Unit 7
SINGLE ENTRY SYSTEM OF BOOK KEEPING
ACCOUNTING FROM INCOMPLETE RECORDS
Method is to be used when the summary of cash transaction is given:-
Under conversion method, Trading & Profit & Loss Account & Balance sheet can be prepared by converting the single entry system in to Double entry system.
For converting single entry system in to Double entry system the missing items are to be found out by preparing the relevant ledger Account as under :-
To ascertain either Credit Sales or Closing Balance or Opening Balance of Debtors or Cash received from Debtors.
*All the relevant figures will be given in the question except any one of the above
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | XX | By Cash & Cheque Received | XX |
To Credit sales | XX | By Discount Received | XX |
To Discount Allowed | XX | By Bills Receivable (Drawn) | XX |
To Creditors(Dishonour of B/R Endorsed) | XX | By Return Inwards | XX |
To Bank (Cheque Dishonoured) | XX | By Bad Debts Written Off | XX |
To Bills Receivable (Dishon) | XX | By Balance c/d | XX |
TOTAL | XX | TOTAL | XX |
The following items will not affect Total Debtors Account:-
a) Cash sales
b) Reserve for discount on Debtors
c) R.D.D
d) Bad Debt previously written off but now recovered.
e) Bills receivable Honoured
f) Bills receivable Dishonoured
g) Bill receivable endorsed
h) Bills receivable sent to bank for collection
To ascertain either Credit Purchases or Closing Balance or Opening Balance of Creditors or Cash paid to Creditors.
*All the relevant figures will be given in the question except any one of the above
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Cash/Bank Account | XX | By Balance b/d | XX |
To Discount received | XX | By Credit Purchase | XX |
To Bills Payable (Accepted) | XX | By Bank Account ( Dishonoured of Cheques) | XX |
To Bills Receivable (Endorsed) | XX | By Bills Payable (Dishonoured) | XX |
To Return Outwards | XX | By Debtors(Dishonour of bills receivable endorsed) | XX |
To Balance c/d | XX |
|
|
TOTAL | XX | TOTAL | XX |
The following items will not affect total Creditors Account:-
a) Cash Purchase
b) Reserve for Discount on Creditors
c) Bills Payable honoured
Note :- if bills receivable Endorsed it is debited to creditors A/c on dishonored of B/R endorsed Creditor's A/c. is credited by debiting Debtors A/c.
To ascertain Either Opening Balance or Closing Balance or Bills Drawn
*All the relevant figures will be given in the question except any one of the above
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | XX | By Cash/Bank (Honouring) | XX |
To Debtors a/c for B/R received | XX | By Cash/Bank (Discounting) | XX |
|
| By Debtors (Dishonored) | XX |
|
| By Discount (Discounting) | XX |
|
| By Creditors (B/R ENDORSED) | XX |
|
| By Bank for Collection | XX |
|
| By Balance c/d | XX |
TOTAL | XX | TOTAL | XX |
To ascertain Either Opening Balance or Closing Balance or Bills Accepted.
*All the relevant figures will be given in the question except any one of the above
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Cash/Bank.(Honouring) | XX | By Balance b/d | XX |
To Creditors (Dishonoured) | XX | By Creditors for Bills Payable accepted | XX |
To Balance c/d | XX |
|
|
TOTAL | XX | TOTAL | XX |
Q.1 You are given
1) The balance sheet of N. Swami on 31.12.2004
2) Cash Transaction for the year up to 31.12.2005
3) A Summary of the remaining transaction
BALANCE SHEET AS ON 31/12/2004
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital |
| 19,600 | Cash |
| 800 |
|
|
| Stock |
| 7,500 |
Creditors |
| 3,600 | Debtors |
| 3,900 |
|
|
| Machinery |
| 4,000 |
|
|
| Land & Building |
| 7,000 |
TOTAL |
| 23,200 | TOTAL |
| 23,200 |
Dr. SUMMARY OF CASH TRANSACTION. Cr.
