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Question -

From the following balances of M/s Jyoti Exports, prepare trading and profit and loss account for the year ended March 31, 2017 and balance sheet as on this date.

Account Title

Debit

Amount

₹

Account Title

Credit

Amount

₹

Sundry debtors

9,600

Sundry creditors

2,500

Opening stock

22,800

Sales

72,670

Purchases

34,800

Purchases returns

2,430

Carriage inwards

450

Bills payable

15,600

Wages

1,770

Capital

42,000

Office rent

820

 

 

Insurance

1,440

 

 

Factory rent

390

 

 

Cleaning charges

940

 

 

Salary

1,590

 

 

Building

24,000

 

 

Plant and Machinery

3,600

 

 

Cash in hand

2,160

 

 

Gas and Water

240

 

 

Octroi

60

 

 

Furniture

20,540

 

 

Patents

10,000

 

 

 

1,35,200

 

1,35,200
Closing stock ₹ 10,000.
1. To provision for doubtful debts is to be maintained at 5 per cent on sundry debtors.
2. Wages amounting to ₹ 500 and salary amounting to ₹ 350 are outstanding.
3. Factory rent prepaid ₹ 100.
4. Depreciation charged on Plant and Machinery @ 5% and Building @ 10%.
5. Outstanding insurance ₹ 100.



Answer -

Trading Account

Dr.

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Opening Stock

22,800

Sales

72,670

Purchases

34,800

Closing Stock

10,000

Less: Purchases Return

2,430

32,370

Carriage Inwards

450

Wages

1,770

Add: Outstanding Wages

500

2,270

Factory Rent

390

Less: Prepaid Rent

100

290

Gas and Water

240

Octroi

60

Cleaning Charges

940

Gross Profit

23,250

82,670

82,670

 

Profit and Loss Account

Dr.

Cr.

Particulars

Amount

₹

Particulars

Amount

₹

Office Rent

820

Gross Profit

 23,250

Insurance

1,440

Add: Outstanding Insurance

100

1,540

Depreciation on Plant and Machinery

180

Salary

1,590

Add: Outstanding Salary

350

1,940

Provision for Doubtful Debts

480

Depreciation on Building

2,400

Net Profit

15,890

23,250

23,250

Balance Sheet

Liabilities

Amount

₹

Assets

Amount

₹

Capital

42,000

Sundry Debtors

9,600

Add: Net Profit

15,890

57,890

Less: New Provision

480

9,120

Sundry Creditors

2,500

Building

24,000

Bills Payable

15,600

Less: Depreciation

2,400

21,600

Outstanding Salary

350

Plant and Machinery

3,600

Outstanding Wages

500

Less: Depreciation

180

3,420

Outstanding Insurance

100

Cash in Hand

2,160

Furniture

20,540

Patents

10,000

Closing Stock

10,000

Prepaid Factory Rent

100

76,940

76,940

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