Solution to Final Account for Practice

Solution to Final Account for Practice - Solution to Final...

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Solution to Final Account for Practice: Trial Balance As on 31/3/2003 Amount Amount SL. No. Particulars LF Dr. (Rs.) Cr. (Rs.) 1 40500 2 Furnitiure and Fixture 15250 3 Bank Overdraft 160000 4 Capital 115000 5 Drawings 15000 6 Purchases 230500 7 Opeing Stock 132250 8 Wages 22325 9 Prov for Doubtful Debts 5700 10 Prov. For Discount on Debtors 1375 11 Sundry Debtors 152500 12 Sundry creditors 77500 13 Bad Debt 2200 14 Bad Debt Recovery 1250 15 Salaries 32650 16 Salaries Payables 5350 17 Prepaid Rent 500 18 Rent 6500 19 Car iage Inward 2350 20 Car iage outward 3250 21 Sales 290600 22 Advertisement Expenses 6750 23 2200 24 Cash in hand 2300 25 Cash at Bank 7250 26 Miscel aneious Income (Balance 17500 as given in the Adj. no 1) 674275 674275 Journal Entries Date Particulars LF Debit(Rs.) Credit (Rs.) 2003 Closing Stock A/c Dr. 250000 31-Mar To Trading A/c 250000 (Being Closing stock value passed for ) (* 160000X(100/80)X(100/80) Sales Return A/c Dr. 5500 To Purchase A/c 5500 ( ) Sales A/C Dr. 5500 To Sales ReturnA/c 5500 Sales A/C Dr. 4750 To Purchase Return A/c 4750 Purchase Return A/c Dr. 4750 To Purchase A/C 4750 Drawings A/C Dr. 7500 To Purchase A/c 7500 Machine A/C Dr. 750 To Wages A/c 750 P/L A/C Dr. 7713 To Provision for Dep- Machine A/C 6188 1525 (Machine: (40500+750)X0.15, Fur:15250X 0.10) P/L A/C Dr. 11247 To Prov. For Doubtful Debts 7625 Tp Prov. For Discount on Debts 3622 (Doubtful Debts: (152500 X 0.05), Discount: (152500-7625) X 0.025) Advance to Ram Dr. 2500 To Sundry Creditors 2500 (Sundry creditor wrongly debited now cor ected) Adverftisement Exp A/C Dr. 1250 To Purchase A/c 1250 ( ) Note: Now we have completed passing of entries relating to adjustment entries. But now we have to even pass the
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This note was uploaded on 11/15/2011 for the course ACCOUNTS 231 taught by Professor Majidkhan during the Winter '11 term at IIPM.

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