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  • Particulars (DR) Amount Particulars (CR) Amount

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    Jerin Mathew
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    1. The trading and profit and loss account for the year ended March 31, 2004 showed a net loss of Rs. 26,750. Total income was Rs. 981,000 including cash and credit sales while total expenses were also Rs. 981,000 including purchases, wages, salaries, and depreciation. 2. The balance sheet as of March 31, 2004 listed total assets of Rs. 698,750 including machinery, furniture, stock and debtors and total liabilities of the same amount including owners capital, loan and creditors. 3. Key expenses contributing to the net loss included depreciation of Rs. 36,500 on machinery and furniture as well as interest expenses of Rs. 4

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    1. The trading and profit and loss account for the year ended March 31, 2004 showed a net loss of Rs. 26,750. Total income was Rs. 981,000 including cash and credit sales while total expenses were also Rs. 981,000 including purchases, wages, salaries, and depreciation. 2. The balance sheet as of March 31, 2004 listed total assets of Rs. 698,750 including machinery, furniture, stock and debtors and total liabilities of the same amount including owners capital, loan and creditors. 3. Key expenses contributing to the net loss included depreciation of Rs. 36,500 on machinery and furniture as well as interest expenses of Rs. 4

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    26 views1 page

    Particulars (DR) Amount Particulars (CR) Amount

    Uploaded by

    Jerin Mathew
    1. The trading and profit and loss account for the year ended March 31, 2004 showed a net loss of Rs. 26,750. Total income was Rs. 981,000 including cash and credit sales while total expenses were also Rs. 981,000 including purchases, wages, salaries, and depreciation. 2. The balance sheet as of March 31, 2004 listed total assets of Rs. 698,750 including machinery, furniture, stock and debtors and total liabilities of the same amount including owners capital, loan and creditors. 3. Key expenses contributing to the net loss included depreciation of Rs. 36,500 on machinery and furniture as well as interest expenses of Rs. 4

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    of 1

    Trading and Profit and Loss Account for the year ended 31st Mar 2004

    Particulars (Dr) Amount Particulars (Cr) Amount


    To opening stock 150000 By cash sales 61000
    To purchases 369000 By credit sales 780000
    To wages 180000
    To salaries 150000 By closing stock 140000
    To Sunday office expenses 108750
    To Gross Profit c/d 23250

    Total 981000 Total 981000

    To Discount allowed 7000 By Gross Profit b/d 23250


    To Bad debts w/o 8000 By Discount received 4000
    To Depreciation By misc income 2000

    Furniture @5% 2000 By net loss c/d 26750


    Machinery@10% 34500 36500
    To interest on loan from 4500
    Dass

    Total 58500 Total 58500

    Balance Sheet as at 31st Mar 2004


    Liabilities Amount Assets Amount
    OWNERS CAPITAL FIXED ASSETS
    Opening balance 516000 Machinery 345000
    Less drawings 40000 Less depreciation 34500
    Less loss 26750 449250 Net block 310500
    Furniture 40000
    UNSECURED LOAN Less depreciation 2000
    Dass @9% 100000 Net block 38000 348500
    INVESTMENTS
    CURRENT LIABLITIES AND CURRENT ASSETS, LOANS AND
    PROVISIONS ADVANCES
    Sundry Creditors 125000 Stock 140000
    Wages outstanding 20000 Sundry debtors 193000
    Interest on loan 4500 Bank 16000
    Unexpired insurance 1250

    TOTAL 698750 TOTAL 698750

    Notes: Opening balance of owners capital= stock+debtors+bank+machinery+furniture-sundry creditors

    =150000+181000+5000+250000+40000-11000

    =516000

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