- Prepare Trading and Profit and Loss Account of Mr. Kumar for the year ending 31st March 2007.
- Stock – 1st April, 2006
|
Sales
|
50,000
|
|
Sales returns
|
2,89,600
|
|
Purchases
|
9,600
|
|
Purchases returns
|
2,43,000
|
|
Freight inwards
|
3,000
|
|
Carriage outwards
|
4,000
|
|
Salaries and wages
|
6,000
|
|
Bank interest paid
|
30,000
|
|
Printing and stationery
|
2,000
|
|
Discount received
|
7,000
|
|
Discount allowed
|
900
|
|
Audit fees
|
3,000
|
|
Insurance premium
|
600
|
|
|
2,500
|
|
Stock on 31st March 2007 was
|
70,000
|
|
Particulars
|
Rs
|
Rs
|
Particulars
|
Rs
|
Rs
|
|
To Stock – Opening
To Purchases
Less: Returns
To Freight inwards
To Gross profit c/d
(Transferred to Profit and Loss A/C)
To salaries and wages
To Bank interest
To Carriage outwards
To Printing and stationery
To Discount
To Audit fees
To Insurance premium
To Trade expenses
To Net profit
(Transferred to Capital A/c)
|
2,43,000
3,000
|
50,000
2,40,000
4,000
56,000
________
3,50,000
________
30,000
2,000
6,000
7,000
600
3,000
600
2,500
5,200
_______
56,900
_______
|
By Sales
Less: Returns
By stock – Closing
By Gross Profit b/d
By Discount
|
2,89,600
9,600
|
2,80,000
70,000
________
3,50,000
________
56,000
900
_______
56,900
______
|
|