Page 87 - DMGT403_ACCOUNTING_FOR_MANAGERS

Accounting for Managers

Notes Balance Sheet of Mr. Das
as on 31.12.2009
Liabilities Assets
Capital 86,140 Cash in hand 5,600
(+) Net Profit 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

Task 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 Profit 1,23,150; Net Profit 1,01,850 and Balance Sheet Total 2,09,850.

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