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Standard XI
Accountancy
Posting of Wrong Amount
From the foll...
Question

From the following Trial Balance of Kalyani, you are required to prepare Trading Profit & Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2010
Particulars
Debit
Amount
Rs
Credit
Amount
Rs
Capital
90,000
Drawings
3,000
Stock on 1-4-2009
45,000
Octroi duty
800
Purchases & Sales
2,00,000
3,12,000
Returns
6,000
2,000
Salaries
10,000
Carriage outward
1,400
Wages
14,000
Insurance
2,000
Discount received
600
Postage
800
Debtors and Creditors
60,000
64,000
Furniture
35,000
Cash in hand
10,000
Machinery
80,000
Rent & Taxes
6,000
Printing & stationery
2,000
Bank Overdraft
7,400
Total
4,76,000
4,76,000
Adjustments:
1) Closing stock was valued at cost Rs 40,000 while its market price Rs 45,000.
2) Depreciate Machinery by 5% p.a.
3) Salary Rs 2,000 and wages Rs 1,000 were outstanding.
4) Insurance Rs 500 was prepaid.

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Solution

Financial Statement of Kalyani
Trading Account
for the year ended 31st March, 2010
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Opening Stock
45,000
Sales
3,12,000
Purchases
2,00,000
Less: Return Inwards
(6,000)
3,06,000
Less: Return Outwards
(2,000)
1,98,000
Closing Stock
40,000
Octroi Duty
800
Wages
14,000
Add: Outstanding
1,000
15,000
Gross Profit (Balancing Figure)
87,200
3,46,000
3,46,000

Profit and Loss Account
for the year ended March 31, 2010
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Salaries
10,000
Gross Profit
87,200
Add: Outstanding
2,000
12,000
Discount
600
Carriage Outward
1,400
Insurance
2,000
Less: Prepaid
(500)
1,500
Postage
800
Depreciation on Machinery [5% of 80,000]
4,000
Rents & Taxes
6,000
Printing & Stationery
2,000
Net Profit (Balancing Figure)
60,100
87,800
87,800

Balance Sheet
as on March 31, 2010
Liabilities
Amount
(Rs)
Assets
Amount
(Rs)
Capital
90,000
Fixed Assets
Less:Drawings
(3,000)
Machinery
80,000
Add: Net Profit
60,100
1,47,100
Less:Depreciation @ 5%
(4,000)
76,000
Furniture
35,000
Current Liabilities
Outstanding Salaries
2,000
Current Assets
Outstanding Wages
1,000
Closing Stock
40,000
Creditors
64,000
Debtors
60,000
Bank Overdraft
7,400
Prepaid Insurance
500
Cash in Hand
10,000
2,21,500
2,21,500

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Q.

From the following Trial Balance of M/s Bhagat Traders, you are required to prepare Trading Profit & Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2010
Particulars
Debit
Amount
Rs
Credit
Amount
Rs
Insurance
1,000
Discount
500
400
Postage and Telegram
1,500
Salaries
28,000
Debtors and Creditors
33,000
34,000
Wages
12,000
Opening stock
20,000
Carriage
4,500
Returns
2,800
4,600
Purchase and Sales
96,600
1,50,800
10% Bank Loan (Taken on 1-10-2009)
60,000
Plant and Machinery
20,000
Buildings
80,000
Drawings
4,000
Capital
50,000
Office rent
2,000
R.D.D.
1,000
Bad debts
600
Bank Overdraft
9,200
Cash
3,500
Total
3,10,000
3,10,000
Adjustment:
1) Stock on 31st March 2010 valued Rs 32,000
2) Depreciate Plant and Machinery at 10% Building at 5% p.a.
3) Wages include Rs 2,000 paid to worker as advance.
4) Salary Rs 2,000 and Office Rent Rs 400 were outstanding.
5) Creat R.D.D. on debtors Rs 1,400.
Q.

