Question
9:
From the following information, prepare Trading account for
the year ended 31st March, 2022:
Adjusted Purchases ` 5,50,000; Sales ` 6,25,000; Freight
and Carriage Inwards ` 3,000; Wages ` 7,000; Freight and
Cartage Outwards ` 2,500; Closing Stock
` 50,000.
Answer:
|
Trading Account for the year ended March 31, 2022 |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
( `) |
Particulars |
( `) |
||
|
Purchase (Adjusted) |
5,50,000 |
Sales |
6,25,000 |
||
|
Freight and
Carriage Inwards |
3,000 |
|
|
||
|
Wages |
7,000 |
|
|
||
|
Gross Profit (Balancing
Figure) |
65,000 |
|
|
||
|
|
6,25,000 |
|
6,25,000 |
||
|
|
|
|
|
||
|
|
|
|
|
|
|
Notes:
1. Freight and Carriage Outwards are indirect expenses, therefore it is not
recorded in the Trading Account.
2. Closing Stock (i.e. Rs 50,000) is not recorded in
the Trading Account as it is already adjusted in the amount of Adjusted
Purchases.
Question
10:
From the following figures, calculate Operating Profit:
|
|
` |
|
` |
|
Net Profit |
1,00,000 |
Rent Received |
10,000 |
|
Gain on Sale of Machine |
15,000 |
Interest on Loans |
20,000 |
|
Donation |
2,000 |
|
|
Answer:
Operating Profit=Net Profit−Rent Received−Gain on Sale of Machine+Interest on Loan−Donation
=1,00,000−10,000−15,000+20,000−2,000
=Rs 93,000
Question
11:
From the following, prepare Profit and Loss Account of Sohan Lal as it would appear in the 1st year that ended
31st March, 2022:
|
|
` |
|
` |
|
Salaries and Wages |
30,000 |
Advertising |
10,000 |
|
Commission
Paid |
2,000 |
Discount Allowed |
18,000 |
|
Postage and Courier |
1,500 |
Rent Received |
17,000 |
|
Insurance |
3,000 |
Interest on Investment |
15,000 |
|
Interest
Paid |
4,000 |
Bad Debts |
9,000 |
|
Carriage
Outwards |
5,000 |
Brokerage
Paid |
950 |
The Gross Profit was 45% of sales, which amounted to `
6,50,000.
Also, pass the Journal entries.
Answer:
|
Profit and Loss Account for
the year ended March 31, 2022 |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
(Rs) |
Particulars |
(Rs) |
|
Salaries and
Wages |
30,000 |
Gross Profit (6,50,000 × 45%) |
2,92,500 |
|
Commission Paid |
2,000 |
Rent Received |
17,000 |
|
Postage and
Telegram |
1,500 |
Interest on
Investments |
15,000 |
|
Insurance |
3,000 |
|
|
|
Interest Paid |
4,000 |
|
|
|
Carriage
Outwards |
5,000 |
|
|
|
Advertising |
10,000 |
|
|
|
Discount Allowed |
18,000 |
|
|
|
Bad Debts |
9,000 |
|
|
|
Brokerage Paid |
950 |
|
|
|
Net Profit (Balancing
Figure) |
2,41,050 |
|
|
|
|
3,24,500 |
|
3,24,500 |
|
|
|
|
|
Question
12:
From the following information, prepare Profit and Loss
Account for the year ended 31st March, 2022:
|
|
` |
|
` |
|
Gross Profit |
1,20,000 |
Discount
Received |
6,000 |
|
Rent |
5,000 |
Printing and Stationery |
4,000 |
|
Salary |
35,000 |
Legal Charges |
10,000 |
|
Commission Paid |
19,000 |
Bad Debts |
2,000 |
|
Interest
on Loan |
5,000 |
Loss by Fire |
6,000 |
|
Advertisement |
8,000 |
Depreciation |
4,000 |
|
Interest Received |
8,000 |
Input IGST A/c |
2,000 |
|
Output IGST A/c |
1,000 |
|
|
Answer:
|
Profit and Loss Account for the year ended March 31, 2022 |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
( `) |
Particulars |
( `) |
|
Rent |
5,000 |
Gross Profit |
1,20,000 |
|
Salary |
35,000 |
Interest
Received |
8,000 |
|
Commission Paid |
19,000 |
Discount
Received |
6,000 |
|
Interest on Loan |
5,000 |
|
|
|
Advertisement |
8,000 |
|
|
|
Printing and
Stationery |
4,000 |
|
|
|
Legal Charges |
10,000 |
|
|
|
Bad Debts |
2,000 |
|
|
|
Loss by Fire |
6,000 |
|
|
|
Depreciation |
4,000 |
|
|
|
Net Profit (Balancing
Figure) |
36,000 |
|
|
|
|
1,34,000 |
|
1,34,000 |
|
|
|
|
|
Note:
`1,000
Input IGST after adjusting against Output IGST will be shown on the asset side
of the balance sheet.
Class : 11th | Ts Grewal solution 2022-2023
Chapter 18: Financial Statements of Sole Proprietorship
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