	450
Bank	4,500
Openings stock	6,000

Trading Account as on March 31, 2017
Dr.			Cr.
Particulars	Amount Rs	Particulars	Amount Rs
Opening Stock	6,000	Sales	73,500
Purchases	58,500	Closing Stock	22,400
Wages	15,000
Carriage Inwards	450
Profit and Loss (Gross Profit)	15,950
	95,900		95,900

Profit and Loss Account as on March 31, 2017
Dr.		Cr.
Particulars	Amount Rs		Particulars	Amount Rs
Sundry Expenses	600		Trading (Gross Profit)	15,950
Rent and Taxes	1,350

Net Profit	14,000
	15,950			15,950

Balance Sheet as on March 31, 2017
Liabilities			Amount Rs	Assets	Amount Rs
Capital		60,000		Fixed Assets
	Add: Net Profit	14,000		Machinery	27,000
		74,000
	Less: Drawings	2,700	71,300	Current Assets
				Bank	4,500
Sundry Creditors			1,400	Closing Stock	22,400
Bills Payable			2,800	Sundry Debtors	21,600
			75,500		75,500