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  • Trading and Profit & Loss A/C: Liabilities Amt Assets Amt

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    The document summarizes the trading and profit & loss account and balance sheet of a company for the period from January 2003 to December 2003. It shows purchases, sales, expenses, closing stock, net profit, assets like cash, inventory, machinery, patent, and liabilities like capital and net profit. The income statement shows revenue from sales of Rs. 754,500 and net profit of Rs. 98,750 after accounting for all expenses like cost of goods, manufacturing, corporate, interest etc. The balance sheet matches total assets with total liabilities and equity.

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    Chemalite final3

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    The document summarizes the trading and profit & loss account and balance sheet of a company for the period from January 2003 to December 2003. It shows purchases, sales, expenses, closing stock, net profit, assets like cash, inventory, machinery, patent, and liabilities like capital and net profit. The income statement shows revenue from sales of Rs. 754,500 and net profit of Rs. 98,750 after accounting for all expenses like cost of goods, manufacturing, corporate, interest etc. The balance sheet matches total assets with total liabilities and equity.

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    11 views6 pages

    Trading and Profit & Loss A/C: Liabilities Amt Assets Amt

    Uploaded by

    shubho karr
    The document summarizes the trading and profit & loss account and balance sheet of a company for the period from January 2003 to December 2003. It shows purchases, sales, expenses, closing stock, net profit, assets like cash, inventory, machinery, patent, and liabilities like capital and net profit. The income statement shows revenue from sales of Rs. 754,500 and net profit of Rs. 98,750 after accounting for all expenses like cost of goods, manufacturing, corporate, interest etc. The balance sheet matches total assets with total liabilities and equity.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 6

    Trading and profit & loss A/C

    Dr. Cr.
    Particulars Amt Particulars Amt
    Opening Inventory - Sales 754,500
    Purchases 250,000 Closing Stock 55,000
    Wages & overhead 350,000
    Gross Profit(operating profit) 209,500
    809,500 809,500

    Corporate Expenses 80,000 Gross Profit 209,500


    Advertisement 22,500
    Legal Fee 7,500
    Interest on loan 750
    Net Profit 98,750
    209,500 209,500

    Balance Sheet

    Liabilities Amt Assets Amt


    Capital 375,000 Machinery 212,500
    Net Profit 98,750 Bank Balance 113,000
    A/R 69,500
    Closing stock 55,000
    Prototype 23,750

    473,750 473,750
    (cost of goods)-(closing stock)=cost of goods sold
    cost of goods

    Total Fixed Asset


    Profit
    Closing Stock

    Patent money is expected to come


    Prototype value is expected to grow
    Machine will last for 10 years
    Order for the olympic games have already been placed

    a=l+e
    236,250 262,000
    98,750
    55,000
    390,000

    90,000
    Asset
    Date Trasaction details
    Cash Patent Machinery Inventory
    January 2, 2003 Capital Received 375,000
    January 2, 2003 Patent Puchased 125,000
    January 15, 2003 Legal Fee and Others -7,500
    June 15, 2003 Building Machinery -62,500 62,500
    June 24, 2003 Raw material -75,000 75,000
    230,000 125,000 62,500 75,000
    July 30, 2003 Prototype dev fee -23,750
    July-Dec, 2003 Product sold and A/R 685,000
    July-Dec, 2003 Raw Material -175,000 175,000
    July-Dec, 2003 Advertising -22,500
    July-Dec, 2003 Direct Exp. -350,000
    July-Dec, 2003 Corporate Exp. -80,000
    July-Dec, 2003 Machinery -150,000 150,000
    July-Dec, 2003 Interest Paid -750
    Depriciation -10,625
    Amortization -25,000
    113,000 100,000 201,875 55,000
    Balance Sheet as of June, 2003
    Liability+Equity Assets
    A/R Retained Earning Equity Cash
    375,000 Inventory
    125,000 Machine
    -7,500 Patent
    Legal Fee

    - -7,500 500,000
    -23,750
    69,500 559,500

    -22,500
    -350,000
    -80,000

    -750
    -10,625
    -25,000
    69,500 39,375 500,000
    539,375 539,375 Balance Sheet as of Dec 31, 2003
    Assets
    Cash
    A/R
    Inventory
    Total Current Asset
    Machinery
    Patent
    as of June, 2003
    sets L+E Income Statement as per June 30, 2003
    230,000 500,000 Sales 0
    75,000 Expense 0
    62,500 Net Income 0
    125,000
    7,500
    500,000 500,000

    Income Statement
    Product Sold 754,500
    Cost of Goods Sold 195,000
    Net Income 559,500

    Dec 31, 2003


    sets L+E Income Statement
    113,000 Commonstock 500,000 Revenue Sales 754500
    69,500 Retained Earning 39,375 Advertising 22500
    55,000 Mfg 350000
    237,500 Corporate 80000
    201,875 Interest 750
    100,000 Materials 195000
    539,375 539,375 Prototype 23750
    Legal 7500

    Depriciation 1065
    Amortization 25000

    Net Profit 1460065

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