Question

Prepare Profit and Loss Account for the year ended 31st March, 2017 from the following particulars:-

Particulars			(₹)	Particulars	(₹)
General expenses			12,000	Gross profit	7,69,000
Charity			3,000	Carriage Outwards	20,000
Office Lighting			5,000	Office Expenses	16,000
Law Charges			5,800	Fire Insurance Premium	18,000
Advertisement			14,200	Telephone Expenses	13,500
Bank charges			1,200	Establishment expenses	2,500
Commission			7,000	Miscellaneous Expenses	7,100
Rent, Rates and Taxes			30,000	Discount Received	6,200
Interest on investments			12,000	Traveller's salary	60,000
Sundry Receipts			6,000	Repair	4,300
Indirect expenses			2,100	Commission Cr.	2,000
Printing and Stationery			1,500

Answer 1

Profit and Loss Account for the year ended March 31, 2017
Dr.					Cr.
Particulars		Amount (Rs)	Particulars	Amount (Rs)
General Expenses		12,000	Gross Profit	7,69,000
Charity		3,000	Interest on Investments	12,000
Office Lighting		5,000	Sundry Receipts	6,000
Law Charges		5,800	Discount Received	6,200
Advertisement		14,200	Commission Received	2,000
Bank Charges		1,200
Commission		7,000
Rent, Rates and Taxes		30,000
Indirect Expenses		2,100
Printing & Stationery		1,500
Carriage Outwards		20,000
Office Expenses		16,000
Fire Insurance Premium		18,000
Telephone Expenses		13,500
Establishment Expenses		2,500
Miscellaneous Expenses		7,100
Traveler’s Salary		60,000
Repair		4,300
Net Profit		5,72,000
		7,95,200		7,95,200