Accounting homework help

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Sample Accounting Homework Help Illustration and Solutions:
Represent the following data by a suitable graph:
Illustration: 1
From the following particulars prepare trading and profit and loss account of Mr. R. for
the year ended 31.3.1997 and a balance sheet as on 31.3.1997:

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$ $
Building 5,00,000 -
Machineries 2,00,000 -
Furniture 1,00,000 -
Cash at Bank 90,000 -
18% p.a. loan obtained by Mr. R on 10,000 -
1.6.1996 on mortgage of his building - 3,00,000
R’s capital - 5,20,000
Sundry debtors/Sundry creditors 5,00,000 4,00,000
Stock on 1.4.1996 1,20,000 -
Purchases/Sales 25,00,000 32,20,000
Sales return/Purchases returns 1,20,000 1,00,000
Rent 60,000 -
Establishment expenses 1,80,000 -
Electricity charges 15,000 -
Telephone charges 10,000 -
Commission on sales 30,000 -
Insurance Premium 10,000 -
Bad debts 20,000 -
Bills receivable 75,000 -
45,40,000 45,40,000

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Solution :
Mr. Jack
Trading and Profit and Loss Account
For the year Ended 31 March, 1997
$ $
Opening Stock 1,20,000 Sales 32,20,000
Purchases 25,00,000 Less : Returns 1,20,000 31,00,000
Less : Returns 1, 00,000 24,00,000
Closing stock (W.N.1) 2,30,000
Gross Profit c/d 8.10,000 33,30,000
33,30,000 33,30,000
Rent 60,000 Gross Profit b/d 8,10,000
Establishment expenses 1,80,000
Telephone charges 15,000
Commission on sales 30,000
Insurance premium 10,000
Bad debts 20,000
Provision for doubtful debts 25,000
5
100
× 5,00,000
Interest on loan 45,000
18
100
× 3,00,00 ×
10
12
Depreciation (W.N.2) 85,000
Manager’s Commission 30,000
Net Profit 3,00,000
8,10,000 8,10,000

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Illustration 2.
From the following particulars extracted from the books of Ganguli, prepare Trading and
Profit and Loss Account and Balance Sheet as at 31 March, 19994 after making the
necessary adjustments :

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$ $
Ganguli’s Capital Account 54,050 Internet Received 725
Stock on 1.4.1993 23,400 Cash with Traders Bank Ltd 4,000
Sales 1,44,800 Discounts Received 1,495
Sale Returns 4,300 Investments (at 5%)
Purchases 1,21,550 as on 1.4.1993 2,500
Purchases Returns 2,900 Furniture as on 1.4.1993 900
Carriage Inwards 9,300 Discounts Allowed 3,770
Rent 2,850 General Expenses 1,960
Salaries 4,650 Audit Fees 350
Sundry Debtors 12,000 Fire Insurance Premium 300
Sundry Creditors 7,400 Travelling Expenses 1,165
Loan from Dena Bank Postage and Telegrams 435
Ltd. (at 12%) 10,000 Cash on Hand
Interest Paid 450 Deposits at 10% as on
Printing and Stationery 1,700 1.4.1993 (Dr.) 15,000
Advertisement 5,600 Drawings 5,000

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Solution:
Jack
Trading and Profit and Loss Account
For the year Ended on 31 March 1994
$ $ $ $
Opening Stock 23,400 Sales 1,44,800
Purchases 1,21,550 Less: Returns 5,800
Less : Transfer to 1,39,300
Furniture Account 1,000 Closing Stock 39,300
Less : Returns 2,900 1,17,650
Carriage inwards 1,17,650
Gross Profit c/d 9,300
1,78,300 1,78,300
Salaries 4,650 Gross profit b/d 27,950
Rent 2,850 Interest 1,725
Advertisement 5,600 Discount received 1,495
Printing and Stationery 1,700
Interest 750
General expenses 1,960
Travelling expenses 1,165
Fire Insurance premium 300
Postage and Telegrams 435
Provision for doubtful debts 475
(W.N.1)
Depreciation on Furniture 115
Audit Fees 350
Capital A/c
(Net Profit transferred) 7,050
31,750 31,750

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Balance Sheet As on 31 March 1994
Liabilities $ $ Assets $
$
Capital Account : Furniture 900
Balance on 1.4.1993 54,050 Additions during the year1,000
Add : Net Profit 7,050 1,900
61,100 Less : Depreciation 115 1,785
Less : Drawings 5,000 56,100 2,500
Investments 2,500
Loan from Dena Deposits 15,000
Bank Ltd 10,000 Interest accrued on
Interest accrued on Investments & Deposits 1,000
Bank loan (W.N.2) 300 (W.N.3)
Sundry Creditors 6,400 Stock in trade 39,300
Sundry Debtors 9,500
Less : Provision 475
9,025
Cash with Traders Bank Ltd. 4,000
Cash in Hand 190
72,800 72,800

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Accounting homework help

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