From the following information in respect of BHARAT a trader, prepare a Trading, Profit and Loss Account for the year ended 31st March, 2012 and a Balance Sheet as on that date. (a) Liabilities and Assets: Particulars 31.3.2011 31.3.2012 Rs Rs Stock-in-trade 80,000 70,000 Debtors for Sales 1,60,000 1,49,500 Bills Receivable - 17,500 Creditors for purchases 1,10,000 1,50,000 Fixed Assets (at written down value) 60,000 63,500 Expenses outstanding 20,000 18,000 Prepaid expenses 6,000 7,000 Cash in hand 2,000 1,500 Bank balance 10,000 4,750 b. Receipts and Payments during the year Rs Collections from Debtors (after allowing 2.5% discount) ? Payments to Creditors (after receiving 2% discount) 3,92,000 Proceeds of Bills Receivable, discounted at 2% 61,250 70,000 Proprietor’s drawings Purchases of Fixed Assets midway through the year 10,000 4% Government Securities purchased (at 96% on 1.10.20X1) 96,000 Expenses 1,75,000 Miscellaneous income 5000 (c) Sales are affected so as to realize a gross profit of 33-1/3% on the sale proceeds. (d) Goods costing Rs 9,000, were issued as advertisement articles. (e) During the year, Bills Receivable were drawn on debtors. Of these, Bills amounting to Rs 20,000 were endorsed in favour of creditors. Of this later amount, a bill for Rs 4,000 was dishonored by the debtor. (f) Capital introduced during the year by the proprietor by cheques was omitted to be recorded in Cash Book, though the Bank balance of Rs 4,750 on 31st March, 2012 (as shown above), takes the same into account. Indian Travel Agency sells tickets for Inland Transport ltd. Bharat Air Lines and GOVERNMENT Railways. The rate of commission due to the agency on account of sales of tickets are 10 per cent, 7.5 per cent, and 5 per cent respectively on the sale price of tickets.
From the following information in respect of BHARAT a trader, prepare a Trading, Profit and Loss Account for the year ended 31st March, 2012 and a Balance Sheet as on that date. (a) Liabilities and Assets: Particulars 31.3.2011 Rs 31.3.2012 Rs Stock-in-trade Debtors for Sales Bills Receivable Creditors for purchases Fixed Assets (at written down value) Expenses outstanding Prepaid expenses Cash in hand Bank balance 80,000 1,60,000 - 1,10,000 60,000 20,000 6,000 2,000 10,000 70,000 1,49,500 17,500 1,50,000 63,500 18,000 7,000 1,500 4,750 b. Receipts and Payments during the year Rs Collections from Debtors (after allowing 2.5% discount) ? Payments to Creditors (after receiving 2% discount) 3,92,000 Proceeds of Bills Receivable, discounted at 2% 61,250 Proprietor’s drawings 70,000 Purchases of Fixed Assets midway through the year 10,000 4% Government Securities purchased (at 96% on 1.10.20X1) 96,000 Expenses 1,75,000 Miscellaneous income 5000 (c) Sales are affected so as to realize a gross profit of 33-1/3% on the sale proceeds. (d) Goods costing Rs 9,000, were issued as advertisement articles. (e) During the year, Bills Receivable were drawn on debtors. Of these, Bills amounting to Rs 20,000 were endorsed in favour of creditors. Of this later amount, a bill for Rs 4,000 was dishonored by the debtor. (f) Capital introduced during the year by the proprietor by cheques was omitted to be recorded in Cash Book, though the Bank balance of Rs 4,750 on 31st March, 2012 (as shown above), takes the same into account. Indian Travel Agency sells tickets for Inland Transport ltd. Bharat Air Lines and GOVERNMENT Railways. The rate of commission due to the agency on account of sales of tickets are 10 per cent, 7.5 per cent, and 5 per cent respectively on the sale price of tickets.