Class 11-commerce T S GREWAL Solutions Accountancy Chapter 20: Accounts from Incomplete Records - Single Entry System
Accounts from Incomplete Records - Single Entry System Exercise 20.37
Solution PQ 1
|
Statement of Profit or Loss |
|
|
Particulars |
Rs. |
|
Closing Capital |
90,000 |
|
Add : Drawings |
5,000 |
|
|
95,000 |
|
Less : Additional Capital during the year |
(10,000) |
|
Adjusted Closing Capital |
85,000 |
|
Less : Opening Capital |
(60,000) |
|
Net Profit for the year |
25,000 |
Accounts from Incomplete Records - Single Entry System Exercise 20.38
Solution PQ 2
|
Statement of Profit or Loss |
|
|
Particulars |
Rs. |
|
Closing Capital |
1,25,000 |
|
Add : Drawings |
30,000 |
|
|
1,55,000 |
|
Less : Additional Capital during the year |
(37,500) |
|
Adjusted Closing Capital |
1,17,500 |
|
Less : Opening Capital |
(1,00,000) |
|
Net Profit for the year |
17,500 |
Accounts from Incomplete Records - Single Entry System Exercise 20.39
Solution PQ 3
Capital at the end of the year
= Capital in the beginning + Additional Capital + Profit - Drawings
= 70,000 + 20,000 + 20,000 - 7,000
= Rs.1,03,000
Solution PQ 4
Additional Capital
= Closing Capital + Drawings - (Opening Capital + Profit)
= 2,00,000 + 50,000 - (1,30,000 + 1,00,000)
= 2,50,000 - 2,30,000
= Rs.20,000
Solution PQ 5
|
Statement of Profit or Loss |
|
|
Particulars |
Rs. |
|
Capital as on March 31, 2019 |
16,900 |
|
Add : Drawings |
4,800 |
|
|
21,700 |
|
Less : Additional Capital Introduced |
(2,000) |
|
Adjusted Capital as on March 31, 2019 |
19,700 |
|
Less : Capital as on April 01, 2018 |
(15,200) |
|
Profit made during the year 2018-19 |
4,500 |
Solution PQ 6
|
Statement of Profit or Loss |
|
|
Particulars |
Rs. |
|
Capital as on March 31, 2019 |
3,50,000 |
|
Add : Drawings |
2,80,000 |
|
|
6,30,000 |
|
Less : Capital as on April 01, 2018 |
(4,00,000) |
|
Profit made during the year 2018-19 |
2,30,000 |
Calculation For Cost of Goods Sold:
Sales = COGS + Profit
Cost of Goods Sold= 100
Gross Profit = 50
Sales= 150
Gross Profit = 50/150 or 1/3
COGS= Sales - Gross Profit = 60,000 - 20,000 = 40,000
Drawings = Cash + Cost of Goods Sold
Drawings = 2,40,000 + 40,000 = 2,80,000
Solution PQ 7
|
Statement of Affairs as on March 31, 2019 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
12,000 |
Cash |
3,200 |
|
Brother's Loan |
10,000 |
Stock |
34,800 |
|
Capital (Balancing Fig.) |
1,32,000 |
Debtors |
31,000 |
|
|
|
Plant |
85,000 |
|
|
|
|
|
|
|
1,54,000 |
|
1,54,000 |
|
Statement of Profit or Loss For the year end March 31, 2019 |
|
|
Particulars |
Rs. |
|
Capital as on March 31, 2019 |
1,32,000 |
|
Add : Drawings (Rs.2,000 × 12) |
24,000 |
|
|
1,56,000 |
|
Less : Capital as on April 01, 2018 |
(1,00,000) |
|
Profit made during the year 2018-2019 |
56,000 |
Solution PQ 8
|
In the books of Ram Prashad Statement of Affairs as on March 31, 2019 |
||||
|
Liabilities |
Rs. |
Assets |
|
Rs. |
|
Trade Creditors |
4,000 |
Book Debts |
|
10,000 |
|
Bank Overdraft |
1,000 |
Cash in Hand |
|
510 |
|
Capital (Balancing Fig.) |
12,590 |
Stock |
|
6,000 |
|
|
|
Furniture and Fittings |
1,200 |
|
|
|
|
Less : 10% Depreciation |
(120) |
1,080 |
|
|
17,590 |
|
|
17,590 |
|
Statement of Affairs as on April 01, 2018 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Capital (Balancing Fig.) |
10,000 |
Bank |
6,000 |
|
|
|
Stock |
4,000 |
|
|
|
|
|
|
|
10,000 |
