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Question
Prepare trading and profit and loss account and balance sheet in the books of Deri, a trader, from the following balances as of March 31, 2018.
| Particulars | ₹ | Particulars | ₹ |
| Stock | 10,000 | Sales | 1,22,500 |
| Cash | 2,500 | Creditors | 5,000 |
| Bank | 5,000 | Bills payable | 2,000 |
| Freight inwards | 750 | Capital | 52,000 |
| Purchases | 95,000 | ||
| Drawings | 4,500 | ||
| Wages | 27,500 | ||
| Machinery | 50,000 | ||
| Debtors | 13,500 | ||
| Postage (office) | 150 | ||
| Sundry expenses | 850 | ||
| Rent paid | 2,500 | ||
| Furniture | 17,250 | ||
| 2,29,500 | 2,29,500 |
Closing stock (31st March, 2018) ₹ 8,000.
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Solution
Trading and Profit & Loss a/c of
Deri for the year
ended 31st March 2018
| Dr. | Cr. | |||
| Particulars | ₹ | Particulars | ₹ | |
| To Opening stock | 10,000 | By Sales | 1,22,500 | |
| To Purchases | 95,000 | By Closing stock | 8,000 | |
| To Wages | 27,500 | By Gross loss c/d | 2,750 | |
| To Freight inwards | 750 | |||
| 1,33,250 | 1,33,250 | |||
| To Gross loss b/d | 2,750 | By Net loss c/d | 6,250 | |
| To Postage (office) | 150 | |||
| To Sundry expenses | 850 | |||
| To Rent | 2,500 | |||
| 6,250 | 6,250 | |||
Balance Sheet of Deri
as of 31st March 2018
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital | 1,00,000 | 54,400 | Cash | 2,500 |
| Less: Net Loss | 6,250 | Bank | 5,000 | |
| 93,750 | Machinery | 50,000 | ||
| Less: Drawings | 4,500 | Debtors | 13,500 | |
| Creditors | 5,000 | Furniture | 17,250 | |
| Bills Payable | 2,000 | Closing stock | 8,000 | |
| 96,250 | 96,250 |
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| Dr. | Receipts and Payments Account for the year ended 31st March, 2018 | Cr. | ||
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| Bank overdraft | 3,000 | |||
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- The subscription still due but not received for the year 2016 – 2017 is ₹ 1,000.
Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31st December, 2018.
| Dr. | Receipts and Payments Account for the year ended 31st December, 2018 | Cr. | |||
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| To balance b/d | By Match expenses | 25,000 | |||
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| To Match fund receipts | 30,000 | By Balance c/d | |||
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| Cash at Bank | 5,000 | ||
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| Closing stock | 70,000 |
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