Question

Prepare Trading and Profit and Loss account and Balance Sheet as on march 31, 2011

$\begin{array}{cccc}\text{Account Title}& \text{Amt. (Rs.)}& \text{Account Title}& \text{Amt. (Rs.)}\\ \text{Machinery}& 27,000& \text{Capital}& 60,000\\ \text{Sundry Debtors}& 21,600& \text{Bills Payable}& 2,800\\ \text{Drawings}& 2,700& \text{Sundry Creditors}& 1,400\\ \text{Purchase}& 58,500& \text{Sales}& 73,500\\ \text{Wages}& 15,000& & \\ \text{Sundry Expenses}& 600& & \\ \text{Rent and Taxes}& 1,350& & \\ \text{Carriage Inwards}& 450& & \\ \text{Bank}& 4,500& & \\ \text{Opening Stock}& 6,000& & \end{array}$

Closing stock, as on March 31, 2011 ₹ 22,400

Answer 1

Trading and Profit and Loss Account
as on 31st March,2011

$\begin{array}{cccc}\text{Particulars}& \text{Amt. (Rs.)}& \text{Particulars}& \text{Amt. (Rs.)}\\ \text{Opening Stock}& 6,000& \text{Sales}& 73,500\\ \text{Purchase}& 58,500& \text{Closing Stock}& 22,400\\ \text{Wages}& 15,000& & \\ \text{Carriage Inward}& 450& & \\ \text{Gross Profit c/d}& \underset{–}{15,950}& & \underset{–}{}\\ & \underset{–}{95,900}& & \underset{–}{95,900}\\ \text{Sundry Expenses}& 600& \text{Gross Profit b/d}& 15,950\\ \text{Rent and Taxes}& 1,350& & \\ \text{Net Profit}& \underset{–}{14,000}& & \underset{–}{}\\ & \underset{–}{15,950}& & \underset{–}{15,950}\end{array}$

Balance Sheet
as on 31st March, 2011

$\begin{array}{cccc}\text{Liabilities}& \text{Amt. (Rs.)}& \text{Assets}& \text{Amt. (Rs.)}\\ \text{Capital}60,000& & \text{Machinery}& 27,000\\ \text{(+)Net Profit}\underset{–}{14,000}& & \text{Sundry Debtors}& 21,600\\ 74,000& & \text{Bank}& 4,500\\ \text{(-)Drawings}\underset{–}{2,700}& 71,300& \text{Closing Stock}& 22,400\\ \text{Bills Payable}& 2,800& & \\ \text{Sundry Creditors}& \underset{–}{1,400}& & \underset{–}{}\\ & \underset{–}{75,500}& & \underset{–}{75,500}\end{array}$