Trading Account of XXXX for the year ended XXXX

Particulars Sub Total Total

TO Opening Stock XXX

TO Purchase XXX
Less Return Outward (Purchase Return) XXX XXX

To Direct Expenses
Freight & Carriers XXX
Custom and Insurance XXX
Wages XXX
Gas Water and Fuel XXX
Factory Expenses XXX
Royalty on Production XXX XXX

To Gross profit C/D XXX

Total XXXX

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED xxxx

Particulars Sub Total Total

By Gross Loss (B/D) XXXX

Managament Expenses
To Salaries( Administrative) XXX
To Office Rent, rates and Taxes XXX
To Printing and Stationery XXX
TO Telephone Expenses XXX
To Postage and Telegrams XXX
To Insurance XXX
To Audit Fees XXX
To Legal Expenses XXX
To Electricity Expenses XXX XXX

TO Maintenance Expenses
To Repairs and renewals XXX
To Depreciation on
Office Equipements XXX
Office Furniture XXX
Office Buildings XXX XXX

To Selling and Distribution Expenses

To Salaries (selling Staff) XXX
To Advertisement XXX
To Godown rents XXX
To Carriage inward XXX
To Bad debts XXX
To Provision of Bad debts XXX
To selling commisions XXX XXX

Financial Expenses
To Bank Charges XXX
To Interest on Loans XXX
To discount on bills XXX
To Discount allowed to Customers XXX XXX

Abnormal losses
To Loss on sales of Machinery XXX
To Loss on sales of Investment XXX XXX

To Net Profit ( Transferred to Capital A/c) XXX

Total XXXX

BALANCE SHEET AS ON xxxxxxx

Liabilities Sub Total Amount Amoun
Capital
Balance as on last years XXX
Add Net profit/ Less net Loss XXX
Less Drawings XXX XXX

Long term Loans

Term Loans XXX
Oher Loans XXX XXX

Short term Loans

Cash Credit XXX
Over Draft XXX
Oher Loans XXX XXX

Current Liabilities
Trade payables XXX
Outstanding Expenses XXX
Advance taken XXX XXX

Provisions
Provisions for Bad Debts XXX
Provisions for Retirement benefits XXX
 Provisions for Taxation XXX XXX

Total XXXX
of XXXX for the year ended XXXX

Particulars Sub Total Total

By Sales XXX
Less Return inward (sales Return) XXX XXX

By Clossing Stock XXX XXX

By Gross Loss (C/d) XXX XXX

Total XXX

ACCOUNT FOR THE YEAR ENDED xxxx

Particulars Sub Total Total

By Gross profit B/D XXXX

Other Incomes
By Discount received XXX
By Commission Received XXX XXX

Non trading Income

By Bank Interest XXX
By Rent of Property Let out XXX
By Dividend From Shares XXX XXX

By Abnormal gains
By Profit on Sales on Machinery XXX
By Profit on sales of investment XXX XXX
 Total XXXX

NCE SHEET AS ON xxxxxxx

Aseet Sub Total Amount Amount
Tangabile Fixed Assets
Land and Building XXX
Plant and Machinery XXX
Furntiure and Fixtures XXX
Vehicles XXX XXX

Intangabile Fixed Assets

Goodwills XXX
Patents Rights XXX XXX
Design and brand Names

Investments
Long terms Investments XXX XXX

Currents Assets
Inventory In trade XXX
Trade receivdable XXX
Short Terms Investment XXX
Prepayments XXX
Advances XXX
Bank Balance XXX
Cash in Hands XXX XXX
Total XXXX
Valuation Impact

Consider Few Items

Opening Entry
Drawing
Income Tax
Discount recd and allowed
Rebate
Bad Debts
Clossing Entry
Adjustment

Adjustment:
Expenses accrued and acrruing
Income accrued and acrruings
Carry forward income received in advance
Carry forward payment made in advance
Adjustment of Inventory of materials in hand
Provision for Bad and doubtful debts
provision for discounts
Provision of Depreciation
Other Provisions
Transfer, Involving, correctin of errors

1.5 ) Cetain Adjustments and other treatment

1) Abnnormal loss of Inventory by accident or fire
2) Goods sent on approval basis
3) Goods used other than for sales
4 ) Commision based on profit

Sequences of accounting procedure or the accounting cycle

Opening Entry
Provision and reserves
Limitation of Financial Statements
1) historical Cost
2) Intangible strenghs and weakness
3) Perpetual coninutiy and periodicals
4) Differnent accounting policies
5) Managments policies
Manufacturing Costs Manufaturing
Particulars Sub Total Total Particulars Units
1) Raw Material Consumed XXX 1) Raw Material Consumed
2) Direct Manufacturing Wages XXX Openning Inventory XXX
3) Direct Manufacturing Expenses XXX Add Purchase XXX
A) Direct Manufacturing Cost XXXX Less Clossing Inventory XXX

