In the Books of Moonlight Traders
Trading Account for the year ended 31.03.2024
Particulars Amount Particulars Amount
To Opening Stock (bal. fig.)
To Purchases (W.N. 2)
To Gross Profit
[12,50,000 x 25/125]
1,65,000
9,00,000
2,50,000
By Sales (W.N.1)
By Closing Stock
12,50,000
65,000
Total 13,15,000 Total 13,15,000
Profit and Loss Account for the year ended 31.03.2024
Particulars Amount Particulars Amount
To Discount
5,500
By Gross profit
2,50,000
To Salaries Expenses
To Office expenses (W.N.3)
To Selling expenses
To Interest on loan
(12% on 1,60,000)
To Loss on sale of machinery
[W.N. 4(c)]
To Depreciation:
Plant & Machinery
(W.N.4(b))
Office Equipment (W.N. 5)
To Net profit after tax
32,000
37,000
15,000
19,200
15,000
23,750
12,750
94,300
By Discount 4,500
Total 2,54,500 Total 2,54,500
Balance sheet as at 31.3.2024
Liabilities Amount Assets Amount
Capital (W.N. 6)
Add: Net Profit
Creditors for Purchases
(W.N. 8)
Outstanding expenses
Loan from FBI
8,95,500
94,300
1,05,500
15,000
1,00,000
Land
Plant and Machinery
(W.N. 4(a))
(3,30,000-21,750)
Office Equipment
(85,000-12,750)
Debtors
(W.N. 7)
Stock
Bank Balance (W.N. 9)
5,00,000
3,08,250
72,250
2,25,00
65,000
39,800
12,10,300 12,10,300
Working Notes:
1. Calculation of Total Sales
Amount
Cash Sales
Credit Sales (80% of total sales)
Cash Sales (20% of total sales)
Thus, Total Sales (2,50,000 X 100/20)
Credit Sales (12,50,000 X 80/100)
2,50,000
12,50,000
10,00,000
2. Calculation of Total Purchases
Amount
Credit Purchases
Cash Purchases (40% of total purchases)
Credit Purchases (60% of total purchases)
Thus, Total Purchases (5,40,000 X 100/60)
Cash Purchases (9,00,000 X 40/ 100)
5,40,000
9,00,000
3,60,000
3. Office Expenses Account
Particulars Amount Particulars Amount
To Bank A/c
To Balance c/ d
42,000
15,000
By Balance b/d
By Profit & loss A/ c (bal.
fig.)
20,000
37,000
Total 57,000 Total 57,000
4. (a) Plant and Machinery Account
Particulars Amount Particulars Amount
To Bal b/d
To Purchases (bal. fig.)
2,20,000
1,50,000
By Sale
By Bal c/ d
40,000
3,30,000
Total 3,70,000 Total 3,70,000
(b) Depreciation calculations on Plant & Machinery
Amount
Depreciation on
1,80,000 X 10% (for full year}
1,50,000 X 10% X 3/12 (for 3 months)
40,000 X 10% X 6/12 (for 6 months)
18,000
3,750
2,000
23,750
(c) Sale of Machinery Account
Particulars Amount Particulars Amount
To Plant & Machinery 40,000 By Depreciation
By Profit and Loss A/ c
By Bank
2,000
15,000
23,000
Total 40,000 Total 40,000
5. Depreciation calculations on Office Equipments
Amount
Opening Balance
Less: Closing Balance
Sale of Office Equipments
Balance of Office Equipments after sale
Depreciation @15%
1,05,000
(85,000)
20,000
85,000
12,750
6. Balance Sheet as on 31.03.2023
Particulars Amount Particulars Amount
Creditors
Creditor for Exp.
Loan
Capital (Bal. fig.)
95,000
20,000
1,60,000
8,95,500
Land
Plant & Machinery
Office Equipment
Debtors
Stock
5,00,000
2,20,000
1,05,000
1,55,500
1,65,000
Bank
25,000
Total 11,70,500 Total 11,70,500
7. Sundry Debtors A/ c
Particulars Amount Particulars Amount
To Balance b/d
To Sales
1,55,500
10,00,000
By Bank
By Discount
By BaL c/d
9,25,000
5,500
2,25,000
Total 11,55,500 Total 11,55,500
8. Sundry Creditors A/ c
Particulars Amount Particulars Amount
To Bank
To Discount
To BaL c/d
5,25,000
4,500
1,05,500
By Balance b/d
By Purchases
95,000
5,40,000
Total 6,35,000 Total 6,35,000
9. Bank Account
Particulars Amount Particulars Amount
To Balance b/d
To Debtors
To Cash Sales
To Sale of Machinery [W.N.
4(c)]
To Sale of equipment
25,000
9,25,000
2,50,000
23,000
20,000
By Creditors
By Office Expenses
By Salary Expense
By Selling Expenses
By Purchases (cash)
By Purchase of Machinery
By Bank Loan & Interest
By Balance c/d
5,25,000
42,000
32,000
15,000
3,60,000
1,50,000
79,200
39,800
Total 12,43,000 Total 12,43,000