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Prepare final account of Sumit for the year ending 31st December 2019 from the following trial balance guess at Bank 6000 purchase and sale 55000 104000 debit cards and creditors 25000 21000 sale season and purchase return 3000 2008 1000 cal 10000 Vedas 9000 rent 6000 but that's 1000 capital 30500 drawings 6000 provision for bad debts 1500 printing and stationery 3000 insurance 2400 opening stock 18000 office expenses 3000 furniture 10,000 trade expenses 1600 octroi 1000 total 160000?
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Prepare final account of Sumit for the year ending 31st December 2019 ...
Final Account of Sumit for the year ending 31st December 2019

The final account of Sumit includes the preparation of trading, profit and loss account and balance sheet. The following information is given:


  • Bank: 6000

  • Purchase and Sale: 55000 and 104000

  • Debit Cards and Creditors: 25000 and 21000

  • Sale Season and Purchase Return: 3000 and 2008

  • Car: 10000

  • Vedas: 9000

  • Rent: 6000

  • Capital: 30500

  • Drawings: 6000

  • Provision for Bad Debts: 1500

  • Printing and Stationery: 3000

  • Insurance: 2400

  • Opening Stock: 18000

  • Office Expenses: 3000

  • Furniture: 10000

  • Trade Expenses: 1600

  • Octroi: 1000

  • Total: 160000



Trading Account

The trading account is prepared to determine the gross profit earned by the business during the year. It includes all the direct expenses and revenue items.


  • Sales: 104000

  • Purchase: 55000

  • Less: Purchase Return: 2008

  • Gross Profit: 28992

  • Total: 158984



Profit and Loss Account

The profit and loss account is prepared to determine the net profit or loss earned by the business during the year. It includes all the indirect expenses and revenue items.


  • Gross Profit: 28992

  • Less: Sale Season: 3000

  • Less: Bad Debts: 1500

  • Less: Rent: 6000

  • Less: Office Expenses: 3000

  • Less: Printing and Stationery: 3000

  • Less: Insurance: 2400

  • Less: Trade Expenses: 1600

  • Less: Octroi: 1000

  • Net Profit: 55692

  • Total: 158984



Balance Sheet

The balance sheet is prepared to determine the financial position of the business at the end of the year. It includes all the assets and liabilities of the business.


  • Liabilities:


    • Creditors: 21000

    • Capital: 30500

    • Add: Net Profit: 55692
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Prepare final account of Sumit for the year ending 31st December 2019 from the following trial balance guess at Bank 6000 purchase and sale 55000 104000 debit cards and creditors 25000 21000 sale season and purchase return 3000 2008 1000 cal 10000 Vedas 9000 rent 6000 but that's 1000 capital 30500 drawings 6000 provision for bad debts 1500 printing and stationery 3000 insurance 2400 opening stock 18000 office expenses 3000 furniture 10,000 trade expenses 1600 octroi 1000 total 160000?
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Prepare final account of Sumit for the year ending 31st December 2019 from the following trial balance guess at Bank 6000 purchase and sale 55000 104000 debit cards and creditors 25000 21000 sale season and purchase return 3000 2008 1000 cal 10000 Vedas 9000 rent 6000 but that's 1000 capital 30500 drawings 6000 provision for bad debts 1500 printing and stationery 3000 insurance 2400 opening stock 18000 office expenses 3000 furniture 10,000 trade expenses 1600 octroi 1000 total 160000? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Prepare final account of Sumit for the year ending 31st December 2019 from the following trial balance guess at Bank 6000 purchase and sale 55000 104000 debit cards and creditors 25000 21000 sale season and purchase return 3000 2008 1000 cal 10000 Vedas 9000 rent 6000 but that's 1000 capital 30500 drawings 6000 provision for bad debts 1500 printing and stationery 3000 insurance 2400 opening stock 18000 office expenses 3000 furniture 10,000 trade expenses 1600 octroi 1000 total 160000? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Prepare final account of Sumit for the year ending 31st December 2019 from the following trial balance guess at Bank 6000 purchase and sale 55000 104000 debit cards and creditors 25000 21000 sale season and purchase return 3000 2008 1000 cal 10000 Vedas 9000 rent 6000 but that's 1000 capital 30500 drawings 6000 provision for bad debts 1500 printing and stationery 3000 insurance 2400 opening stock 18000 office expenses 3000 furniture 10,000 trade expenses 1600 octroi 1000 total 160000?.
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