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    Tutorials On Final Accounts

    Uploaded by

    vishal
    The document provides trial balance information from the books of M/s Rajendra Gupta & Sons. including asset, liability and capital account balances. It asks to prepare a Trading and Profit & Loss account and Balance Sheet from the information given. The Trading and Profit & Loss account should show a gross profit of Rs. 3,403 and net profit of Rs. 628. The Balance Sheet total should equal Rs. 16,177.

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    Tutorials On Final Accounts

    Uploaded by

    vishal
    123 views4 pages
    The document provides trial balance information from the books of M/s Rajendra Gupta & Sons. including asset, liability and capital account balances. It asks to prepare a Trading and Profit & Loss account and Balance Sheet from the information given. The Trading and Profit & Loss account should show a gross profit of Rs. 3,403 and net profit of Rs. 628. The Balance Sheet total should equal Rs. 16,177.

    Original Description:

    Tutorial for Financial Accounting

    Original Title

    Tutorials on Final Accounts

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    The document provides trial balance information from the books of M/s Rajendra Gupta & Sons. including asset, liability and capital account balances. It asks to prepare a Trading and Profit & Loss account and Balance Sheet from the information given. The Trading and Profit & Loss account should show a gross profit of Rs. 3,403 and net profit of Rs. 628. The Balance Sheet total should equal Rs. 16,177.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    123 views4 pages

    Tutorials On Final Accounts

    Uploaded by

    vishal
    The document provides trial balance information from the books of M/s Rajendra Gupta & Sons. including asset, liability and capital account balances. It asks to prepare a Trading and Profit & Loss account and Balance Sheet from the information given. The Trading and Profit & Loss account should show a gross profit of Rs. 3,403 and net profit of Rs. 628. The Balance Sheet total should equal Rs. 16,177.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    TUTORIALS

    From the following balances, taken from the Trial Balance of Shri Mukesh, prepare a Trading and Profit
    and Loss account for the year ending 31st Dec. 2011:

    Particulars Amount in Amount in


    Rs. (DR.) Rs. (CR.)
    Stock as on 1.1.2011 2000
    Purchases and Sales 20000 30000
    Returns 2000 500
    Carriage 1000
    Octroi 1000
    Rent 3000
    Interest Received 1000
    Salaries 2000
    General Expenses 500
    Discount 500
    Insurance 500
    TOTAL 32000 32000
    The Closing Stock as on 31st December 2011 was Rs.5,000.

    (Ans. Gross Profit:Rs.9,500; Net Profit:Rs.5,000)


    TUTORIALS
    TUTORIALS
    From the following balances extracted from the books of M/s Rajendra Gupta & Sons., prepare a Trading
    and Profit & Loss account and a Balance Sheet:

    Particulars Amount Particulars Amount in


    in Rs. Rs.
    Opening Stock 1250 Plant and Machinery 6230
    Sales 11800 Returns Outwards 1380
    Depreciation 667 Cash in Hand 895
    Commission (Cr.) 211 Salaries 750
    Insurance 380 Debtors 1905
    Carriage Inwards 300 Discount (Dr.) 328
    Furniture 670 Bills Receivable 2730
    Printing Charges 481 Wages 1589
    Carriage Outwards 200 Returns Inwards 1659
    Capital 9228 Bank Overdraft 4000
    Creditors 1780 Purchases 8679
    Bills Payable 541 Petty Cash in Hand 47
    Bad Debts 180
    st
    The value of stock on 31 December 2011 was Rs. 3700.

    (Gross Profit: Rs.3, 403; Net Profit:Rs.628;Balance Sheet:Rs.16,177)


    TUTORIALS
    The following are the trading, profit and loss account and balance sheet of B as on 31 December 2011.
    Redraw them in proper form, giving reasons for your correction:

    Trading and Profit & Loss a/c

    For the year ended 31 December 2011

    Particulars Amount Particulars Amount


    in Rs. in Rs.
    (Dr.) (Cr.)
    Purchases 466800 Sales 559900
    Stock 55110 Profit on Consignment to A & Co. 19080
    Salaries 11010 Interest on Capital 7500
    Bs drawings 19170 Stock as on Ist Jan. 50310
    Wages 65590 Commission received 27990
    Rent 2250 Discount received 11250
    General Expenses 17470
    Interest on Loan 3000
    Bad Debts 11890
    Net Profit to B/S 23740
    676030 676030

    Balance Sheet

    As on 31 December 2011

    Liabilities and Capital Amount Assets Amount


    in Rs. in Rs.
    Creditors 195070 Debtors 261580
    Bills Receivable 130140 Cash 960
    Capital (1.1.2011) 150000 Bank 52210
    Net Profit from P & L a/c 23740 Loan from Bank 75000
    Stock (31-12-2011) 55110
    Bills Payable 54090
    498950 498950
    (Ans. Gross Profit: Rs.32, 310; Net Profit: Rs. 37,510; Balance Sheet: Rs. 5,00,000)

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