Chapter 18 Final Account Without Adjuestments

Final Account
Final Accounts
1. From the following information, Prepare the trading account for the year ended 31st
March,2010:
Adjusted purchases Rs15,00,000; sales Rs21,40,000; Returns inwards Rs40,000; Freight and
packing Rs15,000; Packing Expenses on Sales Rs20,000; Depreciation Rs36,000;Factory
Expenses Rs60,000; Closing Stock Rs1,20,000.
Ans.:- Gross Profit Rs 5,25,000.
2. Ascertain cost of Goods Sold and Gross Profit from the following: Rs.
Opening stock 32,000
Purchases 2,80,000
Direct expenses 20,000
Indirect expenses 45,000
Closing stock 50,000
Sales 4,00,000
Sales returns 8,000
Ans.:- Cost of goods sold Rs 2,82,000; Gross profit Rs 1,10,000.
3. Calculate gross profit on the basis of the following information:

Rs.
Purchases 6,80,000
Return outwards 30,000
Carriage Inwards 20,000
Carriage outwards 15,000
Wages 50,000
¾ of the goods sold for Rs6,00,000.
Ans.:- Gross profit Rs60,000.
4. Calculate closing stock and cost of goods sold:

Opening stock Rs5,000; Sales Rs16,000; Carriage inwards Rs1,000; Sales returns Rs1,000;
Gross profit Rs6,000; Purchase Rs10,000; Purchase returns Rs900.
Ans.:- Cost of Goods Sold Rs9,000; Closing Stock Rs6,100.
5. Calculate closing stock from the following:

Particulars Rs. Particulars Rs.
Opening stock 38,000 Sales 3,60,000
Purchases 3,40,000 Return inwards 5,000
Return outwards 4,000 Gross loss 20,000
Freight inwards 26,000
Ans.:- Cost of goods sold Rs3,75,000; Closing stock Rs25,000.
6. From the following information, prepare the trading account for the year ended 31 st
March,2010: Rs.
Cost of goods sold 12,10,000
Carriage inwards 15,000
Sales 15,00,000
Ans.:- Gross profit Rs2,90,000.
Presented by Raman Sachdeva

1 B.Com (H), M.Com, MBA, M.Phil, AMT, NET
17/2 (LGF) Jangpura Road, Bhogal
01124377255, 9811957255, 9210461650
www.solutionsacademy.co.in
Final Account
7. Calculate gross profit and cost of goods sold from the following information:
Net sales Rs12,00,000
Gross profit 33 1/3% on sales
Ans.:- Gross profit Rs.4,00,000; Cost of goods sold Rs.8,00,000.
8. Calculate the gross profit and cost of goods sold from the following information:
Net sales Rs9,00,000
Gross profit is 20% on cost.
Ans.:- Gross Profit : Rs1,50,000; Cost of goods sold ; Rs7,50,000.
9. Ascertain the value of closing stock from the following: Rs.

Opening stock 1,20,000
Purchases during the year 9,30,000
Sales during the year 15,60,000
Rate of Gross profit 40% on sales
Ans.:- Closing stock Rs1,14,000.
10. Calculate closing stock from the following details: Rs.

Purchases 13,60,000
Sales 19,50,000
G.P. is 30% on cost.
Ans.:- Closing Stock Rs3,40,000.
11. Calculate net sales and G.P. from the following:

Cost of goods sold Rs4,50,000
G.P. 25% on sales
Ans.:- Net sales Rs6,00,000; G.p. Rs1,50,000.
12. Calculate Gross profit and cost of goods sold from the following information :
Net Sales Rs. 1,00,000.
Gross profit is 25% on cost.
Ans. Gross profit = Rs. 20,000; Cost of goods sold = Rs. 80,000)
13. Opening stock Rs. 5,000; sales Rs. 16,000; carriage inward Rs. 1,000; Sales return Rs.
1,000; Gross profit Rs. 6,000; purchases Rs. 10,000; and purchases return Rs. 900.
Calculate the closing stock and the cost of goods sold.
Ans. Closing stock = Rs. 6,100; Cost of goods sold = Rs .9,000)
14. Calculate Gross profit from the following information :

Rs.
Capital as on Jan. 1,2012 10,500
Drawings made during the year 3,000
Fresh capital introduced during the year 1,000
Purchased a transistor for proprietor’s son 500
Capital as on December 31, 2012 22,500
Ans. Gross profit = Rs. 14,500

