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Question

Anand Mohan has kept incomplete books. From the following particulars, prepare his Final Accounts for the year ending 31st March, 2012 :
Receipts:- Received from Debtors ₹ 37,000; Fresh Capital brought in cash ₹ 20,000; Commission received ₹ 2,800; Cash Sales ₹ 95,000.
Payments:- Paid to Creditors ₹ 35,000; Cash Purchases ₹ 26,500; Ornaments for his wife ₹ 22,000; Wages ₹ 18,800; Rent ₹ 8,400; Salary ₹ 12,000.
His Other Assets and Liabilities:-
31st March, 2011
(₹)
31st March, 2012
(₹)
Debtors 15,600 18,000
Creditors 15,400 13,000
Machinery 36,000 36,000
Stock 28,000 21,200
Cash 5,000

Adjustments :-
(1) Unpaid wages ₹1,500.
(2) Provide for Doubtful Debts at 5% on Debtors.

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Solution

Trading Account

for the year ended March 31, 2012

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Opening Stock

28,000

Sales (Cash + Credit)

1,34,400

Purchases (Cash + Credit)

59,100

Closing Stock

21,200

Wages

18,800

Add: Outstanding

1,500

20,300

Gross Profit

48,200

1,55,600

1,55,600

Profit & Loss Account

for the year ended March 31, 2012

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Salary

12,000

Gross Profit

48,200

Rent

8,400

Commission

2,800

Bad Debts

900

Net Profit

29,700

51,000

51,000

Balance Sheet

as on March 31, 2012

Dr.

Cr.

Liabilities

Amount

(₹)

Assets

Amount

(₹)

Capital

69,200

Cash in Hand

37,100

Add: Additional Capital

20,000

Closing Stock

21,200

Less: Drawings

22,000

Debtors

18,000

Add: Net Profit

29,700

96,900

Less: Bad Debts

900

17,100

Creditors

13,000

Machinery

36,000

Unpaid Wages

1,500

1,11,400

1,11,400

Working Notes:

Balance Sheet

as on March 31, 2011

Dr.

Cr.

Liabilities

Amount

(₹)

Assets

Amount

(₹)

Creditors

15,400

Debtors

15,600

Capital (Balancing figure)

69,200

Machinery

36,000

Stock

28,000

Cash

5,000

84,600

84,600

Cash Account

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Balance b/d

5,000

Creditors A/c

35,000

Capital A/c

20,000

Drawings A/c

22,000

Debtors A/c

37,000

Purchases A/c

26,500

Sales A/c

95,000

Wages A/c

18,800

Commission A/c

2,800

Salaries A/c

12,000

Rent A/c

8,400

Balance c/d

37,100

1,59,800

1,59,800

Debtors Account

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Balance b/d

15,600

Cash A/c

37,000

Sales A/c

39,400

Balance c/d

18,000

55,000

55,000

Creditors Account

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Cash A/c

35,000

Balance b/d

15,400

Balance c/d

13,000

Purchases A/c

32,600

48,000

48,000


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