Practical Problem 04
Solution :
In the books of M/S Meera and Madhav. | |||||
Dr Trading and Profit and loss accounts for the year ended 31st March,2019 . Cr | |||||
Particular | ₹ | ₹ | Particular | ₹ | ₹ |
To Opening Stock | 25,000 | By Sales | 3,25,000 | ||
To Purchase | 2,08,500 | Less: Return | -1000 | 3,24,000 | |
Less: Purchase Return | -1,000 | 2,07,500 | |||
To Carriage Inward | 3,000 | By Closing Stock | 32,000 | ||
To Gross Profit c/d | 1,20,500 | ||||
3,56,000 | 3,56,000 | ||||
By Gross Profit b/d | 1,20,500 | ||||
To Carriage Outward | 4,500 | ||||
To General Expenses | 1,800 | ||||
To Export Duty | 900 | ||||
To Advertisement | 4,800 | ||||
Less: Prepaid | -4,000 | 800 | |||
To Printing and Stationary | 1,200 | ||||
Add: Outstanding | 500 | 1,700 | |||
To RDD | 2,000 | ||||
To RFDD | 2,355 | ||||
To Dep on Leasehold Premises | 10,000 | ||||
To Net Profit c/d | |||||
Meera | 48,222 | ||||
Madhav | 48,223 | 96,445 | |||
1,20,500 | 1,20,500 | ||||
Dr Partners Capital A/c Cr | |||||
Particular | Meera | Madhav | Particular | Meera | Madhav |
To Drawing | 3,500 | 2,000 | By bal b/d | 75,000 | 75,000 |
By Net Profit | 48,222 | 48,223 | |||
To Bal c/d | 1,19,722 | 1,21,223 | |||
1,23,222 | 1,23,223 | 1,23,222 | 1,23,223 | ||
Balance Sheet as on 31st March,2019 . | |||||
Liabilities | ₹ | ₹ | Asset | ₹ | ₹ |
Motor Vehicle | 55,000 | ||||
Capital A/c | Leasehold Premises | 1,10,000 | |||
Meera | 1,19,722 | Less: Depreciation | 10,000 | 1,00,000 | |
Madhav | 1,21,223 | 2,40,945 | Furniture | 8,300 | |
Bank Overdraft | 5,000 | ||||
Bills Payable | 12,500 | Sundry Debtor | 80,500 | ||
Sundry Creditor | 68,000 | Less: RDD | -2000 | ||
Outstanding Rent | 2,000 | 78,500 | |||
Unpaid Wages | 1,500 | Less: RFDD @ 3% | -2355 | 76,145 | |
O/s Printing & Stationary | 500 | Bill Receivable | 10,000 | ||
Cash at bank | 45,000 | ||||
Closing Stock | 32,000 | ||||
Prepaid Advertisement | 4,000 | ||||
3,30,445 | 3,30,445 | ||||