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The trial balance of Shri Manoj Kumar & Sons in respect of the year ending 31st March 2019 in given below. Prepare with its help Trading and Profit & Loss Account for the year 2018-19 and Balance Sheet on 31st March 2019- Trial Balance (as or 31st March, 2019) Rs. Rs. Stock on 1st April, 2018 43450 Purchases 166580 Purchases Returns 6344 Factory Fuel and Power 1084 Factory Electricity Exp. 784 Factory Wages 19830 Carriage on Purchases 1794 Manufacturing exp 5360 Office Salaries 7490 Travelling Expens es 1850 , sales 252354 sales return 14844 Carriage on Sales 1920 Rent and Rates 3530 Office Expense 5556 Discount 844 Insurance 1140 Capital Amount 186460 Plant and Machinery 110000 Fixtures and Fittings 3440 Cash at Bank 4490 Cash in Hand 136 Debtors 96600 Drawings 13640 Creditors 45380 Bills Payables 12844 Closing stock on 31st March, 2019 was valued at Rs. 33, 160. Depreciation is to be written-off at the rate of 5% on Plant and Machinery and 10% on Fixtures and Fittings. Provisions is to be made for doubtful debts at the rate of 2½% on Sundry Debtors, Rent and Taxes amounting to Rs. 150 were outstanding and Rs. 140 were paid as insurance premiums is advance. Salaries and Wages amounting to Rs. 1,600 and Rs. 700 respectively are yet to be paid. Please solve this.. Posted by Kunwar Kesharwani 1 year, 10 months ago

Posted by Riya Agrawal 2 years, 8 months ago

CBSE > Class 11 > Accountancy

1 answers

Parshant Kumar 2 years, 8 months ago

ion on Plant and Machinery @ 10% and on Furniture @ 5%. ANSWER: Financial Statements of Modern Traders Trading Account for the year ended March 31, 2017 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 15,000 Sales 1,20,000 Purchases 82,000 Less: Sale on Approval Basis 7,200 1,12,800 Freight Inwards 2,000 Closing Stock 15,000 Wages 1,300 Add: Sale on Approval Basis 6,000 21,000 Gross Profit (Balancing Figure) 33,500 1,33,800 1,33,800 Profit and Loss Account for the year ended March 31, 2017 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Depreciation: (WN1) Gross Profit 33,500 Plant & Machinery 4,000 Discount Received 400 Furniture 250 4,250 Rent Revenue 1,200 Bad Debts 400 Add: New Provision (WN2) 670 Less: Old Provision 800 270 Carriage Outwards 500 Insurance 700 Less: Prepaid 100 600 Rent, Rates & Taxes 4,600 Printing & Stationery 800 Postage & Telegram 800 Salaries 20,000 Net Profit (Balancing Figure) 3,280 35,100 35,100 Balance Sheet as on March 31, 2017 Liabilities Amount (Rs) Assets Amount (Rs) Capital 85,000 Fixed Assets Add: Net Profit 3,280 Plant & Machinery 40,000 Less: Drawings 5,000 83,280 Less: Depreciation 4,000 36,000 Furniture 5,000 Current Liabilities Less: Depreciation 250 4,750 Creditors 23,000 Current Assets Closing Stock 15,000 Add: Sale on Approval Basis 6,000 21,000 Prepaid Insurance 100 Cash in Hand 6,200 Cash at Bank 25,500 Debtors 20,600 Less: Sale on Approval Basis 7,200 Less: Provision for Doubtful Debts 670 12,730

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ANSWER

Preeti Dabral 2 years, 7 months ago

IGST (Integrated GST) is levied on inter-state supply of goods and/or services, e.g., if the seller is located in Delhi and the purchaser is located in Bihar, IGST will be levied.
CGST (Central GST) and SGST (State GST) is levied on intrastate (within state) supply of goods and/or services, where both the seller and purchase are located in some state.

Bhumika . 1 year, 3 months ago

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