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Question No 06 Chapter No 18 - USHA Publication 11 Class

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Question No 06 Chapter No 18

Expenses & Income Expenses

06. Sri Jai Prakash has supplied to you the following trial balance as of 31st March 2018

Particular	Amount	Amount
Capital	-	40,000
12% Loan	10,000	-
Debtors & Creditor	15,000	16,000
Purchases & Sale	25,000	48,000
Return	2,000	1,000
Wages	3,000	-
Cash in hand	2,000	-
Interest on loan	-	1,200
Furniture	12,000	-
Packing expenses on purchases	2,500	-
Drawing	10,000	-
Machinery	30,000	-
Commission	-	5,000
Discount	3,200	300
Bank overdraft	-	6,000
Production Tax	900
Establishment charges	2,900	-
Bills payables		1,000
	1,18,500	1,18,500

You are required to prepare Trading and Profit & Loss and balance sheet as on 31st March 2019 after considering the following adjustments:

Closing stock was valued at Rs 11,000
Wages not yet paid amounted Rs 500
Commission earned but not received is Rs 800

The solution of Question No 06 Chapter No 18:-

Trading Account

Particular		Amount	Particular		Amount
To Purchases A/c	25,000		By Sale A/c	48,000
Less: Return	1,000	24,000	Less: Return	2,000	46,000
To Wages A/c	3,000		By Closing Stock		11,000
Add: outstanding Wages	500	3,500
To Production Tax A/c		900
To Packing Expenses A/c		2,500
To Gross Profit A/c		26,100
		57,000			57,000

Profit/Loss Account

Particular	Amount	Particular		Amount
To Discount A/c	3,200	By Gross Profit A/c		26,100
To establishment charges A/c	2,900	By Commission A/c	5,000
		Add: Accrued Commission	800	5,800
		By Discount A/c		300
		By Interest on loan A/c		1,200
To Net Profit A/c	27,300
	33,400			33,400

Balance Sheet

Labilities		Amount	Assets	Amount
Capital A/c	40,000		Debtors	15,000
Add: Net Profit	27,300		Furniture	12,000
Less: Drawing	10,000	57,300	Machine	30,000
Bills Payable		1,000	Closing Stock	11,000
Creditor		16,000	Accrued Commission	800
Outstanding Wages		500	12% Laon	10,000
Bank Overdraft		6,000	Cash in hand	2,000
		80,800		80,800