Trial Balance as on 31.12.2004
Particulars
|
Debit (Rs.)
|
Credit (Rs.)
|
Sonia’s
Capital
Sufi’s
capital
Sonia’s
Drawing
Sufi’s
Drawing
Stock on 1 – 1 – 2004
Bills Receivable
Purchases
Sales
Bills Payable
Return In ward
Return Outward
Plant and Machinery
Loose Tools
Patents
Sundry Debtors
Sundry Creditors
Cash at Bank
Wages
Salaries
Rent and Taxes
Insurance
Printing and Stationery
Power and Fuel
|
14, 450
10, 000
2, 00, 000
25, 000
2, 75, 000
5, 000
1, 00, 000
25, 000
25, 000
1, 25, 000
77, 550
19, 000
17, 500
7, 500
3, 000
2, 000
3, 500
|
1, 80, 000
1, 50, 000
4, 00, 000
60, 000
4, 500
1, 40, 000
|
9, 34, 500
|
9, 34, 500
|
Adjustments:
1. Stock as on 31st December, 2004 Rs. 1,
30,000 and its market value were Rs. 1, 40,000.
2. Write off Rs. 1000 for bad & Provide for Bad and
Doubtful debts at 5% on Sundry Debtors.
3. Goods worth Rs. 1000 were distributed as free samples.
4. Prepaid Insurance Rs. 750.
5. Depreciate Plant and Machinery by 10% p.a. and Patent
by 15% p.a.
6. Outstanding Salaries Rs. 2,500
7. Uninsured goods worth Rs 1200 were lost by fire.
ANSWER
GROSS PROFIT 34200 | NET LOSS -20700 | BALANCE SHEET TOTAL | 487350 |
Solution:
In the books
of M/s Sonia and Sufi
Trading
Account for the year ended 31.03.2014
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Opening Stock
|
|
200000
|
By Sales
|
400000
|
|
|
To Purchases
|
275000
|
|
(-) Return
|
(5000)
|
395000
|
|
(-) Return
|
(4500)
|
270500
|
By Goods distributed as free samples
|
|
1000
|
|
To Wages
|
|
19000
|
By Goods destroyed by fire
|
|
1200
|
|
To Power and Fuel
|
|
3500
|
By Closing Stock
|
|
130000
|
|
To Gross Profit C/d
|
|
34200
|
|
|
|
|
|
|
527200
|
|
|
527200
|
Profit and Loss Account for the year
ended 31.03.2014
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Depreciation
|
|
|
By Gross Profit b/d
|
|
34200
|
|
Plant and Machinery
|
10000
|
|
|
|
|
|
Patent
|
3750
|
13750
|
|
|
|
|
To Bad debts
|
-
|
|
|
|
|
|
(+) FBD
|
1000
|
|
|
|
|
|
(+) NRDD
|
6200
|
|
|
|
|
|
(-) ORDD
|
-
|
7200
|
|
|
|
|
To Salaries
|
17500
|
|
|
|
|
|
(+) Out Standing
|
2500
|
20000
|
|
|
|
|
To Rent and Taxes
|
|
7500
|
|
|
|
|
To Insurance
|
3000
|
|
|
|
|
|
(-) Prepaid
|
(750)
|
2250
|
|
|
|
|
To Printing and Stationery
|
|
2000
|
|
|
|
|
To Advertisements
|
|
1000
|
|
|
|
|
To Loss on Fire
|
|
1200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Net Loss c/d
|
|
|
|
|
|
|
Sonia
|
10350
|
|
|
|
|
|
Sufi
|
10350
|
20700
|
|
|
|
54900
|
|
|
54900
|
Partners Capital Account
|
Particulars
|
Sonia.
|
Sufi
|
Particulars
|
Sonia
|
Sufi
|
|
To Drawings
|
14450
|
10000
|
By balance b/d
|
180000
|
150000
|
|
To Net Loss b/d
|
10350
|
10350
|
|
|
|
|
To Balance c/d
|
155200
|
129650
|
|
|
|
|
|
180000
|
150000
|
|
180000
|
150000
|
Balance Sheet as on 31.03.2014
|
Liability
|
Amt.
|
Amt.
|
Assets
|
Amt.
|
Amt.
|
|
Capital A/c
|
|
|
Bills Receivable
|
|
25000
|
|
Sonia
|
155200
|
|
Plant and Machinery
|
100000
|
|
|
Sufi
|
129650
|
284850
|
(-) Depreciation @10%
|
(10000)
|
90000
|
|
Bills Payable
|
|
60000
|
Loose tools
|
|
25000
|
|
Sundry Creditors
|
|
140000
|
Patents
|
25000
|
|
|
Outstanding Salaries
|
|
2500
|
(-) Depreciation @15%
|
3750
|
21250
|
|
|
|
|
Sundry Debtors
|
125000
|
|
|
|
|
|
(-) FBD
|
(1000)
|
|
|
|
|
|
|
124000
|
|
|
|
|
|
(-) NRDD @ 5%
|
(6200)
|
117800
|
|
|
|
|
Cash at bank
|
|
77550
|
|
|
|
|
Prepaid Insurance
|
|
750
|
|
|
|
|
Closing Stock
|
|
130000
|
|
|
|
|
|
|
|
|
|
|
487350
|
|
|
487350
|
