Prepare the statement of profit and loss and statement of changes in equity. The Ledger, Journal entries have been attached.

The Tambani Store Mr and Mrs Tambani have two children, both of which have completed their studies and have gone The Tambanis took a loan of Rs 50000 from their elder son at 10% interest rate p.a. to buy a computer to different cities for their respective jobs. Mr Tambani had retired from his government service last for Rs. 25000 and also bought an ERP software for Rs 15000. They also bought furniture for the month. Now he gets a pension of Rs 20000 per month. They live in a small house that belongs to them The Tambanis were confident of improving their sales in the coming months as the customers were computer and a chair for Rs 10000. Holi was round the corner and it was imperative to keep colours but is in need for some annual repairs. There is quite some unbuilt area around their house. Both of happy. They entered into an agreement with KR bakery and AK Stores, a wholesale fruits and vegetable and sweets. There were plenty of other requirements that the customers were communicating. Mr them have a small land which was being used for agriculture and generating a small income till a few vendor for supplying on credit. During March they purchased Rs 160000 worth of goods of which Rs Tambani was completely involved with ensuring that these requirements were fulfilled at reasonable years earlier. 40000 were on credit (Rs. 20000 from KR Bakery and remaining from AK Stores). They sold Rs 200000 price. This required him to spend a lot of time in the market doing research on the availability, quality As the Tambanis sit and take a look at their finances, they realise that there is a need for a steady worth of goods costing Rs 150000, of which Rs 50000 were on credit as the customers started keeping and pricing of the products. The footfalls to the store had increased manifold and there was less time an account with the store. During the month, the Tambanis collected Rs 20000 from customers, paid available to focus on management. Mr Ramu was also completely occupied and the Tambanis felt the income. However, they are too old to work on the agriculture land. After several deliberations, they Rs 10000 to KR Bakery and Rs 10000 to AK Stores. Customers returned goods worth Rs 10000 costing need to call at least one of the sons to join them. Both Mr and Mr Tambani also want to draw a monthly finally come to the conclusion that they can possibly start a small general store in front of their house. Rs 8000. These were credit sales. There was a pilferage of Rs 15000. On April 12th, they received salary from the company. They have Rs 50000 in hand. So on Jan 1, 2021, they decide to go forward with their plans. Each of them buy 2500 shares of Rs 10 each for a total sum of Rs. 50000. They build a small enclosure in front telephone and electricity bills of Rs 600 which they paid for on April 15th. During April, the inventory purchased were worth Rs 500000. The details are as under: of their house for Rs. 20000 and buy some racks and desks for Rs 10000. They also buy goods worth As the scale of operations increased, the Tambanis found it difficult to find space for the materials. Vendor Total Amount Cash Credit Rs 15000 to fill up those racks. They spend Rs 1000 on the printing and distribution of pamphlets They had to go for an extension of the store which cost them Rs 50000. They had to take a loan from KR Bakery 200000 200000 announcing the opening of their store. Finally, they inaugurate their small store on Feb 1, 2021. the local bank for Rs 30000 to pay for this extension. The loan was taken on April 1st. The interest rate A K Stores 200000 50000 150000 They keep the record of all the purchases in a register with the quantity and amount. They also arrange demands went up, Mr Tambani had to go out for purchase more often and Mrs Tambani found it for the loan was 12% p.a. Till now, the couple was managing the store on their own. As the customers' Others 100000 100000 all the goods according to their category in the racks. Since the Tambanis were busy earlier, they are difficult to manage the store alone. On 1st April, she hired a security cum salesman Mr Ramu for not in close contact with many people. However, they are a very friendly and