Answer :
To prepare the trading account and the profit and loss account for Unique Tailoring Center as on 30 Chaitra, 2078, we must systematically account for all revenues and expenses.
### Trading Account
The trading account is prepared to find the gross profit or gross loss incurred by the business.
#### Trading Account for the period ending 30 Chaitra, 2078
Dr (Debit Side)
| Particulars | Amount (Rs.) |
|---------------------|--------------|
| Purchases | 516,000 |
Cr (Credit Side)
| Particulars | Amount (Rs.) |
|--------------|--------------|
| Sales | 600,000 |
Calculation:
Gross Profit = Sales - Purchases
= 600,000 - 516,000
= 84,000
So, the Gross Profit is Rs. 84,000.
### Profit and Loss Account
The profit and loss account is prepared to find the net profit or net loss by considering all indirect revenues and expenses.
#### Profit and Loss Account for the period ending 30 Chaitra, 2078
Dr (Debit Side)
| Particulars | Amount (Rs.) |
|----------------------------------|--------------|
| Salary and Wages | 31,500 |
| Publicity Expenses | 10,500 |
| Prepaid Insurance (expired) | 4,500 |
| Bad Debt | 10,000 |
Cr (Credit Side)
| Particulars | Amount (Rs.) |
|-----------------------------------------|--------------|
| Gross Profit (transferred from trading) | 84,000 |
| Rent Received | 30,000 |
| Rent Receivable | 51,000 |
| Commission Earned | 8,000 |
Calculation:
Total Revenue = Gross Profit + Rent Received + Rent Receivable + Commission Earned
= 84,000 + 30,000 + 51,000 + 8,000
= 173,000
Total Expenses = Salary and Wages + Publicity Expenses + Prepaid Insurance (expired) + Bad Debt
= 31,500 + 10,500 + 4,500 + 10,000
= 56,500
Net Profit = Total Revenue - Total Expenses
= 173,000 - 56,500
= 116,500
Therefore, the Net Profit is Rs. 116,500.
### Summary:
- Gross Profit: Rs. 84,000
- Net Profit: Rs. 116,500
The Trading Account and the Profit and Loss Account for Unique Tailoring Center are prepared accordingly, and it shows a Gross Profit of Rs. 84,000 and a Net Profit of Rs. 116,500.
### Trading Account
The trading account is prepared to find the gross profit or gross loss incurred by the business.
#### Trading Account for the period ending 30 Chaitra, 2078
Dr (Debit Side)
| Particulars | Amount (Rs.) |
|---------------------|--------------|
| Purchases | 516,000 |
Cr (Credit Side)
| Particulars | Amount (Rs.) |
|--------------|--------------|
| Sales | 600,000 |
Calculation:
Gross Profit = Sales - Purchases
= 600,000 - 516,000
= 84,000
So, the Gross Profit is Rs. 84,000.
### Profit and Loss Account
The profit and loss account is prepared to find the net profit or net loss by considering all indirect revenues and expenses.
#### Profit and Loss Account for the period ending 30 Chaitra, 2078
Dr (Debit Side)
| Particulars | Amount (Rs.) |
|----------------------------------|--------------|
| Salary and Wages | 31,500 |
| Publicity Expenses | 10,500 |
| Prepaid Insurance (expired) | 4,500 |
| Bad Debt | 10,000 |
Cr (Credit Side)
| Particulars | Amount (Rs.) |
|-----------------------------------------|--------------|
| Gross Profit (transferred from trading) | 84,000 |
| Rent Received | 30,000 |
| Rent Receivable | 51,000 |
| Commission Earned | 8,000 |
Calculation:
Total Revenue = Gross Profit + Rent Received + Rent Receivable + Commission Earned
= 84,000 + 30,000 + 51,000 + 8,000
= 173,000
Total Expenses = Salary and Wages + Publicity Expenses + Prepaid Insurance (expired) + Bad Debt
= 31,500 + 10,500 + 4,500 + 10,000
= 56,500
Net Profit = Total Revenue - Total Expenses
= 173,000 - 56,500
= 116,500
Therefore, the Net Profit is Rs. 116,500.
### Summary:
- Gross Profit: Rs. 84,000
- Net Profit: Rs. 116,500
The Trading Account and the Profit and Loss Account for Unique Tailoring Center are prepared accordingly, and it shows a Gross Profit of Rs. 84,000 and a Net Profit of Rs. 116,500.
