Question

From the following balances, prepare Final Accounts of M/s Mangal & Sons for the year ended 31st March, 2019:
Opening Stock ₹ 12,500; Bills Receivable ₹ 2,000; Sales ₹ 70,000; Purchases ₹ 37,500; Creditors ₹ 20,000; Salaries ₹ 3,850; Insurance ₹ 200; Debtors ₹ 32,500; Carriage ₹ 1,450; Commission ₹ 750; Interest ₹ 900; Printing ₹ 250; Bills Payable ₹ 3,150; Returns In ₹ 1,300; Returns Out ₹ 500; Bank ₹ 5,250; Rent and Taxes ₹ 1,300; Furniture ₹ 1,000; Capital ₹ 7,100; Stock on 31st March, 2019 ₹ 15,000.

Answer 1

Financial Statement of M/s. Mangal & Sons
Trading Account for the year ended March 31, 2019
Dr.							Cr.
Particulars			Amount (₹)	Particulars		Amount (₹)
Opening Stock			12,500	Sales	70,000
Purchases		37,500		Less: Return Inwards	(1,300)	68,700
Less: Return Outwards		(500)	37,000	Closing Stock		15,000
Carriage			1,450
Gross Profit (Balancing Figure)			32,750
			83,700			83,700

Profit and Loss Account for the year ended March 31, 2019
Dr.					Cr.
Particulars		Amount (₹)	Particulars	Amount (₹)
Salary		3,850	Gross Profit	32,750
Insurance		200
Commission		750
Interest		900
Printing		250
Rent and Taxes		1,300
Net Profit (Balancing Figure)		25,500
		32,750		32,750

Balance Sheet as on March 31, 2019
Liabilities		Amount (₹)	Assets	Amount (₹)
Capital	7,100		Fixed Assets
Add: Net Profit	25,500	32,600	Furniture	1,000
Current Liabilities			Current Assets
Creditors		20,000	Closing Stock	15,000
Bills Payable		3,150	Debtors	32,500
			Bills Receivable	2,000
			Bank	5,250
		55,750		55,750