Finology
Finology

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Financial Statements of Sole proprietor


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.)



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


Similar Resolved Queries


loading


Unanswered Queries


Follow taxation Exam20 Book Book Book caclubindia books


Answer Query