Particulars | Amount | Particulars | Amount |
Opening Balance | 800 | Payment to creditors | 14,700 |
Received from Debtors | 29,000 | Wages | 1,580 |
Cash Sales | 3,700 | Salaries | 4,900 |
|
| Drawing | 4,500 |
|
| Office expenses | 890 |
|
| Investment | 1,730 |
|
| Closing Balance | 5,200 |
TOTAL | 33,500 | TOTAL | 33,500 |
Other transaction :-
Sales (Credit) Rs.40,760, Discount to Customer Rs.200, Purchased Rs.30,000,Discount Received Rs.100,Closing Stock Of Goods Rs.5,300
Provide for depreciation on P&M @ 5% and Land and Building @ 2.5%
Prepare the Trading A/c, P&L A/c. and Balance sheet.
SOLUTION:-
Dr. TRADING A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Opening Stock |
| 7,500 | By Sales |
|
|
To Purchase |
|
| Cash | 3,700 |
|
Cash | - |
| Credit | 40,760 | 44,460 |
Credit | 30,000 | 30,000 |
|
|
|
To Wages |
| 1,580 | By Closing Stock |
| 5,300 |
To Gross Profit |
| 10,680 |
|
|
|
TOTAL |
| 49,760 | TOTAL |
| 49,760 |
Dr. PROFIT AND LOSS A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Salaries |
| 4,900 | By Gross Profit |
| 10,680 |
To Discount Allowed |
| 200 | By Discount Received |
| 100 |
To Office Expenses |
| 890 |
|
|
|
To Depreciation Machinery Building | 200 175 | 375 |
|
|
|
To NET PROFIT |
| 4,415 |
|
|
|
TOTAL |
| 10,780 | TOTAL |
| 10,780 |
BALANCE SHEET AS ON 31/12/2007
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital | 19,600 |
| Machinery | 4,000 |
|
Add:- NET PROFIT | 4,415 |
| Less:- Depn @ 5% | 200 | 3,800 |
Less:- Drawing | (4,500) | 19,515 | Building | 7,000 |
|
|
|
| Less:- Depn @ 2.5% | 175 | 6,825 |
|
|
| Debtors |
| 15,460 |
Creditors |
| 18,800 | Investment |
| 1,730 |
|
|
| Closing Stock |
| 5,300 |
|
|
| Cash |
| 5,200 |
TOTAL |
| 38,315 | TOTAL |
| 38,315 |
WORKING NOTE :-
Dr. DEBTORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | 3,900 | By Cash Received | 29,000 |
To Credit sales | 40,760 | By Discount Allowed | 200 |
|
| By Balance c/d | 15,460 |
TOTAL | 34,660 | TOTAL | 34,660 |
Dr. CREDITORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Cash | 14,700 | By Balance b/d | 3,600 |
To Discount Received | 100 | By Credit Purchase | 30,000 |
To Balance c/d | 18,800 |
|
|
TOTAL | 33,600 | TOTAL | 33,600 |
Q.2 Amar did not keep proper books of account. However, he gives you the following information relating 2007 :-
Assets & Liabilities | 1.1.07 | 31.12.07 |
Cash at bank | 1,000 | 1,800 |
Stock | 20,000 | 19,500 |
Sundry Debtors | 15,000 | 16,000 |
Machinery | 40,000 | ----- |
Sundry Creditors | 20,000 | 18,000 |
Dr. SUMMARY OF CASH TRANSACTION. Cr.
Particulars | Amount | Particulars | Amount |
Opening Balance | 1,000 | Payment to creditors | 35,000 |
Received from Debtors | 76,500 | Wages | 15,100 |
Cash Sales | 8,200 | Salaries. and Expenses | 11,600 |
Sales of Newspaper | 200 | Building Purchased | 20,000 |
Loan from Mrs Amar(@ 9% on 1.10.07) | 6,000 | Domestic expenses | 8,400 |
|
| Closing Balance | 1,800 |
During the year Rs. 600 had to be written off as bad. Machinery is to be depreciated @ 15% p.a. Expenses owing are Rs. 800. Prepare Amar's Trading & profit & Loss Account & Balance sheet relating to 2007.
SOLUTION:-
Dr. TRADING A/c. Cr.
