Page 165 - DCOM101_FINANCIAL_ACCOUNTING_I

Unit 12: Final Accounts

Balance Sheet Notes
as on 31 December, 2007
st
Liabilities ` Assets `
Capital 6,09,000 Goodwill 90,000

(+) Net Profit 85,114 Land & Buildings 1,80,000
6,94,114 Plant & Machinery 1,20,000
(–) Drawings 45,000 6,49,114 (–) Depreciation 6,000 1,14,000
Bills Payable 41,400 Furniture & Fittings 3,600
Creditors 90,000 (–) Depreciation 180 3,420
(–) Provision for Loose Tools 9,000
Discount 2,250 87,750 (–) Depreciation 1,350 7,650
Outstanding Wages 4,500 Sundry Debtors 1,35,000
Outstanding Rent 2,550 (–) Prov. for D/D 6,750
1,28,250
(–) Prov. For Discount 3,206 1,25,044
Bills Receivable 6,000
Closing Stock 1,80,000
Cash in Hand 4,200
Cash at Bank 75,000
7,85,314 7,85,314

Illustration 7: From the following trial Balance of Mr. Das prepare Trading and Profit and Loss
account for the year ended 31 December, 2006 and the Balance Sheet as on that date after taking
st
in to account adjustments given below:
Trial Balance
as on 31 December 2006
st
Dr. Cr.
Particulars ` `
Capital – 86,140
Drawings 3,400 –
Purchases and sales 32,400 88,200
Returns 2,300 2,150
Carriage inwards 1,500 –
Lighting and heating 800 –
Water and gas 3,400 –
Stock as on 1.1.2006 7,300 –
Rent (offi ce) 900 –
Wages and salaries 2,500 –
Electricity 1,300 –
Postage 200 –
Printing charges 700 –
Legal charges 480 –
Interest earned – 390
Furniture 19,100 –
Machinery 60,000 –
Buildings 35,000 –
Cash in hand 5,600 –
1,76,880 1,76,880

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