Financial Statements of Sole proprietor
This query is : Resolved
20 January 2022
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.)
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.)
07 July 2024
The trial balance for the year ended 31.3.2021, includes a loan of 20,000 with 10% interest, opening stock of 20,000, purchases of 3,60,000, creditors, rent of 5,500, sales of 4,41,000, machinery wages of 6,000, furniture wages of 10,000, electricity of 1,100, trade expenses of 3,000, debtors of 21,000, insurance claim of 8,000, and closing stock of 24,000. Adjustments include a scooter purchase of ₹10,000, depreciation of machinery, furniture, scooter, and building at 10% and 5%, outstanding wages of ₹1,000, prepaid salaries of ₹800, bad debt provisions of ₹1,000, Sunday wages of ₹2,000, goods taken by the proprietor, insurance claim of ₹8,000, and closing stock of ₹24,000.
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