Also read: Format of Profit And Loss Account

Profit and Loss account questions for practice

Profit and Loss account questions for practice Questions 1 to 5

Question 1
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Gross Profit ₹1,50,000
Indirect Income ₹50,000
Indirect Expenses ₹85,000
Net Profit: ₹1,15,000
Question 2
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Gross Profit ₹1,50,000
Operating Income ₹40,000
Non-Operating Income ₹10,000
Operating Expenses ₹85,000
Non-Operating Expenses ₹25,000
Net Profit: ₹90,000

Question 3
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Gross Profit ₹4,50,000
Commission Received ₹40,000
Rent Received ₹20,000
Discount Received ₹25,000
Dividend Received ₹15,000
Administration Expenses ₹35,000
Selling Expenses ₹25,000
Distribution Expenses ₹28,000
Office Expenses ₹32,000
Trade Expenses ₹50,000
General  Expenses ₹25,000
Carriage outward ₹15,000

Net Profit: ₹3,40,000

Question 4
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:

Gross Profit ₹4,50,000
Commission Received ₹40,000
Rent, tax, and Insurance ₹10,000
Export Duty ₹15,000
Rent Received ₹20,000
Discount Received ₹24,000
Audit Fees ₹5,000
Dividend Received ₹16,000
Depreciation ₹24,000
Administration Expenses ₹35,000
Selling Expenses ₹25,000
Printing and Stationery ₹15,000
Distribution Expenses ₹28,000
Office Expenses ₹32,000
Trade Expenses ₹50,000
General  Expenses ₹25,000
Carriage outward ₹15,000

Net Profit: ₹2,71,000

 Question 5

Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:

Gross Profit ₹4,69,000
Subletting ₹ 10,000
Commission Received ₹40,000
Rent, tax, and Insurance ₹10,000
Discount Received ₹22,000
Export Duty ₹15,000
Rent Received ₹23,000
Audit Fees ₹5,000
Bank Charges₹8,000
Packing Charges(Show Room)₹12,000
Dividend Received ₹15,000
Depreciation ₹24,000
Administration Expenses ₹35,000
Selling Expenses ₹25,000
Printing and Stationery ₹15,000
Distribution Expenses ₹28,000
Office Expenses ₹32,000
Trade Expenses ₹50,000
General  Expenses ₹25,000
Carriage outward ₹15,000
Legal Expenses ₹5,000
Bad Debts ₹10,000

Net Profit: ₹2,65,000

Profit and Loss account questions for practice Questions 6 to 10

Question 6

Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:

Gross Profit ₹5,04,000
Factory Expenses ₹ 22,000
Interest on fixed deposit ₹ 12,000
Interest on Capital ₹ 12,000
Subletting ₹ 10,000
Commission Received ₹40,000
Rent, tax, and Insurance ₹10,000
Interest on Drawing ₹ 4,000
Salaries ₹ 34,000
Export Duty ₹15,000
Import Duty ₹15,000
Rent Received ₹25,000
Discount Received ₹20,000
Audit Fees ₹5,000
Bank Charges₹8,000
Packing Charges(Show Room)₹12,000
Dividend Received ₹15,000
Depreciation ₹24,000
Excise Duty ₹5,000
Administration Expenses ₹35,000
Selling Expenses ₹25,000
Printing and Stationery ₹15,000
Distribution Expenses ₹28,000
Office Expenses ₹32,000
Trade Expenses ₹50,000
General  Expenses ₹25,000
Carriage outward ₹15,000
Legal Expenses ₹5,000
Bad Debts ₹10,000
Commission paid ₹20,000
Sundry Income₹10,000

Net Profit: ₹2,60,000

Question 7
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Personal Expenses ₹14,000
Office rent ₹ 30,000
Salaries ₹ 80,000
Printing expenses ₹ 2,000
Stationeries ₹3,000
Tax, Insurance₹ 4,000
Discount allowed ₹6,000
Advertisement ₹36,000
Traveling expenses ₹26,000
Gross Profit ₹2,60,000
Discount received ₹4,000

