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Question No 43 Chapter No 18 - USHA Publication 11 Class

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Question No 43 Chapter No 18

Goods withdrawn for business and personal use

43. From the following trial balance of Sukhdev Singh, prepare trading and profit and loss account for the year ended 31st March, 2019 and a balance sheet as on that date.

Ledger Accounts	Dr.	Cr
Plant and machinery	19,720	-
Manufacturing wages	34,965	-
Salaries	15,965	-
Fixtures and fittings	9,480	-
Carriage inwards	1,980	-
Carriage outwards	2,150	-
Freehold works	25,000	-
Manufacturing expenses	9,455	-
Insurance and taxes	4,175	-
Goodwill	30,000	-
General expenses	8,142	-
Factory fuel and power	1,276	-
Sundry debtors	78,140	-
Lighting factory	986	-
Stable expenses for distribution	2,473	-
Stock 1st April, 2018	34,170	-
Horses and carts	5,165	-
Purchases	97,165	-
Sales returns	3,170	-
Discount	928	-
Bad debts	1,485	-
Interest and bank charges	475	-
Cash at bank	7,540	-
Cash in hand	145	-
Abdul Rahman's capital a/c	-	80,000
Sundry creditors	-	54,160
Bank loan	-	10,000
Purchases returns	-	1,140
Reserve for bad & doubtful debts	-	2,000
Sales	-	2,46,850
	3,94,150	3,94,150

Adjustments :
(i)Stock on 31st March, 2019 29,630.
(ii) Depreciation — plant and machinery @ 10%, fixtures and fitting @ 5%, horses and carts 1000.
(iii) Bring provision for bad and doubtful debts to 5%.
(iv) Unexpired insurance 300 and taxes 190.
(v) A commission of 1% on the gross profit to be provided for works manager.
(vi) A commission of 5% on net profit after charging the works manager's commission to be credited to general manager.

The solution of Question No 43 Chapter No 18:-

Trading A/c

Particular		Amount	Particular		Amount
To Opening stock A/c		34,170	By Sale A/c	2,46,850
To Purchases A/c	97,165		Less: return	3,170	2,43,680
Less: Transfer to land and building	1,140	96,025
To manufacturing wages A/c		34,965	By Closing Stock A/c		29,630
To carriage inwards A/c		1,980
To manufacturing Exp. A/c		9,445
To fuel & power A/c		1,276
To lighting A/c		986
To Gross Profit A/c		94,453
		2,73,310			2,73,310

Profit/Loss A/c

Particular		Amount	Particular	Amount
To salaries		15,965	By Gross Profit A/c	94,453
To Carriage outwards		2,150
To General Exp.		8,142
To Stable exp. For distribution		2,473
To insurance & taxes	4,175
Less: Prepaid	490	3,685
To bad debts w/off	1,485
Add: reserve for doubtful debts	3,907
Less; old provision	2,000	3,392
To discount		928
To interest on bank loan		475
To Dep. On plant & machinery		1,972
To Dep. On fixtures & fitting		474
To Dep. On Horses and carts		1,000
To works manager commission		945
To Gen. manager commission		2,643
To Net profit A/c		20,509
		94,453		94,453

Balance Sheet

Labilities		Amount	Assets		Amount
Capital A/c	80,000		Debtors	78,140
Add: Net Profit	50,209	1,30,209	Less: provision	3,907	74,233
Creditor		54,160	Cash at bank		145
Bank loan		10,000	Cash at bank		7,540
Outstanding commission work manager.		975	Fixtures & fittings	9,480
Outstanding commission Gen. manager.		2,643	Less: depreciation	474	9,006
			Plant & machinery	19,720
			Less: depreciation	1,972	17,748
			Horses & carts	5,165
			Less: depreciation	1,000	4,165
			Freehold works		25,000
			Goodwill		30,000
			Prepaid insurance & taxes		490
			Closing stock		29,630

		2,53,542			2,53,542