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Purchases
Capital
Computer
Cash at Bank
Cash in Hand
Sundry Creditors
Bills Payable
Furniture
Machinery
Discount
Bills Receivable
General Expenses
Sundry Debtors
Sales
Purchase Returns
Drawings
Commission
Discount
Wages
Salary
Sales Return
Total
Royal Traders
Trial balance
Debit
71280
Credit
60000
18380
4000
2836
13000
10220
1540
12540
22000
6720
920
34156
60720
11432
5200
320
540
1800
16780
1000
177692
177692
Adjustments:
1. Salary outstanding 2000
2. Prepaid wages 300
3. Depreciation on furniture to be provided at 10% p.a
4. Machinery 15% pa
5. Reserve for Doubtful Debts to be maintained at 10% on Debtors.
6. Closing Stock as on 31st March 2013, was valued at Rs. 20000
Prepare Profit and Loss A/c and balance sheet from the above Trial balance and Adjustments
Particulars
To Purchases
Less: Returns
To Wages
Less: Prepaid
To Gross Profit c/d
To Depreciation on Furniture
To Depreciation on Machinery
To General Expenses
To R.D.D
To Discount
To Salary
Add: Outstanding
To Net Profit transfered to Capital
Royal Traders
Trading and Profit and Loss A/c for the year ended 31st March 2013
Amount (Rs.) Amount (Rs.)
71280
-11432
1800
300
59848
1500
18372
79720
154
1881
920
3416
540
16780
2000
18780
15001
40692
Royal Traders
t and Loss A/c for the year ended 31st March 2013
Particulars
By Sales
Less: Returns
By Closing Stock
20000
79720
18372
22000
320
40692
Liabilities
Capital
Add: Net Profit from P&L
Less: Drawings
Current Liabilities
Sundry Creditors
Bills Payable
Outstanding Salary
Royal Traders
Balance Sheet as on 31st March, 2013
Amount (Rs.) Amount (Rs.)
60000
15001
-5200
69801
13000
10220
2000
95021
Royal Traders
ance Sheet as on 31st March, 2013
Assets
Fixed Assets
Computer
Furniture and Fittings
Less: Depreciation @ 10%
Machinery
Less: Depreciation @ 15%
Current Assets
Cash at Bank
Cash in Hand
Bills Receivable
Sundry Debtors
Less: Reserve for Doubtful Debts @ 10%
Prepaid wages
Closing Stock
Amount (Rs.)
Amount (Rs.)
18380
1540
154
12540
1881
1386
10659
4000
2836
6720
34156
3416
30740
300
20000
95021
Trail Balance of Arihant Traders as on 31st march 2013. Prepare Trading and Profit and Loss A/c for the year ended 31st Marc
Particulars
Capital
Drawings
Opening Stock
Purchases
Carriage Inwards
Wages
Sales
Salary
Travelling Expenses
Misc. Expenses
Printing and Stationery
Advertisement Expenses
Postage and Teligram
Discount
Building
Rent Paid
Machinery
Furniture
Debtors
Creditors
Investments
Bank Balance
Total
Arihant Traders
Trial balance
Debit
Credit
1400000
75000
80000
1620000
15000
110000
2500000
100000
23000
35000
27000
25000
13000
7600
1000000
14000
75000
40000
150000
14500
179000
600000
83900
4093500
4093500
Adjustments:
1. Depreciate Building @ 5%, Machinery @ 10%, Furniture @ 15%
2. Provision for Doubtful Debts @ 5% on Debtors
3. Closing Stock 2,50,000
4. Salary paid in advance (Prepaid) Rs. 10,000
5. Outstanding Wages Rs. 3000
A/c for the year ended 31st March 2013 and Balance Sheet as on that date after considering additional information
Particulars
To Opening Stock
To Purchases
To Wages
Add: Outstanding
Carriage Inwards
Arihant Traders
Trading and Profit and Loss A/c for the year ended 31st March 2013
Amount (Rs.) Amount (Rs.)
80000
1620000
110000
3000
113000
15000
To Depreciation on Building
To Depreciation on Machinery
To Depreciation on Furniture
To Rent Paid
To R.D.D
To Discount
To Salary
Less: Prepaid
To Travelling Expenses
To Misc. Expenses
To printing and Stationery
To Advertisement Expenses
To Postage and Teligram
To Net Profit transfered to Capital
922000
2750000
50000
7500
6000
14000
7500
7600
100000
-10000
90000
23000
35000
27000
25000
13000
630900
936500
Arihant Traders
t and Loss A/c for the year ended 31st March 2013
Particulars
By Sales
By Closing Stock
Amount (Rs.)
Amount (Rs.)
2500000
250000
2750000
By Gross Profit b/d
By Discount
922000
14500
936500
Liabilities
Capital
Add: Net Profit from P&L
Less: Drawings
Current Liabilities
Sundry Creditors
Outstanding Wages
Arihant Traders
Balance Sheet as on 31st March, 2013
Amount (Rs.) Amount (Rs.)
1400000
630900
-75000
1955900
179000
3000
2137900
Arihant Traders
ance Sheet as on 31st March, 2013
Assets
Fixed Assets
Building
Less: Depreciation @ 5%
Furniture and Fittings
Less: Depreciation @ 15%
Machinery
Less: Depreciation @ 10%
Current Assets
Bank Balance
Sundry Debtors
Less: Reserve for Doubtful Debts @ 5%
Prepaid salary
Investments
Closing Stock
Amount (Rs.)
1000000
50000
40000
6000
75000
7500
Amount (Rs.)
950000
34000
67500
83900
150000
7500
142500
10000
600000
250000
2137900