Prepare Trail Balance from the following information:

Bank overdraft Rs.28,000,Cash in hand Rs.4,000,Purchase return Rs.8,000,Sundry expenses Rs.24,000,Sales return Rs.16,000,Salaries Rs.16,000,Purchases Rs.56,000,Sales Rs.88,000,Creditors Rs.24,000,Debtors Rs.16,000,Stock (opening) Rs.20,000,Machinery Rs.40,000,Capital Rs.44,000.

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Solution

Trail Balance

$\begin{matrix} Particulars & Debit & Credit Bank overdraft & 28, 000 Cash in hand & 4, 000 Purchase return & 8, 000 Sundry expenses & 24, 000 Sales return & 16, 000 Salaries & 16, 000 Purchases & 56, 000 Sales & 88, 000 Creditors & 24, 000 Debtors & 16, 000 Stock(opening) & 20, 000 Machinery & 40, 000 Capital & 44, 000 Total & 1, 92, 000 & 1, 92, 000 \end{matrix}$

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Calculate closing stock and cost of goods sold. Opening stock Rs. 5,000 ; sales Rs. 16,000; carriage inwards Rs. 1,000, sales return Rs. 1,000; gross profit Rs. 6,000; purchases Rs. 10,000; purchases return Rs. 900.

Prepare Trading and Profit & Loss Account and Balance sheet from the following Trial Balance as on March 31, 2012.

Trial Balance

$\begin{matrix} Head of Accounts & Dr.Balance & Cr.Balance (Rs) & (Rs) Purchase and Sales & 3, 20, 000 & 5, 30, 000 Purchase Returns and Sales Returns & 30, 000 & 20, 000 Opening Stock & 40, 000 & - Wages & 15, 000 & - Power Charges & 30, 000 & - Salaries & 28, 000 & - Apprenticeship Premium & - & 15, 000 Rent & 16, 000 & - Rent Outstanding & - & 4, 000 October 1,2011 & 82, 000 & - Bills Receivable & 68, 000 & - Bills payable & - & 16, 000 Plant and Machinery & 1, 60, 000 & - Debtors and Creditors & 90, 000 & 50, 000 Cash in Hand & 11, 000 & - Cash at Bank & 70, 000 & - Capital & - & 3, 15, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 9, 50, 000 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 9, 50, 000 - -------- - \end{matrix}$

Additional Information:

(a) Closing stock is valued at Rs 25,000.
(b) Goods costing Rs 32,000 purchased from Agra are still in transit.
(c) Apprenticeship premium is for two years. For one year, it is in advance.
(d) Depreciate Plant and Machinery @ 10% and Furniture @ 20%.
(e) Wages of Rs 5,000 are outstanding.

The following is the trial balance of Mr. Rajeev Gautam on 31st March, 2012.

$\begin{matrix} Particulars & Dr.Amount & Cr.Amount (Rs) & (Rs) Cash in Hand & 10, 800 & - Cash at Bank & 52, 600 & - Purchases & 8, 13, 500 & - Sales & - & 19, 75, 600 Returns Outward & - & 10, 000 Wages & 2, 09, 600 & - Fuel and Power & 94, 600 & - Carriage Outwards & 64, 000 & - Carriage Inwards & 40, 800 & - Stock(1st April,2011) & 1, 15, 200 & - Building & 6, 00, 000 & - Freehold Land & 2, 00, 000 & - Machinery & 4, 00, 000 & - Salaries & 3, 00, 000 & - Patents & 1, 50, 000 & - General Expenses & 60, 000 & - Insurance & 12, 000 & - Capital & - & 14, 20, 000 Drawings & 1, 04, 900 & - Sundry Debtors & 2, 90, 000 & - Sundry Creditors & - - -------- - & 1, 26, 000 - --------- - 35, 31, 600 - --------- - & 35, 31, 600 - --------- - \end{matrix}$

Taking into account the following adjustments, prepare Trading and Profit & Loss Account and the Balance Sheet:

(a) Stock on hand on 31st March, 2011 is Rs 1,36,000.
(b) Machinery is to be depreciated @ 10% and patents @ 20%.
(c) Salary for the month of March, 2012 amounting to Rs 30,000 were unpaid.
(d) Insurance includes a premium of Rs 1,700 due in next year.
(e) Wages include a sum of Rs 40,000 spent on the erection of cycle shed for employees and customers.
(f) A provision for bad debts is to be created to the extent of 5% on Sundry debtors.

Following balances were extracted from the ledger of Shri Govinda as on 31^st March 2012 Prepare a Trial Balance as on 31^st March, 2012.

Particulars	Rs	Particulars	Rs	Particulars	Rs
Stock (1-4-11)	44,000	Trade Expense	4,000	Furniture	16,000
Purchases	1,70,000	Debtors	72,000	Advertisement	8,000
Sales	3,20,000	Creditors	40,000	Office Rent	10,000
Return Inward	10,000	Salaries	38,000	Drawings	14,000
Carriage	4,000	Insurance	2,400	Good will	6,000
Motive Power	6,000	Postage	3,600	Bank Loan	32,000
Wages	56,000	Commission (Dr.)	5,000	Building	24,000
Plant & Machinery	60,000	Commission (Cr.)	4,000	Capital	1,50,000
Bills Payable	10,000	Cash in hand	3,000

From the following ledger balances of Mr. Jaydeep you are required to prepare Trial Balance as on 31st March, 2012.

Particulars	Rs	Particulars	Rs	Particulars	Rs
Capital	1,00,000	Purchases	1,90,000	Wages	24,000
Drawings	3,000	Sales	3,02,000	Insurance	1,600
Opening Stock	44,000	Purchase Return	2,000	Discount Received	200
Bills Receivable	1,800	Sales return	6,000	Postage	800
Salaries	10,000	Carriage outward	1,400	Cash in hand	9,800
Debtors	70,400	Furniture	24,000	Machinery	80,200
Creditors	64,200	Rent & Taxes	1,200	Printing & Stationery	400

PRACTICAL PROBLEMS

A and B are in Partnership. Their Capitals on 1^st April 2010 were Rs 30,000 each. The assets and liabilities as on 31^st March 2011 were as follows. Cash in hand Rs 2,400, Cash at Bank Rs 16,000 Bill Receivable Rs 4,000, Debtors Rs 28,600 Stock Rs 26,000. Machinery Rs 14,000, furniture Rs 8,000, Bills Payable Rs 3,000 Sundry creditors Rs 6,000 Outstanding salary Rs 800.

Additional Information:

1) Provide Rs 600 as Bad Debts and 5% R.D.D.

2) Depreciate furniture @ 5% p.a. and Machinery @ 10% p.a.

3) Stock is found undervalued by Rs 2,000.

4) Sundry creditors are found overvalued by Rs 1,000.

5) Prepaid Insurance Rs 2,000.

6) Additional capital introduced by partners Rs 4,000 each.

7) Drawings of ‘A’ Rs 3,000 and ‘B’ Rs 2,000 calculate the profit for the year ended 31^st March 2011.

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Trail Balance ParticularsDebitCreditBank overdraft28,000Cash in hand4,000Purchase return 8,000Sundry expenses24,000Sales return16,000Salaries16,000Purchases56,000Sales88,000Creditors24,000Debtors16,000Stock(opening)20,000Machinery40,000Capital44,000Total1,92,0001,92,000