Particulars
|
Debit Rs.
|
Credit Rs.
|
Purchase and Sales
|
104000
|
195300
|
Salaries
|
11300
| |
Stock (1.4.2005)
|
28000
| |
Debtors & Creditors
|
24200
|
36000
|
Bills Receivable & Bills Payable
|
62400
|
18100
|
Land & Building
|
48300
| |
Returns
|
6300
|
2600
|
Wages
|
25100
| |
Cash at Bank
|
30000
| |
Insurance
|
4500
| |
Advertisement
|
9300
| |
Furniture
|
18700
| |
Rent & Taxes
|
4700
| |
Interest
|
4800
| |
Capitals :Swati
|
60000
| |
Swity
|
40000
| |
Sweta
|
20000
| |
376800
|
376800
|
1. Closing stock is valued at Rs. 37,500.
2. Depreciate Furniture @10% p.a. and Land and Building @5% p.a.
3. Goods of Rs. 3,000 are purchased on 31.3.2006 are included in the closing stock but the entry is not passed in the books.
4. Insurance is prepaid to the extent of Rs. 1,500.
5. Salaries of Rs. 3,400 and wages of Rs. 4,700 are outstanding.
6. Write off Rs. 1200 as bad debts from Debtors and provide 5% for Reserve for Doubtful Debts.
Prepare: Trading A/c and Profit and Loss A/c for the year ended 31st March, 2006 and Balance Sheet as on that date.
Solution:
In the books of M/s Swati, Swity and Sweta
Trading Account for the year ended 31.03.2006
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
To Opening Stock
|
28000
|
By Sales
|
195300
| ||
To Purchases
|
104000
|
(-) Return
|
-6300
|
189000
| |
(-) Return
|
-2600
| ||||
101400
| |||||
(+) Unrecorded
|
3000
|
104400
| |||
To Wages
|
25100
| ||||
(+) Outstanding
|
4700
|
29800
| |||
To Gross Profit C/d
|
64300
|
By Closing Stock
|
37500
| ||
226500
|
226500
|
Profit and Loss Account for the year ended 31.03.2006
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
To Salaries
|
11300
|
By Gross Profit b/d
|
64300
| ||
(+) Outstanding
|
3400
|
14700
|
By Interest
|
4800
| |
To Insurance
|
4500
| ||||
(-) Prepaid
|
-1500
|
3000
| |||
To Advertisements
|
9300
| ||||
To Rent & Taxes
|
4700
| ||||
To Depreciation
| |||||
Furniture
|
1870
| ||||
Land & Building
|
2415
|
4285
| |||
To Bad Debts
|
-
| ||||
(+) F.B.D.
|
1200
| ||||
(+) N.R.D.D.
|
1150
| ||||
(-) O.R.D.D.
|
-
|
2350
| |||
To Net Profit C/d
| |||||
Swati
|
10255
| ||||
Swity
|
10255
| ||||
Sweta
|
10255
|
30765
| |||
69100
|
69100
|
Partners Current Account
Particulars
|
Swati
|
Swity
|
Sweta
|
Particulars
|
Swati
|
Swity
|
Sweta
|
By Balance b/d
|
60000
|
40000
|
20000
| ||||
By Net Profit b/d
|
10255
|
10255
|
10255
| ||||
To Balance c/d
|
70255
|
50255
|
30255
| ||||
70255
|
50255
|
30255
|
70255
|
50255
|
30255
|
Balance Sheet as on 31.12.1997
Liability
|
Amt.
|
Amt.
|
Assets
|
Amt.
|
Amt.
|
Capital A/c
|
Debtors
|
24200
| |||
Swati
|
70255
|
(-) F.B.D.
|
-1200
| ||
Swity
|
50255
|
23000
| |||
Sweta
|
30255
|
(-) N.R.D.D.
|
-1150
|
21850
| |
Creditors
|
36000
|
Bills Receivable
|
62400
| ||
(+) Unrecorded Purchase
|
3000
|
39000
|
Land & Building
|
48300
| |
Bills Payable
|
18100
|
(-) Depreciation
|
-2415
|
45885
| |
Outstanding Expenses
|
Cash at Bank
|
30000
| |||
Salaries
|
3400
|
Furniture
|
18700
| ||
Wages
|
4700
|
8100
|
(-) Depreciation
|
-1870
|
16830
|
215965
|
215965
|
