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Final Accounts With Adj.

The document contains trial balances and adjustments for Mr. Rajan, Mr. Ramesh, and another entity, detailing their financial positions as of specified dates. It includes the preparation of trading profit and loss accounts and balance sheets, reflecting assets, liabilities, and net profits or losses. Key adjustments include depreciation, interest on capital, and stock valuations.

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abhinavanand1306
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13 views

Final Accounts With Adj.

The document contains trial balances and adjustments for Mr. Rajan, Mr. Ramesh, and another entity, detailing their financial positions as of specified dates. It includes the preparation of trading profit and loss accounts and balance sheets, reflecting assets, liabilities, and net profits or losses. Key adjustments include depreciation, interest on capital, and stock valuations.

Uploaded by

abhinavanand1306
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. From the following Trial Balance of Mr.

Rajan as on 31-12-2018 prepare final accounts

Particulars Amount
Credit
Balances 36,000
Capital 8,720
Creditors 2,528
Bills Payable 78,812
Sales 12,000
Loan
Debit Balances
Debtors 3,885
Salaries 4,000
Discount 1,000
Postage 273
Bad debts 287
Interest 1295
Insurance 417
Machinery 10,000
Opening Stock 9,945
Purchases 62,092
Wages 4,300
Buildings 23,780
Fixtures 16156

Adjustments:
Charge Depreciation on Machinery – 25% and Building 5%
Allow 5% interest on capital
Stock on 31-12-2018- 14,300
Trading Profit & Loss A/c for the year ending 2018

Particulars Amount Particulars Amount


To Opening Stock 9,945 By closing 14,300
To Purchases 62092 stock 78,182
To Wages 4,300 By Sales
To Gross Profit 16,145
(Transfer to P& L A/C)

92482 92482
To Interest on capital 1800 By Gross Profit 16145
To Salaries 4,000
To Depreciation
Machinery 2500
Building 1189
To Discount 1,000
To Postage 273
To Bad Debts 287
To Interest 1295
To Insurance 417
To Net Profit 3,384
(Transfer to capital
A/c)

16145 16145

Balance Sheet as on 31-12-2018

Liabilities Amount Amount Assets Amount Amount


Capital 36,000 Fixtures 16156
Add: Net Profit 3,384 Machinery 10,000 7,500
39,384 Less- Dep 2,500
Add; Interest on 1,800 41,184 Buildings 23,780
capital 8,720 Less- Dep 1,189 22,591
Creditors 2,528 Debtors 3,885
Bills Payable 12,000 Closing Stock 14,300
Loan
64432 64432

2. From the following trial Balance given below, prepare final accounts for the year ending on 31 st
March

Particulars Amount
Opening Stock 9,300
Repairs 310
Machinery 12670
Furniture 1,330
Office Expenses 750
Trade Expenses 310
Land & Buildings 15,400
Bank Charges 50
Purchases 15450
Sales Returns 120
Advertisements 500
Cash in hand 160
Cash at Bank 5,870
Sundry Expenses 150
Insurance 500
Travelling Expenses 200
Bank Interest 200
Purchases Return 440
Creditors 12,370
Sales 20,560
Capital 24,500
Loan 5,000

Adjustment;
Closing stock as on 31-0-19- Amount7585
Prepaid Insurance- 250
Depreciation on Land & Buildings- 5% Machinery 10%

Trading Profit & Loss A/c for the year ending as on 31st March

Particulars Amoun Particulars Amount


t
To Opening Stock 9,300 By Sales 20560 20440
To Purchases 15450 15,010 -Returns 120
-Returns 440 By Closing Stock 7585
To Gross Profit 3715
28025 28025
To Repairs 310 By Gross profit 3715
To Depreciation To Bank Interest 200
Machinery 1267 By Net Loss 642
Land & Buildings 770
Insurance 500 250
-Prepaid 250
To Advertisement 500
To Office expenses 750
To Travelling Expenses 200
To Trade Expenses 310
To Bank Charges 50
To sundry Expenses 150

4557 4557

Balance Sheet as on 31st March

Liabilitie Amount Amount Assets Amount Amount


s
Capital 24,500 Machinery 12670 11403
-Net Loss 642 23,858 Less: Depreciation 1267
Creditors 12370 Land &Buildings 15400 14630
Loan 5,000 Less: Depreciation 770
Prepaid Insurance 250
Cash at Bank 5870
Cash in Hand 160
Closing Stock 7585
Furniture 1330
41228 41228

Trading profit and loss Account for the year ended as on 31.12.2008

Particulars Amount Amount Particulars Amount Amount


To opening Stock 23,000 By Sales 1,35,000
To Purchases 1,19,670 By Closing stock 20,000
To Carriage inwards 2,000
To Gross Profit 10,330
1,55,000 1,55,000
To Depreciation By Gross Profit 10,330
Plant & Machinery 1850 By Discount 600
Business Premises 3,500 By commission 500
Rent 950 1,550 Earned
Add: Outstanding 600
To Insurance 1,400 1,000
Less; Prepaid insurance 400
To Salaries 2,250
To Trade Expenses 375
To Carriage outwards 350
To Net Profit 555
11430 11430

Balance Sheet of Mr. Ramesh as on 31.12.2018

Liabilities Amount Amount Assets Amount Amount


Capital 72795 73350 Sundry debtors 43,000
Add: Net Profit 555 Cash at Bank 1850
Sundry Creditors 11,750 Commission Earned 500
Bank overdraft 9,500 Closing Stock 20,000
Bills Payable 18700 Prepaid Insurance 400
Rent Outstanding 600 Plant and Machinery 18500 16,650
Less: Depreciation 1850
10% 35,000 31500
Business Premises 3,500
Less: Depreciation10%
1,13,900 1,13,900

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