Question

Prepare a Trading, Profit and Loss account of Mr. A. Awasthi for the year ending on 31st March, 2022 and a Balance Sheet as on 31st March, 2022.

Particulars	Amount (Dr.) Rs.	Amount (Cr.) Rs.
Capital		60,000
Drawings	4,500
Cash at Bank	4,200
Purchase	66,000
Sales		1,35,000
Purchase Returns		3,000
Sales Returns	6,000
Discount	1,200
Carriage Outwards	1,800
Salaries	18,000
Trade expenses	3,600
Opening stock	15,000
Bad debts	1,800
Rent	4,500
Machinery	1,08,000
Furniture	15,000
Debtors	15,000
Creditors		30,000
Stationary	7,500
Commission received		900
Loan		43,200
	2,72,100	2,72,100

Closing stock on 31st March, 2022 was valued at ₹ 78,000.

Answer 1

Dr.	Trading Account of Mr. A. Awasthi for the year ending 31st March, 2022				Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
To Opening Stock	-	15,000	By Sales	1,35,000	1,29,000
To Purchases	66,000	63,000	Less: Sales Returns	(6,000)
Less: Purchase Returns	(3,000)		By Closing Stock	-	78,000
To Gross Profit transferred to the Profit and Loss account	-	1,29,000
		2,07,000			2,07,000

 

Dr.	Profit and Loss Account of Mr. A. Awasthi for the year ending 31st March, 2022		Cr.
Particulars	Amount (₹)	Particulars	Amount (₹)
To Discount	1,200	By Gross Profit from the Trading Account	1,29,000
To Carriage Outwards	1,800	By Commission Received	900
To Salary	18,000
To Trade Expenses	3,600
To Bad Debts	1,800
To Rent	45,000
To Stationery	7,500
To Net Profit	91,500
	1,29,900		1,29,900

 

Balance Sheet of Mr. A. Awasthi for the year ending 31st March, 2022
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)
Capital	60,000	1,47,000	Cash at bank	4,200
Less: Drawings	(4,500)		Machinery	1,08,000
Add: Net profit	91,500		Furniture	15,000
Creditors	-	30,000	Debtors	15,000
Loan	-	43,200	Closing Stock	78,000
		2,20,200		2,20,200