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Standard XI
Accountancy
Finding Credit Sales
The Trial Bal...
Question

The Trial Balance of Miss Sneha Chug was as under prepare Trading and Profit & Loss A/c for the year ended 31st March, 2010 and the Balance Sheet as on that date.

Trial Balance as on 31st March, 2010
Particulars
Amount Rs
Particulars
Amount
Rs
Opening stock
Wages
Purchases
Investments
Postage
Printing and Stationery
Carriage outward
Insurance
Debtors
Furniture
Bad debts
Carriage inward
Cash in hand
Machinery (Purchased)
On 1-7-2009
Salaries (for 10 months)
Sundry expenses
Bills Receivable
30,000
9,500
52,500
10,000
1,500
2,000
1,000
3,500
35,000
5,500
1,200
1,800
5,400
32,000
15,000
2,100
8,500
Capital
Bills payable
10% Bank Loan
(taken on 1-10-2009)
Bank Overdraft
Creditors
Sales
R.D.D.
93,500
7,500
10,000
6,500
25,000
71,000
3,000
Total
2,16,500
Total
2,16,500
Adjustment
1) Closing stock was valued at Rs 61,500.
2) Depreciate Furniture and Machinery at 10% p.a.
3) Debtors of Rs 1,000 were bad and provide R.D.D. at 5% on debtors.
4) Wages includes Rs 8,000 paid for fixation of Machinery.
5) Stock of stationery of Rs 300 remain unused.

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Solution

Financial Statement of Miss Sneha Chugh
Trading Account
for the year ended 31st March, 2010
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Opening Stock
30,000
Sales
71,000
Purchases
52,500
Closing Stock
61,500
Wages
9,500
Less: Machinery’s Installation Charges
(8,000)
1,500
Carriage Inward
1,800
Gross Profit (Balancing Figure)
46,700
1,32,500
1,32,500
Profit and Loss Account
for the year ended March 31, 2010
Dr.
Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Postage
1,500
Gross Profit
46,700
Carriage Outward
1,000
Insurance
3,500
Printing & Stationery
2,000
Less: Closing Stock
(300)
1,700
Bad Debts
1,200
Add:Bad-debts
1,000
Add: New R.D.D
1,700
Less:Old R.D.D
(3,000)
900
Depreciation on:
550
Furniture
550
Machinery
3,000
3,550
Salaries
15,000
Add:Outstanding
3,000
18,000
Interest on Bank Loan
500
Sundry Expenses
2,100
Net Profit (Balancing Figure)
13,950
46,700
46,700
Balance Sheet
as on March 31, 2010
Liabilities
Amount
(Rs)
Assets
Amount
(Rs)
Capital
93,500
Fixed Assets
Add: Net Profit
13,950
1,07,450
Furniture
5,500
Less:Depreciation @ 10%
(550)
4,950
Current Liabilities
Machinery
32,000
Creditors
25,000
Add: Installation Charges
8,000
10% Bank Loan
10,000
Less:Depreciation
(3,000)
37,000
Outstanding Salaries
3,000
Investments
10,000
Bills Payable
7,500
Interest on Bank Loan
500
Current Assets
Bank Overdraft
6,500
Closing Stock
61,500
Stock of Stationery
300
Bills Receivables
8,500
Debtors
35,000
Less: Bad Debts
(1,000)
Less:R.D.D
(1,700)
32,300
Cash in Hand
5,400
1,59,950
1,59,950

Working Notes:

WN1: Calculation of Outstanding Salary:

WN2: Calculation of Depreciation on Machinery:

WN3: Calculation of Interest on Bank Loan:


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Q.

Form the following Trial Balance of M/s Deven Traders you are require to Prepare Trading, Profit and Loss A/c for the year ending 31st March, 2011 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2011
Particulars
Amount
Rs
Particulars
Amount
Rs
Opening Stock
Purchases
Wages
Investments
Carriage outward
Printing & stationery
Insurance
Salaries
Postage and Telegram
Machinery
Furniture
Debtors
Bills Receivable
Cash at Bank
Advertisement
Bad debts
Carriage Inward
15,000
45,700
9,900
3,500
4,600
3,400
750
10,000
700
26,800
6,400
25,000
4,000
6,000
1,000
250
4,500
Capital
Bills payable
Outstanding Salary
Sales
Creditors
Bank overdraft
60,000
11,000
1,700
79,800
12,000
3,000
Total
1,67,500
Total
1,67,500
Adjustment:
1) Closing stock was valued at Rs 61,500.
2) Unexpired insurance Rs 200.
3) Carriage inward included Rs 3,200 paid for transport on new machinery purchased on 1-4-2010.
4) Outstanding wages were Rs 1,100.
5) Depreciate Machinery by 10% and Furniture by Rs 400.
Q.

