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Page 1 Q.1 Prepare a Trading Account from the following particulars for the year ended 31st March 2017 Particulars (?) Particulars (?) Opening Stock 2,50,000 Purchases Returns 22,000 Purchases 7,00,000 Sales Return 36,000 Sales 18,00,000 Gas, Fuel and Power 75,000 Wages 2,06,000 Dock Charges 8,000 Carriage Inward 34,000 Factory Lighting 96,000 Carriage Outward 20,000 Office Lighting 5,000 Manufacturing Expenses 2,48,000 Closing Stock is valued at ? 6,00,000. The solution for this question is as follows: Trading Account for the year ended March 31,2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Opening Stock 2,50,000 Sales 18,00,000 Purchases 7,00,000 Less: Sales Returns 36,000 17,64,000 Less: Purchases Returns 22,000 6,78,000 Closing Stock 6,00,000 Carriage Inward 34,000 Wages 2,06,000 Custom Duty 15,000 Gas, Fuel & Power 60,000 Dock Charges 8,000 Page 2 Q.1 Prepare a Trading Account from the following particulars for the year ended 31st March 2017 Particulars (?) Particulars (?) Opening Stock 2,50,000 Purchases Returns 22,000 Purchases 7,00,000 Sales Return 36,000 Sales 18,00,000 Gas, Fuel and Power 75,000 Wages 2,06,000 Dock Charges 8,000 Carriage Inward 34,000 Factory Lighting 96,000 Carriage Outward 20,000 Office Lighting 5,000 Manufacturing Expenses 2,48,000 Closing Stock is valued at ? 6,00,000. The solution for this question is as follows: Trading Account for the year ended March 31,2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Opening Stock 2,50,000 Sales 18,00,000 Purchases 7,00,000 Less: Sales Returns 36,000 17,64,000 Less: Purchases Returns 22,000 6,78,000 Closing Stock 6,00,000 Carriage Inward 34,000 Wages 2,06,000 Custom Duty 15,000 Gas, Fuel & Power 60,000 Dock Charges 8,000 Manufacturing Expenses 2,48,000 Factory Lighting 96,000 Gross Profit (Balancing Figure) 7,69,000 23,64,000 23,64,000 Q. 2(A) From the following information, prepare the Trading Account for the year ended 31st March, 2017: Adjusted Purchases ? 15,00,000; Sales ? 21,40,000; Returns Inwards ? 40,000; Freight and Packing ? 15,000; Packing Expenses on Sales ? 20,000; Depreciation ? 36,000; Factory Expenses ? 60,000; Closing Stock ? 1,20,000. The solution for this question is as follows: Trading Account for the year end March 31, 2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Adjusted Purchases 15,00,000 Sales 21,40,000 Freight & Packing 15,000 Less: Return Inwards 40,000 21,00,000 Factory Expenses 60,000 Gross Profit (Balancing Figure) 5,25,000 21,00,000 21,00,000 Note: Since closing stock is already adjusted in purchases. Therefore, the closing stock will not be on the Credit side of Trading Account Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock Page 3 Q.1 Prepare a Trading Account from the following particulars for the year ended 31st March 2017 Particulars (?) Particulars (?) Opening Stock 2,50,000 Purchases Returns 22,000 Purchases 7,00,000 Sales Return 36,000 Sales 18,00,000 Gas, Fuel and Power 75,000 Wages 2,06,000 Dock Charges 8,000 Carriage Inward 34,000 Factory Lighting 96,000 Carriage Outward 20,000 Office Lighting 5,000 Manufacturing Expenses 2,48,000 Closing Stock is valued at ? 6,00,000. The solution for this question is as follows: Trading Account for the year ended March 31,2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Opening Stock 2,50,000 Sales 18,00,000 Purchases 7,00,000 Less: Sales Returns 36,000 17,64,000 Less: Purchases Returns 22,000 6,78,000 Closing Stock 6,00,000 Carriage Inward 34,000 Wages 2,06,000 Custom Duty 15,000 Gas, Fuel & Power 60,000 Dock Charges 8,000 Manufacturing Expenses 2,48,000 Factory Lighting 96,000 Gross Profit (Balancing Figure) 7,69,000 23,64,000 23,64,000 Q. 2(A) From the following information, prepare the Trading Account for the year ended 31st March, 2017: Adjusted Purchases ? 15,00,000; Sales ? 21,40,000; Returns Inwards ? 40,000; Freight and Packing ? 