Trial balance as on 31st March, 2005
|
Particulars
|
Amount
|
Particulars
|
Amount
|
|
Opening Stock
|
10000
|
Return Outwards
|
1250
|
|
Sundry debtors
|
14100
|
Sundry Creditors
|
15800
|
|
Purchases
|
20000
|
Sales
|
35000
|
|
Wages
|
4250
|
R.D.D.
|
200
|
|
Salaries
|
1350
|
Capital Account
|
|
|
Office Expenses
|
1223
|
Kalavati
|
35000
|
|
Discount
|
350
|
Lilavati
|
10000
|
|
Rent, Rates and Taxes
|
900
|
Loan @ 9% p.a.
(Taken on 1-10-2004)
|
2000
|
|
Plant & machinery
|
15000
|
Bills Payable
|
12000
|
|
Return inwards
|
1750
|
|
|
|
Land and Buildings
|
32000
|
|
|
|
Cash at bank
|
4327
|
|
|
|
Current Account
|
|
|
|
|
Kalavati
|
2100
|
|
|
|
Lilavati
|
600
|
|
|
|
Government bonds
|
3000
|
|
|
|
|
111250
|
|
111250
|
|
|
|
|
|
Additional information:
1. Closing
stock was valued at Rs. 20,500.
2. Unpaid
wages Rs. 750; outstanding salary Rs. 657.
3. Write
off Rs. 100 as bad debts and provide R.D.D. at 5% on debtors.
4. Provide
depreciation and plant and machinery at 10% p.a. and on Land and building at 5%
p.a.
5. Rent,
Rates & Taxes were prepaid Rs. 100.
6. Bills
payable included a dishonoured bill of Rs. 3000.
Prepare Trading account and profit and
loss account for the year ending 31st March, 2005 and a balance
sheet as on that date. (October 2006 board exam questions.)
In
the books of Kalavati & Lilavati
Trading
account for the year ended 31st March, 2005.
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
|
To Opening Stock
|
|
10000
|
By Sales
|
35000
|
|
|
To Purchases
|
20000
|
|
(-) Return
|
(1750)
|
33250
|
|
(-) Return
|
(1250)
|
18750
|
By Closing Stock
|
|
20500
|
|
To Wages
|
4250
|
|
|
|
|
|
(+) Outstanding
|
750
|
5000
|
|
|
|
|
To Gross Profit C/d
|
|
20000
|
|
|
|
|
|
|
53750
|
|
|
53750
|
Profit
and loss account for the year ended 31st March, 2005
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
|
To Salaries
|
1350
|
|
By Gross Profit b/d
|
|
30000
|
|
(+) Outstanding
|
657
|
2007
|
|
|
|
|
To office Expenses
|
|
1223
|
|
|
|
|
To Discount
|
|
650
|
|
|
|
|
To Rent, Rates & Taxes
|
900
|
|
|
|
|
|
(-) Prepaid
|
(100)
|
800
|
|
|
|
|
To Bad debts
|
-
|
|
|
|
|
|
(+) F. B.D.
|
100
|
|
|
|
|
|
(+) NRDD
|
700
|
|
|
|
|
|
(-) ORDD
|
(200)
|
600
|
|
|
|
|
To Depreciation
|
|
|
|
|
|
|
Plant & Machinery
|
1500
|
|
|
|
|
|
Land & Buildings
|
1600
|
3100
|
|
|
|
|
To Interest on Loan
|
|
90
|
|
|
|
|
To Interest on Capital
|
|
|
|
|
|
|
Kalavati
|
1750
|
|
|
|
|
|
Lilavati
|
500
|
2250
|
|
|
|
|
To Net Profit Transferred to Current
A/c
|
|
|
|
|
|
|
Kalavati
|
5568
|
|
|
|
|
|
Lilavati
|
3712
|
9280
|
|
|
|
|
|
|
20000
|
|
|
20000
|
Partners’ current accounts
|
Particulars
|
Kalavati
|
Lilavati
|
Particulars
|
Kalavati
|
Lilavati
|
|
To Balance b/d
|
2100
|
600
|
By Interest on Capital
|
1750
|
500
|
|
To Balance c/d
|
5218
|
3612
|
By Net Profit b/d
|
5568
|
3712
|
|
|
7318
|
4212
|
|
7318
|
4212
|
Balance sheet as on 31st March,
2005
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
|
Capital Account
|
|
|
Land & Building
|
32000
|
|
|
Kalavati
|
35000
|
|
(-) Depreciation @ 5%
|
(1600)
|
30400
|
|
Lilavati
|
10000
|
45000
|
Plant & Machinery
|
15000
|
|
|
Current Account
|
|
|
(-) Depreciation @ 10%
|
(1500)
|
13500
|
|
Kalavati
|
5218
|
|
Sundry Debtors
|
14100
|
|
|
Lilavati
|
3612
|
8830
|
(-) F.B.D.
|
(100)
|
|
|
Sundry Creditors
|
15800
|
|
|
14000
|
|
|
(+) Bills Payable Dishonoured
|
3000
|
18800
|
(-) N.R.D.D.
|
(700)
|
13300
|
|
Bills Payable
|
12000
|
|
Closing Stock
|
|
20500
|
|
(-) Bills Payable Dishonoured
|
(3000)
|
9000
|
Prepaid Rent, Rates & Tax
|
|
100
|
|
Outstanding
|
|
|
Cash at Bank
|
|
4327
|
|
Salaries
|
657
|
|
Government bonds
|
|
3000
|
|
Wages
|
750
|
1407
|
|
|
|
|
Loan @9%
|
2000
|
|
|
|
|
|
(+) Interest
|
90
|
2090
|
|
|
|
|
|
|
85127
|
|
|
85127
|