Practical Problem 07
Solution :
In the books of Satish and Pramod | |||||
Dr Trading and Profit and loss accounts for the year ended 31st March,2019 . Cr | |||||
Particular | ₹ | ₹ | Particular | ₹ | ₹ |
To Opening Stock | 8,700 | By Sales | 68,000 | ||
To Purchase | 18,300 | Less: Return | -600 | ||
Less: Purchase Return | -500 | 17,800 | 67,400 | ||
To Wages | 1,000 | Add: unrecorded Sales | 2,000 | 69,400 | |
Add: Outstanding | 500 | 1,500 | By Goods Distributed as free sample | 1,800 | |
To Custom Duty | 800 | ||||
To Factory Rent | 1,600 | By Closing Stock | 15,400 | ||
To Gross Profit C/d |
| 56,200 | |||
86,600 |
|
| 86,600 | ||
By Gross Profit b/d | 56,200 | ||||
To Insurance | 800 | By Dividend | 2,000 | ||
To Unproductive wages | 1,400 | By Other Receipt | 1,000 | ||
To warehouse rent | 600 | ||||
To Carriage outward | 1,200 | ||||
To Export Duty | 1,400 | ||||
To Postage and Telegram | 400 | ||||
To New Bad debts | 800 | ||||
To New R.D.D | 1,236 | ||||
To Advertisement | 1,800 | ||||
To Interest on Loan | 600 | ||||
To Net Profit c/d |
| ||||
Satish Capital A/c | 24,482 |
| |||
Pramod Capital A/c | 24,482 | 48,964 | |||
59,200 |
|
| 59,200 | ||
Working :
Balance Sheet as on 31st March,2019 . | |||||
Liabilities | ₹ | ₹ | Asset | ₹ | ₹ |
Sundry Debtor | 40,000 | ||||
Add: Unrecorded Sales | 2,000 | ||||
Sundry Creditor | 13,000 | 42,000 | |||
10% Bank loan w.e.f 01/7/2018 | 8,000 | Less: New Bad Debts | -800 | ||
Add : Outstanding Interest | 600 | 8,600 | 41,200 | ||
Less: New R.D.D@ 3% | -1,236 | 39,964 | |||
Investment | 15,700 | ||||