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Tuhi Nirankar
TRADING ACCOUNT OF M/S.........for the year ending on.............
PARTICULARS AMOUNTRs. P.
PARTICULARS AMOUNTRs. P.
To Opening StockTo PurchasesLess : Purchases Returns or Returns Outward (or Returns Cr. Bal)To Expenses incurred in bringing the goods to their present condition and location Wages, or Wages and Salaries or Productive Wages or Manufacturing WagesTo Carriage, or Carriage Inward, or Carriage on Purchases or Freight InwardTo OctroiTo Dock Charges (Inward)To Customs Duty on imported goodsTo Motive Power, Coal, Gas, Water and Oil, Grease, etc. Fuel, Heating and LightingTo Royalties based on ProductionTo Gross Profit transferred to Profit and Loss Account
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By Sales Goods Sold Less : Sales Returns (or Returns Inward) (or Returns Dr. bal)By Closing StockBy Gross Loss Transferred to Profit and Loss A/c
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PERFORMA OF FINAL ACCOUNT
TUHI NIRANKAR
GYAN'S CLASSESAddress : A-7/2, Street Of State Bank of India, Pardhan Market, Sant Nirankari Colony, Delhi-110009.
Contact No. 9811272741, 9968892456, E-mail : [email protected] : http://gyansclasses.jimdo.com
Tuhi Nirankar
PROFIT AND LOSS ACCOUNTfor the year ending on.............
PARTICULARS AMOUNTRs. P.
PARTICULARS AMOUNTRs. P.
To Gross Loss transferred (from Trading Account)To SalariesTo Rent, Rates and TaxesTo Printing & StationeryTo Postage & TelegramsTo Legal ChargesTo Telephone Exp.To Insurance PremiumTo Entertainment Exp.To Repairs an RenewalsTo Interest on LoanTo Interest on CapitalTo Sundry Trade ExpensesTo Loss on Sale of AssetsTo Conveyance To CharityTo Bank ChargesTo Office ExpensesTo Establishment Exp.To General ExpensesTo Loss in ExchangeTo Licence FeeTo BrokerageTo Electricity Exp.To Loss by Fire, TheftTo CommissionTo AdvertisementTo Cartage outwardTo Export DutyTo DiscountTo Packing ExpensesTo Traveling Exp.To Bad DebtsTo Audit FeesTo DepreciationTo Net Profit transferred to Capital Account
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By Gross Profit transferred from Trading AccountBy Rent from TenantsBy Discount (Cr.)By CommissionBy Interest (Cr.)By Bad Debts RecoveredBy Apprentice PremiumBy Income from InvestmentsBy Dividends on SharesBy Difference in exchange (Cr.)By Miscellaneous IncomeBy Profit on Sale of AssetsBy Net Loss—transferred to Capital Account
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BALANCE SHEET OF..........Page No. 2
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as at..............LIABILITIES AMOUNT
RS. P.ASSETS AMOUNT
Rs. P.CapitalAdd: Net Profit ..........Add: Intt. On Capital ..........Less: Net Loss ..........Less: Drawings ..........Less: Int. on Drawings ...........Bank OverdraftLoansSundry CreditorsBills PayableTax Payable
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GoodwillLand and BuildingsPlant and MachineryMotor VanComputerBooksFurnitureClosing StockDebtorsInvestmentBills ReceivableCash at BankCash in Hand
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ADJUSTMENTS OF FINAL ACCOUNT1 Closing Stock
Cr. (Trading A/c) Asset Side
2 Depreciation on Machinery
Dr. (Profit & Loss A/c) (-) From Machinery
3 Appreciation on Building
Cr. (Profit & Loss A/c) (+) in Building
DUE/ADVANCE4 Unpaid/Due/Arrears/Outstanding Rent (Expenses)
(+) in Rent Liabilities side
5 Accrued Rent (Income)
(+) in Rent Assets side
6 Prepaid/Paid in advance/Unexpired Rent (Expenses)
(-) in Rent Assets side
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7 Prereceived/Rent received in advance (Income)
(-) in Rent Liabilities side
INTEREST8 Interest on Capital
(+) in Capital Dr. (P&L)9 Interest on Bank overdraft
(+) in Bank overdraft Dr. (P&L)
10 Interest on Loan (Liab. Side)
(+) in Loan (Liab. Side) Dr. (P&L)11 Interest on Loan (Assets side)
(+) in Loan (Assets side) Cr. (P&L)
12 Interest on Investment
(+) in Investment Cr. (P&L)
13 Interest on Fixed Deposit
(+) in Fixed Deposit Cr. (P&L)
14 Interest on Drawing
(-) from Capital Cr. (P&L)
FREE GOODS15 Free Goods distributed as sample
(-) from Purchase Dr. (P&L) To Advertisement16 Free goods given as charity
(-) From Purchase Dr. (P&L) To Charity
17 Goods taken up by the proprietor for personal use
(-) From Purchase (-) From Capital
18 GOODS DESTROYED BY FIREPage No. 4
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Uninsured Goods worth Rs. 7,000 destroyed by fire.OR
Goods worth Rs. 7,000 destroyed by fire but insurance Co. admitted no claim.
