Trial Balance
as on 31st March, 2004.
Debit
Balance
|
Rs.
|
Credit
Balance
|
Rs.
|
Opening Stock
Wages
Purchases
Investments
Postage
Printing & Stationery
Carriage Outwards
Insurance
Debtors
Furniture
Bad Debts
Carriage Inwards
Cash in Hand
Machinery (Purchased on 1.7.03)
Salaries (For 10 months)
Sundry Expenses
Bills receivable
|
30000
9500
52500
10000
1000
2500
1300
3200
35000
5500
1200
1800
5400
32000
15000
2100
8500
|
Capitals:
Mr. Kale
Mr. Gore
Current Accounts:
Mr. Kale
Mr. Gore
Bills Payable
10% Bank
Loan(Taken on 1.10.2003)
Bank
Overdraft
Creditors
Sales
R.D.D.
Returns
Outward
|
30000
60000
2100
1400
7500
10000
6500
25000
70500
3000
500
|
216500
|
216500
|
Adjustment
1. Closing stock was valued at Rs. 61,500.
2. Printing and Stationery included Rs. 500 paid for
purchase of postal stamps.
3. Depreciate Furniture and Machinery at 10% p.a.
4. 5% interest is to be allowed on capital.
5. Of the debtors Rs. 500 were bad and should be written
off, and R.D.D. should be maintained at 5%.
6. Goods of Rs. 7,500 were purchased on 30th March, 2004
and included in the closing stock but those purchases were not recorded in the
books of accounts.
7. Bills receivable include a dishonoured bill of Rs. 500.
Answer:
GROSS PROFIT 31200 | NET PROFIT 5300 | BALANCE SHEET TOTAL | 152700 |
Solution:
In the books
of M/s Kale and Gore
Trading
Account for the year ended 31.03.2004
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To opening stock
|
|
30000
|
By Sales
|
|
70500
|
|
To Purchases
|
52500
|
|
|
|
|
|
(-) Return
|
(500)
|
|
|
|
|
|
|
52000
|
|
|
|
|
|
(+) Unrecorded
|
7500
|
59500
|
|
|
|
|
To Wages
|
|
9500
|
|
|
|
|
To Carriage inward
|
|
1800
|
By Closing Stock
|
|
616500
|
|
|
|
|
|
|
|
|
To Gross Profit C/d
|
|
31200
|
|
|
|
|
|
|
132000
|
|
|
132000
|
Profit and Loss Account for the year
ended 31.03.2004
|
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
|
To Postage
|
1000
|
|
By Gross Profit b/d
|
|
31200
|
|
(+) Postal Stamp
|
500
|
1500
|
|
|
|
|
To Printing & Stationery
|
2500
|
|
|
|
|
|
(-) Wrongly recorded
|
(500)
|
2000
|
|
|
|
|
To Carriage Outward
|
|
1300
|
|
|
|
|
To Insurance
|
|
3200
|
|
|
|
|
To Bad Debts
|
1200
|
|
|
|
|
|
(+) FBD
|
500
|
|
|
|
|
|
(+) NRDD
|
1750
|
|
|
|
|
|
(-) ORDD
|
(3000)
|
450
|
|
|
|
|
To Salaries
|
15000
|
|
|
|
|
|
(+) Outstanding
|
3000
|
18000
|
|
|
|
|
To Sundry Expenses
|
|
2100
|
|
|
|
|
To Depreciation
|
|
|
|
|
|
|
Machinery
|
2400
|
|
|
|
|
|
Furniture
|
550
|
2950
|
|
|
|
|
To Interest on Capital
|
|
|
|
|
|
|
Kale
|
1500
|
|
|
|
|
|
Gore
|
3000
|
4500
|
|
|
|
|
To Interest on Bank Loan
|
|
500
|
|
|
|
|
|
|
|
By Net loss c/d
|
|
|
|
|
|
|
Kale
|
2650
|
|
|
|
|
|
Gore
|
2650
|
5300
|
|
|
|
|
|
|
|
|
|
|
36500
|
|
|
36500
|
Partners Current Account
|
Particulars
|
Kale
|
Gore
|
Particulars
|
Kale
|
Gore
|
|
To Net Loss b/d
|
2650
|
2650
|
By Balance b/d
|
2100
|
1400
|
|
|
|
|
By Interest on Capital
|
1500
|
3000
|
|
|
|
|
|
|
|
|
To Balance C/d
|
950
|
1750
|
|
|
|
|
|
3600
|
4400
|
|
3600
|
4400
|
Balance Sheet as on 31.03.2014
|
Liability
|
Amt.
|
Amt.
|
Assets
|
Amt.
|
Amt.
|
|
Capital A/c
|
|
|
Investments
|
|
10000
|
|
Kale
|
30000
|
|
Debtors
|
350000
|
|
|
Gore
|
60000
|
90000
|
(-) FBD
|
(500)
|
|
|
Current A/c
|
|
|
|
34500
|
|
|
Kale
|
950
|
|
(+) Bills receivable Dishonoured
|
500
|
|
|
Gore
|
1750
|
2700
|
|
35000
|
|
|
Bills Payable
|
|
7500
|
(-) NRDD
|
(1750)
|
33250
|
|
10% Bank Loan
|
10000
|
|
Furniture
|
5500
|
|
|
(+) Interest
|
500
|
10500
|
(-) Depreciation
|
(550)
|
4950
|
|
Bank Overdraft
|
|
6500
|
Cash in hand
|
|
5400
|
|
Creditors
|
25000
|
|
Machinery
|
32000
|
|
|
(+) Unrecorded Purchase
|
7500
|
32500
|
(-) Depreciation
|
(2400)
|
29600
|
|
Outstanding Salaries
|
|
3000
|
Bills receivable
|
8500
|
|
|
|
|
|
(-) Dishonoured
|
(500)
|
8000
|
|
|
|
|
Closing Stock
|
|
61500
|
|
|
|
152700
|
|
|
152700
|
