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Opening Stock
Closing Stock
Amount
To Opening Stock
To Purchases
Less Purchase Return
To wages
To Wages & Salaries
To Direct Expenses
To Carriage
To Carriage inwards
To Gas, Fuel, and Power
To Freight, Octroi and Cartage
To Manufacturing Expenses
To Factory Expenses
To Dock Charges
To Import Duty
To Excise Duty
To Royalty
To Gross Profit
(Transferred to P&L A/c)
(Balancing Figure)
Particulars
By Sales
Less: Sales Return
By Closing Stock
By Gross Loss
(Transferred to P&L A/c)
(Balancing Figure)
Amount
Prepare a Trading Account for the year ended 31 Dec 1993 from the following Balances:
Opening Stock
Purchases
Sales
Freight and Octroi
Wages
Factory Lighting
Coal, Gas and Water
Purchase Return
Sales Return
Carriage on Purchase
Carriage on Sales
Factory Rent
Office Rent
Import Duty
40, 000
2, 00, 000
5, 00, 000
6, 500
30, 000
10, 800
2, 200
12, 000
20, 000
8, 000
10, 000
12, 000
7, 500
32, 000
FormofProfitandLossAccount
Profit and loss A/c
(For the year ended..)
Particulars
To Gross Loss b/d
(Transferred from Trading A/c)
Office Expenses:
To Salaries
To Salaries and Wages
To Rent, Rates & Taxes
To Printing and Stationery
To Postage & Telegram
To Lighting
To Insurance Premium
To Telephone Charges
To Legal Charges, Audit Fees
To Traveling, Establishment Exp
Selling and Distribution Exp.
To Carriage Outwards
To Advertisement, commission
To Brokerage, Bad-Debts
TO Export Duty, Packing Charges
Miscellaneous Expenses:
To Discount, Sales tax
To Repairs, Depreciation, interest Exp
To Bank Charges, Entertainment Exp
To Conveyance Expenses
Amount
Particulars
By Gross Profit b/d
(Transferred from Trading A/c)
By Rent from Tenants
By Discount Received
By Commission Received
By interest on Investment
By Dividend Received
By Bad-Debts Recovered
By profit on sale of assets
By Net Loss (if any)
(Transfd to Capital A/c)
Amount
Balance Sheet
Classification of Liabilities
Fixed or long-term liabilities
Current or short-term liabilities
Contingent Liabilities
Classification of Assets:
Fixed Assets
Current Assets
Liquid Assets
Fictitious or Nominal Assets
Wasting Assets
Tangible and Intangible Assets
Liabilities
Current Liabilities:
Bank Overdraft
Bills Payable
Sundry Creditors
Outstanding Expenses
Unearned income
Fixed Liabilities:
Long Term loan
!0% Debentures
Reserves and Surplus
Capital:
Add : Net Profit
Less : Drawings/LIP
Less : Income Tax
FormofBalanceSheet
BALANCE SHEET
(as on ..)
Amount
Assets
Current Assets
Cash in Hand
Cash at Bank
Bills Receivable
Short term investment
Sundry Debtors
Closing Stock
Prepaid Expenses
Accrued Income
Fixed Assets
Furniture
Loose Tools
Motor Vehicle
Long Term investments
Plant and Machinery
Land and Buildings
Patents
Goodwill