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Question

From the following balances, prepare Final Accounts of M/s Raja & Sons for the year ended 31st March, 2019:
Salary ₹ 5,400; Insurance ₹ 2,500; Cash ₹ 400; Purchases ₹ 84,170; Rent Received ₹ 3,150; Drawings ₹ 2,100; Bills Payable ₹ 3,900; Debtors ₹ 38,080; Stock (1st April, 2018) ₹ 29,500; Bank Overdraft ₹ 9,700; Carriage ₹ 2,200; Creditors ₹ 4,200; Trade Expenses ₹ 4,900; Sales Return ₹ 4,700; Machinery ₹ 12,000; Wages ₹ 45,000; Sales ₹ 1,47,200; Purchases Return ₹ 3,900; Capital ₹ 58,900; Closing Stock (31st March, 2019) ₹ 36,200.

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Solution

Financial Statement of M/s. Raja & Sons

Trading Account

for the year ended March 31, 2019

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Opening Stock

29,500

Sales

1,47,200

Purchases

84,170

Less: Sales Return

(4,700)

1,42,500

Less: Purchases Return

(3,900)

80,270

Closing Stock

36,200

Carriage

2,200

Wages

45,000

Gross Profit (Balancing Figure)

21,730

1,78,700

1,78,700

Profit and Loss Account
for the year ended March 31, 2019

Dr.

Cr.

Particulars

Amount

(₹)

Particulars

Amount

(₹)

Salary

5,400

Gross Profit

21,730

Insurance

2,500

Rent Received

3,150

Trade Expenses

4,900

Net profit (Balancing Figure)

12,080

24,880

24,880

Balance Sheet
as on March 31, 2019

Liabilities

Amount

(₹)

Assets

Amount

(₹)

Capital

58,900

Fixed Assets

Add: Net Profit

12,080

Machinery

12,000

Less: Drawings

(2,100)

68,880

Current Liabilities

Current Assets

Creditors

4,200

Closing Stock

36,200

Bank Overdraft

9,700

Debtors

38,080

Bills Payable

3,900

Cash

400

86,680

86,680


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Similar questions
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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