15,000; Packing Expenses on Sales ? 20,000; Depreciation ? 36,000; Factory Expenses ? 60,000; Closing Stock ? 1,20,000. The solution for this question is as follows: Trading Account for the year end March 31, 2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Adjusted Purchases 15,00,000 Sales 21,40,000 Freight & Packing 15,000 Less: Return Inwards 40,000 21,00,000 Factory Expenses 60,000 Gross Profit (Balancing Figure) 5,25,000 21,00,000 21,00,000 Note: Since closing stock is already adjusted in purchases. Therefore, the closing stock will not be on the Credit side of Trading Account Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock Q.2(B) Calculate Gross Profit from the following information: ? Closing Stock 70,000 Wages 40,000 Salary 30,000 Sales 6,88,000 Adjusted Purchase 5,50,000 The solution for this question is as follows: Dr. Cr. Particulars Amount ? Particulars Amount ? Adjusted Purchase 5,50,000 Sales 6,88,000 Wages 40,000 Gross Profit (Balancing Figure) 98,000 6,88,000 6,88,000 Note: Since the adjusted purchases are already given, the stocks will not be considered while calculating Gross Profit. Page 4 Q.1 Prepare a Trading Account from the following particulars for the year ended 31st March 2017 Particulars (?) Particulars (?) Opening Stock 2,50,000 Purchases Returns 22,000 Purchases 7,00,000 Sales Return 36,000 Sales 18,00,000 Gas, Fuel and Power 75,000 Wages 2,06,000 Dock Charges 8,000 Carriage Inward 34,000 Factory Lighting 96,000 Carriage Outward 20,000 Office Lighting 5,000 Manufacturing Expenses 2,48,000 Closing Stock is valued at ? 6,00,000. The solution for this question is as follows: Trading Account for the year ended March 31,2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Opening Stock 2,50,000 Sales 18,00,000 Purchases 7,00,000 Less: Sales Returns 36,000 17,64,000 Less: Purchases Returns 22,000 6,78,000 Closing Stock 6,00,000 Carriage Inward 34,000 Wages 2,06,000 Custom Duty 15,000 Gas, Fuel & Power 60,000 Dock Charges 8,000 Manufacturing Expenses 2,48,000 Factory Lighting 96,000 Gross Profit (Balancing Figure) 7,69,000 23,64,000 23,64,000 Q. 2(A) From the following information, prepare the Trading Account for the year ended 31st March, 2017: Adjusted Purchases ? 15,00,000; Sales ? 21,40,000; Returns Inwards ? 40,000; Freight and Packing ? 15,000; Packing Expenses on Sales ? 20,000; Depreciation ? 36,000; Factory Expenses ? 60,000; Closing Stock ? 1,20,000. The solution for this question is as follows: Trading Account for the year end March 31, 2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Adjusted Purchases 15,00,000 Sales 21,40,000 Freight & Packing 15,000 Less: Return Inwards 40,000 21,00,000 Factory Expenses 60,000 Gross Profit (Balancing Figure) 5,25,000 21,00,000 21,00,000 Note: Since closing stock is already adjusted in purchases. Therefore, the closing stock will not be on the Credit side of Trading Account Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock Q.2(B) Calculate Gross Profit from the following information: ? Closing Stock 70,000 Wages 40,000 Salary 30,000 Sales 6,88,000 Adjusted Purchase 5,50,000 The solution for this question is as follows: Dr. Cr. Particulars Amount ? Particulars Amount ? Adjusted Purchase 5,50,000 Sales 6,88,000 Wages 40,000 Gross Profit (Balancing Figure) 98,000 6,88,000 6,88,000 Note: Since the adjusted purchases are already given, the stocks will not be considered while calculating Gross Profit. Question 3(A) Calculate cost of goods sold from the following: ? ? Opening Stock 40,000 Wages & Salaries 10,000 Net Purchases 50,000 Rent Paid 15,000 Net Sales 1,90,000 Closing Stock 15,000 The solution for this question is as follows: Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses – Closing Stock Cost of Goods Sold = 40,000 + 50,000 + 10,000 – 15,000 = ? 