Following is the Trial Balance of M/s Duppar, you are required to prepare Trading Profit & Loss Account for the year ending 31st March, 2011 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2011
Particulars
Debit
Amount
Rs
Credit
Amount
Rs
Opening Stock
40,000
Purchases and Sales
1,20,000
2,00,000
Wages
12,000
Carriage inward
2,500
Salaries
10,000
Printing and stationery
3,500
Machinery
40,000
Carriage outward
2,000
Office expenses
4,500
Land and Buildings
35,000
Furniture
10,000
Bank balance
5,500
Sundry Debtors and Creditors
20,000
18,000
Bad Debts
500
Rent and Taxes
1,500
Advertisement
1,000
Capital
70,000
Commission received
2,000
Bills Payable
5,000
10% Bank Loan (Taken on 1-10-2010)
20,000
Drawings
7,000
Total
3,15,000
3,15,000
Adjustment:
1) On 31st March 2011 Stock was valued at Rs 25,000.
2) Outstanding Salaries Rs 2,500 and Wages Rs 2,000.
3) Goods worth Rs 1,500 distributed as free sample.
4) Provide Reserve for bad debts at 5% on Sundry debtors.
5) Wages included Rs 10,000 paid for fixation of machinery on 1-4-2010
6) Depreciate Machinery at 10% p.a. and Furniture by 15% p.a.
Q.

From the following Trial Balance of Kalyani, you are required to prepare Trading Profit & Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2010
Particulars
Debit
Amount
Rs
Credit
Amount
Rs
Capital
90,000
Drawings
3,000
Stock on 1-4-2009
45,000
Octroi duty
800
Purchases & Sales
2,00,000
3,12,000
Returns
6,000
2,000
Salaries
10,000
Carriage outward
1,400
Wages
14,000
Insurance
2,000
Discount received
600
Postage
800
Debtors and Creditors
60,000
64,000
Furniture
35,000
Cash in hand
10,000
Machinery
80,000
Rent & Taxes
6,000
Printing & stationery
2,000
Bank Overdraft
7,400
Total
4,76,000
4,76,000
Adjustments:
1) Closing stock was valued at cost Rs 40,000 while its market price Rs 45,000.
2) Depreciate Machinery by 5% p.a.
3) Salary Rs 2,000 and wages Rs 1,000 were outstanding.
4) Insurance Rs 500 was prepaid.
Q.

Following is the Trial Balance of M/s Shetty Traders, as on 31st March 2011 Prepare Trading Profit and Loss Account for the year ended 31st March, 2011 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2011
Particulars
Debit
Amount
Rs
Credit
Amount
Rs
Land and Buildings
50,000
Machinery
40,000
Salaries
21,000
Cash in Bank
50,000
Cash in hand
1,100
Office expenses
1,000
Motor Van
18,000
Capital
1,70,000
Carriage
5,000
Purchases and Sales
2,20,000
2,88,000
Returns
2,000
5,500
Bad debts
1,000
Sundry Debtors and Creditors
32,800
35,000
Rent
1,100
Printing and Stationery
1,500
Bills payable
32,000
R.D.D.
1,000
Travelling expenses
5,500
Opening stock
30,000
Insurance
1,500
Discount
6,000
Advertisement
14,000
Furniture
30,000
Total
5,31,500
5,31,500
Adjustment:
1) Closing stock was valued Rs 41,000.
2) Goods of Rs 5,000 withdrawn for personal use but not recorded.
3) Goods of Rs 1,000 distributed as free sample.
4) Debtors of Rs 800 were bad and Provide R.D.D. at 5% on debtors and make a provison for discount on creditors at 2%.
5) Depreciate Machinery by 10% p.a. and Building by 5% p.a.
Q.

Following is the Trial Balance of Supriya Gandhi as on 31st March 2011, you are required to Prepare Trading and Profit and Loss Account for the year ended on 31st March, 2011 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2011
Particulars
Amount
Rs
Particulars
Amount
Rs
Plant and Machinery
Loose Tools
Carriage and Freight
Postage and Telegram
Motive Power
Debtors
Trade expenses
Advertisement
Furniture
Wages
Purchases
Opening Stock
Printing and Stationery
Interest on Bank Loan
Land and Building
Goodwill
Discount
Cash in hand
80,000
10,000
8,600
1,400
6,000
24,000
600
3,000
14,000
28,000
59,000
20,800
5,200
3,000
1,00,000
26,600
800
1,000
15% Bank Loan
(taken on 1-10-2010)
Capital
Creditors
Commission
Sales
Discount
60,000
1,40,000
40,000
1,000
1,50,000
1,000
Total
3,92,000
Total
3,92,000
Adjustment:
1) Closing stock was valued at Rs 24,000.
2) Depreciate Plant and Machinery at 10% Furniture by 5% p.a.
3) Outstanding wages Rs 2,000.
4) Goods of Rs 1,000 taken over for personal use but not recorded.
5) Provide R.D.D. at 5% on debtors.
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