Following is the Trial Balance of M/s Duppar, you are required to prepare Trading Profit & Loss Account for the year ending 31st March, 2011 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2011
Particulars
Debit
Amount
Rs
Credit
Amount
Rs
Opening Stock
40,000
Purchases and Sales
1,20,000
2,00,000
Wages
12,000
Carriage inward
2,500
Salaries
10,000
Printing and stationery
3,500
Machinery
40,000
Carriage outward
2,000
Office expenses
4,500
Land and Buildings
35,000
Furniture
10,000
Bank balance
5,500
Sundry Debtors and Creditors
20,000
18,000
Bad Debts
500
Rent and Taxes
1,500
Advertisement
1,000
Capital
70,000
Commission received
2,000
Bills Payable
5,000
10% Bank Loan (Taken on 1-10-2010)
20,000
Drawings
7,000
Total
3,15,000
3,15,000
Adjustment:
1) On 31st March 2011 Stock was valued at Rs 25,000.
2) Outstanding Salaries Rs 2,500 and Wages Rs 2,000.
3) Goods worth Rs 1,500 distributed as free sample.
4) Provide Reserve for bad debts at 5% on Sundry debtors.
5) Wages included Rs 10,000 paid for fixation of machinery on 1-4-2010
6) Depreciate Machinery at 10% p.a. and Furniture by 15% p.a.
Q.

Form the following Trial Balance of M/s Deven Traders you are require to Prepare Trading, Profit and Loss A/c for the year ending 31st March, 2011 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2011
Particulars
Amount
Rs
Particulars
Amount
Rs
Opening Stock
Purchases
Wages
Investments
Carriage outward
Printing & stationery
Insurance
Salaries
Postage and Telegram
Machinery
Furniture
Debtors
Bills Receivable
Cash at Bank
Advertisement
Bad debts
Carriage Inward
15,000
45,700
9,900
3,500
4,600
3,400
750
10,000
700
26,800
6,400
25,000
4,000
6,000
1,000
250
4,500
Capital
Bills payable
Outstanding Salary
Sales
Creditors
Bank overdraft
60,000
11,000
1,700
79,800
12,000
3,000
Total
1,67,500
Total
1,67,500
Adjustment:
1) Closing stock was valued at Rs 61,500.
2) Unexpired insurance Rs 200.
3) Carriage inward included Rs 3,200 paid for transport on new machinery purchased on 1-4-2010.
4) Outstanding wages were Rs 1,100.
5) Depreciate Machinery by 10% and Furniture by Rs 400.
Q.

Following is the Trial Balance of Supriya Gandhi as on 31st March 2011, you are required to Prepare Trading and Profit and Loss Account for the year ended on 31st March, 2011 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2011
Particulars
Amount
Rs
Particulars
Amount
Rs
Plant and Machinery
Loose Tools
Carriage and Freight
Postage and Telegram
Motive Power
Debtors
Trade expenses
Advertisement
Furniture
Wages
Purchases
Opening Stock
Printing and Stationery
Interest on Bank Loan
Land and Building
Goodwill
Discount
Cash in hand
80,000
10,000
8,600
1,400
6,000
24,000
600
3,000
14,000
28,000
59,000
20,800
5,200
3,000
1,00,000
26,600
800
1,000
15% Bank Loan
(taken on 1-10-2010)
Capital
Creditors
Commission
Sales
Discount
60,000
1,40,000
40,000
1,000
1,50,000
1,000
Total
3,92,000
Total
3,92,000
Adjustment:
1) Closing stock was valued at Rs 24,000.
2) Depreciate Plant and Machinery at 10% Furniture by 5% p.a.
3) Outstanding wages Rs 2,000.
4) Goods of Rs 1,000 taken over for personal use but not recorded.
5) Provide R.D.D. at 5% on debtors.
Q.

The Trial Balance of Miss Sneha Chug was as under prepare Trading and Profit & Loss A/c for the year ended 31st March, 2010 and the Balance Sheet as on that date.

Trial Balance as on 31st March, 2010
Particulars
Amount Rs
Particulars
Amount
Rs
Opening stock
Wages
Purchases
Investments
Postage
Printing and Stationery
Carriage outward
Insurance
Debtors
Furniture
Bad debts
Carriage inward
Cash in hand
Machinery (Purchased)
On 1-7-2009
Salaries (for 10 months)
Sundry expenses
Bills Receivable
30,000
9,500
52,500
10,000
1,500
2,000
1,000
3,500
35,000
5,500
1,200
1,800
5,400
32,000
15,000
2,100
8,500
Capital
Bills payable
10% Bank Loan
(taken on 1-10-2009)
Bank Overdraft
Creditors
Sales
R.D.D.
93,500
7,500
10,000
6,500
25,000
71,000
3,000
Total
2,16,500
Total
2,16,500
Adjustment
1) Closing stock was valued at Rs 61,500.
2) Depreciate Furniture and Machinery at 10% p.a.
3) Debtors of Rs 1,000 were bad and provide R.D.D. at 5% on debtors.
4) Wages includes Rs 8,000 paid for fixation of Machinery.
5) Stock of stationery of Rs 300 remain unused.
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