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Prepare Trading and Profit & Loss Account for the year ending 31 st March and a Balance
Sheet as at that date.
(Ans.: Gross Loss Rs. 80,000; Net Loss Rs. 2,33,200; Total of Balance Sheet Rs. 5,60,500.)
10. Prepare Trading and Profit and Loss Account and Balance Sheet of Nimesh Corporation as at
31
: st March from the following balances :
Particulars Rs. Particulars Rs.
Opening stock 12,000 Sales 2,19,000
Furniture 14,000 Purchases Returns 2,000
Land 11,80,000 Sales Returns 4,000
Debtors 4,400 Sundry expenses 12,000
Wages and Salaries 9,000 Conveyance charges 700
Drawings 16,000 Advertising expenses 18,000
Purchases 1,72,000 Creditors 14,000
Carriage Inward 500 Rent 12,000
Capital 12,19,600
The closing stock was valued at Rs. 10,000.
(Ans.: Gross Profit Rs. 33,500; Net Loss Rs. 9,200; Total of Balance Sheet Rs. 12,08,400 )
Adjustments)
Particulars Rs Particulars Rs
Capital Account 6,50,000 Cash 5,000
Creditors 36,000 Drawings 24,000
Bank Overdraft 16,500 Freehold Property 2,10,000
Interest on Bank Overdraft 1,650 Plant and Machinery 3,80,000
Debtors 59,400 Computers 1,22,000
Purchases 2,47,400 Rent 6,900
Sales 4,30,950 Insurance and Taxes 12,300
Return Inward 11,400 Fire Insurance Premium 6,000
Return Outward 6,300 Electricity 2,700
Stock (Opening) 18,000 Factory Lighting 5,100
Freight Inward 5,700 Salaries to Storekeeper 8,400
Patents 12,000 Coal, Gas and Power 1,800
BALANCE SHEET
as at 31s'March, 2006
Liabilities Rs. Assets Rs.
Creditors 36,000 Cash 5,000
Debtors 59,400
Manager's Commission Payable 11,873 Stock 50,700
Bank Overdraft Rs. 16,500 Prepaid insurance 1,500
Add: Interest Due Rs. 300 16,800 Patents 12,000
Capital Rs. 6,50,000 Computers Rs. 1,22,000
Add: Net Profit Rs. 1,18,727 Less : Depreciation Rs. 12,200 1,09,800
Rs.7,68,727 Plant & Machinery Rs.3,8O,O00
Less: Drawings Rs.24,000 7,44,727 Less : Depreciation Rs. 19,000 3,61,000
Freehold Property 2,10,000
8,09,400 8,09,400
ILLUSTRATION 1. (Comprehensive) From the following balances taken from the Trial
Balance of M/s Baba & Company, prepare :
(a) Trading and Profit and Loss A/c for the year ending 31st March,
2006.
(b) Balance Sheet as at 31st March, 2006.
BALANCE SHEET
as at 31s' March, 2006
Liabilities Rs. Assets Rs.
Sales Tax Payable 40,000 Cash in hand 1,700
Sundry Creditors 12,100 Sundry Debtors Rs.30,000
Outstanding Interest on Loan 24,000 Less : FurtherBad debts Rs. 1,000 29,000
Outstanding Salaries 2,200 Stock 24,400
Loan 9,00,000 Loose Tools 8,400
Capital Rs. 2,33,800 Investments 2,00,000
Add: Net Profit Rs. 3,07,400 5,41,200 Motor Car Rs. 3,10,000
Less : Depreciation Rs. 31,000 2,79,000
Freehold Land 9,70,000
Goodwill 7,000
15,19,500 15,19,500
Tutorial Note
60% of the rent is to be debited to Trading Account and the remaining 40% to Profit & Loss
Account.
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