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From the following Trial balance of Shri Rajaram your are required to prepare a trading and Profit and loss account for the year ended 31st December,2018 and a Balance sheet as on that date:?
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From the following Trial balance of Shri Rajaram your are required to ...
Trial Balance of Shri Rajaram as on 31st December, 2018:
Debit Side:
Cash - Rs. 20,000
Bank - Rs. 25,000
Purchases - Rs. 1,50,000
Sales Returns - Rs. 5,000
Wages - Rs. 20,000
Rent - Rs. 10,000
Electricity - Rs. 5,000
Interest on Loan - Rs. 2,000
Furniture - Rs. 40,000
Stock - Rs. 60,000
Debtors - Rs. 75,000
Credit Side:
Capital - Rs. 1,50,000
Sales - Rs. 2,50,000
Opening Stock - Rs. 50,000
Creditors - Rs. 80,000
Salaries - Rs. 30,000
Commission - Rs. 10,000
Insurance - Rs. 3,000
Carriage Inward - Rs. 2,000
Loan - Rs. 30,000
Trading and Profit and Loss Account for the year ended 31st December, 2018:
Revenue:
Sales - Rs. 2,50,000
Less: Sales Returns - Rs. 5,000
Net Sales - Rs. 2,45,000
Cost of Goods Sold:
Opening Stock - Rs. 50,000
Add: Purchases - Rs. 1,50,000
Less: Closing Stock - Rs. 60,000
Cost of Goods Sold - Rs. 1,40,000
Gross Profit:
Net Sales - Rs. 2,45,000
Less: Cost of Goods Sold - Rs. 1,40,000
Gross Profit - Rs. 1,05,000
Operating Expenses:
Wages - Rs. 20,000
Rent - Rs. 10,000
Electricity - Rs. 5,000
Salaries - Rs. 30,000
Commission - Rs. 10,000
Insurance - Rs. 3,000
Carriage Inward - Rs. 2,000
Interest on Loan - Rs. 2,000
Total Operating Expenses - Rs. 82,000
Net Profit:
Gross Profit - Rs. 1,05,000
Less: Operating Expenses - Rs. 82,000
Net Profit - Rs. 23,000
Balance Sheet as on 31st December, 2018:
Liabilities:
Capital - Rs. 1,50,000
Loan - Rs. 30,000
Creditors - Rs. 80,000
Total Liabilities - Rs. 2,60,000
Assets:
Cash - Rs. 20,000
Bank - Rs. 25,000
Debtors - Rs. 75,000
Stock - Rs. 60,000
Furniture - Rs. 40,000
Total Assets - Rs. 2,20,000
Explanation:
A trading and profit and loss account is a financial statement that shows the revenue and expenses of a company over a particular period of time. The above trading and profit and loss account for the year ended 31st December, 2018 shows the gross profit, operating expenses, and net profit of Sh
Debit Side:
Cash - Rs. 20,000
Bank - Rs. 25,000
Purchases - Rs. 1,50,000
Sales Returns - Rs. 5,000
Wages - Rs. 20,000
Rent - Rs. 10,000
Electricity - Rs. 5,000
Interest on Loan - Rs. 2,000
Furniture - Rs. 40,000
Stock - Rs. 60,000
Debtors - Rs. 75,000
Credit Side:
Capital - Rs. 1,50,000
Sales - Rs. 2,50,000
Opening Stock - Rs. 50,000
Creditors - Rs. 80,000
Salaries - Rs. 30,000
Commission - Rs. 10,000
Insurance - Rs. 3,000
Carriage Inward - Rs. 2,000
Loan - Rs. 30,000
Trading and Profit and Loss Account for the year ended 31st December, 2018:
Revenue:
Sales - Rs. 2,50,000
Less: Sales Returns - Rs. 5,000
Net Sales - Rs. 2,45,000
Cost of Goods Sold:
Opening Stock - Rs. 50,000
Add: Purchases - Rs. 1,50,000
Less: Closing Stock - Rs. 60,000
Cost of Goods Sold - Rs. 1,40,000
Gross Profit:
Net Sales - Rs. 2,45,000
Less: Cost of Goods Sold - Rs. 1,40,000
Gross Profit - Rs. 1,05,000
Operating Expenses:
Wages - Rs. 20,000
Rent - Rs. 10,000
Electricity - Rs. 5,000
Salaries - Rs. 30,000
Commission - Rs. 10,000
Insurance - Rs. 3,000
Carriage Inward - Rs. 2,000
Interest on Loan - Rs. 2,000
Total Operating Expenses - Rs. 82,000
Net Profit:
Gross Profit - Rs. 1,05,000
Less: Operating Expenses - Rs. 82,000
Net Profit - Rs. 23,000
Balance Sheet as on 31st December, 2018:
Liabilities:
Capital - Rs. 1,50,000
Loan - Rs. 30,000
Creditors - Rs. 80,000
Total Liabilities - Rs. 2,60,000
Assets:
Cash - Rs. 20,000
Bank - Rs. 25,000
Debtors - Rs. 75,000
Stock - Rs. 60,000
Furniture - Rs. 40,000
Total Assets - Rs. 2,20,000
Explanation:
A trading and profit and loss account is a financial statement that shows the revenue and expenses of a company over a particular period of time. The above trading and profit and loss account for the year ended 31st December, 2018 shows the gross profit, operating expenses, and net profit of Sh
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From the following Trial balance of Shri Rajaram your are required to prepare a trading and Profit and loss account for the year ended 31st December,2018 and a Balance sheet as on that date:?
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From the following Trial balance of Shri Rajaram your are required to prepare a trading and Profit and loss account for the year ended 31st December,2018 and a Balance sheet as on that date:? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about From the following Trial balance of Shri Rajaram your are required to prepare a trading and Profit and loss account for the year ended 31st December,2018 and a Balance sheet as on that date:? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following Trial balance of Shri Rajaram your are required to prepare a trading and Profit and loss account for the year ended 31st December,2018 and a Balance sheet as on that date:?.
From the following Trial balance of Shri Rajaram your are required to prepare a trading and Profit and loss account for the year ended 31st December,2018 and a Balance sheet as on that date:? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about From the following Trial balance of Shri Rajaram your are required to prepare a trading and Profit and loss account for the year ended 31st December,2018 and a Balance sheet as on that date:? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following Trial balance of Shri Rajaram your are required to prepare a trading and Profit and loss account for the year ended 31st December,2018 and a Balance sheet as on that date:?.
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