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Trading and profit and loss account for the year ended 31.3.98
sh
Sales
Less sale of asset
Less sales returns
Net sales
Less Cost of Sales
Stock as on 01.04.97
Purchases ( as per adjusted trial balance) 583,800.00
less purchase of office equipment (8,000.00)
Purchases returns (5,200.00)
Less closing stock
Gross profit/(loss)
Add discount received
less Expenses
Salaries ( assume montly salary is 2,000) 22,000.00
Add outstanding salary 2,000.00
Motor car expenses
Rent for go down ( assume montly rent is 1,000) 11,000.00
Add outstanding rent 1,000.00
Interest on loan from Mr Goel (12% * 60,000*11/12) 5,400.00
Add outstanding interst 1,200.00
Rent and taxes
Discount allowed
Freight
Carriage outwards
Printing and stationery
Electric charges
Insurance premium 3000
less prepaid -937.5
General expenses
Bad debt
Bank charges
Depreciation;
Building(5%*120000) 6,000.00
Fixtures and fittings (10%*(42800- 2800) 4,000.00
Office Equipment (15%*(32200 + 8000) 6,030.00
Motor car 20% * 40000 8,000.00
increase for provision for bad debt++ (5% * 172000) - 6000
Net Loss
* assumption: the vredit entry given as purchases is taken to be the provision fo bad debts
Kalidas Gupta
Balance Sheet as at 31.3.98
Cost
Furniture and fixture 40,000.00
Office equipment 40,200.00
Building 120,000.00
Motor car 40,000.00
240,200.00
Capital
Drawings
Loss
Sundry creditors
Loan from Mr Goel
year ended 31.3.98
sh sh
460,000.00
(2,800.00)
(8,400.00)
448,800.00
124,000.00
570,600.00
(88,000.00) 606,600.00
(157,800.00)
3,200.00
(154,600.00)
24,000.00
7,200.00
12,000.00
5,400.00
4,200.00
4,800.00
2,400.00
4,000.00
3,600.00
4,400.00
2,062.50
6,000.00
4,000.00
3,200.00
6,000.00
2,600.00 98,462.50
(253,062.50)
fo bad debts
98
accumulated depn nbv
4,000.00 36,000.00
6,030.00 34,170.00
6,000.00 114,000.00
8,000.00 32,000.00
24,030.00 216,170.00
163,400.00
5,200.00
2,800.00 171,400.00
387,570.00
324,000
(27,000.00)
(253,062.50)
43,937.50
86,000.00
60,000.00
Cash in hand 2,800
Cash at bank 5,200
Sundry debtors 172,000