Question

Mr. Patil, the owner of Jai Hind Engineers, submits the following trial balance to you for the year ended 31st March 2019: 

	Dr. (₹)	Cr. (₹)
Purchase and Sales	16,180	75,200
Opening Stock	6,500
Drawings	4,000
Motor Cycle	12,500
Cycles and Carts Delivery	2,500
Bad Debts	200
Debtors and Creditors	4,000	2,000
Vehicle Expenses	1,100
Capital		8,600
Bills Receivable and Payable	800	1,000
Bank and Cash Balances	1,800
Petty Cash	100
Insurance Premium	500
Salaries	900
Petty Expenses	300
Wages	1,500
Rent	3,000
Godown Rent	1,800
General Expenditure	700
Bank Loan		2,000
Carriage Inwards	500
Worker's Equipment	30,000
Returns	200	280
	89,080	89,080

Prepare the final accounts for him. Closing stock is valued at ₹ 5,400. 

Answer 1

In the Books of Mr. Patil
Dr.	Trading and Profit and Loss A/c for the year ended 31.03.2019				Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
To Opening Stock	-	6,500	By Sales	75,200	75,000
To Purchases	16,180	15,900	Less: Returns	(200)
Less: Returns	(280)		By Closing Stock	-	5,400
To Carriage Inward	-	500
To Wages	-	1,500
To Godown Rent	-	1,800
To Gross Profit	-	54,200
		80,400			80,400
To Bad Debt	-	200	By Gross Profit	-	54,200
To Vehicle Expenses	-	1,100
To Insurance	-	500
To Salaries	-	900
To Petty Expenses	-	300
To Rent	-	3,000
To General Exp.	-	700
To Net Profit	-	47,500
		54,200			54,200

 

Balance Sheet as on 31.03.2019
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)
Capital	8,600	52,100	Motor Cycle	12,500
Add: Net Profit	47,500		Cycle & carts delivery	2,500
	56,100		Petty Cash	100
Less: Drawings	(4,000)		Sundry Debtors	4,000
Sundry Creditors		2,000	Bills Receivable	800
Bank overdraft		2,000	Worker's Equipment	30,000
Bills Payable		1,000	Bank & Cash	1,800
			Closing Stock	5,400
		57,100		57,100