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Trading & Profit & Loss Sheet 3

The document provides a trial balance for Gupta Furniture House for the year ending March 31, 2018. It lists debit and credit balances and includes adjustments. From this, trading, profit and loss account and balance sheet are to be prepared. Key information includes purchases, sales, various expenses, assets like building and machinery, liabilities like creditors, capital, and adjustments related to bad debts, depreciation, rent outstanding etc.

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Anshul Jain
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574 views2 pages

Trading & Profit & Loss Sheet 3

The document provides a trial balance for Gupta Furniture House for the year ending March 31, 2018. It lists debit and credit balances and includes adjustments. From this, trading, profit and loss account and balance sheet are to be prepared. Key information includes purchases, sales, various expenses, assets like building and machinery, liabilities like creditors, capital, and adjustments related to bad debts, depreciation, rent outstanding etc.

Uploaded by

Anshul Jain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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From the following Trial Balance of Gupta Furniture House, prepare Trading and Profit & Loss Account

and a
Balance Sheet as at 31st March, 2018: -

Dr. Balances Rs. Cr. Balances Rs.


Purchases 1,80,000 Sales 3,55,600
Returns Inwards 4,500 Returns Outwards 6,200
Carriage on Purchases 2,600 Creditors 28,000
Carriage on Sales 1,500 Interest on Investments 3,600
Stock (1-4-2017) 32,200 Provision for Bad Debts 2,900
Cash 3,000 Commission Received 7,500
Building 1,50,000 Capital 2,26,000
Machinery 72,000 Output CGST* 25,000
Fuel and Power 8,500 Output SGST* 25,000
Debtors 81,500
Investments 16,000
Rent 40,000
General Expenses 15,000
(including insurance premium of
Rs.2,000 paid for one year ending 30th
September, 2018)
Wages and Salaries 21,000
Drawings 22,000
Input CGST 15,000
Input SGST 15,000
6,79,800 6,79,800

*CGST indicates Central GST *SGST indicates State GST


Adjustments: -
1. Write off Rs.1,500 as Bad Debts and create a provision for doubtful debts @5% on Debtors.
2. Provide 2% for discount on Debtors.
3. Depreciate building by 5% and machinery by 10%.
4. Rent is payable at the rate of Rs.4,000 per month. Outstanding Rent is subject to levy of CGST and SGST
@ 9% each.
5. One third of the commission received is in respect of work to be done next year.
6. Provide Rs.1,100 as interest on drawings.
7. Closing Stock was valued at Rs.56,700.

From the following balances, prepare Trading, Profit & Loss Account and a Balance Sheet as at 31st March,
2018.

Particulars Rs Particulars Rs
Capital 82,000 Sundry Creditors 9,000
Life Insurance Premium 2,800 Sales 1,24,000
Plant and Machinery 5,000 return Outwards 1,000
Stock in the Beginning 15,000 Special Rebates (Dr.) 800
Purchases 87,200 Special Rebates (Cr.) 1,200
Return Inwards 6,000 Rent for Premises Sublet 1,000
Sundry Debtors 29,000 Lighting 400
Furniture 9,100 Motor Car Expenses 6,300
Motor Car 40,000 Bank Balance 15,200
Freight 2,000 Loan from Suresh at 12 %p.a. 10,000
Carriage in 800 Interest on Loan from Suresh (Dr.) 900
Carriage out 300 Output CGST 10,000
Trade Expenses 15,400 Output SGST 10,000
Input CGST 6,000
Input SGST 6,000
Adjustments: -

(1) Stock on 31st March, 2018 was valued at Rs,25,000 (Realisable value Rs.32,000).
(2) Goods worth Rs.2,000 were distributed as free sample and Goods worth Rs.1,500 were used for personal
purposes by the proprietor. Theses goods were purchased paying CGST and SGST @ 9% each.
(3) Depreciate Motor Car by 15%.
(4) Included in Trade Expenses is Insurance Premium of Rs.2,400 paid for the Year ending 30th June, 2018.

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