From the following Trial balance of M/s Sanjay and Vijay, you are required to prepare Trading and Profit and Loss account for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below. [March 2011]

Trial balance as on 31st March, 2010

Particulars
Debit
Balances
Credit
Balances
Sundry Debtors and Creditors
45800
72700
Bills Receivable and Bills Payable
28200
40000
Purchases and Sales
98500
110000
Return Inward
2000

Salaries & Wages
26000

Carriage Outward
1800

Insurance Premium
2200

Postage and Telegram
1750

Plant & Machinery
70000

Advertisement
3000

Import Duty
2100

Bad Debts
1000

Printing & Stationery
2400

Cash in Hand
1850

Leasehold Premises
80000

Opening Stock
12000

Dividend received

1500
Outstanding Audit Fees

4400
10% Bank Loan (Taken on 1.10.09)

60000
Capital : Sanjay

45000
Vijay

45000

378600
378600


Additional information:

Closing stock was valued at Rs. 25000

Unused Postage Stamps of Rs. 250

Uninsured goods worth Rs. 8000 were stolen from the godown.

Leasehold property is to be run for 10 years w.e.f. 1. 10. 2009.

Depreciate Plant and Machinery at 10% p.a.

Our customer Mr. Ajay became insolvent and could not pay his  debts of Rs. 2000.

Solution:
In the books of M/s Sanjay & Ajay        
Trading Account for the year ended 31.03.2010

Particulars
Amt.
Amt.
Particulars
Amt.
Amt.
To Opening Stock

12000
By Sales
110000

To Purchases

98500
(-) Return
-2000
108000
To Import Duty

2100
By Goods lost by Stolen

8000
To Gross Profit C/d

28400
By Closing Stock

25000


141000


141000

Profit and Loss Account for the year ended 31.12.2005
Particulars
Amt.
Amt.
Particulars
Amt.
Amt.
To Salaries & Wages

26000
By Gross Profit b/d

28400
To Carriage Outward

1800
By Dividend Received

1500
To Insurance Premium

2200



To Postage & Telegram
1750




(-) Unused Postal Stamp
-250
1500



To Advertisement

3000



To Bad Debts
1000




(+) F.B.D.
2000




(+) N.R.D.D.
-




(-) O.R.D.D.
-
3000



To Printing & Stationery

2400



To Goods Lost By Stolen

8000



To Depreciation





Leasehold Premises
4000




Plant and Machinery
7000
11000



To Interest on Bank Loan

3000
By Net Loss C/d





Sanjay
16000




Vijay
16000
32000


65900


65900

Partners Capital  Account
Particulars
Sanjay
Vijay
Particulars
Sanjay
Vijay
To Net Loss B/d
16000
16000
By Balance b/d
45000
45000
To Balance c/d
29000
29000










45000
45000

45000
45000

Balance Sheet as on 31.03.2010
Liability
Amt.
Amt.
Assets
Amt.
Amt.
Capital A/c


Sundry Debtors
45800

Sanjay
29000

(-) F.B.D.
-2000
43800
Vijay
29000
58000
Bills Receivable

28200
Sundry Creditors

72700
Plant & machinery
70000

Bills Payable

40000
(-) Depreciation
-7000
63000
Outstanding Audit Fees

4400
Cash in Hand

1850
10% Bank Loan
60000

Leasehold Premises
80000

(+) Interest
3000
63000
(-) Depreciation
-4000
76000



Closing Stock

25000



Stock of Postal Stamp

250


238100


238100

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