The following are the balances extracted from the books of Tej Enterprises as on 31st March, 2025. From these balances, prepare his Trading and Profit & Loss Account and Balance Sheet as at that date:
The following are the balances extracted from the books of Tej Enterprises as on 31st March, 2025. From these balances, prepare his Trading and Profit & Loss Account and Balance Sheet as at that date:
Adjustments:
1. Closing Stock was valued at ₹ 70,000.
2. Wages ₹ 15,000 and salaries ₹ 2,000 are outstanding.
3. Rent for two months at the rate of ₹ 1,000 per month is outstanding.
4. Depreciate Buildings by 5% and machinery by 10%.
5. Prepaid Insurance ₹ 700.
[Ans. G.P. ₹ 80,300; N.P. ₹
| Particulars | Dr. (₹) | Cr. (₹) |
| Opening Stock | 46,000 | |
| Purchases | 4,50,000 | |
| Sales | 6,30,000 | |
| Discount | 1,300 | |
| Sales Return | 22,000 | |
| Buildings | 2,00,000 | |
| Debtors | 80,000 | |
| Salaries | 22,000 | |
| Office Expenses | 5,400 | |
| Wages | 71,000 | |
| Purchase Return | 20,000 | |
| Miscellaneous Receipts | 3,200 | |
| Travelling Expenses | 3,400 | |
| Fire Insurance Premium | 4,000 | |
| Machinery | 1,58,000 | |
| Carriage on Purchases | 35,700 | |
| Commission | 1,000 | |
| Cash in Hand | 7,000 | |
| Rent and Taxes | 18,000 | |
| Capital | 3,94,000 | |
| Creditors | 75,000 | |
| 11,23,500 | 11,23,500 |
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