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Question No 31 Chapter No 18 - USHA Publication 11 Class

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Question No 31 Chapter No 18

Goods are withdrawn for business and personal use

31. The trial balance given is extracted from the books of a merchant on 31st March 2018

Debit balances	Rs	Debit balances	Rs
Furniture & fitting	6,400	Bad debts	1,250
Motor vehicles	62,500	Sundry debtors	38,000
Building	75,000	Stock 1st April 2017	34,600
Purchases	55,750	Credit Balance
Return inwards	2,000	Capital	1,25,000
Advertising	4,500	Provision for bad bets	2,000
Interest	1,180	Sundry creditor	25,000
Cash in hand	6,500	Sales	1,54,500
Taxes & insurance	12,500	Bank Overdraft	28,500
General charges	7,820	Return outwards	1,250
Salaries	32,000	Commission	3,750

Stock in hand on 31st March 2018 was Rs 32,500; depreciation building @5% furniture and fitting @7.5% and motor vehicle @20%; Rs 850 is due for interest on bank overdraft; salaries Rs 3,000 and taxes Rs 1,200 are outstanding; insurance amounting to Rs 1,000 is prepaid; the provision for bad debts is to be made equal to 5% of the debtors.
Prepare the trading and profit & loss account for the year 2017-18 and the balances sheet on 31st March 2018

The solution of Question No 31 Chapter No 18:-

Trading A/c

Particular		Amount	Particular		Amount
To Opening Stock A/c		34,600	By Sale A/c	1,54,500
To Purchases A/c	55,750		Less: Return	2,000	1,52,500
Less: return	1,250	54,500	By Closing Stock		32,500
To Gross Profit A/c		95,900
		1,85,000			1,85,000

Profit/Loss A/c

Particular		Amount	Particular	Amount
To Advertisement A/c		5,000	By Gross Profit A/c	95,900
To Interest paid A/c	1,180		By Commission A/c	3,750
Add: outstanding salaries	850	2,030
To General charges		7,820
To Provision for doubtful debts A/c
Bad debts	1,250
Add: provision required	1,900
Less: Old provision	2000	1,150
To Taxes & insurance	12,500
Add: outstanding Taxes	1,200
Less: prepaid insurance	1,000	12,700
To Salaries A/c	32,000
Add: Outstanding	3,000	35,000
To Dep. On Building		3,750
To Dep. On Furniture& fitting		480
To Dep. On Motor vehicles		12,500
To Net profit A/c		19,720
		99,650		99,650

Balance Sheet

Labilities		Amount	Assets		Amount
Capital A/c	1,25,000		Debtors	38,000
Add: Net Profit	19,720	1,44,720	Less: Provision for doubtful debts	1,900	36,100
Sundry Creditor		25,000	Cash in hand		6,500
Bank Overdraft		28,500	Closing Stock		32,500
Outstanding Interest		850	Prepaid insurance		1,000
Outstanding Salaries		3,000	Furniture& fitting	6,400
Outstanding Taxes		1,200	Less: depreciation	480	5,920
			Building	75,000
			Less: depreciation	3,750	71,250
			Motor Vehicles	62,500
			Less: depreciation	12,500	50,000
		2,03,270			2,03,270