Page 84 - DMGT403_ACCOUNTING_FOR_MANAGERS

Particulars

To Opening Stock
To Purchases Less Returns
(Rs. 3,45,000 – 6,000)
(Rs.1,53,000 – 7,950)
1,45,050
To Wages Particulars 60,000 1,20,000 By Sales Less Returns 3,39,000
By Closing Stock
1,80,000
(+) O/s Wages 4,500 64,500
To Carriage Inwards 3,600
To Coal and Gas 16,800
Unit 4: Final Accounts
To Gross Profit C/d 1,69,050
5,19,000 5,19,000

Notes
To Carriage Outwards 4,500
To Salaries 12,000 By Gross Profit b/d 1,69,050
To Rent, Rates & Taxes 8,400 By Reserve for Discount on 2,250
Creditors @2 ½ %
(+) 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 85,114
A/c)
1,71,300 1,71,300

Balance Sheet
st
as on 31 December, 2009
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
.

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