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Final Account
15. From the following balances taken from the books of Simmi and Vimmi Ltd. for the
year ending March 31, 2003, calculate the gross profit.
Rs.
Closing stock 2,50,000
Net sales during the year 40,00,000
Net purchases during the year 15,00,000
Financial Statements - I
Ans. Gross profit Rs.11,70,000.
16. From the following balances extracted from the books of M/s Ahuja and Nanda.
Calculate the amount of:
(a) Cost of goods available for sale
(b) Cost of goods sold during the year
(c) Gross Profit
Credit purchases 7,50,000
Cash purchases 3,00,000
Credit sales 12,00,000
Cash sales 4,00,000
Wages 1,00,000
Salaries 1,40,000
Sales return 50,000
Purchases return 10,000
Ans. (a) Rs. 11,65,000 ; (b) Rs.11,35,000 ; (c) Rs.4,15,000
17. Cash sales of a business in a year were Rs. 29,000 and credit sales Rs. 31,000. The
cost of goods sold (Including Direct expenses) works out at Rs. 52,000. Find out the
gross profit.
18. Calculate the Closing Stock from the following:

Rs. Rs.
Sales 20,000 Purchases 12,300
Return Inwards 500 Carriage Inwards 400
Return Outwards 1,000 Gross Profit 8,000
Ans. Closing Stock Rs. 1,200.
19. S. Kumar & Sons close their financial books on 31st December. Stock taking takes
about two weeks. In 2012, the value of closing stock thus arrived at was Rs. 25,000.
During the two weeks in which stock taking took place purchases made were Rs.
1,000 and sales totaled Rs. 4,000. The firm makes a gross profit of 30% on sales.
Ascertain the value of closing stock on 31st December, 2012.
Ans. The value of closing stock = Rs. 26,800

01124377255, 9811957255, 9210461650
Final Account
20. Capital of X at the beginning of the year was Rs. 70,000. During the year his business
earned a profit of Rs. 20,000, he withdrew Rs. 7,000 for his personal use. He sold
ornaments of his wife for Rs. 20,000 and invested that amount into the business. Find
out his capital at the end of the year.
Ans. Capital at the end = Rs. 1,03,000
21. Calculate closing stock from the following information :

Name of Accounts Rs.
Sales 20,000
Purchases 12,300
Returns Inward 500
Carriage Inward 400
Returns Outward 1,000
Gross Profit 8,000
Ans. Closing stock = Rs. 200
22. Calculate closing stock from the following information :

Opening Stock 36,000
Net purchases 45,000
Salaries and Wages 7,000
Sales 60,000
Gross loss 4,000
Freight Inward 6,000
Ans. Closing stock = Rs. 23,000
23. Calculate the amount of gross profit and operating profit on the basis of the following
balances extracted from the books of M/s Rajiv & Sons for the year ended March 31,
2005.
Rs.
Net sales 11,00,000
Net purchases 6,00,000
Administration expenses 45,000
Selling and distribution expenses 65,000
Loss due to fire 20,000
Ans. Gross profit Rs.4,60,000. Operating profit Rs.3,50,000
24. Operating profit earned by M/s Arora & Sachdeva in 2005-06 was Rs.17,00,000. Its
non-operating incomes were Rs.1,50,000 and non-operating expenses were
Rs.3,75,000. Calculate the amount of net profit earned by the firm.
Ans. Net profit Rs.14,75,000

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Final Account
25. From the following figures ascertain the gross profit:

Rs. Rs.
Opening stock (1.1.2011) 25,000 Goods purchased during 2011 1,40,000
Freight and Packing 10,000 Closing Stock (31.12.2011) 30,000
Sales 1,90,000 Packing Expenses on Sales 6,000
Ans. Gross Profit Rs. 45,000
Preparation of a Trading Account

26. Prepare the trading account of Anil Kumar from the following particulars for the year
ending 31st March, 2012. Rs.
Purchases 9,000
Wages 4,500
Carriage 140
Sales 15,800
Closing Stock 11,390
Ans. Gross Profit = Rs. 1,350
27. Prepare a Trading account from the following information :

