Question

From the following Trial Balance, Prepare Trading Profit and loss account and Balance sheet of Athulya Ltd. as on 31/3/2018 Trial Balance as on 1/4/2017

Transaction during the year 2017 – 18 is given below 

• Sales (Cash) – Rs. 51000 
• Sales (Credit) – Rs. 34000 
• Purchases (Credit) – Rs. 68000 
• Office expenses – Rs. 2400 
• Wages. – Rs. 1.600
• Cash received from Debtors – Rs. 16,000 
• Cash paid to creditors – Rs. 35,000 
• Discount received – Rs. 1000 
• Salary – Rs. 5000 
• Rent – Rs. 11,000 
• Carriage Outward – Rs. 700 
• Commission Paid – Rs. 500 
• Insurance Premium – Rs. 4000

Other Adjustments: 

• Salalry Prepaid – Rs. 1500 
• Rent outstanding – Rs. 1000 
• Wages Outstanding – Rs. 800 
• Insurance Premium prepaid – Rs. 2000 
• Closing stock – Rs. 3700 
• Depreciation of Machinery – Rs. 10% 

Answer 1

Procedure: 

Step 1 – Create an organisation Athulya LtdProt making for the year 1 -4-2017 to 31/3/2018 with imaginary data. 

Step 2 – Creation of Ledger Accounts Master → Create account Analysis Table (Trail Balance)

Create all the ledger a/c under appropriate group and sub Group.

Step 3 – Voucher Entry Enter all the transactions using appropriate voucher type Voucher menu /Transaction menu → Select appropriate voucher type → Enter voucher number → Enter voucher Date → Enter Debit account and amount → Enter Credit account and amount → Save Analysis Table (Transactions)

Analysis Table (Transactions)

Step 4 – Enter the value of opening stock and closing stock 

1. Master menu → Edit Account → Select Stock at the beginning a/c → Click Edit Button 

2. Enter 14000 as Opening Balance. Click on Save button 

3. Enter the values of Opening Stock and closing stock through appropriate voucher

Voucher menu/Transaction menu → Journal Analysis Table (Stock)

Step 5 – Display Trial Balance Report → Trial Balance → Enter Date → Type → Click on the View button 

Step 6 – Display Profit and loss Account Report → Profit and loss → Enter Date → Click on View Button 

Step 7 – Display Balance Sheet Report → Balance sheet → Enter Date → Type → Click on View Button 

Output: