AccountancyCLASS 11CBSE
answered 23 Jun 2026The following is the Trial balance of C.Wanchoo on 31st March, 2007. Pass the closing entries and prepared the Trading and Profit and Loss Accounts for the year ending 31st March, 2007. Trial Balance As at 31st March, 2007 Particulars | Dr. Amount | Cr.Amount Capital A/c / Stock A/c (1st April 2006) / Cash at Bank / Cash in Hand / Machinery A/c / Furniture and fittings A/c / Purchases A/c / Wages A/c / Fuel and Power A/c / Factory Lighting A/c / Salaries A/c / Discount allowed A/c / Discount Received A/c / Advertising A/c / Sundry Office expenses A/c / Sales A/c / Sums owing by Customers (Sundry Debtors) / Sundry Creditprs (sum owing to Suppliers) | / 2,000 / 1,000 / 440 / 6,000 / 1,360 / 15,000 / 10,000 / 3,000 / 200 / 7,000 / 500 / / 5,000 / 4,000 / / 8,500 | 10,000 / / / / / / / / / / / / 300 / / / 50,000 / / 3,700 | 64,000 | 64,000 Value of Closing Stock as at 31st March, 2007 was Rs.2,700
A.VERIFIED ANSWERfact-checked by tutors
Closing Entries
| Date | Particulars | L.F | Dr. Amt | Cr.Amt |
| 2007 Mar.31 | Trading A/c Dr. To Stock A/c To Purchase A/c To Wages A/c To Fuel and Power A/c To Factory lighting A/c (Being the account in the Trial Balance which have to be transferred to the Trading A/c, Debit side) | 30,200 | 2,000 15,000 10,000 3,000 200 | |
| Mar.31 | Sales A/c Dr. To Trading A/c (Being the amount of sales trans. To the credit of the Trading Account) | 50,000 | 50,000 | |
| Mar.31 | Stock(Closing) A/c Dr. To Trading A/c (Being the value of stock on hand on 31st March, 2007) | 2,700 | 2,700 | |
| Mar.31 | Trading A/c Dr. To P&L a/c (Being the transfer of gross profit) | 22,500 | 22,500 | |
| Mar.31 | Profit and Loss A/c Dr. To Discount allowed To Salaries A/c To Advertising A/c To Sundry office expenses A/c (Being the sredit balance of discount received trans.. to the profit and loss A/c) | 16,500 | 500 7,000 5,000 4,000 | |
| Mar.31 | Discount Received A/c Dr. To Profit & Loss A/c (Being the credit balance of discount received trans.. to the P&L A/c) | 300 | 300 | |
| Mar.31 | Profit & Loss A/c Dr. To Capital A/c (Bieng the trans.. of Net Profit to the Capital Account) | 6,300 | 6,300 |
C.Wanchoo
TRADING ACCOUNT
Fro the year ended March 31,2007
| Particulars | Amt | Particulars | Amt |
| To Stock To Purchases To Wages To Fuel and Power To Factory Lighting To Gross Profit Trans.. to P&L A/c | 2,000 15,000 10,000 3,000 200 22,500 | By Sales By Closing Stock | 50,000 2,700 |
| 52,700 | 52,700 |
PROFIT AND LOSS ACCOUNT
For the year ended March 31,2007
| Particulars | Amt | Particulars | Amt |
| To Salaries To Discount To Advertising To Sundry Office Expenses To net Profit trans.. to capital A/c | 7,000 500 5,000 4,000 6,300 | By Gross Profit form Trading A/c By Discount Received | 22,500 300 |
| 22,800 | 22,800 |