Name of Account Debit Credit
Rs. Rs.
Purchases and Sales 42,000 58,000
Return Inward and Outward 2,000 3,000
Import duty 7,000
Export duty 2,000
Stores consumed 5,000
Closing stock was valued at Rs. 8,000
Ans. Gross loss = Rs. 15,000
28. Prepare the Trading account of Rajeev Sharma from the following balances for the
year ending 31st March, 2012. Rs.
Purchases 1,99,080
Sales 2,81,505
Returns Inward 1,875
Manufacturing Wages 46,875
Carriage Inward 15,175
Coal. Gas and Water 1,100
Factory Fuel & Power 1,305
Closing Stock 63,705

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Final Account
29. From the following information extracted from the books of Rustamji. Prepare the
Trading Account for the year ending March 31, 2012. Rs.
Sales 50,000
Sales return 150
Salaries and Wages 4,000
Carriage Inward 2,000
Returns Outward 250
Freight Inward 2,500
Office expenses 2,000
Octroi 5,000
Fuel 1,000
Insurance 3,721
Cash 1,500
Purchases 40,000
Rent 750
30. Following balances were extracted from the books of Shri Rajesh on 30th June, 2012.
Capital 24,500
Drawings 2,000
General expenses 2,500
Building 11,000
Stock 16,200
Power 2,240
Insurance 1,315
Wages 7,200
Debtors 6,280
Charity 105
Bad debts 550
Sales 63,360
Purchases 47,000
Scooter 2,000
Bad debts provision 900
Bills payable 3,850
Cash 80
Bank Overdraft 3,300.
th
Prepare Trading A/c for year ended 30 June, 2012. Closing Stock Rs. 23,500
31. Prepare the Trading Account from the transactions given below:
Rs. Rs.
Opening stock 2,300 Purchases Return 240
Purchases 2,900 Closing Stock 4,770
Sales Return 50 Carriage Inwards 10
Sales 2,540 Depreciation 200
Ans. Gross Profit Rs.2,290

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Final Account
32. Ascertain the Gross Profit from the following:

Rs. Rs.
Opening stock 20,000 Carriage on Sales 3,000
Closing Stock 18,000 Office Rent 5,800
Purchases 85,000 Sales 1,40,700
Carriage on Purchases 2,300
Ans. Gross Profit Rs. 51,400.
33. From the following information, Prepare the Trading Account for the year ended 31st
March, 2011:
Rs. Rs.
Stock (As on 1.4.2010) 40,000 Return Outwards 80,000
Purchases 4,00,000 Wages and Salaries 50,000
Sales 3,80,000 Return Inwards 20,000
Carriage Inwards 20,000 Stock (31.3.2011) 1,30,000
Ans. Gross Profit Rs. 60,000.
34. From the following information, prepare the Trading Account for the year ended 31 st
March, 2011:
Adjusted Purchases Rs 6,60,000; Sales Rs 7,44,000; Closing Stock Rs 50,400; Freight
and Carriage Inwards Rs 3,600; Wages Rs 6,000; Freight and Cartage Outwards Rs
2,000.
Ans. Gross Profit Rs.1,24,800.
Preparation of Profit and Loss Account

35. From the following figures, Prepare the Profit and Loss Account of Sohan Lal as it
would appear in the 1st year that ended 31st March, 2011.
Rs. Rs.
Salaries and Wages 3,000 Advertising 1,000
Commission Paid 200 Discount Allowed 1,800
Postage and Telegrams 150 Rent Received 1,700
Insurance 300 Interest on Investment 1,500
Interest Paid 400 Bad Debts 900
Carriage Outwards 500 Brokerage Paid 95
The Gross Profit was 45% of sales, which amounted to Rs 65,000.
Ans. Net Profit Rs. 24,105.
36. From the following information, prepare the Profit and Loss Account for the year
ended 31st March, 2011:
Rs Rs.
Gross profit 1,20,000 Discount Received 6,000
Rent 5,000 Printing and Stationery 4,000
Salary 35,000 Legal Charges 10,000
Commission paid 19,000 Bad Debts 2,000
Interest on loan 5,000 Loss by Fire 6,000
Advertisement 8,000 Depreciation 4,000
Interest received 8,000
Ans. Net Profit Rs. 36,000.

