(Transfer Entries). Give the Journal entries for the following:
(i) Gross Profit of Rs. 32,000 from Trading Account to Profit and Loss Account.
(ii) Net Profit of Rs. 14,500 to Capital Account of Sri Sankar Saha.
(iii) Sri Sankar Saha draws Rs. 10,000 from his Capital Account.
(iv) Purchases Return of Rs. 7,000 Plus IGST @ 12%.
(v) Sales Return of Rs. 6,000 plus CGST and SGST @ 6% each.

From the following balances, prepare Trading and Profit and Loss Account and Balance Sheet : Closing Stock was valued at Rs 30,000

Pass necessary Journal entries to rectify the following errors: (i) A credit sale of Rs. 1,700 to Krishan was posted to Krishan's Account. A cash sale of Rs. 1,700 to Meena was posted to the credit of Meena. (iii) A credit sale of old furniture to Prem for Rs. 1,700 was credited to the Sale Account. (iv) A credit sale of old furniture to Rohan for Rs. 1,700 was posted as Rs. 7,100. (v) A cheque for Rs. 640 received from Guru was dishonoured and was posted to the debit of Sales Return Account. (vi) An amount of Rs. 2,860 due from Prassed, written off as bad in previous year, was recovered and credited to his personal account. (vii) A discounted bill of exchange receivable for Rs. 8,000 returned by the firm's bank had been credited to the Bank Account and debited to Bills Receivable Account. (viii) Rs. 10,000 paid for the electricity bill of the proprietor's residence was debited to Electricity Expenses Account. (ix) An amount of RS. 7,500 withdrawn from bank by the proprietor for his personal use was debited to Purchases Account. (x) An amount of Rs. 15,000 withdrawn from bank by the proprietor for office use was debited to Drawings Account. (xi) Rs. 8,000 salary paid to Varun, an employes, debited to his personal account.

From the following balances prepare Trading and Profit and Loss Account and the Balance Sheet: Closing Stock was of Rs 70,000 but its net realisable value estimated at Rs 60,000

Pass the Journal entries rectifying the following errors: (i) Purchases of Rs. 10,000 was omitted to be recorded. (ii) Purchases of office furniture of Rs. 10,000 was recorded in Purchases Book. (iii) Office Rent of Rs. 15,000 was debited to the Personal Account of the landlord. (iv) Old machine sold for Rs. 5,000 was credited to Sales Account. (v) Bill for Rs. 800 received from Mukesh for repair of machinery was entered in the Purchases Book as Rs. 700.

According to Profit and Loss Account, the net profit for the year is Rs.1,50,000. The total interest on partner's capital is Rs.18,000 and interest on partner's drawings is Rs.2,000. The net profit as per Profit and Loss Appropriation Account will be :