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प्रश्न
Prepare trading and profit and loss account in the books of Ramasundari for the year ended 31st December, 2017 and balance sheet as on that date from the following information:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 2,500 | Sales | 7,000 |
| Wages | 2,700 | Purchases | 3,300 |
| Closing Stock | 4,000 | Salary | 2,600 |
| Discount received | 2,500 | Capital | 52,000 |
| Machinery | 52,000 | Cash at Bank | 6,400 |
| Creditors | 8,000 |
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उत्तर
Trading and Profit & Loss a/c of Ramasundari for the year
ended 31 Dec 2017
| Dr. | Cr. | |||
| Particulars | ₹ | Particulars | ₹ | |
| To Opening stock | 2,500 | By Sales | 7,000 | |
| To Purchases | 3,300 | By Closing stock | 4,000 | |
| To Wages | 2,700 | |||
| To Gross Profit c/d | 2,500 | |||
| 11,000 | 11,000 | |||
| To Salary | 2,600 | By Gross Profit b/d | 2,500 | |
| To Net Profit c/d | 2,400 | By Discount received | 2,500 | |
| 5,000 | 5,000 | |||
Balance Sheet of Ramasundari
as of 31st March 2018
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital | 52,000 | 54,400 | Machinery | 52,000 |
| Add: Net Profit | 2,400 | Cash at bank | 6,400 | |
| Creditors | 8,000 | Closing stock | 4,000 | |
| 62,400 | 62,400 |
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संबंधित प्रश्न
Select the most appropriate alternatives given below and rewrite the sentence :
Outstanding expenses are shown on the ____________ side of Balance Sheet.
Select the most appropriate alternatives given below and rewrite the sentence :
______________ is a statement which shows the financial position of business on a specific date.
Select the most appropriate alternatives given below and rewrite the sentence :
State True or False with reasons :
Every item of Trial Balance has only one effect.
Do you agree or disagree with the following statement :
Balance Sheet is a statement as well as an account.
Do you agree or disagree with the following statement:
Capital is excess of Liabilities over Assets.
Mention any two differences between trial balance and balance sheet.
From the following Receipts and Payment account of Yercaud Youth Association, prepare Income and expenditure account for the year ended 31st March, 2019 and the balance sheet as on that date.
| Receipts | ₹ | Payments | ₹ |
| To Balance b/d | By Salary | 14,000 | |
| Cash in hand | 9,600 | By Office expenses | 7,200 |
| To Government grants for purchase of books | 10,000 | By Books purchased | 15,000 |
| To Subscription | 24,800 | By Stationery purchased | 1,800 |
| To Admission fees | 2,000 | By Newspaper purchased | 2,100 |
| To Prize fund receipts | 6,000 | By Prizes awarded | 5,000 |
| To Bank interest | 1,500 | By Balance c/d | |
| To Sale of newspapers | 1,100 | Cash in hand | 9,900 |
| 55,000 | 55,000 |
Additional information:
- Opening capital fund ₹ 20,000.
- Stock of books on 1.4.2018 ₹ 9,200.
- Subscription due but not received ₹ 1,700.
- Stock of stationery on 1.4.2018 ₹ 1,200 and stock of stationery on 31.3.2019, ₹ 2,000.
Discuss the need of preparing a balance sheet
The machinery of ₹ 35,500 is purchased on 1st July 2018 and on the same day ₹ 4,500 are spent on the installation of the Machinery. The proprietor has decided to Depreciate Machinery at the rate of 7% p.a. Calculate the amount of depreciation, assuming that accounting year is ending on 31st March every year.
Annual Insurance Premium ₹ 8,000 is paid on 1st Dec 2018. Calculate the amount of Insurance Premium for the accounting year ending on 31st March 2019.
Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 60,0000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
What does it indicate if the balance sheet does not tally (totals on both sides are not equal)?
Which type of accounts appear on a balance sheet?
Why is the balance sheet prepared "as on" a date, not "for the year ended"?
How are adjustments like outstanding expenses or prepaid expenses reflected in the balance sheet?
If cash at bank increases, which side of the balance sheet changes?
