From the following balances extracted from the books of Sh. Badri Vishal on 31st March, 2023, prepare a Trading Account, P & L A/c and a Balance Sheet. Closing Stock valued on that date was ₹ 15,000
From the following balances extracted from the books of Sh. Badri Vishal on 31st March, 2023, prepare a Trading Account, P & L A/c and a Balance Sheet. Closing Stock valued on that date was ₹ 15,000.
[Ans. Gross Profit ₹ 16,300; Net Loss ₹ 22,200 and Balance Sheet Total ₹ 1,27,000.]
| Particulars | Dr. | Cr. |
| Capital | 1,28,200 | |
| Household Expenses | 10,000 | |
| Sales | 1,80,000 | |
| Return Inwards | 4,000 | |
| Return Outwards | 6,000 | |
| Purchases | 1,50,000 | |
| Cash at Shop | 1,600 | |
| Bank Overdraft | 15,000 | |
| Interest on Overdraft | 1,500 | |
| Creditors | 17,800 | |
| Stock at the Commencement | 18,000 | |
| Freight | 18,000 | |
| Rent and Taxes | 8,500 | |
| Debtors | 7,000 | |
| Commission | 32,600 | |
| Freehold Property | 3,000 | 2,200 |
| Sundry Expenses | 30,000 | |
| Salaries and Wages | 3,900 | |
| Life Insurance Premium | 20,000 | |
| Insurance Premium | 1,800 | |
| Motor Vehicle | 1,600 | |
| Typewriter | 39,800 | |
| Interest | 8,000 | 800 |
| Carriage Inwards | 2,000 | |
| Carriage Outwards | 800 | |
| Power | 2,200 | |
| Audit Fee | 1,700 | |
| Lighting | 2,000 | |
| 3,50,000 | 3,50,000 |
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