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From the following particulars for the year ending 31st March, 2003 of M/s ABC Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date: Rs. 23, 200 Rs. Stock 1.4.2002 Capital 1.4.2002 TD BIS Advertisement LD 15, 950 1,45,000 Apprenticeship premium Pa er 3,480 Purchases TD 58,000 Bill receivable 10,150 Sales TD ,32,000 Bill payable 7,250 23, 345 Sundry debtors 58.000 13,050 Return inward TD 4, 350 870?
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From the following particulars for the year ending 31st March, 2003 of...
Trading and Profit and Loss Account of M/s ABC Company for the year ending 31st March, 2003
Particulars | Amount (Rs.)
--- | ---
Sales | 1,32,000
Less: Returns inward | 4,350
Net sales | 1,27,650
Add: Closing stock | 23,200
Gross profit | 1,50,850
Less: Cost of goods sold
Opening stock | 23,345
Add: Purchases | 58,000
Less: Purchase returns | 870
Direct expenses | 15,950
Less: Closing stock | 23,200
Total cost of goods sold | 73,225
Net profit | 77,625
Balance Sheet of M/s ABC Company as on 31st March, 2003
Liabilities | Amount (Rs.) | Assets | Amount (Rs.)
--- | --- | --- | ---
Capital | 1,45,000 | Fixed assets |
Add: Net profit | 77,625 | Less: Depreciation |
| | Current assets |
Sundry debtors | 58,000 | Less: Provision for doubtful debts |
Bill receivable | 10,150 | Stock | 23,200
Less: Provision for discount | 1,305 | Cash and bank balance |
| | Prepaid expenses | 3,480
Less: Current liabilities | | Bill payable | 7,250
TD on purchases | 58,000 | Sundry creditors | 23,345
Apprenticeship premium | 13,050 | Outstanding expenses |
Total | 3,07,175 | Total | 3,07,175
Explanation:
- Trading and Profit and Loss Account: The account is prepared to determine the gross profit earned by the company during the year and the net profit after considering all the direct and indirect expenses.
- Balance Sheet: The balance sheet is a statement of assets and liabilities of the company as on a particular date. It shows the financial position of the company. The assets are shown on the right-hand side, and the liabilities are shown on the left-hand side. The balance sheet must always tally, i.e., the total of assets must be equal to the total of liabilities.
Particulars | Amount (Rs.)
--- | ---
Sales | 1,32,000
Less: Returns inward | 4,350
Net sales | 1,27,650
Add: Closing stock | 23,200
Gross profit | 1,50,850
Less: Cost of goods sold
Opening stock | 23,345
Add: Purchases | 58,000
Less: Purchase returns | 870
Direct expenses | 15,950
Less: Closing stock | 23,200
Total cost of goods sold | 73,225
Net profit | 77,625
Balance Sheet of M/s ABC Company as on 31st March, 2003
Liabilities | Amount (Rs.) | Assets | Amount (Rs.)
--- | --- | --- | ---
Capital | 1,45,000 | Fixed assets |
Add: Net profit | 77,625 | Less: Depreciation |
| | Current assets |
Sundry debtors | 58,000 | Less: Provision for doubtful debts |
Bill receivable | 10,150 | Stock | 23,200
Less: Provision for discount | 1,305 | Cash and bank balance |
| | Prepaid expenses | 3,480
Less: Current liabilities | | Bill payable | 7,250
TD on purchases | 58,000 | Sundry creditors | 23,345
Apprenticeship premium | 13,050 | Outstanding expenses |
Total | 3,07,175 | Total | 3,07,175
Explanation:
- Trading and Profit and Loss Account: The account is prepared to determine the gross profit earned by the company during the year and the net profit after considering all the direct and indirect expenses.
- Balance Sheet: The balance sheet is a statement of assets and liabilities of the company as on a particular date. It shows the financial position of the company. The assets are shown on the right-hand side, and the liabilities are shown on the left-hand side. The balance sheet must always tally, i.e., the total of assets must be equal to the total of liabilities.
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From the following particulars for the year ending 31st March, 2003 of...
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From the following particulars for the year ending 31st March, 2003 of M/s ABC Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date: Rs. 23, 200 Rs. Stock 1.4.2002 Capital 1.4.2002 TD BIS Advertisement LD 15, 950 1,45,000 Apprenticeship premium Pa er 3,480 Purchases TD 58,000 Bill receivable 10,150 Sales TD ,32,000 Bill payable 7,250 23, 345 Sundry debtors 58.000 13,050 Return inward TD 4, 350 870?
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From the following particulars for the year ending 31st March, 2003 of M/s ABC Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date: Rs. 23, 200 Rs. Stock 1.4.2002 Capital 1.4.2002 TD BIS Advertisement LD 15, 950 1,45,000 Apprenticeship premium Pa er 3,480 Purchases TD 58,000 Bill receivable 10,150 Sales TD ,32,000 Bill payable 7,250 23, 345 Sundry debtors 58.000 13,050 Return inward TD 4, 350 870? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about From the following particulars for the year ending 31st March, 2003 of M/s ABC Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date: Rs. 23, 200 Rs. Stock 1.4.2002 Capital 1.4.2002 TD BIS Advertisement LD 15, 950 1,45,000 Apprenticeship premium Pa er 3,480 Purchases TD 58,000 Bill receivable 10,150 Sales TD ,32,000 Bill payable 7,250 23, 345 Sundry debtors 58.000 13,050 Return inward TD 4, 350 870? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following particulars for the year ending 31st March, 2003 of M/s ABC Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date: Rs. 23, 200 Rs. Stock 1.4.2002 Capital 1.4.2002 TD BIS Advertisement LD 15, 950 1,45,000 Apprenticeship premium Pa er 3,480 Purchases TD 58,000 Bill receivable 10,150 Sales TD ,32,000 Bill payable 7,250 23, 345 Sundry debtors 58.000 13,050 Return inward TD 4, 350 870?.
From the following particulars for the year ending 31st March, 2003 of M/s ABC Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date: Rs. 23, 200 Rs. Stock 1.4.2002 Capital 1.4.2002 TD BIS Advertisement LD 15, 950 1,45,000 Apprenticeship premium Pa er 3,480 Purchases TD 58,000 Bill receivable 10,150 Sales TD ,32,000 Bill payable 7,250 23, 345 Sundry debtors 58.000 13,050 Return inward TD 4, 350 870? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about From the following particulars for the year ending 31st March, 2003 of M/s ABC Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date: Rs. 23, 200 Rs. Stock 1.4.2002 Capital 1.4.2002 TD BIS Advertisement LD 15, 950 1,45,000 Apprenticeship premium Pa er 3,480 Purchases TD 58,000 Bill receivable 10,150 Sales TD ,32,000 Bill payable 7,250 23, 345 Sundry debtors 58.000 13,050 Return inward TD 4, 350 870? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following particulars for the year ending 31st March, 2003 of M/s ABC Company, prepare Trading and Profit and Loss Account and Balance Sheet on that date: Rs. 23, 200 Rs. Stock 1.4.2002 Capital 1.4.2002 TD BIS Advertisement LD 15, 950 1,45,000 Apprenticeship premium Pa er 3,480 Purchases TD 58,000 Bill receivable 10,150 Sales TD ,32,000 Bill payable 7,250 23, 345 Sundry debtors 58.000 13,050 Return inward TD 4, 350 870?.
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