
Problem No 07 Chapter No 15 - Unimax Class 11
From the following Trial Balance of S. Ganapati, prepare the Trading and Profit & Loss Account for the year ended 31st March 2020 and the Balance sheet as at that date:
| Particulars | L.F. | Debit (₹) | Credit (₹) |
| Capital and Drawing | 4,560 | 1,74,000 | |
| Purchased and Sales | 53,400 | 90,000 | |
| Sales returns and Purchases returns | 1,680 | 2,700 | |
| Stock (1-4-2019) | 7,200 | ||
| Wages | 4,800 | 2,500 | |
| Building | 1,32,000 | ||
| Freight & carriage | 12,000 | ||
| Trade expenses | 1,200 | ||
| Advertisement | 1,440 | 7,200 | |
| Interest | 400 | ||
| Taxes and Insurance | 780 | ||
| Debtors and creditors | 39,000 | ||
| Bills receivable and bills payable | 9,000 | 4,200 | |
| Cash at bank | 7,200 | ||
| Cash in hand | 1,140 | ||
| Salaries | 4,800 | ||
| 2,80,600 | 2,80,600 |
Adjustment: Stock on 31 March 2020 was valued at ₹ 9,000
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock |
7,200 |
By Sales | 90,000 | ||
| To Purchases | Less return | 1,680 | 88,320 | ||
| Less return | 50,700 | By closing stock | 9,000 | ||
| To Wages | 4,800 | ||||
| To Freight & carriage | 12,000 | ||||
| To Gross profit c/d | 22,620 | ||||
| 97,320 | 97,320 | ||||
| To Trade expenses | 1,200 | By Gross profit b/d | 22,620 | ||
| To Advertisement | 1,140 | By interest | 2,500 | ||
| To interest | 400 | ||||
| To Taxes and Insurance | 780 | ||||
| To Salaries | 4,800 | ||||
| To Net profit c/d | 16,500 | ||||
| 25,120 | 25,120 | ||||
Balance sheet of SH. GANPATI as on 31st March, 2020
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Capital | 1,74,000 | Building | 1,32,000 | |
| Add :net profit | 16,500 | Debtors | 39,000 | |
| Less Drawings | 4,560 | 1,85,940 | Bills receivable | 9,000 |
| Creditors | 7,200 | Cash at Bank | 7,200 | |
| bills payable | 4,200 | Cash in hand | 1,140 | |
| Closing stock | 9,000 | |||
| 1,97,340 | 1,97,340 | |||
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Also, Check out the solved question of all Chapters: –
Students may choose only one part from the Part II and Part III
Part-II
Part-III
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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