1 From the following trial balance of a trader,make out a trading and profit and loss account and balance sheet as on 31st march
PARTICULARS
SalesPurchasesPrinting ChargesWagesSalariesOpening StockCarriage InwardsGeneral ExpensesTrade marksRates and TaxesCapitalDiscount receivedLoan BuildingsFurnitureMachineryCash Bank
ADJUSTMENTS:1 The closing stock was valued at RS.3200002 Outstanding Salaries RS.100003 Prepaid Rates&Taxes RS.500
SOLUTION:Trading and profit and loss account for the year ending 31st march,2000
DRPARTICULARS RSTo opening stock
To purchasesTo wagesTo carriage inwardsTo gross profit c/d(Transferred to profit and loss accont)
To printing chargesTo salaries 12500Add:Outstanding 10000To general expensesTo rates and taxes 2500Less:Prepaid 500
To Net Profit(Transferred to cacapital account)
LIABILITIES RSOutstanding salaryLoansCapital 174800Add:Net Profit 271700
2 Mr.Senthil book shows the following balances.Prepare his Trading and Profit and loss account for the year ended 31st March 2005 and balance sheet as on that date.
PARTICULARS
Stock on 1.4.2004
BALANCE SHEET
Purchases
SalesCarriage inwardsSalariesPrinting&StationeryDrawings
Sundry CreditorsSundry DebtorsFurniture
CapitalPostage&TelephoneInterest PaidMachineryLoan AccountSuspense Account
ADJUSTMENTS:1 Closing Stock RS.1200002 Provide 5% for bad&doubtful debts on debtors3 Depreciate machinery&furniture by 5%4 Allow interest on capital at 5%5 Prepaid printing charges RS.2000
SOLUTION:Trading and profit and loss account account of MR.Senthil for the period ending 31st march 2005
DRPARTICULARS RSTo opening stockTo purchasesTo Carriage InwardsTo Gross Profit c/d(Transferred to Profit&loss a/c)
To Salaries
To Printing&Stationery 8000Less:Prepaid 2000
To Postage&TelephoneTo Interest PaidTo Provision for bad&doubtful debtsTo Depreciation:Machinery 2075Furniture 500To Interest on capitalTo Net Profit(Transferred to capital a/c)
LIABILITIES RSSundry CreditorsLoan accountCapital 250000Add:Net profit 46425
296425Add:Interest on capital 12500
308925Less:Drawings 17000
Suspense Account
3 From the following particulars of MRS.Sulochana,prepare Trading and Profit and Loss account and Balance sheet for the year ending 31st march,2004
PARTICULARS
CapitalCash
BuildingsSalaryRent&TaxesOpening stockMachineryDrawingsPurchasesSalesCarriage inwardsFuel,GasSundry DebtorsSundry CreditorsBills ReceivableDividendLoanBad DebtsAdvertisementProvision for Bad&Doubtful Debts
ADJUSTMENTS:1 Closing stock RS.1400002 Write off RS.10000 as bad debts;Provide 5%for bad and doubtful debts.3 Make provision for disount on debtors at 2%4 Provision for discount on creditors at 2%
SOLUTION:Trading and profit and loss account of MRS.Sulochana for the year ending 31st March,2004
DRPARTICULARS RS
To opening stockTo purchasesTo Carriage inwardsTo Fuel,GasTo Gross Profit c/d(Transferred to Profit&Loss account)
To SalaryTo Rent&TaxesTo AdvertisementTo Provision for Bad&Doubtful debts A/cBad Debts 2000Add:Bad debts written off 10000
12000Add:New Provision 12000
24000Less:Old Provision 6000
To Provision for Discount on DebtorsTo Net Profit(Transferred to Capital A/c)
LIABILITIES RSSundry Creditors 120000Less:Provision for discount on creditors 2400