(-) Rs. 7,000 from purchases Dr. side of P&L A/c (To Loss by Fire) Rs. 7,000
19 Insured Goods worth Rs. 5,000 destroyed by fire and insurance company admitted full claim.
(-) Rs. 5,000 from Purchase Assets side of Balance sheet (Insurance Co.)
20 Insurance Goods worth Rs. 25,000 destroyed by fire but insurance Co. admitted a claim of Rs. 23,000.
(-) Rs. 25,000 from purchase Rs. 23,000 in Assets side (Insur. Co.) Dr. (P&L Rs. 2,000 To loss by fire)
DISCOUNT21 Discount on Debtors
(-) from Debtors (+) in given Bad debt (Dr. side of P&L A/c)
22 Discount on Creditors
(-) from Creditors Cr. Side of P&L A/c
MANAGER COMMISSION23 Manager Commission/Office Manager Commission
-Dr. side of P&L A/c; Liabilities side
24 Factory Manager Commission
-Dr. Side of Trading A/c Liabilities side
25 Calculation of Manager Commission
10% on Net profit BEFORE CHARGING Manager Comm.. = Net profit BCMC* 10/10010% on Net profit AFTER CHARGING Manager Comm. = Net profit BCMC* 10/110
NEW PROVISION FOR BAD DEBT26 Further Bad debt
(+) given Bad debt (Dr. side of P&L A/c (-) From Debtors
27 Reserve a provision for Doubtful debt.
(+) in given Bad debt (Dr. side of P&L A/c) (-) From Debtors
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GOODS SALE OR RETURN ON APPROVAL BASIS28 Goods costing Rs. 12000 were sent to customer on sale or return for Rs. 12500 on 30th Dec.
and had been recorded as actual sales.
Rs. 12000 will be (+) in both the closing stock Rs. 12500 (-) from Sales &
Rs. 12500 (-) from Debtors.
EXTRA ADJUSTMENT29 Wages include a sum of Rs. 10,000 spent on the erection of a scooter for the employee and
customers.
Rs. 10,000 (-) from wages. Rs. 10,000 (+) from in Building.
30 Purchases include two Typewriters costing Rs. 27,000.
Rs. 27,000 (-) from Purchases Rs. 27,000 (+) in given Typewriter in Assets side.
FINAL ACCOUNT QUESTIONSQ. 1 From the following balances extracted from the books of Sh. Gyan on 3st December, 1993, prepare a Trading Account, P & L A/c and a Balance Sheet. Closing Stock valued on that date was Rs. 15,000.
Dr. Balances Rs. Rs.Capital Household ExpensesSales Return inwardsReturn outwardsPurchasesCash at ShopkBank OverdraftInterest on OverdraftCreditorsStock at the CommencementFreightRent and TaxesDebtorsCommissionFreehold PropertySundry ExpensesSalaries and wagesLife Insurance PremiumInsurance Premium
10,000
4,000
1,50,0001,600
1,500
18,0008,5007,000
32,6003,000
30,0003,900
20,0001,8001,600
1,28,200
1,80,000
6,000
15,000
17,800
2,200
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Motor Vehicle TypewriterInterestCarriage inwardsCarriage outwardsPowerAudit FeeLighting
39,8008,000
2,000800
2,2001,7002,000
800
TOTAL 3,50,000 3,50,000
Q. 2 From the following balances of the ledger of Sh. Gurdeep Singh, prepare Trading and Profit and Loss Account and Balance Sheet :—
Dr. Balances Rs. Rs.
