From the following Trial balance of Miss Shruti, you are required to prepare a Trading, Profit & Loss Account for the year ended on 31st March, 2009 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2009

Particulars

Debit

Amount

Rs

Credit

Amount

Rs

Capital

52,500

Drawings

1,500

Opening Stock

6,000

Purchases and Sales

40,000

70,000

Office Salaries

3,000

Royalties

1,000

Trade expenses

700

Advertisement

2,600

Wages

5,200

Cash in hand

4,000

Debtors and creditors

25,000

15,000

Bad debts

200

Bills Receivable & Bill Payable

8,000

Motor Van

2,000

3,000

Discount

15,000

Furniture

800

Furniture

5,000

Office Rent

1,500

Plant & Machinery

12,000

Freehold Property

8,000

Return outward

1,000

Total

1,41,500

1,41,500

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Solution

Financial Statements of Miss Shruti

Trading Account

for the year ended 31st March, 2009

Dr.

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Opening Stock

6,000

Sales

70,000

Purchases

40,000

Closing Stock

13,500

Less: Return Outwards

(1,000)

39,000

Wages

5,200

Royalties

1,000

Gross Profit (Balancing Figure)

32,300

83,500

83,500

Profit and Loss Account

for the year ended March 31, 2009

Dr.

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Salaries

3,000

Gross Profit

32,300

Trade Expenses

700

Advertisement

2,600

Bad Debts

200

Discount

800

Rent

1,500

Net Profit (Balancing Figure)

23,500

32,300

32,300

Balance Sheet

as on March 31, 2009

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Capital

52,500

Fixed Assets

Less:Drawings

(1,500)

Investment

8,000

Add: Net Profit

23,500

74,500

Motor Van

15,000

Furniture

5,000

Current Liabilities

Plant & Machinery

12,000

Creditors

15,000

Freehold Property

8,000

Bills Payable

3,000

Current Assets

Closing Stock

13,500

Debtors

25,000

Bills Receivable

2,000

Cash in Hand

4,000

92,500

92,500

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Similar questions

Following is the Trial Balance of M/s Shetty Traders, as on 31st March 2011 Prepare Trading Profit and Loss Account for the year ended 31st March, 2011 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2011
Particulars	Debit Amount Rs	Credit Amount Rs
Land and Buildings	50,000
Machinery	40,000
Salaries	21,000
Cash in Bank	50,000
Cash in hand	1,100
Office expenses	1,000
Motor Van	18,000
Capital		1,70,000
Carriage	5,000
Purchases and Sales	2,20,000	2,88,000
Returns	2,000	5,500
Bad debts	1,000
Sundry Debtors and Creditors	32,800	35,000
Rent	1,100
Printing and Stationery	1,500
Bills payable		32,000
R.D.D.		1,000
Travelling expenses	5,500
Opening stock	30,000
Insurance	1,500
Discount	6,000
Advertisement	14,000
Furniture	30,000
Total	5,31,500	5,31,500

Adjustment:

1) Closing stock was valued Rs 41,000.

2) Goods of Rs 5,000 withdrawn for personal use but not recorded.

3) Goods of Rs 1,000 distributed as free sample.

4) Debtors of Rs 800 were bad and Provide R.D.D. at 5% on debtors and make a provison for discount on creditors at 2%.

5) Depreciate Machinery by 10% p.a. and Building by 5% p.a.

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.

The following is the Trial Balance of Mr. Deepak as on March 31, 2017. You are required to prepare trading account, profit and loss account and a balance sheet as on date:

Account title	Debit Amount Rs	Account title	Credit Amount Rs
Drawings	36,000	Capital	2,50,000
Insurance	3,000	Bills payable	3,600
General expenses	29,000	Creditors	50,000
Rent and taxes	14,400	Discount received	10,400
Lighting (factory)	2,800	Purchases return	8,000
Travelling expenses	7,400	Sales	4,40,000
Cash in hand	12,600
Bills receivable	5,000
Sundry debtors	1,04,000
Furniture	16,000
Plant and Machinery	1,80,000
Opening stock	40,000
Purchases	1,60,000
Sales return	6,000
Carriage inwards	7,200
Carriage outwards	1,600
Wages	84,000
Salaries	53,000

Closing stock Rs 35,000.

