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Question No 14 Chapter No 17
14. From the following balance of Sarita Madaan, Prepare Profit & Loss account for the year ended on March 31,2017
| Rs | Rs | ||
| Office expenses | 5,280 | Insurance | 2,400 |
| Advertising | 3,000 | Office lighting | 1,500 |
| Legal charges | 5,000 | Stationery | 1,200 |
| Postage and telephone | 6,400 | Repair | 920 |
| Salaries and wages | 60,000 | Miscellaneous income | 800 |
| Travelling expenses | 2,500 | Commission paid | 4,000 |
| Interest received | 600 | Bank charges | 200 |
| Rent, Rates and Taxes | 20,800 | Gross profit | 73,000 |
Profit & Loss Account
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Office Expenses A/c | 5,280 | By Gross Profit A/c | 73,000 | ||
| To Advertising A/c | 3,000 | By interest on Investment A/c | 600 | ||
| To Legal Charges A/c | 5,000 | By Miscellaneous Income A/c | 800 | ||
| To Postage & Telephone A/c | 6,400 | ||||
| To Salaries and wages A/c | 60,000 | ||||
| To Travelling expenses A/c | 2,500 | ||||
| To Rent, Rate and Tax A/c | 20,800 | ||||
| To Insurance A/c | 2,400 | ||||
| To Office lighting A/c | 1,500 | ||||
| To Stationery A/c | 1,200 | ||||
| To Repair A/c | 920 | ||||
| To Commission A/c | 4,000 | ||||
| To Bank charges A/c | 200 | ||||
| By Net Loss A/c |
38,800 |
||||
| 1,13,200 | 1,13,200 | ||||
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Also, Check out the solved question of all Chapters: –
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)
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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