From the following particulars taken out from the books of Subhash General Store, prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date:-
From the following particulars taken out from the books of Subhash General Store, prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date:-
| Particulars | ₹ | Particualrs | ₹ |
| Plant & Machinery on 1-4-2022 | 80,000 | Rent | 12,000 |
| Plant & Machinery Purchased on 1-7-2022 | 20,000 | Insurance Premium paid from 1-1-2023 to 31-12-2023 | 1,200 |
| Sundry Debtors | 1,20,000 | Cash at Bank | 5,400 |
| Creditors | 32,000 | Wages | 20,400 |
| Furniture | 5,000 | Advertising | 4,800 |
| Motor Car | 70,000 | Carriage Inwards | 10,200 |
| Purchases | 1,60,000 | Carriage Outwards | 2,000 |
| Sales | 2,80,000 | Fuel and Power | 15,700 |
| Sales Returns | 15,000 | Manoj’s Capital | 3,50,000 |
| Salaries | 36,000 | Manoj’s Drawings | 12,000 |
| Opening Stock | 60,000 | Brokerage | 700 |
| Motor Car Expenses | 6,000 | Donation | 5,100 |
| Stationery | 500 | Â | Â |
The following inforamtion is relevant:-
(1) Closing Stock ₹ 55,000. Stock valued at ₹ 10,000 was destroyed by fire on 18th March, 2023 but the Insurance Company admitted a claim of ₹ 6,800 only which was received in April, 2023.
(2) Stationery for ₹ 150 was consumed by the Proprietor.
(3) Goods costing ₹ 1,200 were given away as charity.
(4) A new Signboard costing ₹ 1,500 is included in Advertising.
(5) Rent is to be allocated 2/3rd to Factory and 1/3rd to Office.
(6) Depreciate machinery by 10% p.a. and Motor Car by 20% p.a.
[Ans. G.P. ₹ 56,900; Net Loss ₹ 28,750; B/S Total ₹ 3,41,100.]
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