Financial Statements of Sole Proprietors
63
Illustration 21 (with Trial Balance)
From the following trial balance prepare trading and profit and Loss account and Balance
Sheet as on 31.3.2021.
Trial Balance.
Particulars
(Cr)
(Cr)
Particulars THOREAME
Loan (10% Interest)
Opening stock
20,000
20,000
Purchases
3,60,000
Creditors
30,000
Salaries
12,000
1,10,000
Capital
Sales
Rent @500 PM
5,500
41,000
Machinery
58,000
Wages
6,000
Furniture
10,000
Electricity
1,100
Trade expenses
3,000
Debtors
21,000
1. 15
Interest on loan
1,800
400
60,000
GST paid
Building
Drawings
10,000
Bad debts
1,200
5,70,000
5,70,000
Adjustments:
i.
ii. On 1.4.2020 scooter worth 10000 was purchased and added to purchases account. Depreciation on machinery, furniture and scooter at 10% and Building at 5%
Outstanding wages` 1000
5
iv. Prepaid salaries 800
V.
vi. Wages includes 2000 paid for machinery erection charges. Proprietor has taken goods costing 2000 for which no entry was made.
Sunday debtors include 1000 which is bad and provision of 10% is required further.
10000 was destroyed by fire and insurance claim was received for viii. Goods costing
vii.
8000. Closing stock 24000
ix.
X.
The manager is entitled to a commission of 10% of the net profit after charging such commission.
Share with your friends
Call