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Trial Balance and Financial Statements

This document contains a trial balance for a business with various expense and revenue accounts. It then provides templates to prepare trading, profit and loss, and balance sheet accounts from the trial balance information. The trading account shows revenues of Rs. 190,000 and expenses of Rs. 190,000. The profit and loss account shows expenses of Rs. 130,000 and revenues of Rs. 130,000 including a gross profit carryover of Rs. 30,000 from the trading account. The balance sheet shows total assets of Rs. 6,90,000 equal to total liabilities and capital of Rs. 6,90,000.

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38 views3 pages

Trial Balance and Financial Statements

This document contains a trial balance for a business with various expense and revenue accounts. It then provides templates to prepare trading, profit and loss, and balance sheet accounts from the trial balance information. The trading account shows revenues of Rs. 190,000 and expenses of Rs. 190,000. The profit and loss account shows expenses of Rs. 130,000 and revenues of Rs. 130,000 including a gross profit carryover of Rs. 30,000 from the trading account. The balance sheet shows total assets of Rs. 6,90,000 equal to total liabilities and capital of Rs. 6,90,000.

Uploaded by

palakarya0903
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Trial Balance

Particulars Debit Credit

Capital 500,000

Purchases & Purchases 100,000 10,000


Return

Sales & Sales Return 10,000 200,000

Opening Stock 20,000

Wages 30,000

Carriage Inward 5,000

Coal,gas, electricity 5,000

Octroi Duty 10,000

Salaries 10,000

Traveling Expenses 7,000

Rent ,rates and taxes 8,000

Advertisement Expenses 5,000

Land & Building 200,000

Plant & Machinery 100,000

Furniture 80,000

Debtors & Creditors 70,000 40,000

B/R and B/P 50,000 50,000

Rent received 100,000

Cash and Bank Balance 190,000

Total 900,000 900,000

Prepare Trading A/c , Profit and Loss A/c, and Balance Sheet
Dr. Trading A/c. Cr
Particulars Amount Particulars Amount

To Opening Stock 20,000 By Sales 200000 1,90,000


Less: SalesReturn (10000)

To Purchases 100000 90,000


Less Purchase
Return. (10000)

To wages 30,000

To carriage inward 5,000

To coal, gas, electricity 5,000

To octroi duty 10,000

To Gross Profit c/d 30,000

Total 1,90,000 Total 1,90,000

Dr Profit and Loss A/c Cr


Particulars Amount Particulars Amount

To Salaries 10,000 By Gross Profit b/d 30,000

To Traveling Expenses 7,000 By Rent received 100,000

To Rent, rates and taxes 8,000

To Advertisement 5,000
Expenses

To Net Profit 100,000

Total 1,30,000 Total 1,30,000

Balance Sheet
Liabilities Amount Assets Amount

Capital 500,000 600,000 Land and Building 200,000


Add:Net Profit 100,000

Creditors 40,000 Plant and Machinery 100,000

B/P 50,000 Debtors 70,000

B/R 50,000

Cash and Bank Balance 1,90,000

Furniture 80,000

Total 6,90,000 Total 6,90,000

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