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PROBLEMS FOR FINAL ACCOUNTS

1. From the following balances prepare trading and proft and loss account and balance sheet for
the year ended March 31, 2006
Account T itle

Amount
Account T itle
Rs.
Opening stock
15,310
Capital
82,400
Purchases
Drawings
256,000
Sales
Sundry debtors
Returns (Dr.)
Sundry creditors
4,000
Returns (Cr.)
Depreciation
2,400
Charity
Factory rent
18,000
Cash balance
Custom duty
11,500
Coal, gas & power
Bank balance
6,000
Wages and salary
Bank charges
36,600
Discount (Dr.)
Establishment expenses
7,500
Plant
Commission (Cr.)
1,200
Leasehold
building
Bad debts
5,850
Sales
tax
collected
Bad debts recovered
2,000
Goodwill
Apprenticeship premium
4,800
Patents
Production expenses
2,600
Trademark
Administrative expenses
5,000
Loan (Cr.)
Carriage
8,700
The value of closing stock on March 31, 2006 was Rs. 25,400

Amount
Rs.
2,50,000
48,000
57,000
12,000
4,200
500
4,460
4,000
180
3,600
42,000
1,50,000
2,000
20,000
10,000
5,000
25,000

2. The following is the trial balance of Manju Chawla on March 31, 2005. You are required to
prepare trading and proft and loss account and a balance sheet as on date :
Account title
Opening stock
Purchases and sales
Returns
Productive wages
Dock and Clearing charges
Donation and charity
Delivery van expenses
Lighting
Sales tax collected
Bad debts Misc.
incomes Rent
from tenants
Royalty
Capital
Drawings
Debtors and Creditors
Cash
Investment
Closing stock Rs. 2,000.

Debit
Amount
Rs.
10,000
40,000
200
6,000
4,000
600
6,000
500

Credit
Amount
Rs.

600

6,000
2,000

4,000
2,000
6,0000
3,000
6,000
4,000

80,000
600

1,000

40,000
7,000

(Ans. Gross Proft: Rs. 18,400, Net proft: Rs. 18,700, Total balance sheet: Rs.
64,700)
3. The following is the trial balance of Mr. Deepak as on March 31, 2005. You are required to
prepare trading account, proft and loss account and a balance sheet as on date :
Account title

Drawings
Insurance
General expenses
Rent and taxes
Lighting (factory)
Travelling expenses
Cash in hand
Bills receivable
Sundry debtors
Furniture
Plant and Machinery
Opening stock
Purchases

Debit
Amount
Rs.
36,000
3,000
29,000
14,400
2,800
7,400
12,600
5,000
1,04,000

Capital
Bills payable
Creditors
Discount recived
Purchases return
Sales

Credit
Amount
Rs.
2,50000
3,600
50,000
10,400
8,000
4,40,000

16,000
1,80,000
40,000
1,60,000

Sales return

6,000

Carriage inwards

7,200

Carriage outwards

1,600

Wages

Account title

84,000

Closing stock Rs. 35,000.


(Ans. Gross proft: Rs.1,83,000, Net proft : Rs. 85,000, Total balance sheet: Rs.
3,52,600)
4. Prepare trading and proft and loss account and balance sheet from the following
particulars as on March 31, 2005.
Account T itle
Purchases and Sales
Return inwards and Return outwards
Carriage inwards
Carriage outwards
Fuel and power
Opening stock
Bad debts
Debtors and Creditors
Capital
Investment
Interest on investment
Loan
Repairs
General expenses
Wages and salaries
Land and buildings
Cash in hand

Debit
Amount
Rs.
3,52,000
9,600
7,000
3,360
24,800
57,600
9,950
1,31,200
32,000
2,400
17,000
28,800
2,88,000
32,000

Credit
Amount
Rs.
5,60,000
12,000

48,000
3,48,000
3,200
16,000

160
8,350

Closing stock Rs. 30,000.


(Ans. Gross proft: Rs. 1,22,200, Net proft : Rs.92,850, Total balance sheet:
Rs.5,13,200)