CHAPTER 21 : FINANCIAL STATEMENTS
HELLO BOYS, PRACTICE QUESTIONS FROM FINANCIAL STATEMENTS Question 1: Prepare a Trading Account from the following particulars for the year ended 31st March 2017:- Particulars (₹) Particulars (₹) Opening Stock 2,50,000 Purchases Returns 22,000 Purchases 7,00,000 Sales Return 36,000 Sales 18,00,000 Gas, Fuel and Power 75,000 Wages 2,06,000 Dock Charges 8,000 Carriage Inward 34,000 Factory Lighting 96,000 Carriage Outward 20,000 Office Lighting 5,000 Manufacturing Expenses 2,48,000 Closing Stock is valued at ₹ 6,00,000. ANSWER: Trading Account for the year ended March 31,2017 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 2,50,000 Sales 18,00,000 Purchases 7,00,000 Less : Sales Returns 36,000 17,64,000 Less : Purchases Returns 22,000 6,78,000 Closing Stock 6,00,000 Carriage Inward 34,000 Wages 2,06,000 Custom Duty 15,000 Gas, Fuel & Power 60,000 Dock Charges 8,000 Manufacturing Expenses 2,48,000 Factory Lighting 96,000