Question

The following is a set of information provided by Anil & Aniket LLP for the year ended 31.3.2017.

Particulars	Rs.
Sales	20,12,000
Purchases	11,08,00d
Stpck as on 1/04/2016	1,45,000
Carriage Inward	24,000
Wages	1,80,000
Unproductive Wages	30,000
Salaries	73,000
Rent	33,000
Sundry Receipts	25,800
Return Inwards	12,000
Return Outwards	4,000
Machinery	4,00,000
Furniture	1,00,000
Trade Marks	50,000
Interest on Ballk Loan	11,500
Advertising Expenses	17,500
Carriage Outward	7,500
Debtors	2,00,000

Other Data:
(i) Stock as on 31.3.2017: 1,90,000.
(ii) Depreciate: Machinery@ 10%, Furniture@ 20% and Trade Marks@ 10%.
(iii) Further Bad debts 10;000 and provide R.D.D. at 4%. 
(iv) Outstanding Expenses : Salary 2,000, Rent 3,000, Wages 10,000.
Prepare Statement of Income & Expenditure for the year ended 31.3.2017.

Answer 1

Solution: Statement of lncome & Expenditure of Anil & Auiket L.L.P for the year ended 31.3.2017

No.	Particlulars	Rs.	Rs.	Rs.
1.	Incomes:
	1. Turnover : GROSS	20,12,000
	Less : Return Inward	12.000	20.00.000
	2. Other Income :
	Sundry Receipts	-	25.800
	3. Increase / Decrease in Stock :
	Closing Stock	1,90,000
	Less : Opening Stock	(l.45.000)	45,000	20.70.800
	TOTAL INCOME			20.70.800
II.	EXPENSES:
	1. Purchases :	11.08 000
	Less : Retmn Outward	4,000
	Add : Carriage Inward	24,000	11,28,000
	2.Personnel Expenses :
	Wages	1,80,000
	(+ ) Outstanding	10,000
		1,90,000
	Salary	73,000
	( +) Outstanding	2,000
		75,000
	Unproductive Wages	30,000	2,95,000
	3.Administrative Expenses:
	Rent	33,000
	( +) Outstanding	3,000	36,000
	4. Selling Expenses:
	Advertising Expenses	17,500
	Carriage outtward	7,500
	Further Bad Debts	10,000	35,000
	5. Depreciation :
	Machinery (10% of 4,00,000)	40,000
	Furniture (20% of 1,00,000)	20,000
	Trade Marks (10% of 50,000)	5,000	65,000
	6. Interest :
	Interest on Bank Loan	-	11,500
	7. Other Expenses (To Specify)  R.D.D. ( 4% of 1 ,90,000)	-	7,600	15,78, 100
	Total Expenses			15,78,100
III	Profit Before Tax			4,92,700
IV	Provision for Tax			Nil
v	Profit After Tax			4,92,700
VI	Profit Transferred to Partner's
	Account:
	Anil			2,46,350
	Aniket			2,46,350
VII	Profit Transferred to Reserve and Surplus			NIL