1 From the following trial balance of a trader PARTICULARS Sales Purchases Printing Charges Wages Salaries Opening Stock Carriage Inwards General Expenses Trade marks Rates and Taxes Capital Discount received Loan Buildings Furniture Machinery Cash Bank ADJUSTMENTS: 1 The closing stock was valued at RS.320000 2 Outstanding Salaries RS.10000 3 Prepaid Rates&Taxes RS.500 SOLUTION: Trading and profit and loss a DR PARTICULARS To opening stock
30
Embed
Copy of final_accounts.xs accounting accounts accounts accounts accounts accounts
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
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
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.
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
To Postage&TelephoneTo Interest PaidTo Provision for bad&doubtful debtsTo Depreciation:Machinery 2075Furniture 500To Interest on capitalTo Net Profit(Transferred to capital a/c)
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)