Net Profit: ₹77,000

Question 8
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Gross Profit ₹1,75,000
Household Expenses ₹10,000
Carriage outwards ₹4,000
Wages ₹30,000
Postage ₹3,000 ₹
Salaries 30,000
Discount received ₹5,000
Stationeries ₹2,000
Bad debts ₹1,000
Interest ₹8,000
Insurance ₹4,000
Net Profit: ₹1,28,000

Question 9
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Gross profit ₹5,25,000
Salaries & wages ₹1,00,000
Rent ₹10,300
Depreciation ₹5,000
Interest on loan ₹5,000
Office expenses ₹1,500
Distribution charges ₹2,500
Salesman salary ₹8,000
Bad debts ₹2,200
Stationery and printing ₹500
Commission received ₹3,000
Discount received ₹2,000
Interest received ₹5,000
Advertising ₹9,000
Fire insurance ₹11,000
Life Insurance Premium  ₹15,000

Net Profit: ₹3,80,000

Question 10
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Gross profit ₹1,25,000
Discount Allowed ₹600
Salaries ₹22,000
Discount received ₹1,000
Rent ₹5,000
Interest paid ₹1,100
Carriage outwards ₹1,000
Interest received ₹700
Selling expenses ₹500
Commission Received ₹2,000
Income from investment ₹1,500
Life Insurance Premium  ₹15,000

Net Profit: ₹1,00,000

Profit and Loss account questions for practice Questions 10 to 15

Question 11
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Gross profit ₹1,30,000
Profit on sale of old furniture ₹4,000
Discount Allowed ₹1,600
Salaries ₹22,000
Discount received ₹2,000
Rent ₹5,000
Interest paid ₹1,100
Profit on sale of Investment ₹5,000
Carriage outwards ₹3,000
Interest received ₹2,700
Selling expenses ₹5,500
Profit on Consignment ₹16,000
Commission Received ₹2,000
Loss on Joint venture ₹5,000
Interest on investment₹1,500
Income Tax  ₹15,000
Net Profit: ₹1,20,000

Question 12
Prepare profit and Loss account from the following particulars for the year ended March 31, 2021:
Gross profit ₹2,30,000
Administration expenses ₹15,000
Profit on sale of old furniture ₹4,000
Discount Allowed ₹1,600
Salaries ₹22,000
Trade Expenses ₹10,000
Depreciation₹15,000
Office expenses ₹5,000
General expenses ₹5,000
Discount received ₹2,000
Rent ₹5,000
Interest on Bank overdraft ₹1,100
Profit on sale of Investment ₹5,000
Carriage outwards ₹3,000
Interest received ₹2,700
Selling expenses ₹5,500
Profit on Consignment ₹16,000
Commission Received ₹2,000
Loss on Joint venture ₹5,000
Interest on investment₹1,500
Travelling expenses ₹10,000
Drawing ₹15,000
Net Profit: ₹1,60,000

Question 13
Calculate the net profit from the following particulars for the year ended March 31, 2021:
Operating profit for the year ₹2,20,000
Non-Operating Income ₹30,000
Operating Expenses ₹85,000
Non-Operating Expenses ₹40,000

Net Profit: ₹2,10,000
Note: Net Profit= Operating profit +Non-Operating Income-Non-Operating Expenses

Question 14
Calculate the net profit from the following particulars for the year ended March 31, 2021:
Operating profit for the year ₹2,00,000
Profit on sale of fixed assets ₹8,000
Interest on Investment ₹12,000
Loss on sale of plant ₹8,000
Loss on sale of building ₹22,000
Administration expenses ₹15,000
Rent tax and insurance ₹5,000
Net Profit: ₹1,90,000
Note: Net Profit= Operating profit +Non-Operating Income-Non-Operating Expenses

Question 15
Calculate the net profit from the following particulars for the year ended March 31, 2021:
Gross profit for the year ₹2,00,000
Profit on sale of fixed assets ₹8,000
Interest on Investment ₹12,000
Loss on sale of plant ₹8,000
Loss on sale of building ₹22,000
Operating expenses ₹15,000
Discount Received ₹5,000
Drawing ₹15,000
Net Profit: ₹1,80,000
Note: Net Profit= Gross profit +Non-Operating Income+ operating Income-Non-Operating Expenses- operating Expenses

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