From the following Trial Balance of Mr. Kapil, 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
Opening Stock	58,000
Wages and Salary	6,500
Carriage	2,500
Purchases and Sales	63,000	1,26,000
Bills Receivable and Bills Payable	600	1,000
Rent	3,500
R.D.D.		800
Sundry Debtors and Sundry Creditors	15,000	16,000
Returns	1,000	500
Machinery	12,000
Travelling expenses	3,000
Cash at Bank	1,000
Buildings	25,000
Office expenses	2,700
Advertisement (For 3 Years)	3,000
Drawings	2,500
Capital		30,000
Insurance	600
General Reserve		25,600
Total	1,99,900	1,99,900

Adjustment:

1) Closing stock cost Rs 25,000 Market value at Rs 30,000.

2) Prepaid insurance Rs 100.

3) Goods of Rs 3,000 taken over by Kapil for personal use.

4) Provide depreciation on Machinery by 10% and Building by 20% p.a.

5) Outstanding expenses Rent Rs 500.

6) Provide Reserve for doubtful debts at 5% on Sundry Debtors.

Following balances are extracted from the ledger of Shri. Ram as on 31^stMarch, 2012. Prepare Trial Balance as on that date.

Particulars	Rs	Particulars	Rs	Particulars	Rs
Capital	4,50,000	Sales	3.60,000	Coal, Gas & Water	10,000
Drawings	25,000	Cash in hand	5,000	Bills Receivable	20,000
Investment	10,000	Opening stock	40,000	Bills Payable	10,000
Building	70,000	Bad Debts	1,000	Trade Expenses	500
Debtors	20,000	Carriage Inward	5,000	Royalty	9,000
Creditors	25,000	Wages	20,000
Bank Loan	15,000	Plant & Machinery	3,00,000	Purchases	2,35,000
Furniture	60,000	Sales Return	7,000	Salary	20,000
General Insurance	2,000	Bank Charges	500

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Trial Balance as on 31st March, 2009
Particulars	Debit Amount Rs	Credit Amount Rs
Capital		52,500
Drawings	1,500
Opening Stock	6,000
Purchases and Sales	40,000	70,000
Office Salaries	3,000
Royalties	1,000
Trade expenses	700
Advertisement	2,600
Wages	5,200
Cash in hand	4,000
Debtors and creditors	25,000	15,000
Bad debts	200
Bills Receivable & Bill Payable	8,000
Motor Van	2,000	3,000
Discount	15,000
Furniture	800
Furniture	5,000
Office Rent	1,500
Plant & Machinery	12,000
Freehold Property	8,000
Return outward		1,000
Total	1,41,500	1,41,500

Financial Statements of Miss Shruti
Trading Account for the year ended 31st March, 2009
Dr.	Cr.
Particulars			Amount (Rs)	Particulars	Amount (Rs)
Opening Stock			6,000	Sales	70,000
Purchases		40,000		Closing Stock	13,500
Less: Return Outwards		(1,000)	39,000
Wages			5,200
Royalties			1,000
Gross Profit (Balancing Figure)			32,300
			83,500		83,500

Profit and Loss Account for the year ended March 31, 2009
Dr.			Cr.
Particulars	Amount (Rs)	Particulars	Amount (Rs)
Salaries	3,000	Gross Profit	32,300
Trade Expenses	700
Advertisement	2,600
Bad Debts	200
Discount	800
Rent	1,500
Net Profit (Balancing Figure)	23,500
	32,300		32,300

Balance Sheet as on March 31, 2009
Liabilities		Amount (Rs)	Assets	Amount (Rs)
Capital	52,500		Fixed Assets
Less:Drawings	(1,500)		Investment	8,000
Add: Net Profit	23,500	74,500	Motor Van	15,000
			Furniture	5,000
Current Liabilities			Plant & Machinery	12,000
Creditors		15,000	Freehold Property	8,000
Bills Payable		3,000
			Current Assets
			Closing Stock	13,500
			Debtors	25,000
			Bills Receivable	2,000
			Cash in Hand	4,000
		92,500		92,500