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in Accounts by (44.9k points)
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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 Balance Amount (Rs.) Credit Balance Amount (Rs.)
Opening Stock 50,000 Capital 1,70,000
Purchases 80,000 Sundry Creditors 44,000
Office furniture 35,000 Bank Loan 1,00,000
Depreciation on furniture 7,000 Sales 1,04,000
Advertisement Expenses 10,000
Salary 14,000
Telephone Expenses 4,000
Cash at Bank 18,000
Land and Building 2,00,000
\(\underline{\underline{\overline{4,18,000}}}\) \(\underline{\underline{\overline{4,18,000}}}\)

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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by (45.7k points)
edited by

1. (c) Bank Book

2. (d) Rs. 49,000

3. (c) Rs. 3,28,000

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