Page 100 - Office Practice and Accounting 10

Illustrations

6. From the following information, prepare the profit and loss account of
Panchakanya Trading House for the year ending 31st Chaitra 2072.

Capital Rs. 25,000 Rent received Rs. 600
Sundry creditors Rs. 9,000 Cash at bank Rs. 5,600

Rent Rs. 200 Bills payable Rs. 4,000
Trade expenses Rs. 500 Furniture Rs. 1,500

Repairs Rs. 300 Depreciation Rs. 1,000
Salaries and wages Rs.3,000 Tax paid Rs. 400
Rs. 700
Carriage outward Rs. 500 Interest received
Rs. 5,700
Discount Rs. 200 Machinery
Rs. 10,000
General expenses Rs. 2,500 Gross profit

Solution

Panchakanya Trading House
Profit and Loss Account
For the year ended 31 Chaitra 2072
Dr. Cr.
Particulars Amount Particulars Amount
To Rent 200 By Gross profit b/d 10,000

To Trade expenses 500 By Rent received 600
To Repairs 300 By Interest received 700
To Salaries and wages 3,000

To Carriage outward 500
To Discount 200
To General expenses 2,500

To Depreciation 1,000
To Tax paid 400
To Net profit c/d 2,700
11,300 11,300

94 Office Practice and Accounting 10