The accountant of Khurana ascertained the business profits; but due to his defective knowledge or otherwise a number of discrepancies have crept in the Trading and Profit and Loss Account prepared by him. You are requested to draft these accounts properly ascertaining the cost of goods produced. The accounts prepared by the accountant are as under:
Trading and Profit and Loss Account for the year ending on Mar 31, 2010
|
Pardettlars |
Rs. |
Rs |
Particulars |
Rs. |
Rs. |
|
|
. Purchases of |
|
|
By Lasrlear”s Balance |
|
21,550 |
|
|
Raw Materials |
67,475 |
|
By Operung Stock |
|
|
|
|
Add Returns las |
350 |
|
Raw Materials |
2000, |
|
|
|
Adel: CI.* Stock: |
67,825 |
|
Wark-m-Progress |
1,500 |
|
|
|
Raw 111alesials 6,075 |
|
|
n3119.110:I Stock |
2,050 |
5,550 |
|
|
W.I.P. 5,000 |
|
|
By Sales |
85,500 |
|
|
|
Finish…a& 6,850 |
|
|
Less: Rerun. Outwards |
425 |
85,075 |
|
|
To Wages Produchve |
17,925 |
85,750 |
By Carriage Outward |
525 |
|
|
|
To Factory Expenses |
|
10.000 |
Lam Canine Inuvara |
500 |
25 |
|
|
To Factory Expenses |
|
8200 |
By Szade Discount |
|
|
|
|
pant in Advance |
|
2.900 |
On Purchases |
1,500 |
|
|
|
To General Office Expmses |
|
1250 |
Less: Cash au…lowed |
|
|
|
|
|
3,000 |
By Net Lou |
50 |
1,450 |
||
|
To astributron Expenses |
||||||
|
. Sales Expenses |
3,500 |
|
|
|
|
|
|
Les, Purchase Expenses |
3,000 |
500 |
|
|
|
|
|
To Export Duty |
1,500 |
|
|
|
|
|
|
Les, Impart duty |
1,000 |
500 |
|
|
|
|
|
To Interest oar.. Loan |
|
3,000 |
|
|
|
|
|
To Deprecrahon on Plant |
|
2,500 |
|
|
|
|
|
To Deprecratran on |
|
|
|
|
|
|
|
Office Furruture |
|
250 |
|
|
|
|
|
|
|
1,18,350 |
|
|
1,18,3D0 |