Final Accounts Solution
In the books of M/s Vishal and Vaibhav
For the year ended 31st March, 2013
Question Summary: Prepare Final Accounts using the Trial Balance below.
View Trial Balance (Click to toggle)
| Particulars | Debit (₹) | Credit (₹) |
|---|---|---|
| Opening Stock | 23,500 | - |
| Purchases / Sales | 98,500 | 110,000 |
| Returns | - | - |
| Wages & Salaries (Trading) | 14,000 | - |
| Import Duty | 3,100 | - |
| Salaries & Wages (P&L) | 17,000 | - |
| Postage & Telegram | 1,750 | - |
| Carriage Outward | 1,800 | - |
| Printing & Stationery | 4,600 | - |
| Plant & Machinery | 70,000 | - |
| Leasehold Premises | 80,000 | - |
| Sundry Debtors / Creditors | 45,800 | 72,700 |
| Bills Receivable / Payable | 16,700 | 40,000 |
| Cash in Hand | 1,850 | - |
| 10% Bank Loan (from 1/10/12) | - | 60,000 |
| Outstanding Audit Fees | - | 5,900 |
| Capital: Vishal | - | 45,000 |
| Capital: Vaibhav | - | 45,000 |
| TOTAL | 378,600 | 378,600 |
Adjustments:
- Closing Stock valued at ₹30,000.
- Unused: Stamps ₹250, Stationery ₹400.
- Leasehold property is for 10 years (w.e.f. 1/10/2012).
- Depreciate Plant & Machinery @ 10% p.a.
- Mr. Rajan (Debtor) became insolvent, ₹1,500 irrecoverable.
SOLUTION
Trading Account
For the year ended 31st March, 2013
Dr. Particulars
| To Opening Stock | 23,500 | |
| To Purchases | 98,500 | |
| To Import Duty | 3,100 | |
| To Wages & Salary | 14,000 | |
| To Gross Profit c/d | 900 | |
| Total | 140,000 | |
Cr. Particulars
| By Sales | 110,000 | |
| By Closing Stock | 30,000 | |
| Total | 140,000 | |
Profit & Loss Account
For the year ended 31st March, 2013
Dr. Particulars
| To Salaries & Wages | 17,000 | |
| To Postage & Telegram | 1,750 | |
| Less: Unused Stamps | (250) | 1,500 |
| To Carriage Outward | 1,800 | |
| To Printing & Stat. | 4,600 | |
| Less: Unused Stat. | (400) | 4,200 |
| To Depr. Leasehold (80k/10yrs * 6/12) | 4,000 | |
| To Depr. Machinery | 7,000 | |
| To Bad Debts (New) | 1,500 | |
| To Int. on Bank Loan (60k*10%*6/12) | 3,000 | |
| Total | 40,000 |
Cr. Particulars
| By Gross Profit b/d | 900 | |
| By Net Loss t/f to: | ||
| Vishal's Capital | 19,550 | |
| Vaibhav's Capital | 19,550 | 39,100 |
| Total | 40,000 | |
Balance Sheet
As on 31st March, 2013
Liabilities
| Capital Accounts: | ||
| Vishal | 45,000 | |
| Less: Net Loss | (19,550) | 25,450 |
| Vaibhav | 45,000 | |
| Less: Net Loss | (19,550) | 25,450 |
| 10% Bank Loan | 60,000 | |
| Add: O/s Interest | 3,000 | 63,000 |
| Sundry Creditors | 72,700 | |
| Bills Payable | 40,000 | |
| O/s Audit Fees | 5,900 | |
| Total | 232,500 | |
Assets
| Fixed Assets: | ||
| Plant & Machinery | 70,000 | |
| Less: 10% Depr. | (7,000) | 63,000 |
| Leasehold Premises | 80,000 | |
| Less: Written off | (4,000) | 76,000 |
| Current Assets: | ||
| Sundry Debtors | 45,800 | |
| Less: Bad Debts | (1,500) | 44,300 |
| Closing Stock | 30,000 | |
| Bills Receivable | 16,700 | |
| Cash in Hand | 1,850 | |
| Unused Stationery | 400 | |
| Unused Stamps | 250 | |
| Total | 232,500 |
Board Question Papers
- March 2025 (English Medium)
- March 2025 (Marathi Medium)
- March 2024 (English Medium)
- March 2025 - Hindi Medium
- July 2025 - English Medium
- March 2024 - Marathi Medium
- March 2024 - Hindi Medium
- July 2023 - English Medium
- July 2022
- March 2021
- March 2020
- March 2019
- July 2018
- March 2018
- July 2017
- March 2017
- July 2016
- March 2016
- July 2015
- March 2015
- October 2014
- March 2014
- July 2024 (English Medium)
- March 2022