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Kalidas Gupta

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

Sundry debtors 172,000.00


less provision (8,600.00)
Cash at bank
Cash at cash
Total assets

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

Stock as on 01.04.97 124,000

Furniture and fixture 42,800

Office equipment 32,200


Building 120,000
Motor car 40,000
Sundry creditors 86,000
Loan from Mr Goel 60,000
Purchases 6,000
Sales 460,000
Purchases returns 5,200
Sales returns 8,400
Salaries 22,000

Motor car expenses 7,200

Rent for go down 11,000


Interest on loan from Mr
5,400
Goel
Rent and taxes 4,200
Discount allowed 4,800
Discount received 3,200
Freight 2,400
Carriage outwards 4,000
Drawings 24,000

Printing and stationery 3,600

Electric charges 4,400

Insurance premium 11,000


General expenses 6,000
Bad debt 4,000
Bank charges 3,200
Capital 324,000
360,600 944,400
583,800

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