PARTICULAR | AMOUNT | AMOUNT | PARTICULAR | AMOUNT | AMOUNT |
To Opening Stock |
| 20,000 | By Sales |
|
|
To Purchase |
|
| Cash | 8,200 |
|
Cash | - |
| Credit | 77,500 | 85,700 |
Credit | 33,000 | 33,000 |
|
|
|
To Wages |
| 15,100 | By Closing Stock |
| 19,500 |
To Gross Profit |
| 37,100 |
|
|
|
TOTAL |
| 1,05,200 | TOTAL |
| 1,05,200 |
Dr. PROFIT AND LOSS A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Interest on Loan |
| 135 | By Gross Profit |
| 37,100 |
To Salaries & Expenses | 11,600 |
| By Sale of News paper |
| 200 |
Add:- O/S Expenses | 800 | 12,400 |
|
|
|
To Domestic expenses |
| 8,400 |
|
|
|
To Bad Debt |
| 600 |
|
|
|
To Depn on Machinery |
| 6,000 |
|
|
|
To NET PROFIT |
| 9,765 |
|
|
|
TOTAL |
| 37,300 | TOTAL |
| 37,300 |
BALANCE SHEET AS ON 31/12/2007
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital | 56,000 |
| Machinery | 40,000 |
|
Add:- NET PROFIT | 9,765 | 65,765 | Less:- Depn @15% | 6,000 | 34,000 |
|
|
| Building |
| 20,000 |
O/S Expenses |
| 800 | Debtors | 16,000 |
|
Creditors |
| 18,000 | Less:- Bad Debt | 600 | 15,400 |
Loan from Mrs Amar | 6,000 |
| Closing Stock |
| 19,500 |
Add:- Int on Loan | 135 | 6,135 | Cash |
| 1,800 |
TOTAL |
| 90,700 | TOTAL |
| 90,700 |
WORKING NOTE :-
BALANCE SHEET AS ON 31/12/2006
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital (Bal.Fig.) |
| 56,000 | Cash |
| 1,000 |
|
|
| Stock |
| 20,000 |
Creditors |
| 20,000 | Debtors |
| 15,000 |
|
|
| Machinery |
| 40,000 |
TOTAL |
| 76,000 | TOTAL |
| 76,000 |
Dr. DEBTORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | 15,000 | By Cash & Cheque Received | 76,500 |
To Credit sales | 77,500 | By Balance c/d | 16,000 |
|
|
|
|
TOTAL | 92,500 | TOTAL | 92,500 |
Dr. CREDITORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To cash | 35,000 | By Balance b/d | 20,000 |
To Balance c/d | 18,000 | By Credit Purchase | 33,000 |
TOTAL | 53,000 | TOTAL | 53,000 |
Q.3 Ashutosh carries on small business, but he does not maintain a complete set of account books. He banks all receipts and makes all payments only by means of cheques. He maintain properly a Cash book, Sales Ledger, and Purchase Ledger. He also make close of every accounting year. From such records you are able together following facts:
Receipts for the year ended 31.12.2011
From Sundry Debtors | 17,625 |
Cash Sales | 4,125 |
Paid in by Ashutosh, the proprietor | 2,500 |
TOTAL | 24,250 |
PAYMENT MADE IN THE YEAR ENDED 31.12.2011.
New Plant Purchase | 625 |
Drawings | 1,500 |
Wages | 6,725 |
Salaries | 1,125 |
Interest paid | 75 |
Telephones | 125 |
Rent | 1,200 |
Light and Power | 475 |
Sundry expenses | 2,125 |
Sundry creditors(Purchase ledger accounts) | 7,625 |
PARTICULARS | 31.12.2010 | 31.12.2011 |
Sundry Creditors | 2525 | 2,400 |
Sundry Debtors | 3,750 | 6,125 |
Bank | 625 | NIL |
Stock | 6,250 | 3,125 |
Plant | 7,500 | 7,315 |
From the above data, prepare Profit and Loss A/c for year ended 31st Dec, 2011 and Balance Sheet as on that date.
