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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:

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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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पाठ 12: Final Accounts of Sole Proprietors - 1 - Exercises [पृष्ठ २६७]

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सामाचीर कलवी Accountancy [English] Class 11 TN Board
पाठ 12 Final Accounts of Sole Proprietors - 1
Exercises | Q IV 11. | पृष्ठ २६७

संबंधित प्रश्‍न

Give a word, term, or phrase which can substitute the following statement:
Statement of Assets & Liabilities.


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.


State True or False with reasons :
In every adjustment atleast there are three effects.


State True or False with reasons :
Goodwill is not a fictitious asset


Do you agree or disagree with the following statement :
Balance Sheet is a statement as well as an account.


What are wasting assets?


What are fixed assets?


Mention any two differences between trial balance and balance sheet.


From the following particulars, prepare balance sheet in the books of Bragathish as on 31st December, 2017:

Particulars Particulars
Capital 80,000 Cash in hand 20,000
Debtors 12,800 Net profit 4,800
Drawings 8,800 Plant 43,200

Following is the Receipts and Payments account of Neyveli Science Club for the year ended 31st December, 2018.

Dr. Receipts and Payments Account for the year ended 31st December, 2018 Cr.
Receipts Payments
To Balance b/d   By Balance b/d    
Cash in hand 2,400 Bank overdraft   1,000
To Subscription 8,700 By Postage expenses   200
To Life membership fees 5,000 By Science equipments purchased   10,000
To Exhibition fund receipts 7,000 By Laboratory expenses   2,400
To Sale of science equipments (Book value ₹ 5,000) 6,000 By Secretary’s honorarium   5,000
To Miscellaneous income 500 By Audit fees   3,600
    By General charges   1,800
    By Exhibition expenses   5,000
    By Balance c/d    
    Cash in hand 200  
    Cash at bank 400 600
  29,600     29,600

Additional information:

  1. Opening capital fund ₹ 6,400
  2. Subscription includes ₹ 600 for the year 2019
  3. Science equipment as on 1.1.2018 ₹ 5,000
  4. Surplus on account of exhibition should be kept in reserve for new auditorium.

Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date.


What is a balance sheet?


Calculate the Capital.

Assets  (₹) Liabilities  (₹)

Building 

20,000

Bills Payable  18,000
Furniture 15,000 Creditors 20,700
Debtors 30,000 Outstanding Wages 1,250
Investments 10,000    
Cash at Bank 5,000    
Plant & Machinery 20,000    

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.


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 a balance sheet reveal about a business?


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?


Which adjustment will affect both the Trading/Profit & Loss account and Balance Sheet?


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