kind couple. Their customers love them. The Tambanis are very particular about keeping good quality products. They recording the purchases was not enough now as it was difficult to keep track of the inventory at any assistance at a monthly salary of Rs 10000 to be paid at the end of every month. The register kept for As the inventory increased, the risk of loss also increased. So the Tambanis took a fire insurance for one year at a premium of Rs 1200. During the month the sales were as under: also render good advice to the customers on the choice of products. During February month, they are Customer Total Amount Cash Credit not able to attract many customers. During the month of February, they purchased an additional point in time just by looking at the store. Also, since there was now an outsider involved, it was all the more important to keep proper internal control. inventory of Rs 60000. Since some inventory is perishable, they are forced to throw away spoiled KJ Stores 300000 100000 200000 200000 PJ Stores 300000 100000 200000 200000 products costing Rs. 9000. As the sales were very slow to pick up they were able to sell only goods Others 150000 150000 costing Rs. 50000 for Rs. 70000. Some customers returned goods worth Rs 4000 costing Rs 3500. On March 12th, they received telephone and electricity bills of Rs 500 which they paid for on March 15th. Cost 100000 Loss due to pilferage was Rs 20000. Customers returned goods. The details are: Customer Total Amount Cost KJ Stores 10000 8000 PJ Stores 10000 6000 Others 2000 1500 Telephone and electricity bill received Rs 700. At the end of April, 2021 the Tambanis decided to analyse the performance of the business; and the possibility of drawing salary and calling their son to join the business. Date Particulars 01-01-2021 To Share Capital 30-03-2021 To Sales 30-03-2021 To Accounts Receivab 30-04-2021 To Sales Bank A/C Amount Date Particulars 50,000 01-01-2021 By Building 1,50,000 01-01-2021 By Machinery 20,000 01-01-2021 By Purchases 3,50,000 01-01-2021 By Expenses 15-03-2021 By Expenses Payable 30-03-2021 By KR Bakery 30-03-2021 By AK Stores 15-04-2021 By Expenses Payable 15-04-2021 By Insurance Premium 30-04-2021 By sales 15-05-2021 By Balance C/ 5,70,000 Amount 20,000 10,000 15,000 1,000 500 10,000 10,000 600 1,200 2,000 4,99,700 5,70,000 Date Particulars 01-02-2021 To Accounts Payable 30-03-2021 To KR Bakery 30-03-2021 TO AK Stores Purchases A/C Amount Date Particulars 60,000 28-02-2021 By Write off 20,000 30-03-2021 By Write off 1,40,000 30-04-2021 By Write off 15-05-2021 By balance c/f 2,20,000 Amount 1,000 15,000 20,000 1,84,000 2,20,000 Date Particulars 15-05-2021 To Balance C/f Other Accounts Payable A/C Amount Date Particulars 60,000 01-02-2021 By Purchases 60,000 Amount 60,000 60,000 Date Particulars 30-03-2021 To Bank 15-05-2021 To Balance C/f KR Bakery A/C Amount Date Particulars 10,000 30-03-2021 By Purchases 10,000 20,000 Amount 20,000 20,000 Date Particulars 30-03-2021 To Bank 15-05-2021 To Balance C/f AK Stores Amount Date Particulars 10,000 01.02.2021 By Purchases 1,30,000 1,40,000 Amount 1,40,000 1,40,000 Date Date Particulars 28-02-2021 To Accounts Receivab 30-03-2021 To Accounts Receivab 30-04-2021 To Accounts Receivab 30-04-2021 To Bank 15-05-2021 To balance C/ Sales A/C Amount Particulars Amount 4,000 28-02-2021 By Accounts Receivable 70,000 10,000 30-03-2021 By Accounts Receivable 1,50,000 20,000 30-03-2021 By Bank 50,000 2,000 30-04-2021 By Accounts Receivable 4,00,000 9,84,000 30-04-2021 By Bank 3,50,000 10,20,000 10,20,000 Date Particulars 28-02-2021 To Sales 30-03-2021 To Sales 30-04-2021 To Sales Accounts Receivable A/C Amount Date Particulars 70,000 28-02-2021 By Sales 50,000 30-03-2021 By Bank 4,00,000 30-03-2021 By Sales 15-05-2021 By balance C/ 5,20,000 Amount 4,000 20,000 10,000 4,86,000 5,20,000 Amount 39,000 Date Particulars 12-03-2021 To Expenses Payable 28-02-2021 To Write Off 30-03-2021 To Write Off 12-04-2021 To Expenses Payable 15-04-2021 To Insurance Premium 30-04-2021 To Write Off 12-05-2021 To Expenses Payable Expenses A/C Amount Date Particulars 500 15-05-2021 To profit & Loss 1,000 15,000 600 1,200 20,000 700 39,000 39,000 Date Particulars 15-03-2021 To Bank 15-04-2021 To Bank 15-05-2021 To balance C/ Expenses Payable A/C Amount Date Particulars 500 