Dr. Balances | (₹) | Cr. Balances | (₹) | |||
Drawings | 1,20,000 | Capital | 16,00,000 | |||
Plant and Machinery | 12,00,000 | Creditors | 2,60,000 | |||
Horses and Carts | 2,60,000 | Sales | 8,20,000 | |||
Debtors | 3,40,000 | Bills Payable | 2,21,200 | |||
Purchases | 2,00,000 | Interest on Ram's Loan | 1,800 | |||
Wages | 80,000 | Rent Received | 12,000 | |||
Cash at Bank | 2,60,000 | |||||
Salaries | 80,000 | |||||
Repairs | 5,000 | |||||
Stock (1-4-2013) | 7,000 | |||||
Stock (31-3-2014) | 92,000 | |||||
Rent | 45,000 | |||||
Manufacturing expenses | 15,000 | |||||
Bad-Debts | 50,000 | |||||
Carriage | 15,000 | |||||
Income Tax | 20,000 | |||||
Life Insurance Premium | 30,000 | |||||
Loan to Ram at 12% p.a. | 20,000 | |||||
Insurance | 12,000 | |||||
Insurance Prepaid | 1,000 | |||||
29,15,000 | 29,15,000 | |||||
Financial Statement of Sh. Pawan Kumar
|
||||||
Trading Account
for the year ended March 31, 2014
|
||||||
Dr. |
Cr.
|
|||||
Particulars |
Amount
(Rs)
|
Particulars
|
Amount
(Rs)
|
|||
Opening Stock |
70,000
|
Sales |
8,20,000
|
|||
Purchases |
2,00,000
|
Add: Unrecorded Sales
|
15,000
|
8,35,000
|
||
Carriage |
15,000
|
|||||
Wages |
80,000
|
|||||
Manufacturing Expenses |
15,000
|
|||||
Gross Profit (Balancing Figure) |
4,55,000
|
|||||
8,35,000
|
8,35,000
|
|||||
for the year ended March 31, 2014 |
||||||||
Dr. |
|
Cr. |
||||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||||
Depreciation: (WN1) |
|
Gross Profit |
4,55,000 |
|||||
Plant & Machinery |
1,10,000 |
|
Rent Received |
12,000 |
||||
Horse & Carts |
52,000 |
1,62,000 |
Interest on Ram’s Loan |
1,800 |
|
|||
Old Bad Debts |
50,000 |
|
Add: Accrued Interest (WN4) |
600 |
2,400 |
|||
Add: New Provision (WN2) |
17,750 |
67,750 |
|
|
||||
Insurance |
12,000 |
|
|
|||||
Salaries |
80,000 |
|
|
|
||||
Add: Outstanding (WN3) |
16,000 |
96,000 |
|
|
||||
Repairs |
5,000 |
|
|
|||||
Rent |
45,000 |
|
|
|||||
Net Profit (Balancing Figure) |
81,650 |
|
|
|||||
|
4,69,400 |
|
4,69,400 |
|||||
|
|
|
|
Balance Sheet as on March 31, 2014
|
|||||
Liabilities
|
Amount
(Rs)
|
Assets
|
Amount
(Rs)
|
||
Capital |
16,00,000
|
Fixed Assets | |||
Add : Net Profit |
81,650
|
Plant & Machinery |
12,00,000
|
||
Less: Drawings (incl. LIP and Income Tax)
|
1,70,000
|
15,11,650
|
Less: Depreciation
|
1,10,000
|
10,90,000
|
Horses & Carts |
2,60,000
|
||||
Current Liabilities |
Less: Depreciation
|
52,000
|
2,08,000
|
||
Creditors |
2,60,000
|
||||
Outstanding Salaries | 16,000 | Current Assets | |||
Bills Payable |
2,21,200
|
Closing Stock |
92,000
|
||
|
Prepaid Insurance |
1,000
|
|||
Accrued Interest |
600
|
||||
Ram’s Loan |
20,000
|
||||
Cash at Bank |
2,60,000
|
||||
Debtors |
3,40,000
|
||||
Add: Unrecorded
|
15,000
|
||||
Less: Provision for Doubtful Debts
|
17,750
|
3,37,250
|
|||
20,08,850
|
20,08,850
|
||||