Page 53 - VIRANSH COACHING CLASSES

IN THE BOOKS OF NENE AND KANE
TRADING AND PROFIT AND LOSS ACCOUNT
st
For the year ended 31 March, 2019
Dr Cr
Particulars Amount Amount Particulars Amount Amount
` ` ` `
To Opening Stock 5,35,500 By Sales 8,40,500
To Purchases 6,40,500 Less : Returns 5,500 8,35,000
Less - Returns 3,500 6,37,000 By Goods 6,000
To Wages 10,000 Withdraw by
Add : Outstanding Wages 3,000 13,000 Kane for Personal
To Gross Profit c/d 15,500 Use

By Closing Stock 3,60,000

12,01,000 12,01,000

To Salaries 50,000 By Gross Profit b/d 15,500
Add : Outstanding 2,000 52,000 By Discount 950
To Depreciation on 18,500 By Net Loss
Motor Vehicle (Transferred to Capital A/c)

To Bad debts (Old) 3,350 Nene 1,28,250
Add : Bad-debts(New) 5,000 Kane 85,500 2,13,750
Add :New R.D.D. 22,250
30,600
Less : R.D.D. (Old) 3,700 26,900
To Rent 10,000

Add : Outstanding Rent 2,000 12,000
To Discount 800
To Office Expenses 20,000
To Providend Fund
Contribution 1,00,000
2,30,200 2,30,200

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