85,000 Question 3(B) Ascertain cost of Goods Sold and Gross Profit from the following: ? Opening Stock 32,000 Purchases 2,80,000 Direct Expenses 20,000 Indirect Expenses 45,000 Closing Stock 50,000 Sales 4,00,000 Sales Returns 8,000 Page 5 Q.1 Prepare a Trading Account from the following particulars for the year ended 31st March 2017 Particulars (?) Particulars (?) Opening Stock 2,50,000 Purchases Returns 22,000 Purchases 7,00,000 Sales Return 36,000 Sales 18,00,000 Gas, Fuel and Power 75,000 Wages 2,06,000 Dock Charges 8,000 Carriage Inward 34,000 Factory Lighting 96,000 Carriage Outward 20,000 Office Lighting 5,000 Manufacturing Expenses 2,48,000 Closing Stock is valued at ? 6,00,000. The solution for this question is as follows: Trading Account for the year ended March 31,2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Opening Stock 2,50,000 Sales 18,00,000 Purchases 7,00,000 Less: Sales Returns 36,000 17,64,000 Less: Purchases Returns 22,000 6,78,000 Closing Stock 6,00,000 Carriage Inward 34,000 Wages 2,06,000 Custom Duty 15,000 Gas, Fuel & Power 60,000 Dock Charges 8,000 Manufacturing Expenses 2,48,000 Factory Lighting 96,000 Gross Profit (Balancing Figure) 7,69,000 23,64,000 23,64,000 Q. 2(A) From the following information, prepare the Trading Account for the year ended 31st March, 2017: Adjusted Purchases ? 15,00,000; Sales ? 21,40,000; Returns Inwards ? 40,000; Freight and Packing ? 15,000; Packing Expenses on Sales ? 20,000; Depreciation ? 36,000; Factory Expenses ? 60,000; Closing Stock ? 1,20,000. The solution for this question is as follows: Trading Account for the year end March 31, 2017 Dr. Cr. Particulars Amount ? Particulars Amount ? Adjusted Purchases 15,00,000 Sales 21,40,000 Freight & Packing 15,000 Less: Return Inwards 40,000 21,00,000 Factory Expenses 60,000 Gross Profit (Balancing Figure) 5,25,000 21,00,000 21,00,000 Note: Since closing stock is already adjusted in purchases. Therefore, the closing stock will not be on the Credit side of Trading Account Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock Q.2(B) Calculate Gross Profit from the following information: ? Closing Stock 70,000 Wages 40,000 Salary 30,000 Sales 6,88,000 Adjusted Purchase 5,50,000 The solution for this question is as follows: Dr. Cr. Particulars Amount ? Particulars Amount ? Adjusted Purchase 5,50,000 Sales 6,88,000 Wages 40,000 Gross Profit (Balancing Figure) 98,000 6,88,000 6,88,000 Note: Since the adjusted purchases are already given, the stocks will not be considered while calculating Gross Profit. Question 3(A) Calculate cost of goods sold from the following: ? ? Opening Stock 40,000 Wages & Salaries 10,000 Net Purchases 50,000 Rent Paid 15,000 Net Sales 1,90,000 Closing Stock 15,000 The solution for this question is as follows: Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses – Closing Stock Cost of Goods Sold = 40,000 + 50,000 + 10,000 – 15,000 = ? 85,000 Question 3(B) Ascertain cost of Goods Sold and Gross Profit from the following: ? Opening Stock 32,000 Purchases 2,80,000 Direct Expenses 20,000 Indirect Expenses 45,000 Closing Stock 50,000 Sales 4,00,000 Sales Returns 8,000 The solution for this question is as follows: Gross Profit = Net Sale- Cost of Goods Sold Cost of Goods Sold = Opening Stock + Net Purchases + Direct Expenses – Closing Stock Cost of Goods Sold = 32,000 + 2,80,000 + 20,000 – 50,000 = ? 2,82,000 Net Sale= Sales – Sales Return = 4,00,000 – 8,000 = 3,92,000 Therefore, Gross Profit = 3,92,000 – 2,82,000 = ?1,10,000 Q.4 Calculate Gross Profit on the basis of the following information: ? Purchases 6,80,000 Return Outwards 30,000 Carriage Inwards 20,000 Carriage Outwards 15,000 Wages 50,000 3/4 of the goods are sold for ? 6,00,000. The solution for this question is as follows: Cost of Goods Sold = Opening Stock + Net Purchases + Direct Expenses – Closing Stock Net Purchases = Purchase – Purchase Return = 6,80,000 – 30,000 = 6,50,000 Direct Expense = Carriage Inwards + Wages = 20,000 +50,000 = ?70,000Read More
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