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Illustration: 1
From the following particulars prepare trading and profit and loss account of Mr. R. for
the year ended 31.3.1997 and a balance sheet as on 31.3.1997:
Homework1
Building
5,00,000
Machineries
2,00,000
Furniture
1,00,000
Cash at Bank
90,000
10,000
3,00,000
Rs capital
5,20,000
5,00,000
4,00,000
Stock on 1.4.1996
1,20,000
Purchases/Sales
25,00,000
32,20,000
1,20,000
1,00,000
Rent
60,000
Establishment expenses
1,80,000
Electricity charges
15,000
Telephone charges
10,000
Commission on sales
30,000
Insurance Premium
10,000
Bad debts
20,000
Bills receivable
75,000
45,40,000
45,40,000
Homework1
Solution :
Mr. Jack
Trading and Profit and Loss Account
For the year Ended 31 March, 1997
$
Opening Stock
Purchases
1,20,000
25,00,000
2,30,000
33,30,000
33,30,000
1,80,000
Telephone charges
15,000
Commission on sales
30,000
Insurance premium
10,000
Bad debts
20,000
25,000
8,10,000
5,00,000
Interest on loan
18
31,00,000
33,30,000
Establishment expenses
100
8.10,000
60,000
Sales 32,20,000
24,00,000
Rent
100
3,00,00
45,000
10
12
Depreciation (W.N.2)
85,000
Managers Commission
30,000
Net Profit
3,00,000
8,10,000
8,10,000
Homework1
Illustration 2.
From the following particulars extracted from the books of Ganguli, prepare Trading and
Profit and Loss Account and Balance Sheet as at 31 March, 19994 after making the
necessary adjustments :
Homework1
54,050
Stock on 1.4.1993
23,400
Sales
1,44,800
Discounts Received
Sale Returns
4,300
Purchases
1,21,550
as on 1.4.1993
2,500
Purchases Returns
2,900
Furniture as on 1.4.1993
900
Carriage Inwards
9,300
Discounts Allowed
3,770
Rent
2,850
General Expenses
1,960
Salaries
4,650
Audit Fees
350
Sundry Debtors
12,000
300
Sundry Creditors
7,400
Travelling Expenses
1,165
435
Internet Received
Cash with Traders Bank Ltd
725
4,000
1,495
10,000
Cash on Hand
Interest Paid
450
Deposits at 10% as on
1,700
1.4.1993 (Dr.)
15,000
Advertisement
5,600
Drawings
5,000
Homework1
Solution:
Jack
Trading and Profit and Loss Account
For the year Ended on 31 March 1994
$
Opening Stock
Purchases
1,21,550
Less : Transfer to
Furniture Account
1,000
Less : Returns
2,900
$
23,400
1,17,650
Carriage inwards
1,17,650
9,300
$
Sales 1,44,800
Less: Returns 5,800
Closing Stock
1,78,300
$
1,39,300
39,300
1,78,300
Salaries
4,650
27,950
Rent
2,850
Interest
1,725
Advertisement
5,600
Discount received
1,495
1,700
Interest
750
General expenses
1,960
Travelling expenses
1,165
300
435
475
(W.N.1)
Depreciation on Furniture
115
Audit Fees
350
Capital A/c
(Net Profit transferred)
7,050
31,750
31,750
Homework1
Balance Sheet As on 31 March 1994
Liabilities
$
Assets
Capital Account :
Furniture
7,050
1,900
61,100
Less : Drawings
5,000
900
Less : Depreciation
115
56,100
2,500
Investments
2,500
Deposits
10,000
Interest accrued on
1,785
15,000
Interest accrued on
Investments & Deposits
300
(W.N.3)
Sundry Creditors
6,400
Stock in trade
1,000
39,300
Sundry Debtors
9,500
Less : Provision
475
9,025
4,000
Cash in Hand
190
72,800
72,800
Homework1