MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Dishonour of the Bill

From the foll...

Question

From the following information, prepare Profit and Loss Account for the year ended 31st March, 2018:

₹

₹

Gross Profit 1,20,000 Discount Received
6,000

Rent
5,000
Printing and Stationery
4,000

Salary 35,000 Legal Charges 10,000

Commission Paid 19,000 Bad Debts 2,000

Interest on Loan 5,000 Loss by Fire 6,000

Advertisement 8,000 Depreciation 4,000

Interest Received
8,000

Open in App

Solution

Profit and Loss Account

for the year ended March 31, 2018

Dr.

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Rent

5,000

Gross Profit

1,20,000

Salary

35,000

Interest Received

8,000

Commission Paid

19,000

Discount Received

6,000

Interest on Loan

5,000

Advertisement

8,000

Printing and Stationery

4,000

Legal Charges

10,000

Bad Debts

2,000

Loss by Fire

6,000

Depreciation

4,000

Net Profit (Balancing Figure)

36,000

1,34,000

1,34,000

Suggest Corrections

thumbs-up

8

Similar questions

Q. From the following information, prepare Profit and Loss Account for the year ended 31st March, 2019:

	₹		₹
Gross Profit	1,20,000	Discount Received	6,000
Rent	5,000	Printing and Stationery	4,000
Salary	35,000	Legal Charges	10,000
Commission Paid	19,000	Bad Debts	2,000
Interest on Loan	5,000	Loss by Fire	6,000
Advertisement	8,000	Depreciation	4,000
Interest Received	8,000	Input IGST A/c	2,000
Output IGST A/c	1,000

Q. Gross Profit Rs 1,20,000, Rent Rs 10,000, Salary Rs 30,000, Commission paid Rs 14,000 Interest on Loan Rs 10,000. Advertising Rs 8,000, Discount received Rs 6,000, Printing & Stationery Rs 4,000, Legal charges Rs 10,000, Bad Debts Rs 2,000, Depreciation Rs 4,000, Interest received Rs 8,000, Loss by life Rs 6,000. The net Profit for the year is :

Q. From the following, prepare Profit and Loss Account of Sohan Lal as it would appear in the 1st year that ended 31st March, 2019:

	₹		₹
Salaries and Wages	30,000	Advertising	10,000
Commission Paid	2,000	Discount Allowed	18,000
Postage and Courier	1,500	Rent Received	17,000
Insurance	3,000	Interest on Investment	15,000
Interest Paid	4,000	Bad Debts	9,000
Carriage Outwards	5,000	Brokerage Paid	950

The Gross Profit was 45% of sales, which amounted to ₹ 6,50,000.
Also, pass the Journal entries.

Q. Following balances are taken from the books of Mr. Niranjan. You are required to prepare Trading and Profit and Loss Account and Balance Sheet for the year ended 31st March, 2018:

Particulars	₹	Particulars	₹
Capital	1,20,000	Drawings	21,000
Opening Stock	45,000	Plant and Machinery	24,000
Furniture	1,500	Purchases	2,95,000
Sales	4,35,000	Insurances	1,500
Purchases Return	4,000	Sales Return	7,000
Rent	5,000	Trade Expenses	2,000
Salaries	24,000	Wages	40,000
Bad Debts	1,000	6% Investments	50,000
Sundry Debtors	40,000	Sundry Creditors	19,000
Bills Payable	800	Cash	12,200
Advertisement Expenses	6,000	Miscellaneous Receipts	1,200
Patents	4,800

Adjustments:
(i) Closing Stock ₹ 75,000.
(ii) Depreciate Machinery by 10% and Furniture by 20%.
(iii) Wages ₹ 5,000 and salaries ₹ 2,000 are outstanding.
(iv) Write off ₹ 5,000 as further Bad Debts and create 5% Provision for Doubtful Debts.
(v) Investments were made on 1st July, 2017 and no interest has been received so far.

Following balances were extracted from the ledger of Shri Govinda as on 31^st March 2012 Prepare a Trial Balance as on 31^st March, 2012.

Particulars	Rs	Particulars	Rs	Particulars	Rs
Stock (1-4-11)	44,000	Trade Expense	4,000	Furniture	16,000
Purchases	1,70,000	Debtors	72,000	Advertisement	8,000
Sales	3,20,000	Creditors	40,000	Office Rent	10,000
Return Inward	10,000	Salaries	38,000	Drawings	14,000
Carriage	4,000	Insurance	2,400	Good will	6,000
Motive Power	6,000	Postage	3,600	Bank Loan	32,000
Wages	56,000	Commission (Dr.)	5,000	Building	24,000
Plant & Machinery	60,000	Commission (Cr.)	4,000	Capital	1,50,000
Bills Payable	10,000	Cash in hand	3,000

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Dishonour of the Bill

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Dishonour of the Bill

Standard XI Accountancy

Join BYJU'S Learning Program

CrossIcon