BG

SURYA MEDICAL Sheet and Profit and Loss Account a nd their Aoafys;,•
EQUIPM~NTS
j C
.
struct,on
f Balance
°
on .
M edical Equipme . m
nts given in the exerc ises . t h e Ias t chapter. For yo ur ready re ference, the trial baiar~
Refer to the· case of_Surya
_ c y is reproduce d b low
e
of the f,nn as on 30 04 20
r- SURYA MEDICAL EQUIPMENTS
' Trial Balance As On 30-04-20CY
Amount m
Account Heads
Debit
creuit
Cash 50,000
Ashish Agarwal's Capital
10,0~
I
-
Axis Bank CIA
22 ,27,500 -.....
Furniture ----...
55,000
Purchases
8,82,000 ----...
Tomron Healthcare Company ltd.: Creditors
Shubham Medical Store: Debtors 1.82,~
-
2,29,000
Sales
Sales Return 10,89,~
60,000
Purchase Return
-- -- - -- ,__.,

----------===-
Cash Dis count Earned
Cash Discount Allowed
-- - - ---- - - ,-
'
-
50,~
. 6,50)
Salaries

Axis Bank Loan Account: Unsecured . Short term.

Drawings
~--~-
- -.
8, Q(JQ
s.oao
12.00,00)
Total 8,000
35,27,500 35,27,500
Ashish Agrawal now wants to know
with the following requirements. as to where his firm stands after one month of ru nning. Help him . Towa rds th is purpose, comp~

Requirements:
l. Analysis of the trial balancP as already prepared.
2. Make following adjustments:

. Depreciation on furniture @ l 0% pa.

Closing inventory amounting to ~75,000 .
3. Construction of the balance sheet.
4. Construction of the profit and loss acco1111t.
5. Brier analysis of the financial statements.
 .

AMAN H0!-1E PRODUCTS _

j!jl construction of Balance Sheet and Profit and Loss Account and their Analysis
the case of Aman Hd'me Products given in the exercises in the last chapter. For your ready reference, the trial balance of the
Refer to _04.20CY is reproduced below.
firTJl as on 30
I

AMAN HOME PRODUCTS

Trial Balance As On 30-04-20CY

Account Heads Amountm

Debit Credit

cash 45,000
sachdeva's Capital 12,00,000
I Aman

purchases 24,30,000
Sales ' 27,00,000
.,
IC/Cl bank Cl A 12,27,000
G,AMSONG Co.: Creditors 1,50,000
Bhaskar Traders: Debtors 2, 60,000
~/ling Commission 73,000
)ffice Rent . 15,000
'otal 40,50,000 40,50,000

nan now wants to know as to where his firm stands after one month of running. Help him. Towards this purpose, comply with the
lowing requirements.
quirements:
1. Analysis of the trial balance as already prepared.
2. Make adjustment for closing inventory amounting to tS0,000.
3. Construction of the balance sheet.
4. Construction of the profit and loss account.
l. Brief analysis of the financial statements.
 . process for partnership fi
Partnership firms As mentioned in the last chapter the accountm~tal and drawings accoun:~ ~
exactly the same as for proprietorships. Only difference is th at the caps~erred to their respective 8 ~ t
to be opened separately for each partner and pro f I·t11oss has to be·ttrane centre, given
. . the last c1..
m ca"·~1¼1
• D
accounts. In the illustration on partnership, K. K. esign· er Fum• ur · · ••all!.
Th 1-iiustration continues m this c1.. ""I
· J balanceh · efit and Joss account an d the bat ••all!.

'.
you had completed the accounting process up to tna . ' "I
•
as well to complete the accounting process Y Pb repanng t e pro an.'"'
sheet of the firm .

m
·Nl;UR~ CENTRE
. K. K, OESIGf\lER FUR
· Loss Ac count
Balance Sheet and Profit and

· "· " .. fi. • •s reprodu~~ .here from the last cha.,.••

drawing the financial statements, th,e
~ tril'
n e_!!•!:!:rm~•~~~=-----....c.:..:::.:.::!'..,·
aaJ-l·l)ba!!'l~an~c~e~o~f t!!'.h!!
1For the purpose o1

-----
K.K. DESIGNER FURNITURE CENTRE
Trial Balance as on 30-04-20CY
Amount It)

-
., LF.
Account Heads
Dr Cr
1 50,000
Cash
2 4,0()~
Kartik's capital: 50% .. •
3 4,00,0l)j
Kushik's capital: 50%
4 17,81 ,000
Yes Bank current account
5 45,000
Furniture '
6 7,03,250
Purchases
United Furniture Industries Ltd. (Creditors) · 7 63,250
Arpita Public School (Debtors) 8 1,32,000
Sales 9 8,82,000
10 50,000
Sales return
Purchase return • ,. . ·•·: . , ... 11 - 40,000
Cash discount received
'"/.
·{;;;·. . •,

,,. ; .. 12 9,000
Cash discount allowed •;. 1:. ,,;,· .,. ·, ,/ ,,2t ,·.• 13 7,000
,, ,,.
.. ,. ,.,.,,
6,000
Salaries
Yes bank loan account (Unsecured,,Curr'ent1
" ·,' l'j~; ) >
.. 14
15 ·
Kartik's drawings ..
, •., •. ·,s! • •~. 16 10,000
10,00,000
,
o/
,
, l
Kushik's drawings
' .1', , '.,,;" , .. '',' f 17 10,000
.. i: ·,:· :'-, "f23 ,, , V Total 27,94,250 27,94,250

Further, the following adjustments have to be made:

I. Closing inventory as on 30-04-20CY amounts to t22,000.
2. Depreciation has to be provided on furniture @ I 0% pa for full month of April.
3. Salary offl5,000 is payable to Kartik as on 30-04-20CY.
4. The firm is liable to pay income tax @ 30%.