Company Final Accounts - Qs 2 GOODS DESTROYED BY FIRE ALREADY RECORDED IN THE BOOKS.

SO NO
Books of Mr Gopal as on 31.03.2018
Qs 2 Profit and Loss Statement for the year ended Schedule Amount Rs
Revenue for operations 1 347,500
Other income (COMMISSION) 6,500
Total Revenue (A) 354,000
Materials consumed 2 200,000
Changes in inventories 3 -
Employee benefits expense 4 13,000
Finance costs -
Depreciation and amortization expense 5 5,500
Other expenses 6 23,500
Total expenses (B) 242,000
Profit before tax (A) - (B) 112,000
Less:- Provision for Tax -
Profit after tax 112,000
Less:- Transfer to reserves -
Profit transferred to Balance sheet 112,000

Balance Sheet of Mr Gopal as on 31.03.2018

I Assets Schedule Amount Rs
Tangible Assets 5 269,500
Intangible Assets
Long term Investments
Long term loans
Current Assets
Short term investments
Inventories 7 20,000
Trade receivables 8 42,000
Cash and cash equivalents 25,000
Other current assets (prepaid insurance) 2,000

TOTAL 358,500
II Equity and Liabilities
Equity Share Capital (issued and paid up) 225,000

Reserves and Surplus 9 112,000

Non Current Liabilities
Long term borrowings
Current Liabilities
Short term borrowings
Trade payables 10 21,000
Other current liabilities 11 500
Short term provisions -
TOTAL 358,500
SCHEDULES
1 REVENUE FROM OPERATIONS
SALES 355,000
Less :- RETURNS -7500
347,500
2 Material consumed
Opening stock of Raw material 11,000
Purchases 195,000
Less :- Closing stock of Raw material (6,000)
200,000
3 Change in inventory
Opening stock of Finished goods & WIP 14,000
Less :- Closing stock of finished goods & WIP (14,000)
-
4 Employee benefits
Salaries 12,500
Add :- Outstanding salaries 500
13,000
5 Depreciation

Cost (from Depreciation for Net Tangible

Asset trial balance) the year rate Assets
Land and Building 225,000 - 0% 225,000
Machinery 40,000 4,000 10% 36,000
Furniture 10,000 1,500 15% 8,500
TOTAL 5,500 269,500

6 Other expenses
Carriage 4,000
Rate and Insurance 8,500
Less :- prepaid insurance (2,000)
Discount 6,000
Bad debts 4,000
Provision for bad debts (10% on Debtors) 3,000
TOTAL 23,500

7 Inventories
Closing stock of raw material 6,000
Closing stock of WIP 7,000
Closing stock of finished goods 7,000
20,000
8 Trade receivables
Debtors 30,000
Less :- provision for doubtful debt on debtors (3,000)
Bills Receivable 15,000
42,000

9 Reserves and Surplus

Profit and loss account (for the year) 112,000

112,000

10 Trade payables
Creditors 17,500
Bills payable 3,500
21,000

12 Other current liabilities

Salary outstanding 500

500
 Company Final Accounts - Qs 3
Books of Mr Gaurav Singh as on 31.03.2018
Qs 3 Profit and Loss Statement for the year ended Schedule Amount Rs
Revenue for operations 1 875,000
Other income (COMMISSION) 16,750
Total Revenue (A) 891,750
Materials consumed 2 502,500
Changes in inventories 3 10,000
Employee benefits expense 4 43,750
Finance costs 5 5,000
Depreciation and amortization expense 6 17,625
Other expenses 7 26,250
Total expenses (B) 605,125
Profit before tax (A) - (B) 286,625
Less:- Provision for Tax -
Profit after tax 286,625
Less:- Transfer to reserves -
Profit transferred to Balance sheet 286,625

Balance Sheet of Mr Gaurav Singh as on 31.03.2018

I Assets Schedule Amount Rs
Tangible Assets 5 646,125
Intangible Assets
Long term Investments 62,500
Long term loans
Current Assets
Short term investments
Inventories 8 50,000
Trade receivables 9 112,500
Cash and cash equivalents 24,500
Other current assets (prepaid insurance) 5,000

TOTAL 900,625
II Equity and Liabilities
Equity Share Capital (issued and paid up) 464,000

Reserves and Surplus 10 294,625

Non Current Liabilities
Long term borrowings 11 52,000
Current Liabilities
Short term borrowings
Trade payables 12 77,500
Other current liabilities 13 12,500
Short term provisions -
TOTAL 900,625
SCHEDULES
1 REVENUE FROM OPERATIONS
SALES 875,000
Less :- RETURNS 0
875,000
2 Material consumed
Opening stock of Raw material 22,500
Purchases 500,000
Less :- Closing stock of Raw material (20,000)
502,500
3 Change in inventory
Opening stock of Finished goods & WIP 40,000
Less :- Closing stock of finished goods & WIP (30,000)
10,000
4 Employee benefits
WAGES & Salaries 31,250 5 FINANCE COST
Add :- Outstanding salaries 12,500 INTEREST ON LOAN 3000
43,750 ADD:- OUTSTANDIN 2000 WE HAVE NOT COV
6 Depreciation 5000

Cost (from Depreciation for Net Tangible

Asset trial balance) the year rate Assets
Land and Building 500,000 - 0% 500,000
Machinery 138,750 13,875 10% 124,875 DEPRECIATION ON
Furniture 25,000 3,750 15% 21,250
TOTAL 17,625 646,125

7 Other expenses
Carriage 10,000
TAXES and Insurance 21,250
Less :- prepaid insurance (5,000)

TOTAL 26,250

8 Inventories
Closing stock of raw material 20,000
Closing stock of WIP 10,000
Closing stock of finished goods 20,000
50,000
9 Trade receivables
Debtors 75,000

Bills Receivable 37,500

112,500

10 Reserves and Surplus

Reserves and Surplus 8,000
Profit and loss account (for the year) 286,625
294,625

11 LONG TERM BORROWINGS

BANK LOAN 50,000
ADD :- INTEREST OUTSTANDING 2,000
52,000

12 Trade payables
Creditors 43,750
Bills payable 33,750
77,500

13 Other current liabilities

Salary outstanding 12,500

12,500