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Ans. Gross Profit Rs. 16,300, Net Loss Rs. 22,200, Balance Sheet Rs. 1,27,200
Tuhi Nirankar
Stock on 30-6-2007Stock on 30-6-2008Purchases and SalesReturnsCommission on PurchasesFreight, octroi and carriageWages and SalaryFire Insurance PremiumBusiness premisesSundry DebtorsSundry CreditorsGoodwillPatentsCoal, Gas and PowerPrinting and StationeryPostage and TelegramTravelling expensesDrawingsDepreciationGeneral ExpensesCapitalInvestmentsInterest on InvestmentsCustom Duty on imported goodsCash in handBanker's AccountCommissionLoan on MortgageInterest on LoanB/PB/RIncome TaxHorses and CartsDiscount on Purchases
30,00046,200
2,30,00012,5001,200
26,00010,800
82040,00026,100
8,0008,4007,6002,100
7104,2507,2001,0008,350
8,000
4,5002,570
4,600
3,000
4,5403,000
20,300
3,45,80015,200
26,700
89,760
800
5,2004,400
30,000
2,280
1,600
TOTAL 5,21,740 5,21,740
Ans. Gross Profit Rs. 38,400, Net Profit Rs. 20,370, Balance Sheet Rs. 1,64,110
Q. 3 From the following balances of Sehajta Ltd. prepare Final Accounts as on 31st March, 2008 :—Rs. Rs.
Stock on 01-4-2007PurchasesSalesProductive ExpensesUnproductive ExpensesTrade ExpensesReturns InReturns Out Loose ToolsTrade MarksDiscount Cr.
23,50046,800
1,30,00027,0005,8001,2006,6002,8007,2005,0002,100
Freight InFreight OutRent (Factory 1/3, Office 2/3)Legal ExpensesMiscellaneous ReceiptsSundry DebtorsSundry CreditorsDonationBad-DebtsBad-Debts RecoveredSales Tax Collected
1,1003,0007,500
800500
30,00012,200
6004,7504,0003,900
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SalariesFixed Deposit with P.N.B.Cash in HandMotor VehiclesLeasehold LandCapital Life Insurance Premium
9,60010,0001,300
50,00060,000
1,37,4506,000
Bank ChargesLoan on MortgageInterest on Loan
2,80020,0002,400
Value of Closing Stock was Rs. 36,500 on 31st March 2008.
Q. 4 From the following Trial Balance of Gurdeep Singh as at 31st December, 2007, prepare Trading and Profit and Loss Account and Balance Sheet:
Dr. Balances Rs. Cr. Balances Rs.Opening StockLand and BuildingMachineryFurniture & FixturesPurchasesSalariesGeneral ExpensesRentPostage and TelegramsStationeryWagesFreight on PurchasesCarriage on SalesRepairsSundry DebtorsBad DebtsCash in HandCash at BankSales Returns
15,50035,00050,0005,0001,06,00011,0002,5003,0001,4001,30026,0002,8004,0004,50030,0006001006,4005,100
CapitalLoan from Mrs. Gurdeep Singh @9%Sundry CreditorsPurchase ReturnsSales Discount
60,00030,0009,6002,1002,07,3001,200
3,10,200 3,10,200 The following further information was given:
(a) Wages for December, 2007 amounting to Rs. 2,100 have not yet been paid.(b) Included in General Expenses is Insurance Premium Rs. 600, paid for the year ending 31st march, 2008.(c) A provision for doubtful debts @5% on debtors is necessary.(d) Depreciation is to be charged as follows:
Land and Building 2%, Machinery 10% and Furniture and Fixtures 15%.(e) The loan from Mrs. Gurdeep Singh was taken on 1st July, 2007. Interest has not been paid yet.(f) The value of stock on hand on 31st Dec, 2007 was Rs. 14,900.
