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Byju's Answer
Standard XI
Accountancy
Debtors
From the foll...
Question

From the following Trial Balance of M/s Andrew Traders, you are required to prepare Trading and Profit Loss Account for the year ending 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
35,000
Drawings
8,000
Purchases and Sales
29,000
56,000
Opening Stock
10,000
Carriage
1,000
Salaries
3,500
Rent
1,200
Rates and Taxes
200
Sundry expenses
3,000
Sales Return
1,500
Bad debts
800
Interest received
200
R.D.D.
1,500
Discount received
300
Debtors and Creditors
21,400
7,000
Furniture
3,000
Machinery
5,000
Cash in hand
200
Cash at Bank
5,000
Wages
7,200
Total
1,00,000
1,00,000
Adjustment:
1) Closing stock was valued Rs 19,000
2) Write off Rs 1,400 for Bad debts and provide 5% R.D.D. on debtors.
3) Depreciate Machinery by 10% and Furniture by 5% p.a.
4) Rent included Rs 500 paid for house rent of proprietor.
5) Salary Rs 500 and Wages Rs 800 were outstanding.

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Solution

Financial Statement of M/s Andrew Traders
Trading Account
for the year ended 31st March, 2010
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Opening Stock
10,000
Sales
56,000
Purchases
29,000
Less: Returns
(1,500)
54,500
Wages
7,200
Closing Stock
19,000
Add: Outstanding
800
8,000
Carriage
1,000
Gross Profit (Balancing Figure)
25,500
73,500
73,500
Profit and Loss Account
for the year ended March 31, 2010
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Salaries
3,500
Gross Profit
25,500
Add:Outstanding
500
4,000
Interest
200
Rates & Taxes
200
Discount
300
Rent
1,200
Less: Drawings
(500)
700
Sundry Expenses
3,000
Depreciation on:
Furniture
150
Machinery
500
650
Bad Debts
800
Add: Further Bad Debts
1,400
Add: New R.D.D
1,000
Less: Old R.D.D
(1,500)
1,700
Net Profit (Balancing Figure)
15,750
26,000
26,000
Balance Sheet
as on March 31, 2010
Liabilities
Amount
(Rs)
Assets
Amount
(Rs)
Capital
35,000
Fixed Assets
Less:Drawings
(8,500)
Furniture
3,000
Add: Net Profit
15,750
42,250
Less:Depreciation @ 5%
(150)
2,850
Reserve Fund
Machinery
5,000
Less:Depreciation @ 10%
(500)
4,500
Current Liabilities
Outstanding Salary
500
Current Assets
Creditors
7,000
Closing Stock
19,000
Outstanding Wages
800
Debtors
21,400
Less: Bad-Debts
(1,400)
Less:R.D.D
(1,000)
19,000
Cash in Hand
200
Cash at Bank
5,000
50,550
50,550

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Q.

Following is the Trial Balance of Komal Jaggi as on 31st March 2010 Prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2010
Particulars
Amount
Rs
Particulars
Amount
Rs
Stock on 1-4-2009
Purchases
Return inward
Wages
Insurance
Salaries
Rent & Taxes
Bad debts
Discount allowed
Machinery
Buildings
Sundry debtors
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Carriage inward
Cash in hand
Cash at Bank
Office expenses
Drawings
50,000
1,19,000
3,000
7,750
1,500
9,400
5,000
1,000
2,000
25,000
55,000
70,000
10,000
2,350
6,000
8,000
2,000
4,000
Sales
Return outward
Discount received
Sundry Creditors
Capital
Bank Loan
Bills Payable
1,90,000
1,500
2,500
52,000
1,00,000
30,000
5,000
Total
3,81,000
Total
3,81,000

Adjustment:

1) On 31st March 2010 the stock was valued Rs 30,000

2) Outstanding Wages Rs 1,250 and Rent Rs 1,000

3) Insurance was paid for the year ending 30th Sep. 2010

4) Depreciate Machinery 10% and Buildings by 4% p.a.

