Question

The following are the balances as on 31st March, 2018 extracted from the books of Dass:

	₹		₹
Sales	9,20,000	Postage and Courier	6,200
Purchases	6,83,000	Miscellaneous Expenses	9,000
Returns Inward	13,000	Bad Debts	4,000
Returns Outward	22,000	Debtors	2,20,000
Stock on 1st April, 2017	1,76,000	Creditors	1,28,000
Carriage Inwards	24,000	Loan from Sahil	50,000
Rent	22,000	Capital	5,25,000
Discount	37,500	Drawings	19,100
Printing	7,200	Business Premises	3,90,000
Insurance	5,000	Office Furniture	15,000
Travelling Expenses	14,000

The stock on 31st March, 2018 was valued at ₹ 2,40,000.
You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2018.

Answer 1

Financial Statement of Bhagwan Das
Trading Account for the year ended March 31, 2018
Dr.							Cr.
Particulars			Amount (Rs)	Particulars		Amount (Rs)
Stock			1,76,000
Purchases		6,83,000		Sales	9,20,000
Less: Return Outwards		(22,000)	6,61,000	Less: Return Inwards	(13,000)	9,07,000
Carriage Inwards			24,000	Closing Stock		2,40,000
Gross Profit (Balancing Figure)			2,86,000
			11,47,000			11,47,000

Profit and Loss Account for the year ended March 31, 2018
Dr.					Cr.
Particulars		Amount (Rs)	Particulars	Amount (Rs)
Rent, Rates and Taxes		22,000	Gross Profit	2,86,000
Discount		37,500
Printing		7,200
Insurance		5,000
Travelling Expenses		14,000
Postage and Courier		6,200
Miscellaneous Expenses		9,000
Bad Debts		4,000
Net Profit (Balancing Figure)		1,81,100
		2,86,000		2,86,000

Balance Sheet as on March 31, 2018
Liabilities		Amount (Rs)	Assets	Amount (Rs)
Capital	5,25,000		Fixed Assets
Less: Drawings	(19,100)		Business Premises	3,90,000
Add: Net Profit	1,81,100	6,87,000	Office Furniture	15,000
Loan from Sahil		50,000	Current Assets
Current Liabilities			Closing Stock	2,40,000
Creditors		1,28,000	Debtors	2,20,000
		8,65,000		8,65,000