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Question No 33 Chapter No 18 - USHA Publication 11 Class

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Question No 33 Chapter No 18

Goods are withdrawn for business and personal use

33.From the balances given below and the adjustment that follows, prepare Trading and Profit & loss account for the year ending 31st March 2017 and balance sheet as on the last date

Ledger balances	Rs	Ledger balances	Rs
Trade creditor	35,780	Discount received	5,800
Bills payable	18,700	Bills receivable	5,360
Legal charges	420	Purchases	1,17,200
General expenses	7,580	Stock on April 1, 2016	63,900
Cash at bank	18,980	Trade debtors	63,220
Capital	1,69,200	Carriage inwards	3,580
Building	40,000	Sales return	28,600
Bank loan @10% p.a.	40,000	Salaries	15,700
Purchases return	16,200	Sales	1,98,400
Reserve for doubtful debts	2,200	Bad debts	2,600
Cash in hand	400	Rent, rates and taxes	11,200
Discount allowed	8,600	Plant & Machinery	59,000
Wages(manufacturing)	39,940

Bad debts are estimated to be Rs 3,220; creditor reserve for bad and doubtful debts at the rate of 5% . Interest on bank loan is outstanding for the full year. Depreciation plant and machinery at the rate of 10% and building @2.5% stock on 31st March 2017 is Rs 93,840

The solution of Question No 33 Chapter No 18:-

Trading A/c

Particular		Amount	Particular		Amount
To Opening Stock A/c		63,900	By Sale A/c	1,98,400
To Purchases A/c	1,17,200		Less: Return	28,600	1,69,800
Less: return	16,200	1,01,000	By Closing Stock		93,840
To Wages A/c		39,940
To carriage inwards A/c		3,580
To Gross Profit A/c		55,220
		2,63,640			2,63,640

Profit/Loss A/c

Particular		Amount	Particular	Amount
To Legal charges A/c		420	By Gross Profit A/c	55,220
To General exp.		7,580	By Discount received A/c	5,800
To Discount allowed		8,600
To Salaries		15,700
To Rent, rates & taxes		11,200
To Bad debts A/c
Written off during year Bad debts	2,600
Add: written off now	3,220
Add: New provision required	3,000
Less: Old provision	2,200	6,620
To interest on bank loan A/c		4,000
To Dep. On Plant & machinery		5,900
To Dep. On Building		1,000

		61,020		61,020

Balance Sheet

Labilities		Amount	Assets		Amount
Capital A/c		40,000	Debtors	63,220
Sundry Creditor		35,780	Less: Provision for doubtful debts	3,220
Bills Payable		18,700	Less: provision for doubtful debts	3,000	57,000
Bank loan	40,000		Cash in hand		400
Add: outstanding	4,000	44,000	Cash at bank		18,980
			Closing stock		93,840
			Bills receivable		5,360
			Building	40,000
			Less: depreciation	1,000	39,000
			Plant & machinery	59,000
			Less: depreciation	5,900	53,100
		2,67,680			2,67,680