17. From the following Trial Balance and additional information of Bharat, a proprietor, prepare Trading and Profit & Loss Account for the year ending 31st March, 2024 and the Balance Sheet as at that date:
| Heads of Accounts | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|
| Opening Stock | 90,000 | ||
| Purchases | 4,50,000 | ||
| Sales | 600,000 | ||
| Wages | 60,000 | ||
| Wages Outstanding (at the end) | 20,000 | ||
| Carriage Inwards | 15,000 | ||
| Salaries | 51,000 | ||
| Insurance | 3,000 | ||
| General Expenses | 8,100 | ||
| Prepaid General Expenses | 20,000 | ||
| Machinery | 75,000 | ||
| Debtors | 45,000 | ||
| Creditors | 62,100 | ||
| Cash in Hand | 15,000 | ||
| Cash at Bank | 15,500 | ||
| Capital | 180,000 | ||
| Drawings | 15,000 | ||
| Input CGST | 2,500 | ||
| Input SGST | 2,500 | ||
| Input IGST | 4,500 | ||
| Output CGST | 3500 | ||
| Output SGST | 3500 | ||
| Output IGST | 3000 | ||
| Total | 8,72,100 | 8,72,100 |
Additional Information:
(i) Salaries outstanding for the month of March, 2024 is ₹7,500.
(ii) Prepaid Insurance is ₹900.
(iii) Depreciate Machinery @ 15% p.a.
(iv) Value of Closing Stock is ₹1,11,000.
(v) Bharat took goods of ₹2,000 for personal use which was not recorded (Ignore GST).
T.S.Grewal/2024 Edition/Practical Problems/Q-17
For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd.
Answer :