2.

Final Accounts

Trading Account as on 31st December, 2001

Particulars Amount(Rs.) Particulars Amount(Rs.)
To opening Stock 46,800 By Sales 2,89,600
To Purchases 2,43,100 (+)Sales 3,000
(+)Purchases 1,630 (-) Sales 8,600 2,84,000
(-)Purchase 5,800 2,38,930 Return 78,600
Return 600 By Closing
(-_Private 18,600 stock
Purchase 100
To Fright and 18,700
Carriage 5,700
(+)o/s Carriage 300
To Rates and 52,770
Rent 3,62,600 3,62,600
To outstanding
wages
To Gross Profit
 Profit & Loss Account as on 31st December, 2001
Particulars Amount(Rs.) Particulars Amount(Rs.)
To Salaries and By Gross 52,770
Wages 9,300 Profit
(+) o/s Salaries 500 9,800 Income from 250
To Bank Interest 900 Investments 4,190
(+) o/s 300 Discounts
To Printing and By Interest 2,100
advertisement 14,600 on Deposit 255
(-)Carry forward 3,650 Outstanding
(+) Neon sign 100 11,050 income
To Discounts 7,540
To General expenses 3,910
To Audit Fees 700
To Insurance 600
(-)Prepaid 80 520
To Traveling 2,330
Expenses
To Postage and 870
Telegrams 275
To Bad Debt
To Provision for 1,336.25
Bad debts
To Provision for 507.775
Discount 176
To Depreciation 280
To loss on sale 19,039..975
To Net Profit 59,535
59,535
 Balance Sheet as on 31st December, 2001
Liabilities Amount(Rs.) Assets Amount(Rs.)
Neeru,s Capital account 1,08,090 Sundry Debtors 24,000
(-)Drawing 10,000 (+)Debtors 3,000
(-)Private purchase 600 27,000
(+)Net Profit 19,039.975 1,16,529.975 (-)Bad debt 275
Sundry creditors 14,800 26,725
(+)Creditors 1,000 15,800 (-)Provision for Bad
Bank loan at6% 20,000 Debt 1,336.25
Out standing expenses 1340 25,388.75
(-)Provision for
Discount 507.775 24880.975
Cash at Bank 8,000
Investments 5,000
Furniture and
Fittings 1,200
(-)Depreciation 120 1080
Cash in hand 380
(-)purchases(-)Neon 400
sign -120
Deposit with Pran 30,000
(+)interst 2,100
Closing stock 78,600
Printing and
stationary carry
forward 3,650
Prepaid insurance 80
new furniture 230
(-) Depreciation sold 30
(-)Depre new 26 174
furniture
Outstanding income 225

153669.975 153669.975