Page 170 - ISCDEBK-XI

Final Accounts—With Adjustments 20.3
Solution: M/s. Gupta & Sons
TRIAL BALANCE (Redrafted) as at 31st March, 2022
Heads of Accounts L.F. Dr. (`) Cr. (`)
Capital ... 7,20,000
Drawings 40,000 ...
Sales (` 10,15,000 + ` 2,000) (v) ... 10,17,000
Purchases (` 6,20,000 – ` 6,000) (iv) 6,14,000 ...
Stock in Trade (1.4.2021) 20,000 ...
Sales Return (` 12,000 – ` 2,000) (iii) 10,000 ...
Purchases Return (` 15,000 + ` 2,000) (iii) ... 17,000
Sundry Debtors (` 80,000 + ` 70,000 – ` 16,000) (i) and (ii) 1,34,000 ...
Sundry Creditors ... 30,000
Rent 22,000 ...
Electricity 16,000 ...
Other Expenses 32,000 ...
Wages 1,12,000 ...
Cash in Hand 1,22,000 ...
Cash at Bank (` 6,32,000 – ` 70,000 + ` 16,000) (i) and (ii) 5,78,000 ...
Advance to Supplier 72,000 ...
Suspense Account (Balancing Figure) 12,000 ...
Total 17,84,000 17,84,000

Note: Number given in the ( ) indicates rectifying entry given on the next page.
TRADING AND PROFIT & LOSS ACCOUNT
Dr. for the year ended 31st March, 2022 Cr.
Particulars ` Particulars `
To Opening Stock 20,000 By Sales 10,17,000
To Purchases 6,14,000 Less: Sales Return 10,000 10,07,000
Less: Purchases Return 17,000 5,97,000 By Closing Stock 40,000
To Wages 1,12,000
To Gross Profit c/d 3,18,000
10,47,000 10,47,000
To Rent 22,000 By Gross Profit b/d 3,18,000
To Electricity 16,000
To Other Expenses 32,000
To Net Profit transferred to Capital A/c 2,48,000
3,18,000 3,18,000
BALANCE SHEET as at 31st March, 2022
Liabilities ` Assets `

Sundry Creditors 30,000 Cash in Hand 1,22,000
Capital: Cash at Bank 5,78,000
Opening Balance 7,20,000 Sundry Debtors 1,34,000
Add: Net Profit 2,48,000 Closing Stock 40,000
9,68,000 Advance to Suppliers 72,000
Less: Drawings 40,000 9,28,000 Suspense A/c 12,000
9,58,000 9,58,000

Note: The existence of Suspense Account in both redrafted Trial Balance and Balance Sheet implies that errors
still exist.