Trial Balance as on 31.12.1997
|
Debit
|
Rs.
|
Credit
|
Rs.
|
|
Stock
Purchases
Sales Return
Debtors
Wages
Royalties
Furniture
Machinery
Advertisement for 4 years
Salary
Provident fund contribution
Provident fund investment
Insurance
Cash
Drawings :Dalal
Raja
|
20,000
1,30,200
500
20,000
6,000
1,000
5,000
30,000
4,000
3,000
500
2,000
500
3,000
3,500
1,500
|
Capital Accounts: Dalal
Raja
Current Accounts: Dalal
Raja
Sales
Purchase Return
Commission
Provident Fund
Interest on Provident fund investments.
Reserve for Doubtful debts
Creditors
|
15,000
15,000
2,000
2,000
1,70,500
3,200
300
2,000
200
500
20,000
|
|
2,30,700
|
2,30,700
|
1. Closing stock: Cost price Rs. 25,000. Market Price
Rs. 30,000/-
2. Dalal has taken goods worth Rs. 500 for his personal
use.
3. Goods amounting Rs. 3,000 were sold and dispatched
on 27.12.1997 but no entry was made in the sales book.
4. Prepaid insurance Rs. 100.
5. Depreciation Furniture by 15%, Machinery by 20%
6. Write off bad debts Rs. 400/- and provide for
reserve for doubtful debts at 3% on debtors.
Solution:
In the books
of M/s Dalal and Raja
Trading Account
for the year ended 31.12.1997
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Opening Stock
|
|
20000
|
By Sales
|
170500
|
|
|
To Purchases
|
130200
|
|
(-) Return
|
500
|
|
|
(-) Return
|
-3200
|
127000
|
|
170000
|
|
|
To Wages
|
|
6000
|
(+) Unrecorded
|
3000
|
173000
|
|
To Royalties
|
|
1000
|
By Goods withdrawn by Partner Dalal
|
|
300
|
|
To Gross
Profit C/d
|
|
44500
|
By Closing Stock
|
|
25000
|
|
|
|
198500
|
|
|
198500
|
Profit and Loss Account for the year
ended 31.12.1997
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Advertisement
|
4000
|
|
By Gross Profit b/d
|
|
44500
|
|
(-) Prepaid
|
-3000
|
1000
|
By Commission
|
|
300
|
|
To Salary
|
|
3000
|
|
|
|
|
To Provident Fund Contribution
|
|
500
|
|
|
|
|
To Insurance
|
500
|
|
|
|
|
|
(-) Prepaid
|
-100
|
400
|
|
|
|
|
To Bad Debts
|
-
|
|
|
|
|
|
(+) F.B.D.
|
400
|
|
|
|
|
|
(+) N.R.D.D.
|
678
|
|
|
|
|
|
(-) O.R.D.D.
|
-500
|
578
|
|
|
|
|
To Depreciation
|
|
|
|
|
|
|
Furniture
|
750
|
|
|
|
|
|
Machinery
|
6000
|
6750
|
|
|
|
|
To Net Profit
|
|
|
|
|
|
|
Dalal
|
16286
|
|
|
|
|
|
Raja
|
16286
|
32572
|
|
|
|
|
|
|
44800
|
|
|
44800
|
Partners Current Account
|
Particulars
|
Kale
|
Gore
|
Particulars
|
Kale
|
Gore
|
|
To Drawings
|
3500
|
1500
|
By Balance b/d
|
2000
|
2000
|
|
To Drawings
[Goods]
|
500
|
-
|
To Net Profit b/d
|
16286
|
16286
|
|
To Balance c/d
|
14286
|
16786
|
|
|
|
|
|
18286
|
18286
|
|
18286
|
18286
|
Balance Sheet as on 31.03.2014
|
Liability
|
Amt.
|
Amt.
|
Assets
|
Amt.
|
Amt.
|
|
Capital A/c
|
|
|
Debtors
|
20000
|
|
|
Dalal
|
15000
|
|
(+) Unrecorded Sales
|
3000
|
|
|
Raja
|
15000
|
30000
|
|
23000
|
|
|
Current A/c
|
|
|
(-) F.B.D.
|
-400
|
|
|
Dalal
|
14286
|
|
|
22600
|
|
|
Raja
|
16786
|
34072
|
(-) N.R.D.D.
|
-678
|
21922
|
|
Provident Fund
|
2000
|
|
Furniture
|
5000
|
|
|
(+) Interest on Provident Fund Investments
|
200
|
2200
|
(-) Depreciation
|
-750
|
4250
|
|
Creditors
|
|
20000
|
Machinery
|
30000
|
|
|
|
|
|
(-) Depreciation
|
-6000
|
24000
|
|
|
|
|
Provident Fund Investments
|
|
2000
|
|
|
|
|
Cash
|
|
3000
|
|
|
|
|
Closing Stock
|
|
25000
|
|
|
|
|
Prepaid Insurance
|
|
100
|
|
|
|
|
Prepaid Advertisement
|
|
3000
|
|
|
|
83272
|
|
|
83272
|
