|
Particulars
|
Debit
Rs.
|
Credit
Rs.
|
|
Purchase
and Sales
|
100000
|
200000
|
|
Salaries
|
11300
|
|
|
Stock
(1.4.2005)
|
28000
|
|
|
Debtors
and Creditors
|
28200
|
36000
|
|
Bills
receivable and Bills Payable
|
60400
|
18100
|
|
Land and
Building
|
48300
|
|
|
Returns
|
6300
|
|
|
Wages
|
25100
|
|
|
Cash at
Bank
|
30000
|
|
|
Insurance
|
4500
|
|
|
Advertisement
|
9300
|
|
|
Furniture
|
20700
|
|
|
Rent &
Taxes
|
4700
|
|
|
Interest
|
2700
|
|
|
Capital :
Ajith
|
60000
|
|
|
Vijay
|
40000
|
|
|
Surya
|
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 Ajith, Vijay & Surya
Trading
A/c for the year ended 31.03.06
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
|
To Opening Stock
|
|
28000
|
By Sales
|
200000
|
|
|
To Purchases
|
100000
|
|
(-) Return
|
-6300
|
193700
|
|
(+) Unrecorded
|
3000
|
103000
|
|
|
|
|
To Wages
|
25100
|
|
|
|
|
|
(+) Outstanding
|
4700
|
29800
|
By Closing Stock
|
|
37500
|
|
To Gross Profit C/d
|
|
70400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
231200
|
|
|
231200
|
Profit
and Loss A/c for the year ended 31 – 3 – 06
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
|
To Salaries
|
11300
|
|
By Gross Profit b/d
|
|
70400
|
|
(+) Outstanding
|
3400
|
14700
|
By Interest
|
|
2700
|
|
To Insurance
|
4500
|
|
|
|
|
|
(-) Prepaid
|
-1500
|
3000
|
|
|
|
|
To Advertisement
|
|
9300
|
|
|
|
|
To Rent & Taxes
|
|
4700
|
|
|
|
|
To Bad debts
|
-
|
|
|
|
|
|
To F.B.D.
|
1200
|
|
|
|
|
|
To N.R.D.D.
|
1350
|
|
|
|
|
|
To O.R.D.D.
|
-
|
2550
|
|
|
|
|
To Depreciation
|
|
|
|
|
|
|
On Furniture
|
2070
|
|
|
|
|
|
On Land & Building
|
2415
|
4485
|
|
|
|
|
To Net Profit c/d
|
|
|
|
|
|
|
Ajith
|
11455
|
|
|
|
|
|
Vijay
|
11455
|
|
|
|
|
|
Surya
|
11455
|
34365
|
|
|
|
|
|
|
73100
|
|
|
73100
|
Partners Current A/c
|
Particulars
|
Ajith
|
Vijay
|
Surya
|
Particulars
|
Ajith
|
Vijay
|
Surya
|
|
To
Balance c/d
|
71455
|
51455
|
31455
|
By
balance b/d
|
60000
|
40000
|
20000
|
|
|
|
|
|
By
Net Profit b/d
|
11455
|
11455
|
11455
|
|
|
|
|
|
|
|
|
|
|
|
71455
|
51455
|
31455
|
|
71455
|
51455
|
31455
|
Balance Sheet as on 31.3.10
|
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
|
Capital
A/c
|
|
|
Sundry
Debtors
|
28200
|
|
|
Ajith
|
71455
|
|
(-)
F.B.D.
|
-1200
|
|
|
Vijay
|
51455
|
|
|
27000
|
|
|
Surya
|
31455
|
154365
|
(-)
N.R. D.D.
|
-1350
|
25650
|
|
Bills
Payable
|
|
18100
|
Bills
Receivable
|
|
60400
|
|
Sundry
Creditors
|
36000
|
|
Land
& Building
|
48300
|
|
|
(+)
Unrecorded
Purchase
|
3000
|
39000
|
(-)
Depreciation
|
2415
|
45885
|
|
Outstanding
Expenses
|
|
|
Cash
at bank
|
|
30000
|
|
Wages
|
4700
|
|
Furniture
|
20700
|
|
|
Salaries
|
3400
|
8100
|
(-)
Depreciation
|
-2070
|
18630
|
|
|
|
|
Closing
Stock
|
|
37500
|
|
|
|
|
Prepaid
Insurance
|
|
1500
|
|
|
|
|
|
|
|
|
|
|
219565
|
|
|
219565
|
