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- 20101-c- Particulars Amount Rs 1-c- Particulars Amount Rs Opening stock 30-000 Capital 93-500 Wages 9-500 Bills payable 7-500 Purchases 52-500 10- Bank Loan Investments 10-000 taken on 1-10-2009 10-000 Postage 1-500 Bank Overdraft 6-500 Printing and Stationery 2-000 Creditors 25-000 Carriage outward 1-000 Sales 71-000 Insurance 3-500 R-D-D- 3-000 Debtors 35-000 Furniture 5-500 Bad debts 1-200 Carriage inward 1-800 Cash in hand 5-400 Machinery Purchased 32-000 On 1-7-2009 Salaries for 10 months 15-000 Sundry expenses 2-100 Bills Receivable 8-500 2 - 3 2-16-500 2 Adjustment1 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-

Financial Statement of Miss Sneha Chugh Trading Account nbsp; for the year ended 31st March, 2010 Dr. ...

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Byju's Answer

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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Similar questions

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.

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.

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.

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.

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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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

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