SOLUTION:
Dr. TRADING A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Opening Stock |
| 6,250 | By Sales |
|
|
To Purchase |
| 7,500 | Cash | 4,125 |
|
To Wages |
| 6,725 | Credit | 20,000 | 24,125 |
To Light & Power |
| 475 |
|
|
|
To Gross Profit |
| 6,300 | By Closing Stock |
| 3,125 |
|
|
|
|
|
|
TOTAL |
| 27,250 | TOTAL |
| 27,250 |
Dr. PROFIT AND LOSS A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Salaries |
| 1,125 | By Gross Profit |
| 6,300 |
To Interest |
| 75 |
|
|
|
To Telephones Exp |
| 125 |
|
|
|
To Rent |
| 1,200 |
|
|
|
To Sundry Expense |
| 2,125 |
|
|
|
To Depreciation |
| 810 |
|
|
|
To NET PROFIT |
| 840 |
|
|
|
|
|
|
|
|
|
TOTAL |
| 6,300 | TOTAL |
| 6,300 |
BALANCE SHEET AS ON 31/12/2011
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital | 15,600 |
| Plant | 7,500 |
|
|
|
| Add:- Purchase | 625 |
|
Add:- NET PROFIT | 840 |
| Less:- Depn | 810 | 7,315 |
Less:- Drawing | (1,500) |
| Debtors |
| 6,125 |
Add:- ADI | 2500 | 17,440 | Closing Stock |
| 3,125 |
|
|
| Bank |
| 3,275 |
Creditors |
| 2,400 |
|
|
|
|
|
|
|
|
|
TOTAL |
| 19,840 | TOTAL |
| 19,840 |
WORKING NOTE :-
BALANCE SHEET AS ON 01/01/2011
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital (Bal.Fig.) |
| 15,600 | Bank |
| 625 |
|
|
| Stock |
| 6,250 |
Creditors |
| 2,525 | Debtors |
| 3,750 |
|
|
| Plant |
| 7,500 |
TOTAL |
| 18,125 | TOTAL |
| 18,125 |
Dr. DEBTORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | 3,750 | By Cash & Cheque Received | 17,625 |
To Credit sales (Bal Fig) | 20,000 | By Balance c/d | 6,125 |
|
|
|
|
TOTAL | 23,750 | TOTAL | 23,750 |
Dr. CREDITORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Cash/Bank | 7,625 | By Balance b/d | 2,525 |
To Balance c/d | 2,400 | By Credit Purchase( Bal Fig) | 7,500 |
TOTAL | 10,025 | TOTAL | 10,025 |
Dr. CASH/BANK A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | 625 | By Plant(Purchased) | 625 |
To Debtors A/c (Reciept) | 17,625 | By Drawings | 1,500 |
To Cash Sales | 4,125 | By Wages | 6,725 |
To Capital Introduced (Additional) | 2,500 | By Salaries | 1,125 |
|
| By Interest Paid | 75 |
|
| By Telephone Expenses | 125 |
|
| By Rent | 1,200 |
|
| By Light & Power | 475 |
|
| By Sundry Expenses | 2,125 |
|
| By Creditors(Payment) | 7,625 |
|
| By Balance c/d(Bal Fig) | 3,275 |
|
|
|
|
TOTAL | 24,875 | TOTAL | 24,875 |
Q.4. Amisha did not maintain her books of accounts properly. From the following data supplied to you prepare Final Accounts for the year ended 31.12.11
PARTICULARS | AMOUNT |
Opening Stock 1.1.11 | 10,000 |
Cash on Hand 1.1.11 | 5,000 |
Creditors of Furniture & Fixtures on 1.1.11(Dep@10%) | 2,000 |
Rent(paid for 10 months) | 1,000 |
Cash received from Debtors (after allowing 2% disc) | 29,400 |
Cash paid to Creditors (after receiving 3% disc) | 17,460 |
Bad Debts previously written off now recovered | 200 |
Cash Purchases | 3,000 |
Credit Purchases | 30,000 |
Debtors on 31.12.11 | 12,000 |
Drawings | 5,000 |
Donations | 1,000 |
Sales(80% Credit Sales) | 50,000 |
Commission Recieved | 1,000 |
Rate of G.P on Sales | 20% |
SOLUTION:
Dr. TRADING A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Opening Stock |
