Question

The following information below appeared in the books of C. Jones as at 31 March 2013 Sales 200,500 Purchases 120,800 Salaries 58,600 Motor expenses 2,400 Rent 1,900 Insurance 300 General Expenses 170 Building 95,600 Motor Vehicles 17,200 Accounts receivables 26,800 Accounts payables 17,600 Cash at bank 16,400

Answer 1

In the Books of C. Jones
Trading and Profit & Loss Account
for the year ending on March 31, 2013
Particulars	Amount	Particulars	Amount
To Purchases	$ 120,800.00	By Sales	$ 200,500.00
To Gross Profit	$    95,300.00	By Closing Inventory	$    15,600.00
	$ 216,100.00		$ 216,100.00
To Salaries	$    58,600.00	By Gross Profit	$    95,300.00
To Motor Expenses	$      2,400.00
To Rent	$      1,900.00
To Insurance	$          300.00
To General Expenses	$          170.00
To Net Profit	$    31,930.00
	$    95,300.00		$    95,300.00
Balance Sheet
as on March 31, 2013
Liabilities	Amount	Assets	Amount
Capital		Fixed Assets
Closing Capital	$ 131,070.00	Building	$    95,600.00
Add Net Profit	$    31,930.00	Motor Vehicles	$    17,200.00
Less: Drawings	$    (8,400.00)
	$ 154,600.00	Current Assets
		Accounts Receivables	$    26,800.00
Current Liabilities		Cash at Bank	$    16,400.00
Accounts Payable	$    17,600.00	Cash in Hand	$          600.00
		Inventory	$    15,600.00
Total	$ 172,200.00	Total	$ 172,200.00

Note: All the information as stated in the question is as on March 31st, 2013 and has been considered the same. Though the Inventory note is as on 31st December, 2013 but it is been considered as on March 31st, 2013.