Trial Balance
as on 31st March, 2005
Debit
Balance
|
Rs.
|
Credit
Balance
|
Rs.
|
Opening Stock
Sundry Debtors
Purchases
Wages
Salaries
Office expenses
Discount
Rent, Rates & Taxes
Plant & Machinery
Return Inward
Land & Building
Cash at Bank
Current A/c :
Kalavati
Lilavati
|
10000
14100
20000
4250
1350
1223
650
900
15000
1750
20000
7327
2100
600
|
Return
Outward
Sundry
Creditors
Sales
R.B.D.D. A/c.
Capital A/c.
Kalavati
Lilavati
Loan at 9%
(Taken on
1.10.2004)
|
1250
15800
35000
200
35000
10000
2000
|
99250
|
99250
|
Additional Information
1. Closing stock was valued at Rs. 20,500.
2. Unpaid wages Rs. 750.
3. Outstanding salary Rs. 657.
4. Provide depreciation on Plant & Machinery at 10%
p.a. and on land & building at 5% p.a.
5. Write of Rs. 100 as bad debts and provide R.B.D.D. at
5% on debtors.
6. Rent, Rates and Taxes prepaid Rs. 100.
7. Prepare Trading A/c and Profit & Loss A/c for the
year ending 31st March, 2005 and a balance sheet as on that date.
ANSWER:
GROSS PROFIT 20000 | NET PROFIT 9880 | BALANCE SHEET TOTAL | 73727 |
Solution:
In the books
of M/s Kalavati and Lilavati
Trading
Account for the year ended 31.03.2005
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Opening Stock
|
|
10000
|
By Sales
|
35000
|
|
|
To Purchases
|
20000
|
|
(-) Return
|
(1750)
|
33250
|
|
(-) Return
|
(1250)
|
18750
|
|
|
|
|
To Wages
|
4250
|
|
|
|
|
|
(+) Unpaid
|
750
|
5000
|
|
|
|
|
|
|
|
By Closing Stock
|
|
20500
|
|
To Gross Profit C/d
|
|
20000
|
|
|
|
Profit and Loss Account for the year
ended 31.03.2005
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Salaries
|
1350
|
|
By Gross Profit b/d
|
|
20000
|
|
(+) Outstanding
|
657
|
2007
|
|
|
|
|
To Office Expenses
|
|
1223
|
|
|
|
|
To Discount`
|
|
650
|
|
|
|
|
To Rent, Rates & Taxes
|
900
|
|
|
|
|
|
(-) Prepaid
|
(100)
|
800
|
|
|
|
|
To Bad debts
|
-
|
|
|
|
|
|
(+) FBD
|
100
|
|
|
|
|
|
(+) NRDD
|
700
|
|
|
|
|
|
(-) ORDD
|
(200)
|
600
|
|
|
|
|
To Depreciation
|
|
|
|
|
|
|
Plant and Machinery
|
1500
|
|
|
|
|
|
Land & Building
|
1000
|
2500
|
|
|
|
|
To Interest on Capital
|
|
|
|
|
|
|
Kalavati
|
1750
|
|
|
|
|
|
Lilavati
|
500
|
2250
|
|
|
|
|
To Interest on loan
|
|
90
|
|
|
|
|
To Net Profit C/d
|
|
|
|
|
|
|
Kalavati
|
5928
|
|
|
|
|
|
Lilavati
|
3952
|
9880
|
|
|
|
|
|
|
20000
|
|
|
20000
|
Partners Current Account
|
Particulars
|
Kalavarti
|
Lilavati
|
Particulars
|
Kalavati
|
Lilavati
|
|
To Balance b/d
|
2100
|
600
|
By Interest on Capital
|
1750
|
500
|
|
|
|
|
By Net Profit b/d
|
5928
|
3952
|
|
To Balance C/d
|
5578
|
3852
|
|
|
|
|
|
7678
|
4452
|
|
7678
|
4452
|
Balance Sheet as on 31.03.2005
|
Liability
|
Amt.
|
Amt.
|
Assets
|
Amt.
|
Amt.
|
|
Capital A/c
|
|
|
Sundry Debtors
|
14100
|
|
|
Kalavati
|
35000
|
|
(-) FBD
|
(100)
|
|
|
Lilavati
|
10000
|
45000
|
|
14000
|
|
|
Current A/c
|
|
|
(-) NRDD
|
(700)
|
13300
|
|
Kalavati
|
5578
|
|
Cash at bank
|
|
7327
|
|
Lilavati
|
3852
|
9430
|
Plant & Machinery
|
15000
|
|
|
Sundry Creditors
|
|
15800
|
(-) Depreciation
|
(1500)
|
13500
|
|
Loan at 9%
|
2000
|
|
Land & Building
|
20000
|
|
|
(+) Interest
|
90
|
2090
|
(-) Depreciation
|
(1000)
|
19000
|
|
Unpaid Wages
|
|
750
|
Closing Stock
|
|
20500
|
|
Outstanding
Salaries
|
|
657
|
Prepaid Rent, Rates
& Taxes
|
|
100
|
|
|
|
73727
|
|
|
73727
|