| 10,000 | By Sales |
|
|
To Purchase |
|
| Cash | 10,000 |
|
Cash | 3,000 |
| Credit | 40,000 | 50,000 |
Credit | 30,000 | 33,000 |
|
|
|
To Gross Profit (20% of 50,000) |
| 10,000 | By Closing Stock(Bal Fig) |
| 3,000 |
|
|
|
|
|
|
TOTAL |
| 53,000 | TOTAL |
| 53,000 |
Dr. PROFIT AND LOSS A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Rent | 1,000 |
| By Gross Profit |
| 10,000 |
Add:O/s Rent (2 months) | 200 | 1,200 | By Bad Debts Recovered |
| 200 |
To Disc Allowed |
| 600 | By Disc Recieved |
| 540 |
To Donations |
| 1,000 | By Commission |
| 1000 |
To Depreciation |
| 200 |
|
|
|
To NET PROFIT |
| 8,740 |
|
|
|
|
|
|
|
|
|
TOTAL |
| 11,740 | TOTAL |
| 11,740 |
BALANCE SHEET AS ON 31/12/2011
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital | 17,000 |
| Furniture | 2,000 |
|
|
|
| Less: Depreciation | 200 | 1,800 |
Add:- NET PROFIT | 8,740 |
| (10% of 2000) |
|
|
Less:- Drawing | 5,000 | 20,740 | Debtors |
| 12,000 |
|
|
| Closing Stock |
| 3,000 |
Outstanding Rent |
| 200 | Cash/Bank |
| 18,140 |
Creditors |
| 14,000 |
|
|
|
|
|
|
|
|
|
TOTAL |
| 34,940 | TOTAL |
| 34,940 |
WORKING NOTE :-
BALANCE SHEET AS ON 01/01/2011
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital (Bal.Fig.) |
| 17,000 | Cash/Bank |
| 5,000 |
|
|
| Stock |
| 10,000 |
Creditors |
| 2,000 | Debtors |
| 2,000 |
|
|
| Furniture |
| 2,000 |
TOTAL |
| 19,000 | TOTAL |
| 19,000 |
Dr. DEBTORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d (Bal Fig) | 2,000 | By Cash & Cheque Received | 29,400 |
To Credit sales (80% of 50,000) | 40,000 | By Disc Allowed | 600 |
|
| By Balance c/d | 12,000 |
TOTAL | 42,000 | TOTAL | 42,000 |
Dr. CREDITORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Cash/Bank | 17,460 | By Balance b/d | 2,000 |
To Disc Recieved | 540 | By Credit Purchase | 30,000 |
To Balance c/d( Bal Fig) | 14,000 |
|
|
TOTAL | 32,000 | TOTAL | 32,000 |
Dr. CASH/BANK A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | 5,000 | By Cash Purchases | 3,000 |
To Debtors A/c (Reciept) | 29,400 | By Drawings | 5,000 |
To Cash Sales | 10,000 | By Rent | 1,000 |
To Bad Debts Recovered | 200 | By Creditors(Payment) | 17,460 |
To Commission Recieved | 1,000 | By Donations | 1,000 |
|
| By Balance c/d(Bal Fig) | 18,140 |
|
|
|
|
TOTAL | 45,600 | TOTAL | 45,600 |
Q. 5. You are given
a. Opening Balance Sheet as on 1.4.2013
b. Cash Account for the year ended 31.3.2014
c. Additional Information
Prepare Final Accounts of Mr. Sahil Khan
BALANCE SHEET AS ON 01/03/2013
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital |
| 1,80,000 | Cash |
| 9,000 |
Bills Payable |
| 72,000 | Bank |
| 18,000 |
Creditors |
| 36,000 | Stock |
| 36,000 |
|
|
| Debtors |
| 45,000 |
|
|
| Bills Receivable |
| 36,000 |
|
|
| Furniture |
| 18,000 |
|
|
| Plant |
| 1,26,000 |
|
|
|
|
|
|
TOTAL |
| 2,88,000 | TOTAL |
| 2,88,000 |
Dr. CASH/BANK A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | 27,000 | By Bills Payable | 1,08,000 |
To Debtors A/c (Reciept) | 1,44,000 | By Drawings | 21,600 |
To Cash Sales | 63,000 | By Rent, Rates & Taxes | 36.000 |
