Bills receivable 6,500 Plant & machinery 20,000 9.

The following information was extracted from the books of

Bills payable 5,350 Closing stock 40,000 M/s.Sudha Ltd. Prepare final accounts on 31.3.2002.
Furniture 6,750
[Answer : Balance Sheet Rs.1,58,750] Particulars Debit Particulars Credit
8. Given below is the trial balance of Shri.Hari Prakash. Prepare Rs. Rs.
trading and profit and loss account for the year ended 31st March Opening stock 12,500 Sales 1,89,000
2002.
Depreciation 7,000 Commission 2,000
Particulars Dr. Cr. Carriage inwards 700 Capital 1,71,300
Rs. Rs.
Furniture 8,000 Creditors 17,500
Stock as on 1.4.2001 50,000
Sales 2,90,000 Carriage outwards 500 Bills payable 5,000
Sales returns 10,000 Plant & machinery 2,00,000 Return outwards 13,800
Purchases 2,45,000
Cash 8,900
Purchase returns 5,000
Carriage inwards 4,000 Salaries 7,500
Carriage outwards 6,000 Debtors 19,000
Wages 12,000
Salaries 18,000 Discount 1,500
Printing and stationary 900 Bills receivable 17,000
Discount allowed 900
Wages 16,000
Discount received 600
Depreciation 3,000 Sales returns 14,000
Buildings 2,08,100 Purchase 86,000
Trade Expenses 5,600
Capital 2,72,900 3,98,600 3,98,600
Bills receivables 20,000
Bills Payable 15,000 Closing stock on 31.12.2002 Rs.45,000.
5,83,500 5,83,500 [Answer : Gross profit Rs. 1,18,600, Net profit Rs.1,04,100,
Closing stock on 31.3.2002 Rs. 65,000. Balance sheet Rs. 2,97,900]
[Answer : Gross profit Rs.39,000, Net profit Rs.5,200]
298 299
10. The trial balances of Mr.Uma Shankar shows the following 11. The following trial balance extracted from the books of Murugan,
balances on 31st March 2000. Prepare final accounts. prepare trading, profit and loss a/c for the year ended 31st Dec.
2001 and balance sheet as on that date.
Debit Balance Rs. Credit Balance Rs.
Particulars Debit Credit
Purchases 70,000 Capital account 56,000
Rs. Rs.
Sales returns 5,000 Sales 1,50,000
Drawings 20,000
Opening stock 20,000 Purchase returns 4,000 Capital 1,89,000
Discount allowed 2,000 Discount received 1,000 Plant & machinery 80,000
Sundry debtors 70,000
Bank charges 500 Sundry creditors 30,000
Sundry creditors 50,000
Salaries 4,500 Purchases 1,03,000
Wages 5,000 Sales 2,20,000
Sales returns 10,000
Freight inwards 4,000
Wages 40,000
Freight outwards 1,000 Cash in hand 5,000
Rent, rates and taxes 5,000 Cash at bank 10,000
Salaries 38,000
Advertising 6,000
Stock 45,000
Cash in hand 1,000 Rent 10,000
Plant and machinery 50,000 Manufacturing expenses 7,000
Bills receivable 12,000
Sundry debtors 60,000 Bills payable 20,000
Cash at bank 7,000 Bad debts 5,000
Carriage inwards 9,000
2,41,000 2,41,000
Furniture 15,000
Closing stock on 31st March 2000 was Rs. 30,000. 4,79,000 4,79,000
[Answer: Gross profit Rs.80,000, Net profit Rs.62,000, Closing stock as on 31.12.2001 Rs. 50,000.
Balance sheet Rs. 1,48,000]
[Answer : Gross profit Rs. 56,000, Net profit Rs. 3,000,
Balance sheet Rs.2,42,000]
300 301
12. The following balances were extracted from the books of 13. The following balances are extracted from the books of
Mr.Chandran on 31.3.2001. Mr.Ramasamy on 31.12.2001. Prepare final accounts
Particulars Debit Credit Particulars Debit Particulars Credit
Rs. Rs. Rs. Rs.
Capital 1,41,000 Stock on 1.1.2001 17,000 Sales 60,000
Buildings 80,000
Manufacturing wages 10,000 Creditors 20,000
Machinery 70,000
Furniture 15,000 Factory rent 2,000 Bills payable 10,000
Stock 50,000 Factory lighting 3,000 Capital 43,000
Power 10,000 Purchase 30,000
Wages 70,000 Carriage 3,000
Carriage 8,000
Salary 2,000
Rent and rates 17,000
Salaries 35,000 Office rent 2,000
Bank Charges 1,000 Printing & stationery 1,000
Income tax 2,000 Bad debts 1,000
Bad debts 5,000 Land 10,000
Commission received 9,000
Buildings 20,000
Purchases 1,50,000
Sales 3,40,000 Plant & machinery 15,000
Bills receivable 20,000 Furniture 5,000
Bank overdraft 50,000 Depreciation 2,000
Cash in hand 2,000 Debtors 5,000
Purchase returns 10,000
Cash in hand 5,000
Sales returns 15,000
5,50,000 5,50,000 1,33,000 1,33,000

Closing stock was valued at Rs.19,000.

The closing stock was valued at Rs.60,000. You are required to [Answer : Gross profit Rs. 14,000, Net profit Rs.6,000,
prepare final accounts for the year ended 31st March 2001. Balance sheet Rs.79,000]
[Answer : Gross profit Rs.1,07,000, Net profit Rs.58,000,
Balance sheet Rs.2,47,000]
302 303
14. Prepare Trading and Profit and Loss Account and Balance Sheet 15. From the following balances extracted from the books of
of Mr.Venkat as on 31st March 2000. Mrs.Mala, prepare final accounts for the year ending 31st March
2003. Closing stock as on 31.03.2003 was Rs.72,500.
Debit Credit
Particulars Debit Credit
Rs. Rs. Particulars
Rs. Rs.
Venkat Capital 35,000
Mrs.Mala’s Capital 95,000
Free hold premises 45,000
Plant & Machinery 37,000
Goodwill 20,000
Repairs to Machinery 9,150
Machinery and plant 17,000
Opening stock 18,000 Wages 42,000
Bills receivable and payable 4,000 6,000 Salaries 6,000
Sundry debtors and creditors 16,000 24,000 Income tax 750
Purchases and sales 80,000 1,50,000 Cash and bank balances 3,000
Returns 1,000 2,000 Land and building 1,11,750
Carriage outwards 500 Purchases 1,80,000
Freight, duty etc 1,200 Purchase Returns 3,000
Manufacturing wages 22,800 Sales 3,75,000
Factory expenses 6,000 Interest 2,250
Salaries 24,000 Bills receivable 15,000
Commission 2,500 Bills payable 4,500
Discount 9,000 Commission (Cr) 6,000
Stationery and printing 4,500 Debtors 52,500
Trading expenses 1,800 Creditors 40,650
Cash in hand 700
Opening Stock as on 1.4.2003 55,500
Suspense A/c 39,000
Drawings 12,000
2,65,000 2,65,000 Suspense account 2,750

Closing stock was valued at Rs.70,000. 5,26,900 5,26,900

[Answer : Gross profit Rs.93,000, Net profit Rs.68,700, [Answers : Gross profit Rs.1,73,000; Net profit Rs.1,61,600; Balance
Balance sheet Rs.1,72,700] sheet Total Rs. 2,91,750]
304 305