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Question No 32 Chapter No 18 - USHA Publication 11 Class

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Question No 32 Chapter No 18

Goods are withdrawn for business and personal use

32.From the following balances taken from the books of Mr. Fortunate, prepare trading account, profit & loss account and balance sheet as of 31st March 2019

Ledger balances	Rs	Ledger balances	Rs
Capital	60,000	Sales returns	4,000
Drawings	10,000	Discount(Dr.)	3,200
Bank overdraft	8,400	Discount(Cr.)	4,000
Furniture and fitting	5,200	Taxes and insurance	4,000
Business premises	40,000	General expenses	8,000
Creditor	26,600	Salaries	18,000
Stock 1st April 2018	44,000	Commission (Dr.)	4,400
Debtors	36,000	Carriage on purchase	3,600
Rent from tenants	2,000	Reserve for doubtful debts	1,000
Purchases	2,20,200	Bad debts are written off	1,600
Sales	3,00,000

Stock in hand on 31st March 2019 was estimated at RS 40,120. write off depreciation business Premises Rs 600 and furniture & fitting Rs 520. make a reserve of 5% on dents for doubtful debts. Allow interest on capital at 5% and carry forward Rs 1,400 for unexpired insurance

The solution of Question No 32 Chapter No 18:-

Trading A/c

Particular	Amount	Particular		Amount
To Opening Stock A/c	44,000	By Sale A/c	3,00,000
To Purchases A/c	2,20,000	Less: Return	4,600	2,96,000
To carriage on purchases	3,600	By Closing Stock		40,120
To Gross Profit A/c	68,350
	3,36,120			3,36,120

Profit/Loss A/c

Particular		Amount	Particular	Amount
To Discount A/c		3,200	By Gross Profit A/c	68,520
To Taxes & insurance A/c	4,000		By Rent received A/c	2,000
Less: unexpired insurance	1,400	2,600	By Discount received A/c	4,000
To General Exp.		8,000
To Salaries		18,000
Bad debts
Written off Bad debts	1,600
Add: New provision required	1,800
Less: Old provision	1,000	2,400
To Interest on capital A/c		3,000
To Dep. On Business premises		600
To Dep. On Furniture & fitting		520
To Net profit A/c		31,800
		74,520		74,520

Balance Sheet

Labilities		Amount	Assets		Amount
Capital A/c	60,000		Debtors	36,000
Add: Net Profit	31,800		Less: Provision for doubtful debts	1,800	34,200
Add: Interest on capital	3,000		Closing Stock		40,120
Less: drawing	10,000	84,800	Prepaid insurance		1,400
Sundry Creditor		26,600	Furniture& fitting	5,200
Bank overdraft		8,400	Less: depreciation	520	4,680
			Business Premises	40,000
			Less: depreciation	600	39,400
		1,19,800			1,19,800