To Bills Receivable | 1,35,000 | By Creditors(Payment) | 63,000 |
To Commission Recieved |
| By Wages | 36,000 |
|
| By Sundry Expenses | 54,000 |
|
| By Balance c/d | 50,400 |
|
|
|
|
TOTAL | 3,69,000 | TOTAL | 3,69,000 |
Additional Information | Rs. |
Debtors as on 31st March, 2015 | 72,000 |
Creditors as on 31st March, 2015 | 45,000 |
Bills Receivable as on 31st March, 2015 | 54,000 |
Bills Payable as on 31st March, 2015 | 90,000 |
Stock as on 31st March, 2015 | 54,000 |
Discount Allowed | 1,800 |
Discount Received | 3,600 |
Bills Receivable Endorsed | 27,000 |
Bills Recievable in Hand Dishonoured during the year | 9,000 |
Bills Receivable Endorsed Dishonoured | 3,600 |
Bills Payable Dishonoured during the year | 3,600 |
SOLUTION:
Dr. TRADING A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Opening Stock |
| 36,000 | By Sales |
|
|
To Purchase |
| 2,25,000 | Cash | 63,000 |
|
To Wages |
| 36,000 | Credit | 3,49,200 | 4,12,200 |
|
|
|
|
|
|
To Gross Profit |
| 1,69,200 | By Closing Stock |
| 54,000 |
|
|
|
|
|
|
TOTAL |
| 4,66,200 | TOTAL |
| 4,66,200 |
Dr. PROFIT AND LOSS A/c. Cr.
PARTICULARS | AMOUNT | AMOUNT | PARTICULARS | AMOUNT | AMOUNT |
To Sundry Exps |
| 54,000 | By Gross Profit |
| 1,69,200 |
To Rent, Rates & Tax |
| 36,000 |
|
|
|
To Disc Allowed |
| 1,800 | By Disc Recieved |
| 3,600 |
To NET PROFIT |
| 81,000 |
|
|
|
|
|
|
|
|
|
TOTAL |
| 1,72,800 | TOTAL |
| 1,72,800 |
BALANCE SHEET AS ON 31/03/2015
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Capital | 1,80,000 |
| Furniture |
| 18,000 |
|
|
| Plant |
| 1,26,000 |
Add:- NET PROFIT | 81,000 |
| Bills Receivable |
| 54,000 |
Less:- Drawing | 21,600 | 2,39,400 | Debtors |
| 72,000 |
|
|
| Closing Stock |
| 54,000 |
Bills Payable |
| 90,000 | Cash/Bank |
| 50,400 |
Creditors |
| 45,000 |
|
|
|
|
|
|
|
|
|
TOTAL |
| 3,74,400 | TOTAL |
| 3,74,400 |
WORKING NOTE :-
Dr. DEBTORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | 45,000 | By Cash & Cheque Received | 1,44,000 |
To Bills Receivable(Dishonour) | 9,000 | By Disc Allowed | 1,800 |
To Creditors (Endorsed Bill Dishonoured) | 3,600 | By Bills Receivable | 1,89,000 |
To Credit sales(Bal Fig) | 3,49,200 |
|
|
|
| By Balance c/d | 72,000 |
TOTAL | 4,06,800 | TOTAL | 4,06,800 |
Dr. CREDITORS A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Cash/Bank | 63,000 | By Balance b/d | 2,000 |
To Disc Received | 3,600 | By Credit Purchase | 30,000 |
To Bills Receivable(Endorsed) | 27,000 |
|
|
To Bills Payable | 1,29,600 |
|
|
To Balance c/d | 45,000 |
|
|
TOTAL | 2,68,200 | TOTAL | 2,68,200 |
Dr. BILLS RECEIVABLE A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Balance b/d | 36,000 | By Cash | 1,35,000 |
To Debtors (Bal Fig) | 1,89,000 | By Debtors (Dishonoured) | 9,000 |
|
| By Creditors (Endorsed) | 27,000 |
|
| By Balance c/d | 54,000 |
TOTAL | 2,25,000 | TOTAL | 2,25,000 |
Dr. BILLS PAYABLE A/c. Cr.
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
To Cash | 1,08,000 | By Balance b/d | 72,000 |
To Creditors (Dishonoured) | 3,600 | By Sundry Creditors (Bal Fig) | 1,29,600 |
To Balance c/d |
|
|
|
TOTAL | 2,01,600 | TOTAL | 2,01,600 |