B) indirect Manufacturing Expenses XXX 2) Direct Manufacturing Wages

C) Manufacturing overheads XXX 3) Direct Manufacturing Expenses

Total Manufacturing Cost XXXX A ) Prime Cost (1+2+3)

4) Factory Overheads
Royalty
Hire Charges
Carriaage Inwards
Rents
Lighting

B) indirect Manufacturing Expenses

Repairs and depreciation
Depreciations
Factory Overheads

TO Opening Work in progess

Total
Total

Trading Accounts for

Particulars Units
To Opening Stock of Finished Goods
To Cost of Goods transferd From
manufacturing accounts

To Gross Profit C/d

Total
 Manufaturing Accounts
Sub Total Amounts Particulars Units Amounts
By By-products All net realizable Value XXX XXX
XXX
XXX By Clossing Work - in- Progess XXX XXX
XXX XXX
By Trading Accounts
XXX Cost of Production XXX XXX

XXX

XXX

XXX
XXX
XXX
XXX
XXX

XXX
XXX
XXX

XXX

XXX
XXXX Total XXXX

Trading Accounts for the year ended

Sub Total Amounts Particulars Units Amounts
XXXX By Sales XXXX

XXX By Clossing Stock XXX

XXX

XXXX Total XXXX

Working Notes 1 ) Depreciation
Working Notes 2 ) Wages
Working Notes 3 ) Expenses excluded from Direct expenses
4) Revised balanced transferred to tradding accounts
Working Notes 5 ) Creditors
8.1 Profit and Loss Appropriation Account the year ended XXXX

Particulars Sub Total Total Particulars Sub Total

To Interest on Capital By Gross profit B/D (adjusted)
AA XXX
BB XXX By Interest of Drawings
CC XXX XXX Shares of Interest of Drawings AA XXX
Shares of Interest of Drawings BB XXX
To Partner's Current Accounts
Shares of Profits AA XXX Shares of Interest of Drawings CC XXX
Shares of Profits BB XXX
Shares of Profits CC XXX XXX

To Partner's Current Accounts

Salary Accounts AA XXX
Salary Accounts BB XXX
Salary Accounts CC XXX XXX

Total XXXX Total

Working Notes
1) Adjusted Profit
Particulars Sub Total Total
Net Profit as per P & L Account XXX
Add
Drawing By Individual partner AA XXX
Drawing By Individual partner BB XXX
Drawing By Individual partner CC XXX XXX

Less: Profit and loss account Express XXX XXX

By Gross profit B/D (adjusted) XXXX

8.2 Good Wills Method

1 ) Average Profit Basis 2.2 page 8.35
2 ) Super Profit Basis 2.2 page 8.35
nos of year Purchase method 2.2 page 8.36
Annuity Method 2.2 page 8.37
Capitalization Profit Basis 2.2 page 8.38

8.3 Admission to an new Partner

Jornal entry of Capital
Bank Accounts
 To New Capital Accounts

Share of goodwill adjusted in current partner

Revaluation of Assets & Liability and entry in books

Profit of Revaluation account credited /debited to Current partners

MEMORANDUM REVALUTIONS ACCOUNTS

Particulars Sub Total Total Particulars Sub Total

To Provision of Bad Debts XXX By Free Hold Premises Accounts

To Inventory Accounts XXX To Furnitures Accounts

To Plants Accounts XXX To office Equipments Accounts

To Profit on Revaluations
AA Capitals Ration XX/XX XXX
BB Capitals Ration XX/XX XXX
CC Capitals Ration XX/XX XXX XXX

Total XXXX Total

To Free hold Premises Accounts XXX By Provision of Bad Debts

To Furnitures Accounts XXX By Inventory Accounts

To office Equipments Accounts XXX By Plants Accounts

By Loss on Revaluations
AA Capitals Ration XX/XX XXX
BB Capitals Ration XX/XX XXX
CC Capitals Ration XX/XX XXX

Total XXXX Total

8.4 Retirement of Partner

Total Partner Capital/ Current Accounts
XXXX
Particulars AA BB CC
TO Balance B/d Debit balance XXX XXX XXX

To Drawing XXX XXX XXX

XXX To other Expense to Ind. Partner XXX XXX XXX

By Profit and Loss Approiations

( Interest on drawings ) XXX XXX XXX

XXX
By Balance C/d Credit Balance XXX XXX XXX

Total XXX XXX XXX

Total

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX
er Capital/ Current Accounts

Particulars AA BB CC
By Balance B/d Credit Balance XXX XXX XXX

By Profit and Loss Approiations

Salary Account XXX XXX XXX
By Profit and Loss Approiations
( Interest on Capital ) XXX XXX XXX

By Profit and Loss Approiations

Shares of Profits XXX XXX XXX

By General Reseve XXX XXX XXX

By Workmen compensation Fund XXX XXX XXX

TO Balance C/d Debit balance XXX XXX XXX

Total XXX XXX XXX