12-03-2021 By Expenses 600 12-04-2021 By Expenses 700 12-05-2021 By Expenses Amount 500 600 700 1,800 1,800 Credit Date Particulars Dr Debit 01-01-2021 Bank A/C Dr 50,000 To Share Capital (To record investment of Capital) 50,000 01-01-2021 Building Alc Dr 20,000 To Bank (To record the expense incurred for building enclosure) 20,000 10,000 01-01-2021 Machinery Alc Dr To Bank (To record purchase of recks) 10,000 01-01-2021 Purchases Alc Dr 15,000 To Bank (To record purchase of Inventory) 15,000 01-01-2021 Expenses Alc Dr 1,000 To bank (To record amount spent for Printing expenses) 1,000 60,000 01-02-2021 Purchases A/C Dr 60,000 To Accounts Payable (To record purchase of Inventory) 28-02-2021 Inventory Written of Dr 1,000 To Purchases (To write off perishable inventory) 1,000 70,000 28-02-2021 Accounts Receivable Dr To Sales Income (To record the sales made) 70,000 4,000 28-02-2021 Sales Income Dr To Accounts Receivable (To record sales Income) 4,000 500 12-03-2021 Expenses Dr To Expenses payable (To record expense payable) 500 500 15-03-2021 Expenses Payable Dr to Bank (to record Expenses paid) 500 Dr 1,60,000 30-03-2021 Purchases A/C To KR Bakery 20,000 1,40,000 To Ak Stores [To record the purchases made) 30-03-2021 Bank A/C Accounts Receivable A/C To Sales Income Dr Dr 1,50,000 50,000 2,00,000 Dr 20,000 15-03-2021 Bank A/C To Accounts Receivable 20,000 15-03-2021 KR Bakery AK Stores To Bank Dr Dr 10,000 10,000 20,000 Dr 10,000 15-03-2021 Sales Income To Accounts Receivable 10,000 01-02-2021 Inventory Written of Dr 15,000 To Purchases (To write off perishable inventory) 15,000 600 12-04-2021 Expenses Dr To Expenses payable (To record Expenses payable) 600 600 15-04-2021 Expenses Payable Dr to Bank (To record Expenses paid) 600 1,200 15-04-2021 Insurance Premium Dr To bank (To record premium paid) 1,200 4,00,000 3,50,000 30-04-2021 Accounts Receivable Dr Bank Dr To Sales Income (To record sales) 7,50,000 30-04-2021 Inventory Written Of Dr 20,000 To Purchases (To write off perishable inventory) 20,000 Dr 22,000 30-04-2021 Sales Income To KJ Stores TO PJ Stores To Bank 10,000 10,000 2,000 (To record sale returns) 700 12-05-2021 Expenses Dr To Expenses payable (To record expense payable) 700 The Tambani Store Mr and Mrs Tambani have two children, both of which have completed their studies and have gone The Tambanis took a loan of Rs 50000 from their elder son at 10% interest rate p.a. to buy a computer to different cities for their respective jobs. Mr Tambani had retired from his government service last for Rs. 25000 and also bought an ERP software for Rs 15000. They also bought furniture for the month. Now he gets a pension of Rs 20000 per month. They live in a small house that belongs to them The Tambanis were confident of improving their sales in the coming months as the customers were computer and a chair for Rs 10000. Holi was round the corner and it was imperative to keep colours but is in need for some annual repairs. There is quite some unbuilt area around their house. Both of happy. They entered into an agreement with KR bakery and AK Stores, a wholesale fruits and vegetable and sweets. There were plenty of other requirements that the customers were communicating. Mr them have a small land which was being used for agriculture and generating a small income till a few vendor for supplying on credit. During March they purchased Rs 160000 worth of goods of which Rs Tambani was completely involved with ensuring that these requirements were fulfilled at reasonable years earlier. 40000 were on credit (Rs. 20000 from KR Bakery and remaining from AK Stores). They sold Rs 200000 price. This required him to spend a lot of time in the market doing research on the availability, quality As the Tambanis sit and take a look at their finances, they realise that there is a need for a steady worth of goods costing Rs 150000, of which Rs 50000 were on credit as the customers started keeping and pricing of the products. The footfalls to the store had increased manifold and there was less time an account with the store. During the month, the Tambanis collected Rs 20000 from customers, paid available to focus on management. Mr Ramu was also completely occupied and the Tambanis felt the income. However, they are too old to work on the agriculture land. After several