LoanCapital 750000Add:Net Profit 88840
838840Less:Drawings 40000
4 Prepare Trading,Profit and Loss A/c and Balance Sheet as on 31.3.2005 from the following Trial Balance of MR.Imran.
PARTICULARS
Capital Bank OverdraftSalesFurnitureBusiness PremisesCreditorsOpening StockDebtorsRentPurchasesDiscountInsuranceWagesSalariesAdvertisementCarriage on purchasesProvision for Bad&Doubtful DebtsBad DebtsIncome Tax
ADJUSTMENTS:1 Closing stock on 31.3.2005 was RS.1200002 Make a Provision of 5% on Sundry debtors for Bad and Doubtful Debts.3 Rent Received in Advance RS.20004 Provide 10% on Depreciation on Furniture and Business Premises.
SOLUTION:Trading and Profit and Loss Account of MR.Imran for the year ending 31st March,2005
DRPARTICULARS RS
To Opening stockTo PurchasesTo WagesTo Carriage on PurchasesTo Gross Profit c/d(Transferred to Profit&Loss A/c)
To InsuranceTo SalariesTo AdvertisementTo Depreciation on:Furniture 3060Business Premises 12000
To Net Profit (Transferred to Capital A/c)
LIABILITIES RSSundry CreditorsBank Overdraft Rent received in AdvanceCapital 150000Add:Net Profit 105140
255140Less:Income Tax 4000
5 The following are the balances extracted from the books of MRS.Suguna as on 31st March,2004.
PARTICULARS
DrawingsCash at BankCash in HandWagesPurchasesSalesStock (31.03.03)BuildingsSundry DebtorsBills ReceivableCapitalRentCommissionSundry CreditorsGeneral ExpensesFurnitureSuspense Account
ADJUSTMENTS:1 Closing stock RS.40000 valued as on 31.3.042 Interest on Capital at 6% to be provided3 Interest on drawings at 5% to be provided4 Depreciate buildings at the rate of 10%per annum5 Write off Bad Debts RS.10006 Wages yet to be paid RS.500
SOLUTION:Trading and Profit and Loss Account of MRS.Suguna for the year ending 31st March,2004
DRPARTICULARS RS
To Opening stockTo PurchasesTo Wages 10000Add:Outstanding 500
To Gross Profit c/d(Transferred to Profit&Loss A/c)
To RentTo CommissionTo General ExpensesTo Interest on CapitalTo Depreciation on BuildingsTo Bad Debtswritten offTo Net Profit (Transferred to Capital A/c)
LIABILITIES RSSundry CreditorsOutstanding WagesCapital 200000Add:Net Profit 73500
273500Add:Interest on Capital 12000
285500Less:Drawings 40000
245500Less:Interest on Drawings 2000
From the following trial balance of a trader,make out a trading and profit and loss account and balance sheet as on 31st march march,2000
DEBIT CREDITRS RS
420000105000
25007750012500
2250008800
2625050002500
1748001250
17500020000025000500001000
30000
Trading and profit and loss account for the year ending 31st march,2000
RS PARTICULARS RS225000 By sales
105000 By closing stock775008800
323700
7400002500 By gross profit b/d
(Transferred from trading account)22500 By discount received26250
2000271700
324950
RS ASSESTS RS10000 Cash
175000 BankClosing stock
446500 Prepaid rates&taxesBuildingFurnitureMachineryTrade Marks
631500
Mr.Senthil book shows the following balances.Prepare his Trading and Profit and loss account for the year ended 31st March 2005 and balance
DEBIT CREDITRS RS
150000
BALANCE SHEET
130000
3000002000
500008000
17000
2000018000010000
25000075004000
41500250005000
600000 600000
Trading and profit and loss account account of MR.Senthil for the period ending 31st march 2005
RS PARTICULARS RS150000 By Sales140000 By Closing Stock
2000138000
42000050000 By Gross Profit
(Transferred from trading a/c)
6000750040009000
25751250046425
138000
BALANCE SHEETRS ASSETS RS
20000 Sundry Debtors 18000025000 Less:Provision for bad&doubtful 9000
debts
Closing StockPrepaid PrintingFurniture 10000Less:Depreciation 500
2919255000 Machinery 41500
Less:Depreciation 2075
341925
From the following particulars of MRS.Sulochana,prepare Trading and Profit and Loss account and Balance sheet for the year ending 31st march,2004
DEBIT CREDITRS RS
75000040000
40000011000021000
12000012000040000
500000750000
500037000
250000120000
530002800060000
200016000
60001714000 1714000
Write off RS.10000 as bad debts;Provide 5%for bad and doubtful debts.
