Question
From the following figures prepare Trading and Profit and Loss Account of Lakshmi & Co. for the year ended December 31, 2023.
| Rs. | |
| Stock on January 1, 2023 | 40,000 |
| Purchases | 98,000 |
| Commission Received Rent | 650 |
| Rates and Taxes | 8,600 |
| Salaries & Wages | 12,000 |
| Sales | 1,62,100 |
| Returns Inwards | 2,400 |
| Returns Outwards | 3,000 |
| Sundry Expenses | 2,500 |
| Bank Charges | 50 |
| Discount Received | 750 |
| Carriage on Purchases | 2,000 |
| Discount Allowed | 530 |
| Carriage on Sales | 1,700 |
| Lighting and Heating | 2,200 |
| Postage | 300 |
| Income from Investments | 500 |
| Commission Paid | 1,000 |
| Interest paid on a bank | 550 |
The stock on December 31, 2023 was valued at Rs. 26,000
Answer :
Word Count : 697
Let's solve this step by step manually to prepare the Trading Account and Profit & Loss Account of Lakshmi & Co. for the year ended December 31, 2023. --- ### Step 1: Adjust Purchases and Sales 1. Net Purchases = Purchases – Returns Outwards + Carriage on Purchases $$ \text{Net Purchases} = 98,000 - 3,000 + 2,000 = 97,000 $$ 2. Net Sales = Sales – Returns Inwards $$ \text{Net Sales} = 1,62,100 - 2,400 = 1,59,700 $$ --- ### Step 2: Trading Account Trading Account for the year ended 31.12.2023 | Particulars | Rs. | Particulars | Rs. | | ---------------------------- | ------ | -------------------- | -------- | | To Opening Stock | 40,000 | By Sales (Net) | 1,59,700 | | To Purchases (Net) | 97,000 | By Closing Stock | 26,000 | | To Carriage on Purchases | 2,000 | | | | To Gross Profit c/d | ? | | | | Total | ? | Total | ? | Step 2a: Total of Debit side $$ 40,000 + 97,000 _______ __________ _________ ___ _________ ___ _______ ____ ___ _________.
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Let's solve this step by step manually to prepare the Trading Account and Profit & Loss Account of Lakshmi & Co. for the year ended December 31, 2023. --- ### Step 1: Adjust Purchases and Sales 1. Net Purchases = Purchases – Returns Outwards + Carriage on Purchases $$ \text{Net Purchases} = 98,000 - 3,000 + 2,000 = 97,000 $$ 2. Net Sales = Sales – Returns Inwards $$ \text{Net Sales} = 1,62,100 - 2,400 = 1,59,700 $$ --- ### Step 2: Trading Account Trading Account for the year ended 31.12.2023 | Particulars | Rs. | Particulars | Rs. | | ---------------------------- | ------ | -------------------- | -------- | | To Opening Stock | 40,000 | By Sales (Net) | 1,59,700 | | To Purchases (Net) | 97,000 | By Closing Stock | 26,000 | | To Carriage on Purchases | 2,000 | | | | To Gross Profit c/d | ? | | | | Total | ? | Total | ? | Step 2a: Total of Debit side $$ 40,000 + 97,000 _______ __________ _________ ___ _________ ___ _______ ____ ___ _________.
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