deliberations, they Rs 10000 to KR Bakery and Rs 10000 to AK Stores. Customers returned goods worth Rs 10000 costing need to call at least one of the sons to join them. Both Mr and Mr Tambani also want to draw a monthly finally come to the conclusion that they can possibly start a small general store in front of their house. Rs 8000. These were credit sales. There was a pilferage of Rs 15000. On April 12th, they received salary from the company. They have Rs 50000 in hand. So on Jan 1, 2021, they decide to go forward with their plans. Each of them buy 2500 shares of Rs 10 each for a total sum of Rs. 50000. They build a small enclosure in front telephone and electricity bills of Rs 600 which they paid for on April 15th. During April, the inventory purchased were worth Rs 500000. The details are as under: of their house for Rs. 20000 and buy some racks and desks for Rs 10000. They also buy goods worth As the scale of operations increased, the Tambanis found it difficult to find space for the materials. Vendor Total Amount Cash Credit Rs 15000 to fill up those racks. They spend Rs 1000 on the printing and distribution of pamphlets They had to go for an extension of the store which cost them Rs 50000. They had to take a loan from KR Bakery 200000 200000 announcing the opening of their store. Finally, they inaugurate their small store on Feb 1, 2021. the local bank for Rs 30000 to pay for this extension. The loan was taken on April 1st. The interest rate A K Stores 200000 50000 150000 They keep the record of all the purchases in a register with the quantity and amount. They also arrange demands went up, Mr Tambani had to go out for purchase more often and Mrs Tambani found it for the loan was 12% p.a. Till now, the couple was managing the store on their own. As the customers' Others 100000 100000 all the goods according to their category in the racks. Since the Tambanis were busy earlier, they are difficult to manage the store alone. On 1st April, she hired a security cum salesman Mr Ramu for not in close contact with many people. However, they are a very friendly and kind couple. Their customers love them. The Tambanis are very particular about keeping good quality products. They recording the purchases was not enough now as it was difficult to keep track of the inventory at any assistance at a monthly salary of Rs 10000 to be paid at the end of every month. The register kept for As the inventory increased, the risk of loss also increased. So the Tambanis took a fire insurance for one year at a premium of Rs 1200. During the month the sales were as under: also render good advice to the customers on the choice of products. During February month, they are Customer Total Amount Cash Credit not able to attract many customers. During the month of February, they purchased an additional point in time just by looking at the store. Also, since there was now an outsider involved, it was all the more important to keep proper internal control. inventory of Rs 60000. Since some inventory is perishable, they are forced to throw away spoiled KJ Stores 300000 100000 200000 200000 PJ Stores 300000 100000 200000 200000 products costing Rs. 9000. As the sales were very slow to pick up they were able to sell only goods Others 150000 150000 costing Rs. 50000 for Rs. 70000. Some customers returned goods worth Rs 4000 costing Rs 3500. On March 12th, they received telephone and electricity bills of Rs 500 which they paid for on March 15th. Cost 100000 Loss due to pilferage was Rs 20000. Customers returned goods. The details are: Customer Total Amount Cost KJ Stores 10000 8000 PJ Stores 10000 6000 Others 2000 1500 Telephone and electricity bill received Rs 700. At the end of April, 2021 the Tambanis decided to analyse the performance of the business; and the possibility of drawing salary and calling their son to join the business. Date Particulars 01-01-2021 To Share Capital 30-03-2021 To Sales 30-03-2021 To Accounts Receivab 30-04-2021 To Sales Bank A/C Amount Date Particulars 50,000 01-01-2021 By Building 1,50,000 01-01-2021 By Machinery 20,000 01-01-2021 By Purchases 3,50,000 01-01-2021 By Expenses 15-03-2021 By Expenses Payable 30-03-2021 By KR Bakery 30-03-2021 By AK Stores 15-04-2021 By Expenses Payable 15-04-2021 By Insurance Premium 30-04-2021 By sales 15-05-2021 