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Question No 22 Chapter No 17 - USHA Publication 11 Class

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Question No 22 Chapter No 17

Trading and Profit & Loss Account and Balance Sheet

22. Given below the trial balance of Jaki Das as on 31st March 2017, prepare a trading account profit and loss account and balance sheet

Debtor Account	Rs	Credit Account	Rs
Stock on 1st April 2016	95,000	Capital	50,000
Wages	28,000	Loan from bank	9,000
Salaries	4,000	Sales	2,50,000
Railway freight on purchases	5,000	Discount on purchases	4,000
Purchases	1,20,000	Sundry creditor	23,700
Interest on overdraft	200	Purchases return	1,500
Cash bank	1,800	Provision for doubtful debts	5,000
Buildings	11,000
Sale return	1,000
Sundry Debtors	35,000
Office expenses	5,500
Drawings	6,500
Depreciation	2,000
Rent	2,400
Plant & Machinery	18,000
Travelling expenses	5,000
Repair to plant	1,600
Cash in hand	200
	3,43,200		3,43,200

Closing Stock was valued at Rs 35,000

The solution of Question No 22 Chapter No 17:-

Trading A/c

Particular		Amount	Particular		Amount
To Opening Stock A/c		96,000	By Sale A/c	2,50,000
To Purchases A/c	1,20,000		Less: return	1,000	2,49,000
Less: Return	1,500	1,18,500	By Closing Stock		35,000
To Wages A/c		28,000
To Freight A/c		5,000
To Gross Profit A/c		36,500
		2,84,000			2,84,000

Profit/Loss A/c

Particular	Amount	Particular	Amount
To Salaries A/c	4,000	By Gross Profit A/c	36,500
To Interest on O/D A/c	200	By Discount received A/c	4,000
To Office Expenses A/c	5,500
To Depreciation A/c	2,000
To Rent A/c	2,400
To Travelling Exp. A/c	5,000
To Repair to Plant A/c	1,600
To Net profit A/c	19,800
	40,500		40,500

Balance Sheet

Labilities		Amount	Assets		Amount
Capital A/c	50,000		Cash in hand		200
Add: Net Profit	19,800		Cash at bank		1,800
Less: Drawing	6,500	63,300	S. Debtors	35,000
Loan from Bank		9,000	Less: Provision	5,000	30,000
S. Creditor		23,300	Closing Stock		35,000
Unpaid expenses		400	Plant & Machinery		18,000
			Building		11,000
		96,000			96,000