OMTEX CLASSES: Q. 7. FINAL ACCOUNT SOLUTION: March 2018

Q. 7. FINAL ACCOUNT SOLUTION: March 2018

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