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Question

From the following balances, as on 31st March, 2019, prepare Trading and Profit and Loss Account and Balance Sheet:
Capital Account
1,00,000
Returns Outward
5,000
Plant and Machinery
40,000
Rent
4,000
Sundry Debtors
24,000
Sales
1,64,000
Sundry Creditors
12,000
Manufacturing Expenses
8,000
Life Insurance Premium
12,000
Trade Expenses
7,000
Purchases
1,05,000
Bad Debts
2,000
Wages
50,000
Carriage
1,500
Bank
10,000
Bills Payable
7,000
Repairs
500
Returns Inward
4,000
Stock (1st April, 2018)
20,000

Closing Stock on 31st March, 2019 was valued at ₹ 14,500.

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Solution

Trading Account
for the year ended March 31, 2019

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Opening Stock

20,000

Sales

1,64,000

Purchases

1,05,000

Less: Return Inwards

(4,000)

1,60,000

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

1,79,500

1,79,500

Profit and Loss Account
for the year ended March 31, 2019

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Gross Loss

5,000

Repairs

500

Rent

4,000

Trade Expenses

7,000

Net Loss (Balancing Figure)

18,500

Bad Debts

2,000

18,500

18,500

Balance Sheet
as on March 31, 2019

Liabilities

Amount

(₹)

Assets

Amount

(₹)

Capital

1,00,000

Fixed Assets

Less: Life Insurance Premium

(12,000)

Plant and Machinery

40,000

Less: Net Loss

(18,500)

69,500

Current Assets

Current Liabilities

Closing Stock

14,500

Sundry Creditors

12,000

Sundry Debtors

24,000

Bills Payable

7,000

Bank

10,000

88,500

88,500


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