Page 148 - Account 10

3. Prepare the Profit and Loss A/c of Bhabilal & Company, Baglung on the basis
of the following particulars as on 31 Ashad, 2075.
st
Particulars Amount Particulars Amount
Profit on sales of assets 22,000 Income from Investment 7,000
Depreciation 5,000 Bad debts 5,000
Rent Received 12,000 Gross Loss 12,000
Interest on Loan 9,000 Repairs 7,000
Ans: Net profit Rs. 3,000
4. Prepare the Profit and Loss A/c of S & J Stores, Chitwan for the fiscal year 075/076.

Particulars Amount Particulars Amount
Gross Loss 210,000 Trade Expenses 25,000
Sale of Scrap 25,000 Interest on Loan 10,000
Income from Investment 65,000 Profit on Sale of Fixed Assets 95,500
Discount on Purchase 55,000 Commission to Salesman 12,000
Ans: Net loss Rs. 16,500
5. Prepare the Profit and Loss A/c of X to Z Stores, Chitwan for the fiscal year 075/076.
Particulars Amount Particulars Amount
Gross Profit 30,000 Rent Earned 22,000
Loss on Sale of Fixed Assets 25,000 Repairs and Maintenance 15,000
Sale of Scrap 10,000 Interest on Loan 8,000
Discount on Sales 25,000 Commission Received 10,000
Ans: Net loss Rs. 1,000
6. On the basis of following stocks of Super Company, prepare Trading and P/L
account at the end Ashadh, 2075.

Particulars Amount Particulars Amount
Purchase 4,00,000 Carriage 30,000
Wages 35,000 House rent and taxes 3,000
Purchase return 5,000 Opening stock 2,00,000
Sales 1,42,000 Sales return 6,000
Advertisement 50,000 Salary 1,10,000
Stationery and printing 25,000 Legal fees 3,00
Ans: Gross Loss Rs. 4,96,000, Net Loss Rs. 7,14,300
7. On the basis of following transactions of Harati Enterprises, prepare Trading
and P & L account for the end of fiscal year 31 Ashadh, 2075.
st
Particulars Amount Particulars Amount
Opening stock 55,000 Closing stock 45,000
Sales 60,000 Purchase return 9,000
Coal and water 1,500 Audit fee 11,000
Rent received 35,000 Carriage outwards 12,000
Carriage inwards 2,000 Interest on investment 18,000
Purchase 40,000 Labour and worker 25,000
Salary 35,000 Commission and discount 3,000
Legal fee 4,000 received 25,000
Sales return 6,000 Income from investment 20,000
Expenses for factory
Ans: Gross loss Rs. 35,500, Net loss Rs. 16,500

148 Aakar’s Office Practice and Accountancy - 10 Final Accounts 149