5. From the following trial balance and other additional information obtained from the books of Mr. Sunil Gavaskar, prepare his trading account and the profit and loss account for the half-year ended 30th September, 2018 and his balance sheet as on that date : Capital Account Drawings Account Trade Expenses Cash in Hand Cash at Bank Freehold Premises Stock as on 1.4.2018 Purchases and Sales Returns Carriage Inward Carriage Outward Sundry Debtors and Sundry Creditors Bills Receivable and Bills Payable Furniture and Fixtures Bad Debts Wages Salaries Advertisement Rent, Rates and Taxes HW Debit (²) 9,000 12,000 750 22,700 1,30,000 35,000 75,000 2,800 1,500 3,500 48,000 22,000 15,400 1,500 25,000 19,850 15,000 3,500 4,42,500 Credit (₹) 1,55,000 2,50,000 2,000 (i) Stock was valued at 40,000 on 30.9.2018. [Ans. Gross profit 1,52,700; Net Profit 97,350; Balance Sheet total ₹2,78,850]. (solve it rq no spam or unwanted answers will mark as brainliest for perfect answer).
Answers & Comments
Verified answer
To prepare Mr. Sunil Gavaskar's trading account and profit and loss account for the half-year ended 30th September 2018, as well as his balance sheet as on that date, we need to analyze the given trial balance and additional information. Here's the breakdown:
Trading Account for the half-year ended 30th September 2018:
Particulars | Debit (₹) | Credit (₹)
----------------------------------------------
Stock (1.4.2018) | 75,000
Purchases | 2,800
Carriage Inward | 1,500
Less: Purchase Returns | 3,500
----------------------------------------------
Total Cost of Goods Sold | 75,000 + 2,800 + 1,500 - 3,500 | -
----------------------------------------------
Gross Profit | - | -
Profit and Loss Account for the half-year ended 30th September 2018:
Particulars | Debit (₹) | Credit (₹)
----------------------------------------------
Trade Expenses | 750
Carriage Outward | 48,000
Wages | 15,400
Salaries | 1,500
Advertisement | 25,000
Rent, Rates, and Taxes | 19,850
Bad Debts | 1,500
----------------------------------------------
Total Expenses | 750 + 48,000 + 15,400 + 1,500 + 25,000 + 19,850 + 1,500 | -
----------------------------------------------
Net Profit | - | -
Balance Sheet as on 30th September 2018:
Particulars | Amount (₹)
----------------------------------------------
Assets:
Cash in Hand | 22,700
Cash at Bank | 1,30,000
Freehold Premises | 35,000
Stock (30.9.2018) | 40,000
Sundry Debtors | 22,000
Bills Receivable | 15,000
Furniture and Fixtures | 3,500
----------------------------------------------
Total Assets | 22,700 + 1,30,000 + 35,000 + 40,000 + 22,000 + 15,000 + 3,500 | -
Liabilities:
Sundry Creditors | 48,000
Bills Payable | 3,500
Capital Account | 9,000
Add: Net Profit | 97,350
Less: Drawings | 12,000
----------------------------------------------
Total Liabilities and Capital | 48,000 + 3,500 + 9,000 + 97,350 - 12,000 | -
----------------------------------------------
Please note that the figures provided in the answer are based on the given information and calculations. Make sure to verify the accuracy of the calculations and adjust them accordingly if needed.