Preparation of Trading and P&L account
Submitted by
Roll
Q.1
Opening stock
Purchases
Sales return
Sales
Purchase Return
Closing Stock
Carriage Inwards
Depreciation
Upasana Srinivasan
1219
22,000
29,000
500
25,400
2,400
47,700
100
2,000
In the books of xxx
Trading account of xxx for the year ended xxx
Dr
Date
Particulars
To Opening stock
To Purchases
Less: Purchase Return
To Carriage Inwards
To Gross Profit c/d
Amount
29,000
-2,400
Amount Date
22,000
26,600
100
23,900
Particulars
By Sales
Less: Sales Return
By Closing stock
72,600
By Gross Profit b/d
Amount
25,400
-500
Cr
Amount
24,900
47,700
72,600
23,900
Q.2
Following balance appear in the Trial Balance of a firm as on 31st March, 2018
Opening stock
Raw Material
80,000
Finished Goods
1,40,000
Purchases
3,60,000
Sales
7,00,000
Returns
Purchase
10,000
Sales
6,000
Wages
Factory Expenses
Freight
1,30,000
90,000
20,000
30,000
Inwards
Outwards
At the end of the accounting Raw Material
period, stock was
Work-in-progress
Finished goods
Prepare Trading Account of the firm
70,000
20,000
1,10,000
In the books of xxx
Trading account of xxx for the year ended 31st March, 2018
Dr
Particulars
Amount
To Opening stock
Raw Material
Finished goods
To Purchase
Less: Returns
To Wages
To Factory Expenses
To Freight inwards
To Gross Profit c/d
Amount
80,000
1,40,000
3,60,000
-10,000
2,20,000
3,50,000
1,30,000
90,000
20,000
84,000
Particulars
By Sales
Less: Sales Return
By Closing Stock
Raw Material
Work-in-progress
Finished goods
8,94,000
Cr
Amount
Amount
7,00,000
-6,000
6,94,000
70,000
20,000
1,10,000
2,00,000
8,94,000
By Gross Profit b/d
84,000
Q.3
From the following, prepare Profit and Loss account of Sohan Lal as it would appear in the
1st year that ended 31st March, 2018
Salaries
30,000 Advertising
10,000
Commission Paid
2,000 Discount Allowed
18,000
Postage and Telegrams
1,500 Rent received
17,000
Insurance
3,000 Interest on Investment
15,000
Interest Paid
4,000 Bad Debts
9,000
Carriage outwards
5,000 Brokerage paid
950
The Gross profit was 45% of sales, which amounted to Rs. 6,50,000
In the books of Sohan Lal
Profit and Loss account of Sohan Lal for the year ended 31st March,2018
Dr
Date
Particulars
Amount
To Salaries
To Commission paid
To Postage and Telegrams
To Insurance
To Interest paid
To Carriage outwards
To Advertising
To Discount allowed
To Bad debts
To Brokerage paid
To Net Profit c/d
Amount
30,000
2,000
1,500
3,000
4,000
5,000
10,000
18,000
9,000
950
2,41,050
Date
Particulars Amount
By Gross profit b/d
By Rent received
By Interest on investment
3,24,500
Cr
Amount
2,92,500
17,000
15,000
3,24,500
By Net profit b/d
2,41,050
Q.4
From the following information, prepare Profit and Loss Account for the year ended 31st
March,2018
Gross profit
Rent
Salary
Commission Paid
Interest on loan
Advertisement
1,20,000
5,000
35,000
19,000
5,000
8,000
Interest received
Discount received
Printing and Stationery
Legal charges
Bad Debts
Loss by Fire
Depreciation
8,000
6,000
4,000
10,000
2,000
6,000
4,000
In the books of xxx
Profit and Loss account of xxx for the year ended 31st March,2018
Dr
Date
Particulars
To Rent
To Salary
To Commission paid
To Advertisement
To Interest on loan
To Printing and Stationery
To Legal Charges
To Bad Debts
To Loss by fire
To Depreciation
To Net Profit c/d
Amount
Amount
Date
5,000
35,000
19,000
8,000
5,000
4,000
10,000
2,000
6,000
4,000
36,000
Particulars Amount
By Gross profit b/d
By Interest received
By Discount received
1,34,000
Cr
Amount
1,20,000
8,000
6,000
1,34,000
By Net profit b/d
36,000
Q5.
Ascertain Gross Profit for the following:
Opening Stock
2,00,000
Closing Stock
1,80,000
Purchases
8,50,000
Carriage on purchase
23,000
Carriage on sales
30,000
Office Rent
58,000
Sales
14,07,000
In the books of xxx
Trading account of xxx for the year ended xxx
Dr
Particulars
Amount
To Opening stock
To Purchases
To Carriage on purchase
To Gross Profit c/d
Amount
Particulars
Amount
2,00,000 By Sales
8,50,000 By Closing stock
23,000
5,14,000
15,87,000
By Gross Profit b/d
Cr
Amount
14,07,000
1,80,000
15,87,000
5,14,000