Q. 5 The following is the Trial Balance of Mr. Gyan on 30th June, 2007 :
Dr. Balances Rs. Rs.Cash in HandCash at bankPurchases AccountSales AccountReturns Inward Account
5402,630
40,675
68098,780
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Ans. Gross Profit Rs. 61,800, Net Profit Rs. 32,450, Balance Sheet Rs. 2,00,000
Tuhi Nirankar
Returns Outward AccountWages AccountFuel & Power AccountCarriage on Sales AccountCarriage on Purchase AccountStock Account (1st July, 2007)Building AccountFreehold Land AccountMachinery AccountPatent AccountSalaries AccountGeneral Exps. AccountInsurance AccountDrawings AccountCapital AccountSundry Debtors AccountSundry Creditors Account
10,4804,7303,2002,0405,760
30,00010,00020,0007,500
15,0003,000
6005,245
14,500
500
71,000
6,300TOTAL 1,76,580 1,76,580
Taking into account the following adjustments, Prepare Trading Account and Profit and Loss Account and the Balance Sheet:
(a) Stock on hand on 30th June, 2007 is Rs. 6,800.(b) Machinery is to be depreciated at the rate of 10% and patents at the rate of 20%.(c) Salaries for the month of June 2007 amounting to Rs. 1,500 were unpaid.(d) Insurance includes a premium of Rs. 170 on a policy expiring on 31st December 2007.(e) Wages include a sum of Rs. 2,000 spent on the erection of a cycle shed for employees and customers.(f) A provision for Bad and Doubtful Debts is to be created to the extent of 5 per cent on Sundry Debtors.
Q. 6 The following trial balance is extracted from the books of a merchant on 31st December 2007:
PARTICULARS DR. Rs.
Cr.Rs.
Furniture and FittingsMotor VehiclesBuildingsCapital AccountBad DebtsProvision for Bad DebtsSundry Debtors and CreditorsStock on January 1, 2007Purchases and SalesBank OverdraftSales and Purchases ReturnsAdvertisingInterest AccountCommissionCashTaxes and InsuranceGeneral ExpensesSalaries
6406,2507,500
125
3,8003,4605,475
200450118
6501,250
7823,300
12,500
2002,500
15,4502,850
125
375
34,000 34,000
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The following adjustments are to be made:(a) Stock in Hand on 31st December, 2007 was Rs. 3,250.(b) Depreciate Building @5%, Furniture and Fitting @ 10% and Motor Vehicle @ 20%.(c) Rs. 85 is due for interest on bank Overdraft.(d) Salaries Rs. 300 and Taxes Rs. 120 are outstanding.(e) Insurance amounting to Rs. 100 is prepaid.(f) One-third of the commission received is in respect of work to be done next year.(g) Write off further Rs. 100 as Bad Debts and Provision for Bad Debts is to be made equal to 5% on Sundry
Debtors. Prepare a Trading and Profit and Loss Account for the year ending 31st December, 2007 and a Balance Sheet as on that date.
Q. 7 From the following Trial Balance prepared from the books of Gurdeep on 31st December 2007, prepare Trading and Profit and Loss Account for the year ending 31st December, 2007 and Balance Sheet as on that date :
Particulars Rs. P. Particulars Rs. P.Gurdeep's drawingsBills ReceivablePlant and MachinerySundry debtors (Including Mr. Gyan for dishonoured cheque—Rs. 1,000)Wages (Manufacturing)Returns inwardPurchasesRent and TaxesStock on 1st Jan, 2007SalariesTravelling expensesInsurance CashBankRepairs and renewalsInterest of LoanInterest and discountBad debtsFixtures and Fittings
10,5509,500
28,800
62,00040,9702,780
2,56,5905,620
89,68011,0001,880
400530
18,9703,3701,0004,8703,6208,970
Gurdeep's CapitalLoan at 6% p.a.SalesCommission receivedSundry Creditors
1,19,40020,0003,56,4305,64059,630
5,61,100 5,61,100
The following adjustments are to be made: (a) Stock-in-trade in hand on December 31, 2007 Rs. 1,28,960.(b) Write off half of Gyan's cheque.(c) Create a provision of 5% on sundry debtors.(d) Manufacturing wages include Rs. 1,200 for erection of new machinery purchased.(e) Depreciate plant and machinery by 5% p.a. For fixtures and fittings by 10% per annum.(f) Commission not earned but received amounts to Rs. 600.
Q. 8 On 31st December, 2007 the following Trail Balance was extracted from the books of Mr. Himmat Singh.
Particulars Rs. P. Particulars Rs. P.
