Question

From the following balances of Anand, prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2018:

	₹		₹
Credit Balances:		Debit Balances (Contd.):
Capital	3,60,000	Postage	2,730
Creditors	87,200	Bad Debts	2,870
Bills Payable	25,270	Interest	12,950
Sales	7,81,820	Insurance	4,170
Bad Debts Recovered	1,750	Machinery	1,00,000
Loan	1,20,000	Stock (Opening)	99,450
Debit Balances:		Purchases	6,20,920
Debtors	38,850	Wages	43,000
Salaries	40,000	Building	2,37,800
Discount	10,000	Selling Expenses	1,750
		Fixtures and Fittings	1,61,550

Value of goods on hand (31st March, 2018) was ₹ 1,43,000.

Answer 1

Financial Statement of Anand
Trading Account for the year ended March 31, 2018
Dr.					Cr.
Particulars		Amount (Rs)	Particulars	Amount (Rs)
Opening Stock		99,450	Sales	7,81,820
Purchases		6,20,920	Closing Stock	1,43,000
Wages		43,000
Gross Profit (Balancing Figure)		1,61,450
		9,24,820		9,24,820

Profit and Loss Account for the year ended March 31, 2018
Dr.					Cr.
Particulars		Amount (Rs)	Particulars	Amount (Rs)
Salaries		40,000	Gross Profit	1,61,450
Discount		10,000	Bad debts Recovered	1,750
Selling Expense		1,750
Postage		2,730
Bad Debts		2,870
Interest		12,950
Insurance		4,170
Net Profit (Balancing Figure)		88,730
		1,63,200		1,63,200

Balance Sheet as on March 31, 2018
Liabilities		Amount (Rs)	Assets	Amount (Rs)
Capita	3,60,000		Fixed Assets
Add: Net Profit	88,730	4,48,730	Building	2,37,800
Loan		1,20,000	Machinery	1,00,000
Current Liabilities			Fixtures and fittings	1,61,550
Creditors		87,200	Current Assets
Bills Payable		25,270	Closing Stock	1,43,000
			Debtors	38,850
		6,81,200		6,81,200