Page 167 - DCOM101_FINANCIAL_ACCOUNTING_I

Unit 12: Final Accounts

Balance Sheet of Mr. Das Notes
as on 31.12.2006

Liabilities ` Assets `
Capital 86,140 Cash in hand 5,600
(+) Net Profi t 35,750 Furniture 19,100
121,890 (–) Depreciation 1,910 17,190
(–) Drawings 3,400 1,18,490
Machinery 60,000
Wages outstanding 700 (–) Depreciation 3,000 57,000
Rent outstanding 300 Buildings 35,000
(–) Depreciation 700 34,300
Closing stock 5,100
Prepaid printing 200
Interest earned 100
1,19,490 1,19,490

Caselet
From the following balances draw up a Trading and Profit and Loss Account and Balance

Sheet:
`
Amit Joseph’s Capital 30,000
Bank Overdraft 7,500
Machinery 20,100
Cash in hand 1,500
Fixture & Fitting 8,250
Opening stock 67,500
Bills Payable 10,500
Creditors 60,000
Debtors 94,500
Bill receivable 7,500
Purchases 75,000
Sales 1,93,500
Returns from customers 1,500
Returns to Creditors 1,650
Salaries 13,500
Manufacturing Wages 6,000
Commission 8,250
Trade Expenses 2,250
Discount (Cr.) 6,000
Rent 3,300
The Closing Stock amounted to ` 78,000.
Hint: Gross Profi t ` 1,23,150; Net Profi t ` 1,01,850 and Balance Sheet Total ` 2,09,850.

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