5) Provide R.D.D. at 5% on Sundry Debtors.

Q.
From the following Trial Balance of M/s Manali Traders, you are required to Prepare a Trading and Profit & Loss Account for the year ended 31st March, 2011 and Balance Sheet as on that date.
Trial Balance as on 31st March, 2011
Particulars
Amount
Rs
Particulars
Amount
Rs
Drawings
3,000
Capital
85,000
Opening Stock
10,000
Creditors
45,000
Purchases
82,400
Sales
1,44,000
Office Salary
6,000
R.D.D.
1,000
Royalty
2,000
Return outward
2,400
Trade Expenses
1,600
Bills Payable
5,000
Advertisement
5,200
Outstanding wages and salaries
2,600
Wages and Salaries
10,400
Cash in hand
8,000
Sundry Debtors
51,000
Bad debts
400
Investment
16,000
Motor Car
30,000
Furniture
10,000
Office rent
3,400
Plant and Machinery
30,000
Freehold Property
10,000
Bills Receivable
4,000
Interest
1,600
Total
2,85,000
Total
2,85,000
Adjustment:
1) Closing stock was valued at Rs 15,000.
2) Depreciate freehold property at 10% and Motor Car by 25% p.a.
3) Write of Rs 1000 as bad debts and provide 5% R.D.D. on Sundry Debtors and Provide 2% for discount on debtors and creditors.
4) 10% Interest on Investment is accrued for 6 months
5) Office Salary Rs 1,000 paid in advance.
Q.

The Trial Balance of Dhanashri Stores as on 31st March 2009 was as follows, Prepare Trading and Profit and Loss A/c for the year ending on 31st March, 2009 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2009
Particulars
Debit Amount
Rs
Particulars
Credit
Amount
Rs
Purchases
Opening Stock
Debtors
Wages
Salaries
Land & Building
Plant and Machinery
Furniture
Advertisement
15% Investment
Insurance
Cash in hand
Rent
Power and Fuel
Drawing
Accrued Interest on
Investment
25,000
12,000
20,000
5,000
8,000
30,000
25,000
16,000
6,000
10,000
2,000
5,500
7,000
3,000
3,000
500
Capital
Sales
Creditors
Bank Loan
Commission
Discount
Interest on Investment
70,000
70,000
21,000
10,000
5,000
500
1,500
Total
1,78,000
Total
1,78,000
Adjustment:
1) Closing stock was valued at Rs 32,000.
2) Outstanding expenses were Rs 1,000 wages and Rs 2,000 salary.
3) Provide R.D.D. at 5% on debtors and 2% provision for discount on debtors.
4) Depreciation Land and Building at 5% and Machinery by 10% p.a.
Q.

Following is the Trial Balance of M/s Tejas Traders Pune, you are required to Prepare Trading, Profit & Loss Account for the year ending 31st March, 2009 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2009
Particulars
Amount
Rs
Particulars
Amount
Rs
Carriage
Opening Stock
Loose tools
Salaries
Wages
Printing and stationery
Discount
Omission
Power and fuel
Vehicle
Bad debts
Building
Debtors
Goodwill
Cash at Bank
Machinery
Investment
Purchases
Drawings
2,000
31,000
2,000
2,100
1,000
2,000
500
1,000
4,500
28,000
1,900
35,000
20,000
2,000
10,800
10,000
12,000
61,000
5,000
Capital
Sales
Interest
Bills payable
Commission
R.D.D.
Creditors
Outstanding salary
80,000
1,18,000
2,200
5,000
3,000
800
22,000
800
Total
2,31,800
Total
2,31,800

Adjustment:
1) Stock on 31st March, 2009 was valued at Rs 40,000.
2) Provided depreciation at 10% p.a. on Building and Vehicle
3) Interest Outstanding on investment Rs 800.
4) Provide 5% R.D.D. on debtors.
5) Goods of Rs 2,500 were distributed as free sample.
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.
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