Vijay commenced business as foodgrains merchant on 1st April 2017 with a capital of Rs 4 00 000 On t...........

Accountancy (11th) Chapter-11 Accounts from Incomplete Records

Vijay commenced business as foodgrains merchant on 1st April, 2017 with a capital of Rs.4,00,000. On the same day, he purchases furniture for Rs.80,000. From the following particulars obtained from his books which do not conform to Double Entry principles, you are required to prepare the Trading and Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet as on that date : (5 marks)

	Rs.
Sales (including Cash Sales Rs.2,00,000)	5,00,000
Purchases (including Cash Purchases Rs.1,20,000)	4,00,000
Vijay’s Drawings (in Cash)	40,000
Salaries to Staff	48,000
Bad Debts written off	4,000
Trade Expenses paid	16,000

Vijay used goods of Rs.12,000 for private purpose during the year. On 31st March, 2018, his Debtors amounted to Rs.1,40,000 and Creditors Rs.80,000. Stock-in-Trade on that date was Rs.1,60,000.

Download Model Answer

छोटे Courses बड़े Results

Master Chapter-11 Accounts from Incomplete Records

Prepare through Micro-courses