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Sample Accounting Homework Help Illustration and Solutions:

Represent the following data by a suitable graph:

Illustration: 1

From the following particulars prepare trading and profit and loss account of Mr. R. for

the year ended 31.3.1997 and a balance sheet as on 31.3.1997:

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$ $

Building 5,00,000 -

Machineries 2,00,000 -

Furniture 1,00,000 -

Cash at Bank 90,000 -

18% p.a. loan obtained by Mr. R on 10,000 -

1.6.1996 on mortgage of his building - 3,00,000

R’s capital - 5,20,000

Sundry debtors/Sundry creditors 5,00,000 4,00,000

Stock on 1.4.1996 1,20,000 -

Purchases/Sales 25,00,000 32,20,000

Sales return/Purchases returns 1,20,000 1,00,000

Rent 60,000 -

Establishment expenses 1,80,000 -

Electricity charges 15,000 -

Telephone charges 10,000 -

Commission on sales 30,000 -

Insurance Premium 10,000 -

Bad debts 20,000 -

Bills receivable 75,000 - 45,40,000 45,40,000

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Solution : Mr. Jack

Trading and Profit and Loss Account For the year Ended 31 March, 1997

$ $

Opening Stock 1,20,000 Sales 32,20,000

Purchases 25,00,000 Less : Returns 1,20,000 31,00,000

Less : Returns 1, 00,000 24,00,000

Closing stock (W.N.1) 2,30,000

Gross Profit c/d 8.10,000 33,30,000

33,30,000 33,30,000

Rent 60,000 Gross Profit b/d 8,10,000

Establishment expenses 1,80,000

Telephone charges 15,000

Commission on sales 30,000

Insurance premium 10,000

Bad debts 20,000

Provision for doubtful debts 25,000

5

100 × 5,00,000

Interest on loan 45,000

18

100 × 3,00,00 ×

10

12

Depreciation (W.N.2) 85,000

Manager’s Commission 30,000

Net Profit 3,00,000

8,10,000 8,10,000

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Illustration 2.

From the following particulars extracted from the books of Ganguli, prepare Trading and

Profit and Loss Account and Balance Sheet as at 31 March, 19994 after making the

necessary adjustments :

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$ $

Ganguli’s Capital Account 54,050 Internet Received 725

Stock on 1.4.1993 23,400 Cash with Traders Bank Ltd 4,000

Sales 1,44,800 Discounts Received 1,495

Sale Returns 4,300 Investments (at 5%)

Purchases 1,21,550 as on 1.4.1993 2,500

Purchases Returns 2,900 Furniture as on 1.4.1993 900

Carriage Inwards 9,300 Discounts Allowed 3,770

Rent 2,850 General Expenses 1,960

Salaries 4,650 Audit Fees 350

Sundry Debtors 12,000 Fire Insurance Premium 300

Sundry Creditors 7,400 Travelling Expenses 1,165

Loan from Dena Bank Postage and Telegrams 435

Ltd. (at 12%) 10,000 Cash on Hand

Interest Paid 450 Deposits at 10% as on

Printing and Stationery 1,700 1.4.1993 (Dr.) 15,000

Advertisement 5,600 Drawings 5,000

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Solution:

Jack Trading and Profit and Loss Account

For the year Ended on 31 March 1994

$ $ $ $ Opening Stock 23,400 Sales 1,44,800 Purchases 1,21,550 Less: Returns 5,800 Less : Transfer to 1,39,300 Furniture Account 1,000 Closing Stock 39,300 Less : Returns 2,900 1,17,650

Carriage inwards 1,17,650

Gross Profit c/d 9,300

1,78,300 1,78,300

Salaries 4,650 Gross profit b/d 27,950

Rent 2,850 Interest 1,725

Advertisement 5,600 Discount received 1,495

Printing and Stationery 1,700

Interest 750

General expenses 1,960

Travelling expenses 1,165

Fire Insurance premium 300

Postage and Telegrams 435

Provision for doubtful debts 475

(W.N.1)

Depreciation on Furniture 115

Audit Fees 350

Capital A/c

(Net Profit transferred) 7,050

31,750 31,750

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Balance Sheet As on 31 March 1994

Liabilities $ $ Assets $

$

Capital Account : Furniture 900

Balance on 1.4.1993 54,050 Additions during the year1,000

Add : Net Profit 7,050 1,900

61,100 Less : Depreciation 115 1,785

Less : Drawings 5,000 56,100 2,500

Investments 2,500

Loan from Dena Deposits 15,000

Bank Ltd 10,000 Interest accrued on

Interest accrued on Investments & Deposits 1,000

Bank loan (W.N.2) 300 (W.N.3)

Sundry Creditors 6,400 Stock in trade 39,300

Sundry Debtors 9,500

Less : Provision 475

9,025

Cash with Traders Bank Ltd. 4,000

Cash in Hand 190

72,800 72,800

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