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Assignment

Here are the final accounts for M/s Azaya Traders as on 30th June 2016: Trading and Profit & Loss Account for the year ended 30th June 2016 Particulars Amount (Rs.) Particulars Amount (Rs.) To Opening Stock 86,000 By Sales 15,48,700 To Purchases 11,36,000 By Closing Stock 1,12,000 To Carriage Inwards 26,900 To Trading Charges 64,000 Gross Profit 4,00,000 To Carriage Outwards 52,500 To Salaries 1,10,000 To Wages 18

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335 views3 pages

Assignment

Here are the final accounts for M/s Azaya Traders as on 30th June 2016: Trading and Profit & Loss Account for the year ended 30th June 2016 Particulars Amount (Rs.) Particulars Amount (Rs.) To Opening Stock 86,000 By Sales 15,48,700 To Purchases 11,36,000 By Closing Stock 1,12,000 To Carriage Inwards 26,900 To Trading Charges 64,000 Gross Profit 4,00,000 To Carriage Outwards 52,500 To Salaries 1,10,000 To Wages 18

Uploaded by

ER ABHISHEK MISHRA
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 DOCX, PDF, TXT or read online on Scribd
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Q1.

The following trial balance have been taken out from the books of XYZ as on 31st
December, 2005.

Dr. Cr.
$ $
Plant and Machinery 100,000

Opening stock 60,000

Purchases 160,000

Building 170,000

Carriage inward 3,400

Carriage outward 5,000

Wages 32,000

Sundry debtors 100,000

Salaries 24,000

Furniture 36,000

Trade expense 12,000

Discount on sales 1,900

Advertisement 5,000

Bad debts 1,800

Drawings 10,000

Bills receivable 50,000

Insurance 4,400

Bank balances 20,000

Sales 480,000

Interest received 2,000

Sundry creditors 40,000

Bank loan 100,000

Discount on purchases 2,000

Capital 171,500

795,500 795,500

Adjustment Entry: Closing stock is valued at $90,000

Illustration - Problem
Q2. From the following balances and additional information prepare a Trading and Profit
and Loss Account for the year ended 31st December, 2014 and a Balance Sheet as on that
date.

Debit Amount Credit Amount

Purchases 95,500 Sales 1,98,500


Returns Inwards 1,800 Returns outwards 1,300
Stock as on 1.1.2014 20,000 Capital 50,000
Building 45,000 Sundry Creditors 24,000
Machinery 30,000 Interest 12,800
Furniture 25,000 Commission 6,950
Debtors 18,000 Bank overdraft 40,000
Drawings 6,400
Wages 13,150
Carriage inwards 4,200
Rent & Rates 8,000
Bad debts 7,500
Cash 13,500
Investment 20,000
Postage 4,500
Insurance 6,000
Salaries 15,000

3,33,550 3,33,550

Additional information:

1. Value of stock on 31.12.14 26,000


2. Goods worth 2,800 are taken by the proprietor for his personal use
3. 400 of the insurance paid is in respect of the half year ending on 30th June, 2015
4. Salary of 2,200 for December 2014 is outstanding
Illustration - Problem

Q3. Draw up the final accounts from the following trial balance and the additional
information that follows.

Trial Balance of M/s Azaya Traders as on 30th June 2016


Amount Amount
Particulars L/F
(Dr) (Cr)

Opening Stock 86,000


Purchases 11,36,000
Salaries 1,53,000
Wages 18,000
Carriage Inwards 26,900
Trading Charges 64,000
Carriage Outwards 52,500
Rent received 1,78,300
Cash 62,500
Capital 3,44,700
Bank (Overdraft) 37,980
Commission 42,780
Creditors 2,68,000
Sales 15,48,700
Debtors 2,56,000
Machinery 4,80,000

Total 23,77,680 23,77,680

The following additional information is available

1. A Machine purchased on credit from M/s Ramsay Machine Tools for 2,00,000
is not yet recorded in the books.
2. Wages to the extent of 43,000 are incorrectly recorded as Salaries.

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