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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.

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Solution

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


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