Question No 26 Chapter No 17
Trading and Profit & Loss Account and Balance Sheet
26.From the following information compile a Manufacturing Trading and Profit & Loss account of M/s Milton Bros. for the year ended 13st March 2019
| Ledger Account | Rs | Ledger Account | Rs |
| Raw materials: | Factory light and water | 975 | |
| On 1-4-2018 | 650 | Power | 3,500 |
| On 31-3-2019 | 870 | Factory insurance | 750 |
| Purchases of raw material | 23,230 | Factory rent | 810 |
| Work in progress: | Office insurance | 1,210 | |
| On 1-4-2018 | 990 | Office salaries | 950 |
| On 31-3-2019 | 750 | Sales | 42,000 |
| Finish goods: | Depreciation: | ||
| On 1-4-2018 | 810 | Plant | 700 |
| On 31-3-2019 | 920 | Office furniture | 50 |
| Carriage inwards | 210 | Trade expenses | 40 |
| Carriage outwards | 795 | Repair to Plant | 190 |
| Manufacturing wages | 5,975 | Office light | 150 |
| Stores consumed | 895 | Interest on loan (Dr.) | 90 |
The solution of Question No 26 Chapter No 17:-
| Manufacturing A/c |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock A/c | By Sale A/c | ||||
| Raw material | 650 | Raw material | 870 | ||
| Add: work in progress | 990 | 1,640 | Add: work in progress | 750 | 1,620 |
| To Purchases of raw material A/c | 23,230 | ||||
| To Carriage Inwards A/c | 210 | ||||
| To Manufacturing Wages A/c | 5,975 | ||||
| To Store Consumed A/c | 895 | ||||
| To Factory light & water A/c | 975 | ||||
| To Power A/c | 3,500 | ||||
| To Factory insurance A/c | 750 | ||||
| To Factory Rent A/c | 810 | ||||
| To Depreciation on plant A/c | 700 | ||||
| To Repairs to Plant A/c | 190 | ||||
| By Cost of production A/c | 37,255 | ||||
| 38,875 | 38,875 | ||||
| Trading A/c |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Cost pf Production b/d | 37,255 | By sale of finish goods A/c | 42,000 | ||
| To Opening Stock of finished goods A/c | 810 | By closing stock of finished goods A/c | 920 | ||
| To Net profit A/c | 4,855 | ||||
| 42,920 | 42,920 | ||||
| Profit/Loss A/c | |||||
| Particulars |
Amount | Particulars |
Amount | ||
| To Carriage outwards A/c | 795 | By Gross Profit A/c | 4,855 | ||
| To Office Insurance A/c | 1,210 | ||||
| To Office Salaries A/c | 950 | ||||
| To Depreciation of furniture A/c | 50 | ||||
| To Trade Expenses A/c | 40 | ||||
| To Office light A/c | 150 | ||||
| To Interest on loan A/c | 90 | ||||
| To Net profit A/c | 1,570 | ||||
| 4,855 | 4,855 | ||||
Final Accounts: Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
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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
Chapter No. 4 – Vouchers and transactions
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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
Chapter No. 14 – Provisions and Reserves
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Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)