M/S Shailesh and Nilesh
Trading for the year ended 31st March 2016,
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs.
|
To Opening Stock
|
88000
|
By Sales
|
308000
| ||
To Purchases
|
176000
|
By Closing Stock
|
70000
| ||
To wages
|
23500
| ||||
To Gross Profit c/d
|
90500
| ||||
378000
|
378000
|
Profit and Loss A/c for the year ended 31st March, 2016
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs.
|
To Bad debts
|
4000
|
By Gross Profit b/d
|
90500
| ||
Add: N.R.D.D.
|
4100
|
8100
|
By Interest on Debentures.
|
1600
| |
To Salaries
|
18000
| ||||
Add: Outstanding
|
3600
|
21600
| |||
To Office Expenses
|
8000
| ||||
To Bank Charges
|
2600
| ||||
To Electricity Charges
|
9900
| ||||
To Depreciation on Machinery
|
6000
| ||||
To Interest on Capital
| |||||
Shailesh
|
9600
| ||||
Nilesh
|
9600
|
19200
| |||
To Net Profit:
| |||||
Shailesh Current A/c
|
8350
| ||||
Nilesh Current A/c
|
8350
|
16700
| |||
92100
|
92100
|
Partners Current A/c
Particulars
|
Shailesh
|
Nilesh
|
Particulars
|
Shailesh
|
Nilesh
|
To Drawings
|
3000
|
2000
|
By Balance b/d
|
5000
|
4000
|
To Balance c/d
|
19950
|
19950
|
By Interest on Capital
|
9600
|
9600
|
By Profit and Loss A/c
|
8350
|
8350
| |||
22950
|
21950
|
22950
|
21950
|
Balance Sheet as on 31st March, 2016.
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Partners Capital A/c
|
Land and Building
|
130000
| |||
Shailesh
|
120000
|
Machinery
|
90000
| ||
Nilesh
|
120000
|
240000
|
Less: Depreciation
|
6000
|
84000
|
Partners’ Current A/c
|
Furniture
|
43000
| |||
Shailesh
|
19950
|
Sundry Debtors
|
82000
| ||
Nilesh
|
19950
|
39900
|
Less: R.D.D.
|
4100
|
77900
|
Sundry Creditors
|
103000
|
8% Debentures
|
40000
| ||
Bank Overdraft
|
60000
|
Add: Interest
|
1600
|
41600
| |
Outstanding Salaries
|
3600
|
Closing Stock
|
70000
| ||
446500
|
446500
|
