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Financial Statements of Shri R. Lal
Trading Account
for the year ended March31, 2012
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Opening Stock
11,460
Sales
1,40,370
Purchases
80,000
Less: Return Inwards
4,240
1,36,130
Less: Return Outwards
2,820
77,180
Closing Stock
14,290
Carriage Inwards
2,310
Wages
6,280
Gross Profit (Balancing Figure)
53,190
1,50,420
1,50,420
Profit and Loss Account
for the year ended March 31, 2012
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Depreciation: (WN1) Gross Profit
53,190
Building
625
Rent
2,100
Furniture
175
Add: Accrued
200
2,300
Additions to Building
140
940
Discount
190
Salary & Commission
9,870
Add: Outstanding Salaries
570
10,440
Bad Debts
1,400
Add: Further Bad Debts
570
Add: New Provision (WN2)
3,690
Less: Old Provision
3,240
2,420
Interest on Capital
5,000
Rates & Insurance
1,300
Less: Unexpired
240
1,060
Railway Freight on Sales
16,940
Office Expenses
1,340
Printing & Stationery
660
Postage & Telegram
820
Net Profit (Balancing Figure)
16,060
55,680
55,680
Balance Sheet
as on March 31, 2012
Liabilities
Amount
(Rs)
Assets
Amount
(Rs)
Capital
1,00,000
Fixed Assets
Add: Interest on Capital
5,000
Building
25,000
Add: Net Profit
16,060
Less: Depreciation
625
24,375
Less: Drawings
17,600
1,03,460
Additions to Building
7,000
Less: Depreciation
140
6,860
Current Liabilities Office Furniture
3,500
Sundry Creditors
18,920
Less: Depreciation
175
3,325
Outstanding Salaries
570
Current Assets
Closing Stock
14,290
Bills Receivable
1,240
Accrued Rent
200
Unexpired Insurance
240
Cash in Hand
2,210
Sundry Debtors
62,070
Less: Further Bad Debts
570
Less: Provision for Discount on Debtors
3,690
57,810
Cash at Bank
12,400
1,22,950
1,22,950


Working Notes

WN1: Calculation of Amount of Depreciation


WN2: Calculation of Provision for Doubtful Debts


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