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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.

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Solution

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


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Q. From the following Trial Balance of Mahesh, prepare his Final Accounts for the year ended 31st March, 2018:
TRIAL BALANCE
as on 31st March, 2018
Heads of Accounts
Debit
Balances
(₹)
Credit
Balances
(₹)
Purchases ................................................................................
2,50,000
Sales ................................................................................
5,00,000
Returns Inward ................................................................................
12,000
...
Returns Outward ................................................................................
10,000
Carriage ................................................................................
8,000
Wages ................................................................................
60,000
Trade Expenses ................................................................................
2,000
Insurance ................................................................................
1,200
Repairs ................................................................................
8,000
Debtors ................................................................................
1,15,000
Creditors ................................................................................
1,00,000
Printing and Stationery ................................................................................
6,000
Advertisement ................................................................................
15,000
Bills Receivable ................................................................................
4,000
Bills Payable ................................................................................
2,000
Opening Stock ................................................................................
30,000
Cash in Hand ................................................................................
12,000
Interest on Bank Loan ................................................................................
2,800
Machinery ................................................................................
2,80,000
Furniture ................................................................................
34,000
Drawings ................................................................................
20,000
Commission ................................................................................
1,000
12% Bank Loan ................................................................................
30,000
Capital ................................................................................
2,40,000
Rent Received ................................................................................
5,000
Cash at Bank ................................................................................
28,000
Total
8,88,000
8,88,000

Additional Information:
(i) Closing Stock on 31st March, 2018 was ₹ 21,000.
(ii) Rent of ₹ 1,200 has been received in advance.
(iii) Outstanding liability for trade expenses ₹ 12,000.
(iv) Commission earned during the year but not received was ₹ 2,100.
(v) Goods costing ₹ 2,000 were taken by the proprietor for his personal use but no entry has been passed in the books of account.
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