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Trading and Profit & Loss Account For The Year Ended 31st March 2020 Debit Amount Credit Amount

The document is a trading and profit & loss account and balance sheet for the year ending March 31, 2020 for a business. The profit & loss account shows a gross profit of Rs. 286,000 and net profit of Rs. 181,100. The balance sheet lists total assets of Rs. 865,000 which equals total liabilities and capital of Rs. 865,000.

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Nikhil Raj
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268 views6 pages

Trading and Profit & Loss Account For The Year Ended 31st March 2020 Debit Amount Credit Amount

The document is a trading and profit & loss account and balance sheet for the year ending March 31, 2020 for a business. The profit & loss account shows a gross profit of Rs. 286,000 and net profit of Rs. 181,100. The balance sheet lists total assets of Rs. 865,000 which equals total liabilities and capital of Rs. 865,000.

Uploaded by

Nikhil Raj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Trading and Profit & Loss Account for the year ended 31st March 2020

Debit Amount Credit Amount


To Opening Stock 176000 By Sales less Return 907000
To Purchases less Return 661000 By Closing stock 240000
To Manufacturing Wages
To Carriage inwards 24000

To Gross Profit c/d 286000


1147000 1147000

To Discount 37500 By Gross Profit b/d 286000


To Salaries By Discount
To Carriage outwards
To Bad debts 4000
To Depretiation
To Rent, rates and taxes 22000
To Advertisement
To Interest
To Printing 7200
To Insurance 5000
To Travelling Expenses 14000
To Postage and Courier 6200
To Miscellaneous Expenses 9000

To Net Profit c/d 181100


286000 286000

Balance Sheet as on 31st March 2020

Liabilities Amount Assets Amount


Capital 525000 Machinery
Net Profit 181100 Debtors 220000
Drawings -19100 Closing stocks 240000
Sundry Creditors 128000 Cash in Hand
Loans 50000 Business Premises 390000
Furniture 15000

865000 865000
861000

104900
Trading and Profit & Loss Account for the year ended 31st March 2020

Debit Amount Credit Amount


To Opening Stock By Sales less Return 129500
To Purchases less Return 75700
To Manufacturing Wages 6000
To Carriage inwards 5000

To Gross Profit c/d 42800


129500 129500

To Discount 500 By Gross Profit b/d 42800


To Salaries 12000 By Discount 2600
To Carriage outwards 4500 By Bad Debts Recovered
To Bad debts 600 By Interest
To Depretiation By Miscellaneous Income 1000
To Rent, rates and taxes 18000 By Commission 15400
To Advertisement 4500
To Interest 300
To Printing
To Insurance 2000
To Travelling Expenses
To Postage and Courier
To Miscellaneous Expenses
To Selling Expenses
To Electricity Charges
To General Expenses

To Net Profit c/d 19400


61800 61800

Balance Sheet as on 31st March 2020

Liabilities Amount Assets Amount


Capital 50000 Furnitures 33900
Net Profit 19400 Debtors 24000
Drawings -10000 Closing stocks 15000
Sundry Creditors 16000 Cash in Hand 3000
Loans 10000 Cash at Bank 7500
Bills Payable 8000 Investments
Bills Receivable 10000

93400 93400
86700

42400

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