|
10,000 |
|
Statement of Profit or Loss for the year end March 31, 2019 |
|
|
Particulars |
Rs. |
|
Capital as on March 31, 2019 |
12,590 |
|
Add : Drawings |
2,400 |
|
|
14,990 |
|
Less : Capital as on April 01, 2018 |
(10,000) |
|
Profit made during the year 2018-2019 |
4,990 |
Accounts from Incomplete Records - Single Entry System Exercise 20.40
Solution PQ 9
|
Books of Shruti Statement of Affairs 47,900 |
|
47,900 |
|||
|
Statement of Affairs 71,600 |
|
|
71,600 |
||||
|
Statement of Profit or Loss for the year end March 31, 2016 |
|
|
Particulars |
Rs. |
|
16,200 |
|
Solution PQ 10
|
Books of Hari Statement of Affairs 52,500 |
|
52,500 |
|||
|
Statement of Affairs 77,900 |
|
|
77,900 |
||||
|
Statement of Profit or Loss 23,900 |
Solution PQ 11
|
Statement of Affairs 17,800 |
|
|
17,800 |
|||||
|
Statement of Profit or Loss 4,025 |
Solution PQ 12
|
Statement of Affairs 17,50,000 |
|
17,50,000 |
|||
|
Statement of Affairs 20,25,000 |
|
20,25,000 |
|||
|
Statement of Profit or Loss 4,75,000 |
Accounts from Incomplete Records - Single Entry System Exercise 20.41
Solution PQ 13
|
Statement of Affairs as on April 01, 2018 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
1,48,000 |
|
1,48,000 |
|
|
Statement of Affairs as on March 31, 2019 |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
1,68,300 |
|
|
1,68,300 |
||
|
Statement of Profit or Loss for the year end March 31, 2019 |
|
|
Particulars |
Rs. |
|
35,400 |
|
Solution PQ 14
|
Statement of Profit or Loss for the year end December 31, 2014 |
|
|
Particulars |
Rs. |
|
×1,90,260 |
|
Solution PQ 15
|
Statement of Affairs For the year ending March 31, 2006 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
8,50,000 |
|
8,50,000 |
|
|
Statement of Profit or Loss For the year end March 31, 2006 |
|
|
Particulars |
Rs. |
|
23,000 |
|
Solution PQ 16
|
Statement of Affairs as on April 01, 2018 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Statement of Affairs 20,400 |
|
|
20,400 |
|
Statement of Profit or Loss for the year end March 31, 2019 |
|
|
Particulars |
Rs. |
|
4,900 |
|
Accounts from Incomplete Records - Single Entry System Exercise 20.42
Solution PQ 17
|
Statement of Affairs (Previous Year) |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
29,440 |
|
29,440 |
|
|
Statement of Affairs (Current Year) |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
28,070 |
|
|
28,070 |
||
|
Statement of Profit or Loss (Current Year) |
|
|
Particulars |
Rs. |
|
3,960 |
|
Solution PQ 18
|
Statement of Affairs as on March 31, 2019 |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
1,70,700 |
|
|
1,70,700 |
||
|
Statement of Profit or Loss for the year end March 31, 2019 |
|
|
Particulars |
Rs. |
|
84,700 |
|
Solution PQ 19
|
Statement of Affairs as on July 01, 2018 |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
2,80,000 |
|
|
2,80,000 |
||
|
Statement of Affairs as on December 31, 2018 |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
2,76,500 |
|
|
2,76,500 |
||
|
Statement of Profit or Loss For the year end December 31, 2018 |
|
|
Particulars |
Rs. |
|
Gross Loss (Profit before Adjustment ) |
4,300 |
|
Net Loss (Profit After Adjustment ) |
17,379 |
|
Statement of Affairs as on December 31, 2018 (After Adjustments) |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
2,63,400 |
|
|
2,63,400 |
||
Working Notes:
1.
