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प्रश्न
Given below is the Trial Balance of M/s. Krishna & Sons Pvt. Ltd. as on 31st March, 2023. Prepare a Trading and Profit and Loss account for the year ending 31st March, 2023 and a Balance Sheet as on the same date.
Trial Balance of M/s. Krishna & Sons Pvt Ltd. as on 31st March 2023.
| Particulars | Dr. | Cr. |
| Capital | - | 50,000 |
| Drawings | 1,000 | - |
| Debtors and Creditors | 25,000 | 15,000 |
| Loan | - | 20,000 |
| Discounts | 4,750 | 300 |
| Purchases and Sales | 90,000 | 1,72,000 |
| Land and Buildings | 88,000 | - |
| Salaries | 33,000 | - |
| Cash in hand | 2,700 | - |
| Stock as on 01-04-2022 | 28,000 | - |
| Commission Received | - | 18,550 |
| Sales Return and Purchase Return | 750 | 550 |
| Carriage inward | 1,200 | - |
| Bills receivable and Bills payable | 7,500 | 5,500 |
| Total | 2,81,900 | 2,81,900 |
Closing Stock was valued at ₹ 25,000
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उत्तर
| M/s. Krishna & Sons Pvt Ltd. | |||||
| Dr. | Trading and Profit & Loss Account for the year ending on 31st March, 2023 | Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Opening Stock A/c (Stock as on 1-4-2022) | 28,000 | By Sales A/c | 1,72,000 | 1,71,250 | |
| To Purchases A/c | 90,000 | 89,450 | Less: Sales Return A/c | (750) | |
| Less: Purchase Returns | (550) | By Closing Stock A/c | 25,000 | ||
| To Carriage Inwards | 1,200 | ||||
| To Gross Profit (transferred to P&L A/c) | 77,600 | ||||
| 1,96,250 | 1,96,250 | ||||
| To Discount allowed A/c | 4,750 | By Gross Profit (transferred from trading A/c) | 77,600 | ||
| To Salaries | 33,000 | By Discount Received A/c | 300 | ||
| To Net profit (Balancing figure) | 58,700 | By Commission Received A/c | 18,550 | ||
| 96,450 | 96,450 | ||||
| Balance Sheet as on 31st March 2023 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Bills payable | 5,500 | Cash in hand | 2,700 | |
| Creditors | 15,000 | Closing stock | 25,000 | |
| Loan | 20,000 | Bills receivables | 7,500 | |
| Capital | 50,000 | 1,07,700 | Debtors | 25,000 |
| Less: Drawings | (1,000) | Land and Buildings | 88,000 | |
| Add: Net Profit | 58,700 | |||
| 1,48,200 | 1,48,200 | |||
संबंधित प्रश्न
Answer in One Sentence:
What do you mean by Profit & Loss A/c?
Give a word, term, or phrase which can substitute the following statement:
Carriage paid on sale of goods.
Prepare the profit and loss account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances:
| 1) | Bank charges | ₹ 22,000 |
| 2) | Interest (Cr.) | ₹ 16,000 |
| 3) | Sundry expenses | ₹ 42,000 |
| 4) | Insurance | ₹ 35,000 |
| 5) | Salaries | ₹ 40,000 |
| 6) | Rates and Taxes | ₹ 13,000 |
| 7) | Postage | ₹ 8,000 |
| 8) | Advertisement | ₹ 40,000 |
| 9) | Rent paid | ₹ 32,000 |
| 10) | Bad debts | ₹ 10,000 |
| 11) | Commission (Cr) | ₹ 17,500 |
| 12) | Printing & Stationery | ₹ 21,000 |
| 13) | Loss by fire | ₹ 18,000 |
| 14) | Discount (Dr) | ₹ 23,000 |
| 15) | Discount (Cr) | ₹ 37,000 |
| 16) | Misc. Income | ₹ 14,000 |
| 17) | Depreciation | ₹ 34,000 |
| 18) | Carriage Outwards | ₹ 60,000 |
| 19) | Godown Expenses | ₹ 40,000 |
Note: Gross Profit ₹ 4,07,500
Give a word, term or phrase which can substitute in the following statement:
Account prepared to know Net Profit or Net Loss.
______ provides information about the net profit earned or net loss suffered by the business during a given accounting period.
Abnormal Losses such as stock destroyed by fire, goods lost intransit, loss on sale of fixed assets are recorded on the ______ side of the ______.
In case, the total of the debit side is greater than the total of the credit side, the difference represents ______.
What happens to the net profit shown by the Profit and Loss Account in a sole proprietorship?
Which of the following is added to bad debts while preparing the Profit and Loss Account?
The “Packing expenses” are classified in the Profit and Loss Account when they are:
