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Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.?
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Extract of Trial Balance as at 28th March, 2018: Purchases Sales Credi...
Extract of Final Accounts as at 31st March, 2018
To prepare the Final Accounts as of 31st March 2018, we will consider the provided trial balance, additional transactions, and the closing stock.
1. Trading Account
- Opening Stock: Rs. 2,00,000
- Purchases:
- Total Purchases = Rs. 8,00,000 + Rs. 60,000 (credit purchases on 29th March) = Rs. 8,60,000
- Sales:
- Total Sales = Rs. 13,00,000 + Rs. 1,00,000 (credit sales on 30th March) = Rs. 14,00,000
- Closing Stock: Rs. 2,00,000
Trading Account Calculation
- Net Sales: Rs. 14,00,000
- Cost of Goods Sold (COGS):
- COGS = Opening Stock + Purchases - Closing Stock
- COGS = Rs. 2,00,000 + Rs. 8,60,000 - Rs. 2,00,000 = Rs. 8,60,000
Gross Profit Calculation
- Gross Profit:
- Gross Profit = Net Sales - COGS
- Gross Profit = Rs. 14,00,000 - Rs. 8,60,000 = Rs. 5,40,000
2. Profit and Loss Account
- Gross Profit: Rs. 5,40,000
- Other Expenses: (not provided, assumed to be zero)
Net Profit
- Net Profit: Rs. 5,40,000
3. Balance Sheet
- Assets:
- Debtors: Rs. 4,00,000 + Rs. 1,00,000 (credit sales) = Rs. 5,00,000
- Closing Stock: Rs. 2,00,000
- Liabilities:
- Creditors: Rs. 1,60,000 + Rs. 60,000 (credit purchases) = Rs. 2,20,000
In conclusion, the Final Accounts reflect the trading performance and financial position of the business accurately as of 31st March 2018.
To prepare the Final Accounts as of 31st March 2018, we will consider the provided trial balance, additional transactions, and the closing stock.
1. Trading Account
- Opening Stock: Rs. 2,00,000
- Purchases:
- Total Purchases = Rs. 8,00,000 + Rs. 60,000 (credit purchases on 29th March) = Rs. 8,60,000
- Sales:
- Total Sales = Rs. 13,00,000 + Rs. 1,00,000 (credit sales on 30th March) = Rs. 14,00,000
- Closing Stock: Rs. 2,00,000
Trading Account Calculation
- Net Sales: Rs. 14,00,000
- Cost of Goods Sold (COGS):
- COGS = Opening Stock + Purchases - Closing Stock
- COGS = Rs. 2,00,000 + Rs. 8,60,000 - Rs. 2,00,000 = Rs. 8,60,000
Gross Profit Calculation
- Gross Profit:
- Gross Profit = Net Sales - COGS
- Gross Profit = Rs. 14,00,000 - Rs. 8,60,000 = Rs. 5,40,000
2. Profit and Loss Account
- Gross Profit: Rs. 5,40,000
- Other Expenses: (not provided, assumed to be zero)
Net Profit
- Net Profit: Rs. 5,40,000
3. Balance Sheet
- Assets:
- Debtors: Rs. 4,00,000 + Rs. 1,00,000 (credit sales) = Rs. 5,00,000
- Closing Stock: Rs. 2,00,000
- Liabilities:
- Creditors: Rs. 1,60,000 + Rs. 60,000 (credit purchases) = Rs. 2,20,000
In conclusion, the Final Accounts reflect the trading performance and financial position of the business accurately as of 31st March 2018.
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Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.?
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Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.? 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 Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.?.
Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.? 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 Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.?.
Solutions for Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.? in English & in Hindi are available as part of our courses for B Com.
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Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.?, a detailed solution for Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.? has been provided alongside types of Extract of Trial Balance as at 28th March, 2018: Purchases Sales Creditors Debtors Particulars Dr. () C (5) 8,00,000 13.00.000 1,60,000 4,00,000 Information: (i) Goods purchased on credit on 29th March, 2018 *60,000. (ii) Goods sold on credit on 30th March 2018 for 1,00,000 at a profit of 20% or sales. (iii) Closing stock on 28th March, 2018 *2,00,000. Show the relevant items in Final Accounts on 31st March, 2018.? theory, EduRev gives you an
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