Question:
Prepare Trading Account, Profit and Loss Account, and Balance Sheet of M/s Sharma and Sons from the following information for the year ending 31st March, 2023 when closing stock was valued at Rs. 20,000.
Trial Balance as on 31-3-2023Name of Account Debit Balance (Rs.) Credit Balance (Rs.) Opening Stock 19,400 – Purchase and Sale 6,50,000 7,80,000 Returns 20,000 20,000 Debtors and Creditors 38,000 87,200 Bills Payable – 25,200 Machinery 1,00,000 – Building 2,50,000 – Bank 10,000 – Wages 40,000 – Salaries 40,000 – Interest 15,000 – Capital – 3,60,000 \(Total\) 12,72,400 12,72,400
Prepare Trading Account, Profit and Loss Account, and Balance Sheet of M/s Sharma and Sons from the following information for the year ending 31st March, 2023 when closing stock was valued at Rs. 20,000.
Trial Balance as on 31-3-2023
Trial Balance as on 31-3-2023
| Name of Account | Debit Balance (Rs.) | Credit Balance (Rs.) |
|---|---|---|
| Opening Stock | 19,400 | – |
| Purchase and Sale | 6,50,000 | 7,80,000 |
| Returns | 20,000 | 20,000 |
| Debtors and Creditors | 38,000 | 87,200 |
| Bills Payable | – | 25,200 |
| Machinery | 1,00,000 | – |
| Building | 2,50,000 | – |
| Bank | 10,000 | – |
| Wages | 40,000 | – |
| Salaries | 40,000 | – |
| Interest | 15,000 | – |
| Capital | – | 3,60,000 |
| \(Total\) | 12,72,400 | 12,72,400 |
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Trading Account helps determine Gross Profit or Loss by comparing direct revenues and expenses.
Updated On: Dec 18, 2024
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Solution and Explanation
Trading Account for the year ending 31st March, 2023:
| \(Particulars\) | Rs. | \(Particulars\) | Rs. |
|---|---|---|---|
| Opening Stock | 19,400 | Sales | 7,80,000 |
| Purchases | 6,50,000 | Closing Stock | 20,000 |
| Wages | 40,000 | Gross Loss c/d | 1,09,400 |
| Total | 7,09,400 | Total | 7,09,400 |
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