Page 17 - Chapter-11.pmd

Accounts from Incomplete Records 453

Other information :

March 31, 2014

March 31, 2013 March 31, 2014
Rs. Rs.
Debtors 9,000 12,000
Creditors 14,400 6,800
Stock of materials 10,000 16,000
Washing equipment 40,000 40,000
Furniture 3,000 3,000
Discount allowed during the year 1,400
Discount received during the year 1,700

Solution
Books of Om Prakash
Trading and Profit and Loss Account
for the year ended on March 31, 2014

Expenses/losses Amount Revenues/gains Amount
Rs. Rs.
Opening stock 10,000 Sales 74,400
Purchases 28,100 Closing stock 16,000
Cartage 2,000
Gross profit c/d 50,300
90,400 90,400
Sundry expenses 6,000 Gross profit b/d 50,300
Discount allowed 1,400 Discount received 1,700
Depreciation 4,000
Net profit (transfered to 40,600
capital account)
52,000 52,000

Balance Sheet as at March 31, 2014

Liabilities Amount Assets Amount
Rs. Rs.
Capital 55,600 Washing equipment 40,000
Add Profit 40,600 Less Depreciation (4,000) 36,000
96,200
Less Drawings (8,000) 88,200 Furniture 3,000
Creditors 6,800 Stock of materials 16,000
Debtors 12,000
Cash 28,000
95,000 95,000

2015-16