Page 163 - Account 10

Illustration - 7
From the following Trial Balance, prepare Trading A/c, Profit and Loss A/c and Balance
Sheet as on 30 Chaitra, 2075 of ABC Co. Palpa.
th
Trial Balance of ABC Co., Palpa
As on 30-12-2075

Particulars Dr. Balance (Rs) Cr. Balance (Rs)
Capital - 8,000
Purchase 7,200 -
Discount 100 -
Salaries 1,740 -
Wages 460 -
Sales - 12,000
Carriage inward 55 -
Rent, rates and taxes 240 -
Plant and machinery 3,065 -
Stock on 1-1-2075 3,100 -
S/debtors 4,040 -
S/creditors - 2,400
Return inward 220 -
Cash in hand 20 -
Cash at bank 2,020 -
Commission 140 -
22,400 22,400
Stock on 30-12-2075 was Rs. 4,035.

Solution:
Trading A/c and Profit and Loss A/c of ABC Co. Palpa
Dr. For the year ended 2075-12-30 Cr.
Particulars Amount Particulars Amount
To Opening stock 3,100 By sales 12,000
To Purchase 7,200 Less: Returns 220
To Wages 460 11,780
To Carriage inward 55 By Closing stock 4,035
To Gross profit c/d 5,000
15,815 15,815
To Discount 100 By Gross profit b/d 5,000
To Salaries 1,740
To Rent, rates & taxes 240
To Commission 140
To Net profit c/d 2,780
5,000 5,000

162 Aakar’s Office Practice and Accountancy - 10 Final Accounts 163