Calculation of Deprecation for Plant and Machinery
2.
Calculation of Provision for Doubtful Debts
3.
Calculation of Interest on Drawings (Amount):
|
Date |
Amount |
Months |
Product |
|
Total |
|
|
4,200 |
Interest on Drawings (Amount): 
Accounts from Incomplete Records - Single Entry System Exercise 20.43
Solution PQ 20
|
Statement of Affairs Trading A/c as on March 31, 2018 |
|||||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
1,90,000 |
|
|
1,90,000 |
||
Solution PQ 21
|
Statement of Affairs Trading A/c |
|||||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
2,55,000 |
|
|
2,55,000 |
||
Calculation For Gross Profit:
2,40,000 ×20%= 48,000
Solution PQ 22
|
Statement of Affairs Trading A/c |
|||||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
1,04,000 |
|
|
1,04,000 |
||
Calculation For Gross Loss:
80,000 ×20%= 16,000
Solution PQ 23
|
Statement of Affairs Trading A/c |
|||||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
1,15,000 |
|
|
1,15,000 |
||
Calculation For Gross Profit:
1,00,000 ×25%= 25,000
Accounts from Incomplete Records - Single Entry System Exercise 20.44
Solution PQ 24
|
Statement of Affairs Trading A/c |
|||||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
1,53,000 |
|
|
1,53,000 |
||
Calculation For Gross Profit:
1,20,000 ×20%= 24,000
Note:- Carriage Outward pass the entry on Profit and Loss A/c
Solution PQ 25
= 66,000
Solution PQ 26
×2,00,000 + 50,000 = 2,50,000
Solution PQ 27
|
Debtors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Balance b/d |
30,000 |
Cash A/c |
35,000 |
|
Sales A/c |
75,000 |
Sales Return A/c |
5,000 |
|
|
|
Bill Receivable A/c |
25,000 |
|
|
|
Bad-Debts A/c |
2,000 |
|
|
|
Balance c/d |
38,000 |
|
|
|
|
|
|
|
1,05,000 |
|
1,05,000 |
|
|
|
|
|
Solution PQ 28
|
Creditors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Cash A/c |
20,000 |
Balance b/d |
15,000 |
|
Purchases Return A/c |
1,000 |
Purchases A/c |
30,000 |
|
Bills Payable A/c |
10,000 |
|
|
|
Balance c/d |
14,000 |
|
|
|
|
|
|
|
|
|
45,000 |
|
45,000 |
|
|
|
|
|
Solution PQ 29
|
Creditors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Cash A/c |
15,000 |
Balance b/d |
15,000 |
|
Purchases Return A/c |
1,000 |
Purchases A/c |
13,000 |
|
Balance c/d |
12,000 |
|
|
|
|
|
|
|
|
|
28,000 |
|
28,000 |
|
|
|
|
|
Solution PQ 30
|
Creditors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Cash A/c |
30,200 |
Balance b/d |
6,000 |
|
Purchases Return A/c |
1,200 |
Purchases A/c |
40,300 |
|
Bills Payable A/c |
10,900 |
|
|
|
Balance c/d |
4,000 |
|
|
|
|
|
|
|
|
|
46,300 |
|
46,300 |
|
|
|
|
|
Total Purchases = Cash Purchases + Credit Purchases
Total Purchases = 25,800 + 40,300 = Rs 66,100
Solution PQ 31
Gross Profit = Net Sales - Cost of Goods Sold
1,29,000 = Net Sales - 97,000
Net Sales = Rs 2,26,000
Credit Sales = Total Net Sales - Cash Sales
Credit Sales = 2,26,000 - 85,000 = Rs 1,41,000
Accounts from Incomplete Records - Single Entry System Exercise 20.45
Solution PQ 32
|
Debtors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Balance b/d |
