Dr. Balances | (₹) | Cr. Balances | (₹) |
Goodwill | 30,000 | Purchase Returns | 2,650 |
Land & Buildings | 60,000 | Capital A/c | 2,03,000 |
Plant & Machinery | 40,000 | Bills Payable | 13,800 |
Loose Tools | 3,000 | Sundry Creditors | 30,000 |
Bills Receivable | 2,000 | Sales | 1,15,000 |
Stock 1st April, 2016 | 40,000 | ||
Purchases | 51,000 | ||
Wages | 20,000 | ||
Carriage Inwards | 1,200 | ||
Coal & Gas | 5,600 | ||
Salaries | 4,000 | ||
Rent | 2,700 | ||
Discount allowed | 1,500 | ||
Cash at Bank | 25,000 | ||
Cash in hand | 1,400 | ||
Sundry Debtors | 45,000 | ||
Repairs | 1,800 | ||
Printing & Stationery | 600 | ||
Bad-debts | 1,200 | ||
Advertisements | 3,500 | ||
Furniture and Fixtures | 1,200 | ||
General Expenses | 250 | ||
Investments | 5,000 | ||
Drawings | 15,000 | ||
Carriage Outwards | 1,500 | ||
Sales Returns | 2,000 | ||
3,64,450 | 3,64,450 | ||
Financial Statements of Mr. Gautam
|
|||||||
Trading Account
for the year ended March 31, 2017
|
|||||||
Dr.
|
|
Cr.
|
|||||
Particulars
|
Amount
(Rs)
|
Particulars
|
Amount
(Rs)
|
||||
Opening Stock |
40,000
|
Sales |
1,15,000
|
|
|||
Purchases |
51,000
|
|
Less: Sales Return |
2,000
|
1,13,000
|
||
Less: Purchases Return |
2,650
|
48,350
|
Closing Stock |
60,000
|
|||
Wages |
20,000
|
|
|||||
Carriage Inwards |
1,200
|
|
|||||
Coal and Gas |
5,600
|
|
|||||
Gross Profit (Balancing Figure) |
57,850
|
|
|||||
1,73,000
|
1,73,000
|
||||||
|
|
Profit and Loss Account
for the year ended March 31, 2017 |
||||||
Dr. | Cr. | |||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |||
Depreciation: (WN1) | Gross Profit | 57,850 | ||||
Plant & Machinery | 2,000 | Accrued Interest | 600 | |||
Loose Tools | 450 | |||||
Furniture | 60 | 2,510 | ||||
Rent | 2,700 | |||||
Add: Outstanding Rent (WN2) | 900 | 3,600 | ||||
Bad Debts | 1,200 | |||||
Add: New Provision (WN3) | 2,250 | 3,450 | ||||
Discount Allowed | 1,500 | |||||
Provision for Discount on Debtors (WN4) | 1,069 | |||||
Advertisement Expenses written-off | 875 | |||||
Salaries | 4,000 | |||||
Repairs | 1,800 | |||||
Printing & Stationery | 600 | |||||
General Expenses | 250 | |||||
Carriage Outwards | 1,500 | |||||
Net Profit (Balancing Figure) | 37,296 | |||||
58,450 | 58,450 | |||||
Balance Sheet
as on March 31, 2017
|
|||||
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
||
Capital |
2,03,000
|
|
Fixed Assets |
|
|
Add : Net Profit |
37,296
|
|
Plant & Machinery |
40,000
|
|
Less: Drawings |
15,000
|
2,25,296
|
Less: Depreciation |
2,000
|
38,000
|
|
Loose Tools |
3,000
|
|
||
Current Liabilities |
|
Less: Depreciation |
450
|
2,550
|
|
Creditors |
30,000
|
Furniture & Fixtures |
1,200
|
|
|
Bills Payable |
13,800
|
Less: Depreciation |
60
|
1,140
|
|
Outstanding Rent |
900
|
Investments |
5,000
|
||
|
Land & Building |
60,000
|
|||
|
Goodwill |
30,000
|
|||
|
Current Assets |
|
|||
|
Closing Stock |
60,000
|
|||
|
Accrued Interest |
600
|
|||
|
Advertisement Expenditure |
2,625
|
|||
|
Bills Receivable |
2,000
|
|||
|
Cash at Bank |
25,000
|
|||
|
Debtors |
45,000
|
|
||
|
Less: Provision for Bad Debts |
2,250
|
|
||
|
Less: Provision for Discount |
1,069
|
41,681
|
||
|
Cash in Hand |
1,400
|
|||
2,69,996
|
2,69,996
|
||||
|
|