|
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
|
