Fewpal
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Read the following text and answer question on the basis of the same:

Gopi Chand started with the manufacturing unit of Solar Charkha in February 2018 and was nominated by the ruling government under Make in India awards. Gopi Chand wants to set up another unit in a nearby village and purchase land for premises there too. Given below is Trial Balance of Gopi Chand as at 31st March 2020.

Trial Balance as at 31st March 2020

Debit BalanceAmount (Rs.)Credit BalanceAmount (Rs.)
Opening Stock50,000Capital1,70,000
Purchases80,000Sundry Creditors44,000
Office furniture35,000Bank Loan1,00,000
Depreciation on furniture7,000Sales1,04,000
Advertisement Expenses10,000
Salary14,000
Telephone Expenses4,000
Cash at Bank18,000
Land and Building2,00,000
\(\underline{\underline{\overline{4,18,000}}}\)\(\underline{\underline{\overline{4,18,000}}}\)

Additional Information: 1. Closing stock at the end of year 2020 is Rs. 75,000.

1. Which of the following is not a financial statement prepared by a sole trader?

(a) Profit and Loss Account 

(b) Trading Account 

(c) Bank Book 

(d) Balance Sheet

2. Trading profit for Gopi Chand will be

(a) Rs. 39,000

(b) Rs.24,000

(c) Rs. 99,000 

(d) Rs. 49,000

3. Total of Liabilities side for Gopi Chand’s business will be ....

(a) Rs. 3,32,000 

(b) Rs. 4,18,000 

(c) Rs. 3,28,000 

(d) Rs. 3,10,000

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1 Answer

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1. (c) Bank Book

2. (d) Rs. 49,000

3. (c) Rs. 3,28,000

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