By Balance C/ 5,70,000 Amount 20,000 10,000 15,000 1,000 500 10,000 10,000 600 1,200 2,000 4,99,700 5,70,000 Date Particulars 01-02-2021 To Accounts Payable 30-03-2021 To KR Bakery 30-03-2021 TO AK Stores Purchases A/C Amount Date Particulars 60,000 28-02-2021 By Write off 20,000 30-03-2021 By Write off 1,40,000 30-04-2021 By Write off 15-05-2021 By balance c/f 2,20,000 Amount 1,000 15,000 20,000 1,84,000 2,20,000 Date Particulars 15-05-2021 To Balance C/f Other Accounts Payable A/C Amount Date Particulars 60,000 01-02-2021 By Purchases 60,000 Amount 60,000 60,000 Date Particulars 30-03-2021 To Bank 15-05-2021 To Balance C/f KR Bakery A/C Amount Date Particulars 10,000 30-03-2021 By Purchases 10,000 20,000 Amount 20,000 20,000 Date Particulars 30-03-2021 To Bank 15-05-2021 To Balance C/f AK Stores Amount Date Particulars 10,000 01.02.2021 By Purchases 1,30,000 1,40,000 Amount 1,40,000 1,40,000 Date Date Particulars 28-02-2021 To Accounts Receivab 30-03-2021 To Accounts Receivab 30-04-2021 To Accounts Receivab 30-04-2021 To Bank 15-05-2021 To balance C/ Sales A/C Amount Particulars Amount 4,000 28-02-2021 By Accounts Receivable 70,000 10,000 30-03-2021 By Accounts Receivable 1,50,000 20,000 30-03-2021 By Bank 50,000 2,000 30-04-2021 By Accounts Receivable 4,00,000 9,84,000 30-04-2021 By Bank 3,50,000 10,20,000 10,20,000 Date Particulars 28-02-2021 To Sales 30-03-2021 To Sales 30-04-2021 To Sales Accounts Receivable A/C Amount Date Particulars 70,000 28-02-2021 By Sales 50,000 30-03-2021 By Bank 4,00,000 30-03-2021 By Sales 15-05-2021 By balance C/ 5,20,000 Amount 4,000 20,000 10,000 4,86,000 5,20,000 Amount 39,000 Date Particulars 12-03-2021 To Expenses Payable 28-02-2021 To Write Off 30-03-2021 To Write Off 12-04-2021 To Expenses Payable 15-04-2021 To Insurance Premium 30-04-2021 To Write Off 12-05-2021 To Expenses Payable Expenses A/C Amount Date Particulars 500 15-05-2021 To profit & Loss 1,000 15,000 600 1,200 20,000 700 39,000 39,000 Date Particulars 15-03-2021 To Bank 15-04-2021 To Bank 15-05-2021 To balance C/ Expenses Payable A/C Amount Date Particulars 500 12-03-2021 By Expenses 600 12-04-2021 By Expenses 700 12-05-2021 By Expenses Amount 500 600 700 1,800 1,800 Credit Date Particulars Dr Debit 01-01-2021 Bank A/C Dr 50,000 To Share Capital (To record investment of Capital) 50,000 01-01-2021 Building Alc Dr 20,000 To Bank (To record the expense incurred for building enclosure) 20,000 10,000 01-01-2021 Machinery Alc Dr To Bank (To record purchase of recks) 10,000 01-01-2021 Purchases Alc Dr 15,000 To Bank (To record purchase of Inventory) 15,000 01-01-2021 Expenses Alc Dr 1,000 To bank (To record amount spent for Printing expenses) 1,000 60,000 01-02-2021 Purchases A/C Dr 60,000 To Accounts Payable (To record purchase of Inventory) 28-02-2021 Inventory Written of Dr 1,000 To Purchases (To write off perishable inventory) 1,000 70,000 28-02-2021 Accounts Receivable Dr To Sales Income (To record the sales made) 70,000 4,000 28-02-2021 Sales Income Dr To Accounts Receivable (To record sales Income) 4,000 500 12-03-2021 Expenses Dr To Expenses payable (To record expense payable) 500 500 15-03-2021 Expenses Payable Dr to Bank (to record Expenses paid) 500 Dr 1,60,000 30-03-2021 Purchases A/C To KR Bakery 20,000 1,40,000 To Ak Stores [To record the purchases made) 30-03-2021 Bank A/C Accounts Receivable A/C To Sales Income Dr Dr 1,50,000 50,000 2,00,000 Dr 20,000 15-03-2021 Bank A/C To Accounts Receivable 20,000 15-03-2021 KR Bakery AK Stores To Bank Dr Dr 10,000 10,000 20,000 Dr 10,000 15-03-2021 Sales Income To Accounts Receivable 10,000 01-02-2021 Inventory Written of Dr 15,000 To Purchases (To write off perishable inventory) 15,000 600 12-04-2021 Expenses Dr To Expenses payable (To record Expenses payable) 600 600 15-04-2021 Expenses Payable Dr to Bank (To record Expenses paid) 600 1,200 15-04-2021 Insurance Premium Dr To bank (To record premium paid) 1,200 4,00,000 3,50,000 30-04-2021 Accounts Receivable Dr Bank Dr To Sales Income (To record sales) 7,50,000 30-04-2021 Inventory Written Of Dr 20,000 To Purchases (To write off perishable inventory) 20,000 Dr 22,000 30-04-2021 Sales Income To KJ Stores TO PJ Stores To Bank 10,000 10,000 2,000 (To record sale returns) 700 12-05-2021 Expenses Dr To Expenses payable (To record expense payable) 700