20,400 |
Cash A/c |
60,800 |
|
Sales A/c |
75,800 |
Sales Return A/c |
5,400 |
|
|
|
Bad-Debts A/c |
2,400 |
|
|
|
Balance c/d |
27,600 |
|
|
|
|
|
|
|
96,200 |
|
96,200 |
|
|
|
|
|
Total Sales = Cash Sales + Credit Sales
Total Sales = 56,800 + 75,800 = Rs 1,32,600
Solution PQ 33
|
Debtors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Balance b/d |
30,800 |
Cash A/c |
70,000 |
|
Bill Receivable A/c |
1,800 |
Sales Return A/c |
8,700 |
|
Sales A/c |
97,300 |
Bad-Debts A/c |
4,800 |
|
|
|
Bill Receivable A/c |
20,900 |
|
|
|
Balance c/d |
25,500 |
|
|
|
|
|
|
|
1,09,000 |
|
1,09,000 |
|
|
|
|
|
Total Sales = Cash Sales + Credit Sales
Total Sales = 15,900 + 97,300 = Rs 1,13,200
Solution PQ 34
|
Debtors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Balance b/d |
43,100 |
Cash A/c |
1,30,000 |
|
Bill Receivable A/c |
1,900 |
Discount Allowed A/c |
1,100 |
|
Sales A/c |
1,40,000 |
Bill Receivable A/c |
16,500 |
|
|
|
Balance c/d |
37,400 |
|
|
|
|
|
|
|
|
|
|
|
|
1,85,000 |
|
1,85,000 |
|
|
|
|
|
Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
Cost of Goods Sold = 26,000 + 1,10,000 - 24,000 = 1,12,000
Sales = Cost of Goods Sold + Gross Profit
Sales = 1,12,000 + 48,000 = Rs 1,60,000
Credit Sales = 1,60,000 - 20,000 = Rs 1,40,000
|
Creditors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Cash A/c |
95,000 |
Balance b/d |
20,600 |
|
Discount Received A/c |
800 |
Purchases A/c |
1,10,000 |
|
Bills Payable A/c |
14,000 |
|
|
|
Balance c/d |
20,800 |
|
|
|
|
|
|
|
|
|
1,30,600 |
|
1,30,600 |
|
|
|
|
|
Solution PQ 35
|
Cash Accounts |
|||||
|
Dr. |
Cr. |
||||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
To Balance b/d |
|
5,000 |
By Purchase A/c |
|
1,56,000 |
|
To Debtors A/c |
|
2,30,000 |
By Trade Expenses A/c |
|
7,200 |
|
|
|
|
By Salary and Wages A/c |
|
21,400 |
|
|
|
|
By Rent a/c - business premise |
|
5,920 |
|
|
|
|
By Drawings A/c |
|
29,360 |
|
|
|
|
By Balance C/d |
|
15,120 |
|
|
|
|
|
|
|
|
|
|
2,35,000 |
|
|
2,35,000 |
|
Trading and Profit and Loss Account for the year ended 31st March,2019 |
|||||
|
Dr. |
Cr. |
||||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
To Opening Stock A/c |
|
35,000 |
By Sales A/c |
|
|
|
To Purchase A/c |
|
|
Cash |
2,30,000 |
|
|
Cash |
1,56,000 |
|
Credit |
15,000 |
2,45,000 |
|
Credit |
13,500 |
1,69,500 |
By Closing Stock A/c |
|
37,500 |
|
To Gross Profit c/d |
|
78,000 |
|
|
|
|
|
|
2,82,500 |
|
|
2,82,500 |
|
To Trade Expenses A/c |
|
7,200 |
By Gross Profit b/d |
|
78,000 |
|
To Salary and Wages A/c |
|
21,400 |
|
|
|
|
To Rent A/c - Business Premise |
|
5,920 |
|
|
|
|
To Depreciation A/c - Furniture |
|
250 |
|
|
|
|
To Interest on Loan A/c |
|
1,000 |
|
|
|
|
To Doubtful Debts A/c |
|
1,000 |
|
|
|
|
To Net Profit transferred to Capital A/c |
|
41,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
78,000 |
|
|
78,000 |
|
Balance Sheet as at 31st March,2019 |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
Capital(WN 1) |
40,000 |
|
Goodwill |
|
15,000 |
|
Add: Net profit |
41,230 |
