Page 139 - debkxi

18.6 Double Entry Book Keeping—CBSE XI

Solution: PROFIT & LOSS ACCOUNT
Dr. for the year ended 31st March, 2024 Cr.
Particulars ` Particulars `

To Salaries and Wages 12,000 By Gross Profit b/d 5,00,000
To Discount Allowed 3,000 By Interest Received 2,000
To Commission 14,000 By Rent Received 12,500
To Freight Outwards 15,000 By Miscellaneous Income 12,900
To Entertainment Expenses 8,000 By Gain on Sale of Machine 600
To Sales Promotion Expenses 4,250
To Audit Fees 8,500
To Repairs and Maintenance 3,400
To Water and Electricity Charges 3,000
To Telephone Expenses 6,000
To Loss by Theft 1,000
To Legal Expenses 11,250
To Net Profit transferred to Capital A/c 4,38,600
5,28,000 5,28,000

9. (With GST). From the following balances extracted from the books of Hari on 31st
March, 2024, prepare his Trading and Profit & Loss Account and Balance Sheet:
Particulars ` Particulars `
Opening Stock 96,000 Repairs to Plant 1,600
Wages and Salaries 32,000 Cash in Hand and at Bank 2,000
Commission on Purchases 2,000 Debtors 46,000
Freight 3,000 Income Tax 5,500
Purchases less Returns 1,18,500 Drawings 6,500
Sales less Returns 2,49,000 Capital 50,000
Trade Expenses 200 Loan 9,000
Rent 2,000 Discount on Purchases 4,000
Plant 20,000 Creditors 28,300
Bad Debts 5,000 Output CGST A/c 10,000
Input CGST A/c 15,000 Output SGST A/c 10,000
Input SGST A/c 15,000 Output IGST A/c 15,000
Input IGST A/c 5,000
Information: Stock at the end was valued at ` 35,000.
Solution:
Dr. TRADING AND PROFIT & LOSS ACCOUNT OF HARI for the year ended 31st March, 2024 Cr.
Particulars ` Particulars `
To Opening Stock 96,000 By Sales less Returns 2,49,000
To Purchases less Returns 1,18,500 By Closing Stock 35,000
To Wages and Salaries 32,000
To Commission on Purchases 2,000
To Freight 3,000
To Gross Profit c/d 32,500
2,84,000 2,84,000