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 | ||||
Final Accounts: Meaning, Definition and Explanation
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Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)