|
Furniture |
5,000 |
|
|
|
81,230 |
|
Less: Depreciation |
250 |
4,750 |
|
Less: Drawings |
29,360 |
51,870 |
Stock |
|
37,500 |
|
Loan from Wife |
20,000 |
|
Debtors |
15,000 |
|
|
Add: Interest @ 5% |
1,000 |
21,000 |
Less: doubtful Debt |
1,000 |
14,000 |
|
Creditors |
|
13,500 |
Cash |
|
15,120 |
|
|
|
|
|
|
|
|
|
|
86,370 |
|
|
86,370 |
Working Note:
|
Opening Statement of Affairs as at 1st April,2018 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Capital |
40,000 |
Goodwill |
15,000 |
|
|
|
Furniture |
5,000 |
|
Loan from wife |
20,000 |
Stock |
35,000 |
|
|
|
Cash (Balancing figure) |
5,000 |
|
|
|
|
|
|
|
60,000 |
|
60,000 |
Accounts from Incomplete Records - Single Entry System Exercise 20.46
Solution PQ 36
|
Trading Account for the year ended March 31, 2019 |
||||
|
Dr. |
|
|
Cr. |
|
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
|
Purchases |
4,00,000 |
|
Sales |
5,00,000 |
|
Less: Drawings |
12,000 |
3,88,000 |
Closing Stock |
1,60,000 |
|
Gross Profit |
2,72,000 |
|
|
|
|
|
6,60,000 |
|
6,60,000 |
|
|
|
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2019 |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Bad Debts |
4,000 |
Gross Profit |
2,72,000 |
|
Salary |
48,000 |
|
|
|
Trade Expenses |
16,000 |
|
|
|
Net Profit |
2,04,000 |
|
|
|
|
2,72,000 |
|
2,72,000 |
|
|
|
|
|
|
Balance Sheet as on March 31, 2019 |
|||||
|
Dr. |
|
|
Cr. |
||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Capital |
4,00,000 |
|
Furniture |
80,000 |
|
|
Less: Drawings |
52,000 |
|
Debtors |
1,40,000 |
|
|
Add: Net Profit |
2,04,000 |
5,52,000 |
Less: Bad Debts |
4,000 |
1,36,000 |
|
Creditors |
80,000 |
Cash in Hand |
2,56,000 |
||
|
|
|
Closing Stock |
1,60,000 |
||
|
|
6,32,000 |
|
6,32,000 |
||
|
|
|
|
|
||
|
Cash Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Capital A/c |
4,00,000 |
Furniture A/c |
80,000 |
|
Debtors A/c |
1,60,000 |
Creditors A/c |
2,00,000 |
|
Sales A/c |
2,00,000 |
Drawings A/c |
40,000 |
|
|
|
Salaries A/c |
48,000 |
|
|
|
Trade Expenses A/c |
16,000 |
|
|
|
Purchases A/c |
1,20,000 |
|
|
|
Balance c/d |
2,56,000 |
|
|
7,60,000 |
|
7,60,000 |
|
|
|
|
|
|
Debtors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Sales A/c |
3,00,000 |
Cash A/c |
1,60,000 |
|
|
|
Balance c/d |
1,40,000 |
|
|
|
|
|
|
|
3,00,000 |
|
3,00,000 |
|
|
|
|
|
|
Creditors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Cash A/c |
2,00,000 |
Purchases A/c |
2,80,000 |
|
Balance c/d |
80,000 |
|
|
|
|
|
|
|
|
|
2,80,000 |
|
2,80,000 |
|
|
|
|
|
Solution PQ 37
|
Trading Account for the year ended March 31, 2019 |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Opening Stock |
31,250 |
Sales (1,00,000 + 20,625) |
1,20,625 |
|
Purchases |
37,500 |
Closing Stock |
15,625 |
|
Wages |
33,625 |
|
|
|
Light and Power |
2,375 |
|
|
|
Gross Profit |
31,500 |
|
|
|
|
1,36,250 |
|
1,36,250 |
|
|
|
|
|
|
Profit and Loss Account for the year ended March 31, 2019 |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Salary |
5,625 |
Gross Profit |
31,500 |
|