01124377255, 9811957255, 9210461650
Final Account
Preparation of Balance Sheet
37. From the following information, prepare the Balance Sheet of a trader as at 31st
March, 2011 arranging the assets and liabilities:
(i) In order of permanence
(ii) In order of liquidity
Rs. Rs.
Goodwill 20,000 Bank 20,000
Capital 1,80,000 Sundry Creditors 63,000
Liabilities for Expenses 1,200 Bills Receivable 13,000
Cash in Hand 1,000 Plant and Machinery 40,000
Investment 20,000 Provision for Doubtful Debts 2,500
Bills Payable 10,700 Closing Stock 80,000
Net Profit 92,600 Furniture 16,000
Sundry Debtors 50,000 Drawing 30,000
Land and Buildings 60,000
Ans. Balance Sheet Rs.2,10,000
38. Prepare the Trading and Profit and Loss Account and Balance Sheet of Jagat Shah as
at 31st March, 2011 from the following balances:
Rs. Rs.
Capital (Cr.) 3,600 Salaries 600
Machinery 700 General Expenses 200
Sales 8,200 Rent 500
Purchases 4,000 Purchases Return 50
Sales Return 100 Debtors 3,000
st
Stock on 1 April, 2010 1,000 Cash 400
Drawing 400 Carriage Outwards 200
Wages 1,000 Advertising 200
Carriage Inwards 50 Creditors 500
The Closing Stock was valued at Rs 2,000.
Ans. Gross Profit Rs. 4,100; Net Profit Rs. 2,400; Balance Sheet Rs. 6,100.
39. From the following balances, prepare the Final Accounts of M/s. Raja & Sons for the
year ended 31st March, 2011:
Salary Rs 5,400; Insurance Rs 2,500; Cash Rs 400; Purchases Rs 84,170; Rent
Received Rs 3,150; Drawings Rs 2,100; bill Payable Rs 3,900; Debtors Rs 38,080;
Stock (1.4.2010) Rs 29,500; Bank Overdraft Rs 9,700; Carriage Rs 2,200; Creditors
Rs 4,200; Trade Expenses Rs 4,900; Sales Return Rs 4,700; Machinery Rs 12,000;
Wages Rs 45,000; Sales Rs 1,47,200; Purchases Return Rs 3,900; Capital Rs 58,900;
Closing Stock (31st March, 2011) Rs 36,200.
Ans. Gross Profit Rs. 21,730; Net Profit Rs.12,080; Balance Sheet Rs.82,780.
40. From the following balances, Prepare the Trading and Profit and Loss Account and
the Balance Sheet:
Debit Balances: Rs. Debit Balances (Contd.): Rs.
Machinery 35,000 Rent 4,500
Debtors 27,000 Sundry Expenses 2,000
Drawings 9,000 Carriage 1,500

01124377255, 9811957255, 9210461650
Final Account
Purchases 95,000 Credit Balances:
Wages 50,000 Capital A/c 1,00,000
Bank 15,000 Creditors 14,000
Stock 20,000 Sales 1,45,000
Closing Stock was Rs 6,000.
Ans. Gross Loss Rs.15,500; Net Loss Rs.22,000; Balance Sheet Rs.83,000.
41. From the following balances taken from the books of Hari & Co., prepare the Trading
and Profit and Loss Account for the year ended 31st March, 2011 and the Balance
Sheet as at that date:
Rs. Rs.
Capital 3,50,000 Salaries 11,100
Building 1,87,500 Discount Allowed 2,000
st
Machinery 92,500 Stock (1 April, 2010) 1,65,000
Debtors 70,000 Bills Payable 50,000
General Expenses 8,000 Sales 6,35,000
Rent Paid 37,100 Purchases 4,68,500
Proprietor’s Drawings 6,500 Wages 25,000
Electricity Changes 1,900 Cash in Hand 18,000
Carriage Inwards 8,500 Sundry Creditors 1,00,000
Cash at Bank 30,000 Return Inwards 4,500
Return Outwards 1,100
Closing Stock was Rs 1,82,100.
Ans. Gross Profit Rs. 1,46,700; Net Profit Rs.86,600; Balance Sheet Rs. 5,80,100.
42. Prepare trading and profit and loss account and balance sheet as on March 31, 2005 :
Account Title Debit Account Title Credit
Machinery 27,000 Capital 60,000
Sundry debtors 21,600 Bills payable 2,800
Drawings 2,700 Sundry creditors 1,400
Purchases 58,500 Sales 73,500
Wages 15,000
Sundry expenses 600
Rent & taxes 1,350
Carriage inwards 450
Bank 4,500
Openings stock 6000
Closing stock as on March 31, 2005 Rs.22,400
Ans. Gross Profit Rs. 15,950; Net Profit Rs.14,000; Balance Sheet Rs. 75,500.
43. From the following balances, prepare the Trading and Profit and Loss Account and
the Balance Sheet:
Rs. Rs.
Capital Account 10,000 Return Outwards 500
Plant and Machinery 4,000 Rent 400
Sundry Debtors 2,400 Sales 16,400
Sundry Creditors 1,200 Manufacturing Expenses 800
Drawings 1,200 Trade Expenses 700

