Trial Balance as on March 31st, 2022

Particulars Dr. Cr.

Cash A/c 122927
Interest on Drawings A/c 6000
Furniture A/c 8000
Sales Promotion A/c 1770
Rebate Allowed A/c 700
Donation A/c 590
Cotton and Silk Co. A/c 23600
Discount Received A/c 1000
Purchases A/c 80500
Input IGST A/c 18388
Input SGST A/c 9765
Input CGST A/c 9765
Carriage Inwards A/c 100
Machinery A/c 114000
The Shirt Co A/c 61006
Sales A/c 113450
Output CGST A/c 4653
Output SGST A/c 4653
Loss of goods due to fire A 2360
Repairs to building A/c 2000
Drawings A/c 14720
The Sari Co. A/c 700
Output IGST A/c 11115
Stationary A/c 500
Bad Debts A/c 14573
Repairs A/c 2000
Miscellaneous Expenses A 500
Electricity Expenses A/c 1000
Rent A/c 17000
Salaries A/c 5700
Capital A/c 594000
Bank A/c 271307
759171 759171
1. Closing stock as on 31st March 2022 was Rs. 23000
2. Rent was prepaid by 7000
3. Unpaid salaries amounted to 300
4. Depreciation on looms and furniture at 5%
5. Goods costing Rs. 800 taken by Mihika for personal use, the cost of which has not been adjusted in the books of
Particulars Dr. Cr.
Prepaid Rent A/c Dr. 7000
To Rent A/c 7000
(Rent prepaid by 7000)

Salaries A/c Dr. 300

To Outstanding Salaries A/c 300
(Salaries Outstanding by 300)

Depreciation A/c Dr. 5700

To Machinery A/c 5700
( Depcreciation on Machinery @ 5%)

Depreciation A/c Dr 400

To Furniture A/c 400
( Depreciation on Furniture @ 5%)

Profit and Loss A/c Dr. 6100

To Depreciation A/c 6100
( Depreciation taken to Profit and Loss A/c)

Capital A/c Dr. 800

To Purchases A/c 800
( Drawings of 800 from purchases taken by Mihika for personal use)

Closing Stock A/c Dr. 23000

To Trading A/c 23000
(Closing Stock brought into books)
adjusted in the books of accounts
 IGST CGST SGST
Output GST -11115 -4653 -4653
(Input GST) 18388
Balance 7273 -4653 -4653
-4653 7273
Balance 2620 - -4653
2620
Balance -2033
(Input GST) 9765 9765
Balance 9765 Dr. 7732 Dr.

Particulars Dr. Cr.

Output IGST A/c Dr. 11115
Output SGST A/c Dr. 4653
Output CGST A/c 4653
To Input IGST A/c 18388
To Input SGST A/c 2033
(Input GST set- off against Output GST)
Date Particulars Debit Credit
Trading A/c Dr. 79800
To Purchases A/c 79700
To Carriage Inwards A/c 100
(Transfer of accounts to the debit side of the Trading A/c)

Sales A/c Dr. 113450

Drawings A/c Dr. 800
To Trading A/c 114250
( Transfer of accounts to the credit side of Trading A/c)

Trading A/c 56650

To Profit and Loss A/c 56650
(Gross profit transferred to profit and loss account)

Profit and Loss A/c Dr. 48093

To Sales Promotion A/c 1770
To Donation A/c 590
To Depreciation A/c 6100
To Loss of goods due to fire A/c 2360
To repairs for building A/c 2000
To stationary A/c 500
To bad debts A/c 14573
To Miscellaneous Expenses A/c 500
To Electricity Expenses A/c 1000
To Rent A/c 10000
To Salaries A/c 6000
To Repairs A/c 2000
To Rebate Allowed A/c 700
(Indirect expenses transferred to the debit of profit and loss account)

Interest on drawings A/c Dr. 6000

Discount Received A/c Dr. 1000
To Profit and Loss A/c 7000
(Incomes transferred to the credit of profit and loss account)

Profit and Loss A/c Dr. 15557

To Capital A/c 15557
( Transfer of net profit to capital A/c)
PROFIT AND LOSS ACCOUNTS AND P&L ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2022
Particulars Amount Amount Particulars Amount
To Purchases 80500
Less: Drawings -800 79,700 To Sales
To
To Carriage Inwards
gross profit c/d 100 To Closing Stock
( transferred to P&L A/c) 56650
136450

To Rebate Allowed 700

To Sales Promotion 1770 By gross profit b/d
To Depreciation 6100 By Interest on Drawings
To Donation 590 By Discount Received
To Loss of goods due to fire 2360
To Repairs to building 2000
To Stationary 500
To bad debts 14573
To Repairs 2000
To Miscellaneous Expenses 500
To Electricity Expenses 1000
To Rent 17000
Less: Prepaid Rent -7000 10000
To Salaries 5700
Add: Outstanding Salarie -300 6000
To net profit b/d ( transferred to capital 15557
63650
ED 31ST MARCH 2022 BALANCE SHEET AS AT 31ST MARCH 2022
Amount Particulars Amount Amount Particulars Amount
Capital 594000 Furniture 8000
113450 Less: Drawing -800 Less: Depreciatio -400
23000 Less: Drawing -14720 Machinery A/c 114000
Add: Net profit 15557 594037 Less: Depreciatio -5700
136450 Outstanding Salaries 300 Debtors
Creditors 24300
Prepaid Rent
56650 Input CGST
6000 Input SGST
1000 Closing stock
Cash in Hand
Cash at Bank
618637

63650
ARCH 2022
Amount

7600

108300
61006

7000
9765
7732
23000
122927
271307
618637