Trading and profit and loss account of MRS.Sulochana for the year ending 31st March,2004
CRRS PARTICULARS RS
120000 By Sales500000 By Closing Stock
500037000
228000
890000110000 By Gross Profit b/d
21000 (Transferred from Trading A/c)16000 By Dividend
By Provision for discount on Creditors
180004560
88840
258400
BALANCE SHEET
RS ASSETS RSCashBills Receivable
117600 Sundry debtors 25000060000 Less:Bad Debts written off 10000
240000Less:New Provision for Bad& 12000Doubtful debts
228000798840 Less:New Provision for discount 4560
on debtors
Closing StockBuildingsMachinery
976440
Prepare Trading,Profit and Loss A/c and Balance Sheet as on 31.3.2005 from the following Trial Balance of MR.Imran.
DEBIT CREDITRS RS
15000025200
90300030600
12000079800
132000108000
6000660000
24001600024000540001320010800
7000800
40001173400 1173400
Make a Provision of 5% on Sundry debtors for Bad and Doubtful Debts.
Provide 10% on Depreciation on Furniture and Business Premises.
Trading and Profit and Loss Account of MR.Imran for the year ending 31st March,2005
CRRS PARTICULARS RS
132000 By Sales660000 By Closing stock
2400010800
196200
102300016000 By Gross Profit b/d54000 (Transferred from Trading A/c)13200 By Rent 6000
Less:Received in Advance 2000
By Provision for Bad&Doubtful15060 Debts
105140 Old Provision 7000Less:Bad Debts 8000New Provision 5400 6200By Discount
203400
BALANCE SHEET
RS ASSETS RS79800 Sundry Debtors 10800025200 Less:New Provision for Bad& 54002000 Doubtful debts
Closing StockFurniture 30600Less:Depreciation 3060
251140Business Premises 120000Less:Depreciation 12000
358140
The following are the balances extracted from the books of MRS.Suguna as on 31st March,2004.
DEBIT CREDITRS RS
4000017000600001000020000
16000060000
1000004400029000
20000045002500
45000800050005000
405000 405000
Trading and Profit and Loss Account of MRS.Suguna for the year ending 31st March,2004
CRRS PARTICULARS RS
60000 By Sales20000 By Closing Stock
10500109500
2000004500 By Gross Profit b/d2500 (Transferred from Trading A/c)8000 By Interest on Drawings
1200010000
100073500
111500
BALANCE SHEETRS ASSETS RS
45000 Cash in hand500 Cash at Bank
Bills ReceivableSundry Debtors 44000Less:Bad debts wrirren off 1000
Closing StockBuildings 100000Less:Depreciation 10000
243500 FurnitureSuspense Account
289000
march,2000
CRRS
420000
320000
740000323700
1250
324950
RS1000
30000320000
500200000
25000500005000
631500
Mr.Senthil book shows the following balances.Prepare his Trading and Profit and loss account for the year ended 31st March 2005 and balance
RS300000120000
420000138000
138000
RS
171000120000
2000
9500
39425341925
From the following particulars of MRS.Sulochana,prepare Trading and Profit and Loss account and Balance sheet for the year ending 31st march,2004
RS
750000140000
890000228000
280002400
258400
RS4000053000
223440140000400000120000
976440
RS
903000120000
1023000196200
4000
8002400
203400
RS
102600120000
27540
108000358140
RS
16000040000
200000109500
2000
111500
RS600001700029000
4300040000
9000050005000
289000