01124377255, 9811957255, 9210461650
Final Account
Purchases 10,500 Bad Debts 200
Wages 5,000 Carriage 150
Bank 1,000 Bills Payable 700
Repairs 50 Returns Inwards 400
Stock (1st April, 2010) 2,000
The Closing Stock (31st March, 2011) was valued at Rs 1,450.
Ans. Gross Loss Rs. 500; Net Loss Rs. 1,850; Balance Sheet Rs. 8,850.
44. The Trial Balance of Chatter Sen on 31st March, 2011 revealed the following
balances:
Debit Balances: Rs. Debit Balance (Contd.): Rs.
Plant and Machinery 90,000 Freight Out 1,200
Purchases 58,000 Rent, Rates and Taxes 2,000
Sales Return 1,000 Advertisement 2,000
Opening Stock 40,000 Cash at Bank 6,900
Discount Allowed 350 Credit Balances:
Bank Charges 75 Capital A/c 1,10,000
Sundry Debtors 45,000 Sales 1,27,000
Salaries 6,800 Purchases Return 1,275
Wages 10,000 Discount Received 800
Freight In 750 Sundry Creditors 25,000
The stock on 31st March, 2011 was valued at Rs 35,000.
Prepare the Trading and Profit and Loss Account for the year ended 31st March, 2011
and the Balance Sheet as at that date.
Ans. Gross Profit Rs. 53,525; Net Profit Rs.41,900; Balance Sheet Rs. 1,76,900.
45. John Smith carries on business as a copy manufacturer. Prepare his Profit and Loss
Account and Balance Sheet from the following balances as at 31st March, 2011:
Rs. Rs.
Capital 6,000 Boxes, Labels, etc. 500
Withdrawals (Drawings) 1,000 Rates and Taxes 40
Sales 10,000 Bills Receivable 300
Paper (bought) 2,000 Insurance 150
Loan or Mortgage (Cr.) 1,000 Carriage 10
Machinery and Plant 1,500 Incidental Expenses 200
Land and Building 2,000 Stock on 1st April, 2010 2,000
Creditors 500 Cash at Bank 1,250
Wages 5,000 Cash in Hand 50
Debtors 1,500
Stock on 31st March, 2011 was Rs 1,500.
Ans. Gross Profit Rs. 1,990; Net Profit Rs.1,600; Balance Sheet Rs. 8,100.
46. The Trial balance of Bihari Lal on 31st March, 2012 revealed the following balances :
Rs.
Debit Balance:
Plant and Machinery 90,000
Purchases 58,000
Sales Returns 1,000

01124377255, 9811957255, 9210461650
Final Account
Discount Allowed 350
Bank charges 75
Sundry Debtors 45,000
Salaries 6,800
Wages 10,000
Freight Inward 750
Freight Outward 1,200
Rent, Rates and Taxes 2,000
Advertisement 2,000
Cash at Bank 6,900
Credit Balances:
Capital Account 1,10,000
Sales 1,27,000
Purchase Return 1,275
Discount Received 800
Sundry Creditors 25,000
st
The stock on 31 March, 2012 was valued at Rs. 13,262. Prepare Trading and profit and loss
account for the year ended 31st March, 2012 and Balance sheet as on that date.
Ans. Gross profit = Rs. 31,787; Net profit = Rs. 20,162; Total of Balance Sheet = Rs.
1,55,162
47. From the following Trial Balance of Pardip, prepare Trading and Profit and Loss
account and Balance sheet on 31st December, 2012 :
Rs.
Debit Balances:
Furniture and Fittings 7,700
Bills receivable 10,000
Sundry Debtors 76,720
Cash in hand 5,250
Interest 3,400
Wages 27,890
Goodwill 25,000
Carriage 1,720
Salaries 5,000
Insurance 600
Audit Fee 1,000
Law Costs 710
Drawings 13,200
Purchases 61,900
Repairs 3,300
Credit Balance:
Capital 1,05,000
Commission 9,000
Sales 1,30,000

