Question

The following is the trial balance of Mr. Deepak as on March 31, 2011. You are required to prepare Trading and Profit and Loss account and a Balance sheet as on date
$\begin{array}{cccc}\text{Account Title}& \text{Amt. (Rs.)}& \text{Account Title}& \text{Amt. (Rs.)}\\ \text{Drawings}& 36,000& \text{Capital}& 2,50,000\\ \text{Insurance}& 3,000& \text{Bills Payable}& 3,600\\ \text{General Expenses}& 29,000& \text{Creditors}& 50,000\\ \text{Rent and Taxes}& 14,400& \text{Discount Received}& 10,400\\ \text{Lighting (Factory)}& 2,800& \text{Purchase Return}& 8,000\\ \text{Travelling Expenses}& 7,400& \text{Sales}& 4,40,000\\ \text{Cash in Hand}& 12,600& & \\ \text{Bills Receivable}& 5,000& & \\ \text{Sunday Debtors}& 1,04,000& & \\ \text{Furniture}& 16,000& & \\ \text{Plant and Machinery}& 1,80,000& & \\ \text{Opening Stock}& 40,000& & \\ \text{Purchase}& 1,60,000& & \\ \text{Sales Return}& 6,000& & \\ \text{Carriage Inwards}& 7,200& & \\ \text{Carriage Outwards}& 1,600& & \\ \text{Wages}& 84,000& & \\ \text{Salaries}& 53,000& & \end{array}$
Closing Stock Rs. 35,000.

Answer 1

Trading and Profit and Loss Account
as on 31st March, 2011
$\begin{array}{cccc}\text{Particulars}& \text{Amt. (Rs.)}& \text{Particulars}& \text{Amt. (Rs.)}\\ \text{Opening Stock}& 40,000& \text{Sales}4,40,000& \\ \text{Purchase}1,60,000& & \text{(-)Sales Return}\underset{–}{6,000}& 4,34,000\\ \text{(-) Purchase Return}\underset{–}{8,000}& 1,52,000& \text{Closing Stock}& 35,000\\ \text{Lighting Factory}& 2,800& & \\ \text{Carriage Inward}& 7,200& & \\ \text{Wages}& 84,000& & \\ \text{Gross Profit c/d}& \underset{–}{1,83,000}& & \underset{–}{}\\ & \underset{–}{4,69,000}& & \underset{–}{4,69,000}\\ \text{Insurance}& 3,000& \text{Gross Profit b/d}& 1,83,000\\ \text{General Expenses}& 29,000& \text{Discount Received}& 10,400\\ \text{Rent and Taxes}& 14,400& & \\ \text{Travelling Expenses}& 7,400& & \\ \text{Carriage Outward}& 1,600& & \\ \text{Salaries}& 53,000& & \\ \text{Net Profit}& \underset{–}{85,000}& & \underset{–}{}\\ & \underset{–}{1,93,400}& & \underset{–}{1,93,400}\end{array}$

Balance Sheet
as on 31st March, 2011
$\begin{array}{cccc}\text{Capital and Liabilities}& \text{Amt. (Rs.)}& \text{Assets}& \text{Amt. (Rs.)}\\ \text{Capital}2,50,000& & \text{Cash in Hand}& 12,600\\ \text{(+)Net Profit}\underset{–}{85,000}& & \text{Bills Receivable}& 5,000\\ 3,35,000& & \text{Sundry Debtors}& 1,04,000\\ \text{(-)Drawings}\underset{–}{36,000}& 2,99,000& \text{Furniture}& 16,000\\ \text{Bills Payable}& 3,600& \text{Plant and Machinery}& 1,80,000\\ \text{Creditors}& \underset{–}{50,000}& \text{Closing Stock}& \underset{–}{35,000}\\ & \underset{–}{3,52,600}& & \underset{–}{3,52,600}\end{array}$