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Question No 20 Chapter No 17
Trading and Profit & Loss Account and Balance Sheet
20.The following balance were extracted from the books of Jagjivan Ram & Co. prepare Trading account, Profit & Loss Account for the year ending 31st March 2018 and Balance sheet as at that date.
| Ledger Account | Debit Rs | Credit Rs |
| Opening Stock | 4,000 | |
| Purchases | 12,000 | |
| Sales | 25,000 | |
| Purchases return | 1,455 | |
| Return inwards | 1,350 | |
| Productive wages | 500 | |
| Carriage | 700 | |
| Coal, gas and water | 300 | |
| Salaries | 1,200 | |
| Trade expenses | 500 | |
| Printing &Stationery | 700 | |
| Capital | 5,000 | |
| Drawings | 100 | |
| Land | 5,000 | |
| Machinery | 4,000 | |
| Cash | 2,200 | |
| Debtors | 1,000 | |
| Creditor | 6,000 | |
| Investments | 3,905 | |
| 37,455 | 37,455 |
Trading A/c
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening Stock A/c | 4,000 | By Sale A/c | 25,000 | ||
| To Purchases A/c | 12,000 | Less: return | 1,350 | 23,650 | |
| Less: Return | 1,455 | 10,545 | By Closing Stock | 6,000 | |
| To Productive Wages A/c | 500 | ||||
| To Carriage A/c | 700 | ||||
| To Coal, Gas & Water A/c | 300 | ||||
| To Gross Profit A/c | 13,605 | ||||
| 29,650 | 29,650 | ||||
Profit/Loss A/c
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To salaries A/c | 1,200 | By Gross Profit A/c | 13,605 | ||
| To Trade expense A/c | 200 | ||||
| To Printing & Stationery A/c | 700 | ||||
| To Net profit A/c | 11,205 | ||||
| 13,605 | 13,605 | ||||
Balance Sheet
| Labilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Capital A/c | 5,000 | Cash in hand | 2,200 | ||
| Add: Net Profit | 11,205 | S. Debtors | 1,000 | ||
| Less: Drawing | 100 | 16,105 | Investments | 3,905 | |
| Sundry Creditors | 6,000 | Closing Stock | 6,000 | ||
| Machinery | 4,000 | ||||
| Land | 5,000 | ||||
| 22,105 | 22,105 | ||||
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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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