01124377255, 9811957255, 9210461650
Final Account
Bank Overdraft 10,000
Creditors 25,320
Closing stock was valued at Rs. 12,560.
Ans. G.P. = Rs. 15,120; N.P. = Rs. 10,110; B.S. = Rs. 1,37,230
48. From the following balances of Seth Tent House, prepare Trading and Profit and loss
account and Balance sheet as on 31st Dec., 2012.
Name of Account Dr. (Rs.) Cr. (Rs.)
Capital 10,000
Plant and Machinery 14,000
Furniture and Fixtures 200
Debtors and Creditors 2,400 1,700
Drawings A/c 1,000
Purchases 10,500
Wages 5,000
Cash in hand 200
Cash at Bank 800
st
Stock on 1 January, 2012 2,000
Returns Outward 500
Rent and Taxes 400
Depreciation 420
Sales 26,800
Manufacturing Expenses 800
Travelling expenses 100
Sundry expenses 400
Bad Debts 150
Printing and Stationery 50
Carriage 130
Returns Inward 400
Repairs 50
Total 39,000 39,000
The values of stock on that date was Rs. 11,355.
Ans. Gross Profit = Rs. 19,825; Net Profit = Rs. 18,255; Total of balance sheet = 28,955
49. From the following balances prepare final accounts of M/s Mangal & Sons for the
year ending 31st December, 2012:
Salary Rs. 5,400; Insurance Rs. 2,500; Cash Rs. 400; Purchases Rs. 84,170; Rent received Rs.
3,150; Drawings Rs. 2,100; Bills payable Rs. 3,900; Debtors Rs. 38,080; Stock (1-1-2012) Rs.
29,500; Bank overdraft Rs. 9,700; Carriage Rs. 2,200; Creditors Rs. 4,200; Trade expensese
Rs. 4,900; Sales return Rs. 4,700; Machinery Rs. 12,000; Wages Rs. 45,000; Sales Rs.
1,47,200; Purchases Return Rs. 3,900; Capital Rs. 58,900; Closing Stock (31-12-2012) Rs.
36,200.
Ans. Gross Profit = Rs. 21,730; Net Profit = Rs. 12,080; Balance Sheet Total = 86,680

01124377255, 9811957255, 9210461650
Final Account
50. Prepare a Balance Sheet with the following items :

Rs.
Net profit 15,000
Drawings 4,000
Debtors 25,000
Capital 70,000
Outstanding Wages 3,000
Creditors 18,000
Stock 22,000
Building 42,000
Loan (Cr.) 5,000
Bank Overdraft 7,000
Furniture 5,000
Cash 20,000
Ans. Total of Balances sheet Rs. 1,14,000
51. Prepare Final Accounts from the following balances of a firm at the end of December
2012.
Name of Accounts Debit (Rs.) Credit (Rs.)
Capital - 10,000
Cash in hand 1,500 -
Bank Overdraft - 2,000
Purchases and Sales 12,000 15,000
Returns 1,000 2,000
Office expenses 2,500 -
Taxes and Insurance 500 -
Discount 500 1,000
Commission - 500
Investments 4,000 -
Stock ( Opening) 3,000 -
Drawings 1,400 -
Furniture 600 -
Bill Receivable 3,000 2,500
Ans. Gross Profit Rs. 20,000; Net Profit Rs. 18,000; Balance Sheet Rs. 33,100
52. From the following information extracted from the books of M/s Pragati printers. Pass
the necessary closing entries and prepare a Profit & Loss Account and Balance sheet.
Dr. Cr.
Particulars Amount (Rs) Particulars Amount (Rs.)
Opening Stock 12,500 Sales 1,89,000
Depreciation 7,000 Commission Received 2,000
Carriage Inward 700 Capital 1,71,300
Furniture 8,000 Creditors 17,500
Carriage Outward 500 Bills Payable 5,000
Plant & Machinery 2,00,000 Returns Outward 13,800