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Dr. Balances:DrawingsSundry DebtorsInterest on LoanCash in HandStock on 1st Jan, 2007Motor VehiclesCash at BankLand & BuildingsBad DebtsPurchasesSales ReturnsCarriage OutwardCarriage InwardSalaries
3,00020,1003002,0506,83910,0003,55512,00052566,4587,8212,4042,9299,097
Rates Taxes and InsuranceAdvertising General ExpensesBills ReceivableCr. Balances:CapitalSundry CreditorsLoan on MortgageBad Debts Reserve SalesPurchases ReturnsDiscountsBills PayableRent Received
2,8913,2643,4896,882
28,00010,4019,5007101,10,2431,3465402,614250
Prepare Trading and Profit and Loss Account for the year ended 31st December, 2007 and Balance Sheet as on that date, after making adjustments for the following matters:
1. Depreciate Land and Building at 2-1/2 % and Motor Vehicles at 20%.2. Interest on Loan at 6% p.a. Is unpaid for six months.3. Goods costing Rs. 500 were sent to a customer on sale or return for Rs. 600 on 30 th December, 2007 and had
been recorded in the books as actual sales.4. Salaries amounting to Rs. 750 and rates amounting to Rs. 350 are outstanding.5. Prepaid Insurance amounted to Rs. 150.6. The provision for Bad Debts is to be maintained at 5% on Sundry Debtors.7. Provide for manager's Commission at 10% on net profits after charging such commission.8. Stock in hand on 31st December, 2007 was valued at Rs. 6,250.
Q. 9 From the following balances extracted from the books of Mr. Hardev Singh, prepare trading and profit and loss account for the year ended 31.32007 and a balance sheet on that date:
PurchasesComputer at cost(bought on 31.3.2007)Cash at BankCash in HandFurniture and fittings at costRentBills receivable Trade ChargesSundry debtorsDrawingsDiscountWagesSalariesReturns Inwards
71,280
18,3804,0002,8361,54012,5406,72092034,1565,2005401,80016,7801,000
Capital accountCreditorsBills PayableDiscountSalesReturns outwardsRent due
60,00013,00010,22022,00060,72011,432320
1,77,692 1,77,692
Adjustments:
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(a) Stock at the end at cost Rs. 25,600 (market-value Rs. 26,200).(b) Rs. 6,000 paid to Mrs. Red against Bills payable were debited by mistake to Mr. Green's account and
included in the list of sundry debtors.(c) Traveling expenses paid to sales representatives Rs. 5,000 for the month of March 2007 were debited to his
personal account and included in the list of sundry debtors.(d) Depreciation on furniture and fittings shall be provided at 10% p.a.(e) Provide for doubtful debts at 5% on sundry debtors.(f) Goods costing Rs. 1,500 were used by the proprietor.(g) Salaries included Rs. 12,000 paid to sales representative who is further entitled to a commission of 5% on
net sales.(h) Stationery charges Rs. 1,200 due on 31.3.2007.(i) Purchases included opening stock valued at cost Rs. 7,000.(j) Sales representative further entitled to an extra commission of 5% on net profit after charging his extra
commission.
Q. 10 Define accounting and explain the steps in the accounting process.
Mrs. Gurdeep Singh , shopkeeper had prepared the following trial balance from his ledger as on 31st March, 2007 :Particulars Dr. Cr.
Rs. Rs.Purchases and sales 6,20,000 8,30,000Cash in hand 4,200Cash at Bank 24,000Stock of goods on 01-04-2006 1,00,000Capital A/c 5,77,200Drawings 8,000Salaries 64,000Postage and telephones 23,000Salesmens's commission 70,000Insurance 18,000Advertising 34,000Furniture 44,000Printing and Stationery 6,000Motor Car 96,000Bad debts 4,000Cash discount 8,000General expenses 60,000Carriage inwards 20,000Carriage outwards 40,000Wages 40,000Debtors and creditors 2,00,000 80,000
14,87,200 14,87,200You are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2007 and Balance Sheet on that date. You are also given the following information:
1. Stock on 31-3-2007 was Rs. 1,45,000.2. Mr. Gurdeep Singh had withdrawn goods worth Rs. 5,000 during the year.3. Purchases include purchase of furniture worth Rs. 10,000.4. Debtors are bad to the extent of Rs. 5,000.5. Creditors include a balance of Rs. 4,000 to the credit of Mr. Mandeep in respect of which it has been
decided and settled with the party to pay only Rs. 1,000.6. Sales include goods worth Rs. 15,000 sent to Gyan & Co. on approval and remaining unsold as on
31-3-2007. The cost of the goods was Rs. 10,000.Page No. 13
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7. Provision for Bad Debts is to be created at 5% on Sundry Debtors.8. Depreciate Furniture by 15% and Motor Car by 20%.9. The salesmen are entitled to a commission of 10% on total sales.
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