Interest |
375 |
|
|
|
Rent |
6,625 |
|
|
|
Sundry Expenses |
10,625 |
|
|
|
Depreciation on Plant |
4,050 |
|
|
|
Net Profit |
4,200 |
|
|
|
|
31,500 |
|
31,500 |
|
|
|
|
|
|
Balance Sheet as on March 31, 2019 |
||||
|
Dr. |
|
|
Cr. |
|
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
|
Capital |
78,000 |
|
Plant |
36,575 |
|
Less: Drawings |
7,500 |
|
Debtors |
30,625 |
|
Add: Additional Capital |
12,500 |
|
Bank |
16,375 |
|
Add: Net Profit |
4,200 |
87,200 |
Closing Stock |
15,625 |
|
Creditors |
12,000 |
|
|
|
|
|
|
|
|
|
|
|
99,200 |
|
99,200 |
|
|
|
|
|
|
|
|
Balance Sheet as on April 01, 2018 |
|||
|
Dr. |
|
|
Cr. |
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors |
12,625 |
Plant |
37,500 |
|
Capital (bal. fig.) |
78,000 |
Debtors |
18,750 |
|
|
|
Bank |
3,125 |
|
|
|
Closing Stock |
31,250 |
|
|
90,625 |
|
90,625 |
|
|
|
|
|
|
Bank Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Balance b/d |
3,125 |
Plant A/c |
3,125 |
|
Capital A/c |
12,500 |
Creditors A/c |
38,125 |
|
Debtors A/c |
88,125 |
Drawings A/c |
7,500 |
|
Sales A/c |
20,625 |
Salaries A/c |
5,625 |
|
|
|
Wages A/c |
33,625 |
|
|
|
Interest A/c |
375 |
|
|
|
Rent A/c |
6,625 |
|
|
|
Light and Power A/c |
2,375 |
|
|
|
Sundry Expenses A/c |
10,625 |
|
|
|
Balance c/d |
16,375 |
|
|
1,24,375 |
|
1,24,375 |
|
|
|
|
|
|
Debtors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Balance b/d |
18,750 |
Cash A/c |
88,125 |
|
Sales A/c (bal. fig.) |
1,00,000 |
Balance c/d |
30,625 |
|
|
|
|
|
|
|
1,18,750 |
|
1,18,750 |
|
|
|
|
|
|
Creditors Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Cash A/c |
38,125 |
Balance b/d |
12,625 |
|
Balance c/d |
12,000 |
Purchases A/c (bal. fig.) |
37,500 |
|
|
|
|
|
|
|
50,125 |
|
50,125 |
|
|
|
|
|
Accounts from Incomplete Records - Single Entry System Exercise 20.47
Solution PQ 38
|
Trading and Profit and Loss Account for the year ended 31st March, 2019 |
|||||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
To Opening Stock a/c |
|
28,000 |
By Sales a/c |
|
|
|
To Purchase a/c |
|
49,800 |
Cash |
15,000 |
|
|
|
|
|
Credit |
51,000 |
66,000 |
|
To Gross Profit c/d |
|
13,200 |
By Closing Stock a/c |
|
25,000 |
|
|
|
91,000 |
|
|
91,000 |
|
To Expenses a/c |
|
6,900 |
By Gross Profit b/d |
|
13,200 |
|
To Depreciation a/c - Furniture |
|
1,000 |
|
|
|
|
To Doubtful Debts a/c |
|
900 |
|
|
|
|
To Net Profit transferred to Capital a/c |
|
4,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,200 |
|
|
13,200 |
|
Balance Sheet as at 31st March, 2019 |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
Capital(WN 1) |
46,900 |
|
Furniture |
12,000 |
|
|
Add: Net profit |
4,400 |
|
Less: Depreciation |
1,000 |
11,000 |
|
|
51,300 |
|
Stock |
|
25,000 |
|
Less: Drawings |
8,000 |
43,300 |
Debtors |
33,100 |
|
|
|
|
|
Less: doubtful Debt |
900 |
34,000 |
|
Bills Payable |
|
11,500 |
Cash |
|
5,600 |
|
Creditor- Goods |
|
19,000 |
|
|
|
|
Creditors - Expenses |
|
1,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
75,600 |
|
|
75,600 |
Working Note:
1.