01124377255, 9811957255, 9210461650
Final Account
Cash 8,900
Salaries 7,500
Debtors 19,000
Discount 1,500
Bills Receivable 17,000
Wages 16,000
Sales Return 14,000
Purchases 86,00
Total 3,98,600 Total 3,98,600
Closing stock on 31-3-2012 was Rs. 45,000.
Ans. Gross Profit Rs. 1,18,600; Net Profit Rs. 1,04,000; Balance Sheet Rs. 2,97,900
53. The following trial balance is extracted from the books of M/s Ram on March 31,
2005. You are required to prepare trading and profit and loss account and the balance
sheet as on date:
Debtors 12,000 Apprenticeship premium 5,000
Purchases 50,000 Loan 10,000
Coal, gas and water 6,000 Bank overdraft 1,000
Factory wages 11,000 Sales 80,000
Salaries 9,000 Creditors 13,000
Rent 4,000 Capital 20,000
Discount 3,000
Advertisement 500
Drawings 1,000
Loan 6,000
Petty cash 500
Sales return 1,000
Machinery 5,000
Land and building 10,000
Income tax 100
Furniture 9,900
Ans. Gross Profit: Rs. 12,000, Net Profit: Rs. 500, Total Balance sheet: Rs. 43,400
54. The following is the trial balance of Manju Chawla on March 31, 2005. You are
required to prepare trading and profit and loss account and a balance sheet as on date :
Account title Debit Credit
Purchases and sales 40,000 80,000
Returns 200 600
Productive wages 6,000
Dock and Clearing charges 4,000
Donation and charity 600
Delivery van expenses 6,000
Lighting 500
Sales tax collected 1,000

01124377255, 9811957255, 9210461650
Final Account
Bad debts 600
Misc. incomes 6,000
Rent from tenants 2,000
Royalty 4,000
Capital 40,000
Drawings 2,000
Cash 3,000
Investment 6,000
Patents 4,000
Land and Machinery 43,000
Closing stock Rs.2,000.
Ans. Gross Profit: Rs. 18,400, Net profit: Rs. 18,700, Total balance sheet: Rs. 64,700
55. The following is the trial balance of Mr. Deepak as on March 31, 2005. You are
required to prepare trading account, profit and loss account and a balance sheet as on
date:
Drawings 36,000 Capital 2,50000
Insurance 3,000 Bills payable 3,600
General expenses 29,000 Creditors 50,000
Rent and taxes 14,400 Discount received 10,400
Lighting (factory) 2,800 Purchases return 8,000
Travelling expenses 7,400 Sales 4,40,000
Cash in hand 12,600
Bills receivable 5,000
Sundry debtors 1,04,000
Furniture 16,000
Plant and Machinery 1,80,000
Purchases 1,60,000
Sales return 6,000
Wages 84,000
Salaries 53,000
Closing stock Rs. 35,000.
Ans. Gross profit: Rs.1,83,000, Net profit : Rs. 85,000, Total balance sheet: Rs. 3,52,600
56. Prepare trading and profit and loss account and balance sheet from the following
particulars as on March 31, 2005.
Account title Dedbit Credit
Purchases and Sales 3,52,000 5,60,000
Return inwards and Return outwards 9,600 12,000

01124377255, 9811957255, 9210461650
Final Account
Fuel and power 24,800
Bad debts 9,950
Debtors and Creditors 1,31,200 48,000
Capital 3,48,000
Investment 32,000
Interest on investment 3,200
Loan 16,000
Repairs 2,400
Wages and salaries 28,800
Land and buildings 2,88,000
Cash in hand 32,000
Miscellaneous receipts 160
Sales tax collected 8,350
Ans. Gross profit: Rs. 1,22,200, Net profit : Rs.92,850, Total balance sheet: Rs.5,13,200
57. From the following trial balance of Mr. A. Lal, prepare trading, profit and loss
account and balance sheet as on March 31, 2005
Account title Dedbit Credit
Stock as on April 01, 2005 16,000
Purchases and Sales 67,600 1,12,000
Returns inwards and outwards 4,600 3,200
Bad debts 600
Discount received 1,400
Bank over draft 10,000
Interest on bank overdraft 600
Commission received 1,800
Insurance and taxes 4,000
Scooter expenses 200
Salaries 8,800
Cash in hand 4,000
Scooter 8,000
Furniture 5,200
Building 65,000
Capital 50,000
Ans. Gross Profit: Rs. 40,600, Net profit: Rs. 27,200, Total balance sheet: Rs. 1,03,200
58. Prepare trading and profit and loss account and balance sheet of M/s Royal Traders
from the following balances as on March 31, 2005.

