Financial Statements of Sole Proprietors

Illustration 21 (with Trial Balance)

From the following trial balance prepare trading and profit and Loss account and Balance Sheet as on 31.3.2021.

Trial Balance

Particulars CALDAGOGA TENA

(Cr)

Particulars

(Cr)

20,000

Loan (10% Interest)

Opening stock

Purchases.

20,000

3,60,000

Creditors

30,000

Salaries

12,000

Capital

1,10,000

Rent @500 PM

5,500

Sales

41,000

58,000

Machinery Wages

Furniture

6,000

10,000

Electricity

1,100

Trade expenses

3,000

Debtors

21,000

Interest on loan

1,800

400

GST paid

Building

60,000

10,000

Drawings

Bad debts.

1,200

5,70,000

5,70,000

i.

ii.

5 iv.

Adjustments:

On 1.4.2020 scooter worth 10000 was purchased and added to purchases account. Depreciation on machinery, furniture and scooter at 10% and Building at 5%

Outstanding wages` 1000

Prepaid salaries 800 debtors include 1000 which is bad and provision of 10% is required further.

Sunday Wages includes 2000 paid for machinery erection charges.

Proprietor has taken goods costing 2000 for which no entry was made.

viii. Goods costing 10000 was destroyed by fire and insurance claim was received for

*8000.

vi.

vii.

ix.

Closing stock 24000

The manager is entitl commission. to a commission of 10% of the net profit after charging such

X.

23. From the following Trial balance, prepare Manufacturing, account for the year ended 31-03-2021.

Trading and Profit and

Lo

Debit ()

Particulars

Credit ()

Opening stock:

30,000

Raw materials

16,000

Finished goods Work in progress

5,000

72,0

Capital

Purchases:

2,50,000

Raw materials

8,000

Finished goods,

Sales

4,000

Carriage inwards (on R.M.)

Suppose i am running coaching institution where i am providing education services and also selling of books. For books we have a author who written the books and we are printing the books and selling to our student and in market also for other student. We pay the author royalty fees after deducting tds. Now my question is that weather sale of books is fall under sale of goods or sale of services ?

Need advise on how to close/cancel the ESI registration of a manufacturing partnership firm. Is there any online process. The manufacturing unit is closed w.e.f 15-12-2021.

Please guide.

Thanks

vijay kumar

Sir / Mam
When the ''Audit Trail System in Software'' comes to line ?
This is applicable for transport business?

Plz guide me
Thanks in adv

Dear Expers

Kindly advise is there any online verification is available for ESIC and PF Contribution made by our Labour Contractor to employees to cross verify.

Sir,
A person accounting records maintained for hospital.advance fees collections from patients rs:10 lacs show in books.
Question:
Advance fees collections received from patients accepted in it act and how the accounting entry passed in books.

Company has paid huge amount of VAT during 2020-21 for earlier years, which were not outstanding in current liability, because of which now it is affecting current year's profit.

So, whether to show it in Profit & Loss Account because of which books of accounts is showing huge loss
or
can we directly debit to Reserves and surplus without affecting Profit and loss Account of the current year
or is there any other accounting entry option as we don't want to show loss on face of P & L?

Sir,
Our management providing cash to us for maintaining the daily expenditures like purchasing the nut bolts etc...
But the management transfering the amount to my bank account.
How can I show the expenditures in my company books.
Please suggest me the entries.

How to record previous year unrecorded loan to liability to balance sheet & its repayment by a firm

Sir,

I have received free samples of 10 quantity at a nominal price of Rs. 100 ( issued separate invoice by the supplier) . How can I account the same in my company books of account.