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Expenses

This document contains accounting information for a business including expenses, revenues, assets and liabilities for the year ending 31 March 2014. It summarizes expenses of Rs. 180,400 and revenues of Rs. 180,400. Assets total Rs. 3,55,700 including cash, plant and machinery, patents, furniture and debtors. Liabilities include capital of Rs. 2,55,700, creditors of Rs. 64,000 and outstanding salaries and wages of Rs. 32,000.

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39 views3 pages

Expenses

This document contains accounting information for a business including expenses, revenues, assets and liabilities for the year ending 31 March 2014. It summarizes expenses of Rs. 180,400 and revenues of Rs. 180,400. Assets total Rs. 3,55,700 including cash, plant and machinery, patents, furniture and debtors. Liabilities include capital of Rs. 2,55,700, creditors of Rs. 64,000 and outstanding salaries and wages of Rs. 32,000.

Uploaded by

neemthas761
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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expenses amount gain Amount

Wages 6000*6/12 180 Sales 116000


Stock 16700 (-)sales return - 2000 114000
Carriage 5000 Closing stock 19400
Purchases 60000
(-)purchase returns - 1000 59000
Gross profit 52520
133400 133400
Interest on loan 6000 Gross profit 52520
Commission 1500
Carriage outwards 4500 discount 2600
Salaries 8000 13200
(+)outstanding salary + 1200 9200
Rent 8000
Bad debts 800
Advertising 4500
Discount 2000
Insurance premium 1500
Depreciation on furniture
20000*5/100 1000
Depreciation on computer
1000*10/100 1000

liabilities amount asset Amount


Capital = 50,000 Debtors 24000
(+)net profit = Cash 3000
(-) drawings = 10,000 Computer 10000
Creditors 16000 (-) depreciation
Bills payable 8000 Bank
Outstading salary Furniture
Loan (-)depreciation
(+) interest on loan Bills recievable 10000
Closing stock 19400
Trading and profit/loss a/c for the year ended 31.3.14

Expenses/losses amount Revenue/income Amount


To Opening stock a/c 24,000 By sales a/c 4,00,000
To purchases a/c 160,000 Less : sales return - 4,000 3,96,000
Less : return outward - 2,000 158,000 By Closing stock a/c 12,000
To wages a/c 22,000
Add: outstanding wages + 6000 28,000
To fuel and power a/c 18,000
To Carriage inwards a/c 6,000
Gross profit c/d 174000
4,08,00 4,08,000
0
To Insurance a/c 8000 Gross profit b/d 174,000
Less: prepaid insurance - 700 7,300 By commission received 4000
To salaries a/c 28,000 Add: commission accrued 2400 6400
Add: outstanding salary + 12000 40,000
To rent a/c 2,000
To depreciation on buildings a/c 5000
To depreciation on plant a/c 2400
To net profit transferred to capital a/c 123700
180400 180400

Balance sheet as on 31.3.14

liabilities amount asset Amount


Capital 1,30,000 Cash in hand 16,000
Add: net profit + 1,23,700 Cash at bank 32,000
Less: drawings - 18,000 2,55,70 Plant 80,000
Creditors 0 Less : depreciation on plant 3% 77,600
Bills payable 64,000 Patents 30.000
Salary outstanding 20,000 Furniture 12.000
Wages outstanding 12,000 Debtors 80.000
6,000 Buildings 100.000
Less : depreciation on buildings 5% 95,000
Prepaid insurance 700
Accrued commissions 2,400
Closing stock 12,000
Postage stationery Telegram conveyance misc.
and
telephone

amount date particular lf amount

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