01124377255, 9811957255, 9210461650
Final Account
Stock 20,000 Sales 2,45,000
Cash 5,000 Creditors 10,000
Bank 10,000 Bills payable 4,000
Carriage on purchases 1,500 Capital 2,00,000
Purchases 1,90,000
Drawings 9,000
Wages 55,000
Machinery 1,00,000
Debtors 27,000
Postage 300
Sundry expenses 1,700
Rent 4,500
Furniture 35,000
Closing stock Rs.8,000
Ans. Gross loss Rs. 13,500, Net loss Rs. 20,000, Total balance sheet Rs. 1,85,000
59. Prepare trading and profit and loss account from the following particulars of M/s
Neema Traders as on March 31, 2005.
Buildings 23,000 Sales 1,80,000
Plant 16,930 Loan 8,000
Carriage inwards 1,000 Bills payable 2,520
Wages 3,300 Bank overdraft 4,720
Purchases 1,64,000 Creditors 8,000
Sales return 1,820 Capital 2,36,000
Opening stock 9,000 Purchases return 1,910
Machinery 2,10,940
Insurance 1,610
Interest 1,100
Bad debts 250
Postage 300
Discount 1,000
Salaries 3,000
Debtors 3,900
Stock on March 31, 2005 Rs.16,000.
Ans. Gross profit Rs.17,850, Net profit Rs. 10,590, Total of balance sheet Rs.2,69,830
60. From the following balances of M/s Nilu Sarees as on March 31, 2005. Prepare
trading and profit and loss account and balance sheet as on date.
Opening stock 10,000 Sales 2,28,000
Purchases 78,000 Capital 70,000
Carriage inwards 2,500 Interest 7,000
Salaries 30,000 Commission 8,000
Commission 10,000 Creditors 28,000
Wages 11,000 Bills payable 2,370

01124377255, 9811957255, 9210461650
Final Account
Rent & taxes 2,800
Repairs 5,000
Telephone expenses 1,400
Legal charges 1,500
Sundry expenses 2,500
Cash in hand 12,000
Debtors 30,000
Machinery 60,000
Investments 90,000
Drawings 18,000
Closing stock as on March 31, 2005 Rs.22,000.
Ans. Gross profit Rs. 1,56,500, Net profit Rs. 1,10,300, Total balance sheet Rs.2,14,000
61. Prepare trading and profit and loss account of M/s Sports Equipments for the year
ended March 31, 2006 and balance sheet as on that date:
Account title Debit Credit
Purchases and sales 3,50,000 4,21,000
Sales returns 5,000
Capital 3,00,000
Commission 4,000
Creditors 1,00,000
Bank overdraft 28,000
Cash in hand 32,000
Furniture 1,28,000
Debtors 1,40,000
Plants 60,000
Carriage on purchases 12,000
Wages 8,000
Rent 15,000
Bad debts 7,000
Drawings 24,000
Stationery 6,000
Travelling expenses 2,000
Insurance 7,000
Discount 5,000
Office expenses 2,000
Closing stock as on March 31, 2006 Rs.2,500.
Ans. Gross loss Rs. 1,500, Net loss Rs. 41,500 , Total balance sheet Rs.3,62,500

01124377255, 9811957255, 9210461650

Chapter 18 Final Account Without Adjuestments

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Chapter 18 Final Account Without Adjuestments

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Final Account

3. Calculate gross profit on the basis of the following information:

4. Calculate closing stock and cost of goods sold:

5. Calculate closing stock from the following:

Presented by Raman Sachdeva

9. Ascertain the value of closing stock from the following: Rs.

10. Calculate closing stock from the following details: Rs.

11. Calculate net sales and G.P. from the following:

14. Calculate Gross profit from the following information :

Presented by Raman Sachdeva

18. Calculate the Closing Stock from the following:

Presented by Raman Sachdeva

21. Calculate closing stock from the following information :

22. Calculate closing stock from the following information :

Presented by Raman Sachdeva

25. From the following figures ascertain the gross profit:

Preparation of a Trading Account

27. Prepare a Trading account from the following information :

Presented by Raman Sachdeva

Presented by Raman Sachdeva

32. Ascertain the Gross Profit from the following:

Preparation of Profit and Loss Account

Presented by Raman Sachdeva

Ans. Balance Sheet Rs.2,10,000

Presented by Raman Sachdeva

Presented by Raman Sachdeva

Presented by Raman Sachdeva

Presented by Raman Sachdeva

Presented by Raman Sachdeva

50. Prepare a Balance Sheet with the following items :

Presented by Raman Sachdeva

Presented by Raman Sachdeva

Presented by Raman Sachdeva

Presented by Raman Sachdeva

Presented by Raman Sachdeva

Presented by Raman Sachdeva

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