|
Opening Statement of Affairs as at 1st April, 2018 |
|||||
|
Liabilities |
|
Rs. |
Assets |
|
Rs. |
|
Capital |
|
46,900 |
Furniture and fixture |
|
10,000 |
|
Bill payable |
|
8,700 |
Sundry Debtors |
|
35,000 |
|
Creditors- Goods |
|
21,000 |
Stock |
|
28,000 |
|
Creditors- Expenses |
|
1,500 |
Cash |
|
5,100 |
|
|
|
|
|
|
|
|
|
|
78,100 |
|
|
78,100 |
2.
|
Total Sales: |
|
Credit Sales: |
|
|
Opening Stock |
28,000 |
Total Sales |
66,000 |
|
Add: Purchases |
49,800 |
Less: Cash Sales |
15,000 |
|
Less: Closing Stock |
(25,000) |
Credit Sales |
51,000 |
|
Cost of Goods Sold |
52,800 |
|
|
|
Add: 25% on Cost of Goods Sold |
13,200 |
|
|
|
Total Sales |
66,000 |
|
|
3.
|
Cash Account |
|||||
|
Dr. |
|
|
|
|
Cr. |
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
To Balance b/d |
|
5,100 |
By Creditors a/c |
|
31,000 |
|
To Cash sales a/c |
|
15,000 |
By Expenses a/c |
|
6,600 |
|
To Debtors a/c |
|
51,100 |
By Bills payable a/c |
|
18,000 |
|
|
|
|
By Drawings a/c |
|
8,000 |
|
|
|
|
By Furniture a/c - New Purchase |
|
2,000 |
|
|
|
|
By Balance c/d |
|
5,600 |
|
|
|
|
|
|
|
|
|
|
71,200 |
|
|
71,200 |
4.
|
Sundry Creditors -Goods A/c |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
To Cash a/c |
|
31,000 |
By Balance b/d |
|
21,000 |
|
To Bills Payable a/c |
|
20,800 |
By Purchases a/c ( Credit purchases) |
|
49,800 |
|
To Balance c/d |
|
19,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
70,800 |
|
|
70,800 |
5.
|
Bill Payable A/C |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
To Cash a/c |
|
18,000 |
By Balance b/d |
|
8,700 |
|
|
|
|
By Sundry creditors a/c |
|
20,800 |
|
To Balance c/d |
|
11,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
29,500 |
|
|
29,500 |
6.
|
Debtors A/C |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
To Balance b/d |
|
35,000 |
By Cash a/c |
|
51,100 |
|
To Credit Sales a/c |
|
51,000 |
By Doubtful Debt a/c |
|
900 |
|
|
|
|
By Balance c/d |
|
34,000 |
|
|
|
|
|
|
|
|
|
|
86,000 |
|
|
86,000 |
7.
|
Expenses A/c |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
|
Rs. |
Particulars |
|
Rs. |
|
To Cash a/c |
|
6,600 |
By Balance b/d |
|
1,500 |
|
|
|
|
By Profit and loss a/c |
|
6,900 |
|
To Balance c/d |
|
1,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,400 |
|
|
8,400 |