Page 200 - DMGT104_FINANCIAL_ACCOUNTING

Particulars
Particulars
( )
( )
1,20,000
To Opening Stock
3,39,000
To Purchases Less Returns
1,45,050 ( 3,45,000 – 6,000)
( 1,53,000 – 7,950) Amount By Sales Less Returns Amount
1,80,000
Wages 60,000 By Closing Stock
+ O/s Wages 4,500 64,500
To Carriage Inwards 3,600
Financial Accounting To Coal and Gas 16,800
To Gross Profit C/d 1,69,050
5,19,000 5,19,000
To Carriage Outwards 4,500 By Gross Profit b/d 1,69,050
Notes
To Salaries 12,000 By Reserve for Discount on Creditors
To Rent, Rates & Taxes 8,400 @ 2 1 /2% 2,250
+ Outstanding 2,550 10,950
To Discount Allowed 4,500
To Repairs 5,400
To Printing & Stationary 1,500
To Bad Debts 3,600
+ New Provision (D/D) 6,750
10,350
+ Provision for Discount 3,206 13,556
To Advertisement 10,500
To General Expenses 15,750
To Depreciation on:
Plant & Machinery 6,000
Loose tools 1,350
Furniture & Fittings 180 7,530
To Net Profit
(transferred to Capital A/c) 85,114
1,71,300 1,71,300

Balance Sheet
(as on 31st December, 2007)
Liabilities Amount Assets Amount
( ) ( )
Capital 6,09,000 Goodwill 90,000
Add: Net Profit 85,114 Land & Buildings 1,80,000
6,94,114 Plant & Machinery 1,20,000
Less: Drawings 45,000 6,49,114 Less: Depreciation 6,000 1,14,000
Bills Payable 41,400 Furniture & Fittings 3,600
Creditors 90,000 Less: Depreciation 180 3,420
Less: Provision for Loose Tools 9,000
Discount 2,250 87,750 Less: Depreciation 1,350 7,650
Outstanding Wages 4,500 Sundry Debtors 1,35,000
Outstanding Rent 2,550 Less: Prov. for D/D 6,750
1,28,250
Less: 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

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