Heads of Accounts
|
Debit
Balances
(₹)
|
Credit
Balances
(₹)
|
|
Drawings | ................................................................................ |
1,80,000
|
…
|
Capital | ................................................................................ |
…
|
8,00,000
|
Purchases | ................................................................................ |
8,26,000
|
...
|
Sales | ................................................................................ |
…
|
15,50,000
|
Opening Stock | ................................................................................ |
4,20,000
|
…
|
Returns Outward | ................................................................................ |
…
|
16,000
|
Carriage Inwards | ................................................................................ |
12,000
|
…
|
Wages | ................................................................................ |
40,000
|
…
|
Power | ................................................................................ |
60,000
|
…
|
Machinery | ................................................................................ |
5,00,000
|
…
|
Furniture | ................................................................................ |
1,40,000
|
…
|
Rent | ................................................................................ |
2,20,000
|
…
|
Salary | ................................................................................ |
1,50,000
|
…
|
Insurance | ................................................................................ |
36,000
|
…
|
8% Bank Loan | ................................................................................ |
…
|
2,50,000
|
Debtors | ................................................................................ |
2,06,000
|
…
|
Creditors | ................................................................................ |
…
|
1,89,000
|
Cash in Hand | ................................................................................ |
15,000
|
…
|
Total |
28,05,000
|
28,05,000
|
|
Financial Statements of M/s Arjun and Sons Trading Account for the year ended March 31, 2018 |
|||||
Dr. |
|
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Opening Stock |
4,20,000 |
Sales |
15,50,000 |
||
Purchases |
8,26,000 |
|
Closing Stock |
6,40,000 |
|
Less: Return Outwards |
(16,000) |
8,10,000 |
|
|
|
Carriage Inwards |
12,000 |
|
|
||
Wages |
40,000 |
|
|
|
|
Add: Outstanding |
24,000 |
64,000 |
|
|
|
Power |
60,000 |
|
|
||
Gross Profit (Balancing Figure) |
8,24,000 |
|
|
||
|
21,90,000 |
|
21,90,000 |
||
|
|
|
|
Profit and Loss Account for the year ended March 31, 2018 |
|||||
Dr. |
|
|
|
Cr. |
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Depreciation on Machinery |
50,000 |
Gross Profit |
8,24,000 |
||
Rent |
2,20,000 |
|
|
|
|
Add: Outstanding Rent |
20,000 |
2,40,000 |
|
|
|
Salary |
1,50,000 |
|
|
||
Insurance |
36,000 |
|
|
||
Interest on Bank Loan (for 6 Months) |
10,000 |
|
|
||
Bad Debts |
6,000 |
|
|
|
|
Add: Provision for Doubtful Debts |
10,000 |
16,000 |
|
|
|
Manger’s Commission |
29,273 |
|
|
||
Net Profit (Balancing Figure) |
2,92,727 |
|
|
||
|
8,24,000 |
|
8,24,000 |
||
|
|
|
|
Balance Sheet as on March 31, 2018 |
|||||
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
Capital |
8,00,000 |
|
Fixed Assets |
|
|
Less: Drawings |
(1,90,000) |
|
Machinery |
5,00,000 |
|
Add: Net Profit |
2,92,727 |
9,02,727 |
Less: 10% Depreciation |
(50,000) |
4,50,000 |
8% Bank Loan |
2,50,000 |
|
Furniture |
1,40,000 |
|
Add: Interest Outstanding |
10,000 |
2,60,000 |
Current Assets |
|
|
Current Liabilities |
|
Closing Stock |
6,40,000 |
||
Creditors |
1,89,000 |
Debtors |
2,06,000 |
|
|
Wages Outstanding |
24,000 |
Less: Bad Debts |
(6,000) |
|
|
Rent Outstanding |
20,000 |
|
2,00,000 |
|
|
Manger’s Commission Payable |
29,273 |
Less: 5% Provision for Doubtful Debts |
(10,000) |
1,90,000 |
|
|
|
Cash in Hand |
15,000 |
||
|
14,35,000 |
|
14,35,000 |
||
|
|
|
|
Working Notes:
WN1 Calculation of Interest on Loan
Bank Loan = Rs 2,50,000
Interest on Loan (from Oct. 01 to Mar. 31) =
WN2 Calculation of Manager’s Commission