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MR Shyam Final Accounts

The document presents the final accounts of Mr. Shyam for the year ending March 31, 2023, including rectification journal entries, a trading account, a profit and loss account, and a balance sheet. The trading account shows a gross profit of Rs. 2,77,320, while the profit and loss account details various expenses leading to a net profit of Rs. 1,69,550. The balance sheet indicates total liabilities of Rs. 5,43,450 and total assets of Rs. 5,34,200, revealing a discrepancy of Rs. 9,250.

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339 views3 pages

MR Shyam Final Accounts

The document presents the final accounts of Mr. Shyam for the year ending March 31, 2023, including rectification journal entries, a trading account, a profit and loss account, and a balance sheet. The trading account shows a gross profit of Rs. 2,77,320, while the profit and loss account details various expenses leading to a net profit of Rs. 1,69,550. The balance sheet indicates total liabilities of Rs. 5,43,450 and total assets of Rs. 5,34,200, revealing a discrepancy of Rs. 9,250.

Uploaded by

abg49903
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Final Accounts of Mr.

Shyam

Rectification Journal Entries

1. Drawings A/c Dr. 7,000

To Purchases A/c 7,000

2. Advertisement A/c Dr. 1,650

To Purchases A/c 1,650

3. Plant & Machinery A/c Dr. 900

To Wages A/c 900

4. Sales A/c Dr. 5,150

To Purchases A/c 5,150

5. Purchases A/c Dr. 3,450

To Sales A/c 3,450

Trading Account for the year ended 31st March, 2023

To Opening Stock ......................... Rs. 64,500

To Purchases (Net) ....................... Rs. 3,09,650

To Wages .................................. Rs. 23,430

To Carriage Inward ....................... Rs. 2,250

To Gross Profit c/d ....................... Rs. 2,77,320

Total ........................................ Rs. 6,77,150


Final Accounts of Mr. Shyam

By Sales (Corrected) .................. Rs. 4,27,150

By Closing Stock ....................... Rs. 2,50,000

Total ........................................ Rs. 6,77,150

Profit & Loss Account for the year ended 31st March, 2023

To Salaries ................................ Rs. 45,100

To Rent ..................................... Rs. 8,000

To Carriage Outward .................. Rs. 2,700

To Advertisement ...................... Rs. 8,350

To Printing & Stationery ............. Rs. 2,500

To Office Expenses .................... Rs. 20,320

To Interest on Loan .................... Rs. 6,000

To Bad Debts .............................. Rs. 2,200

To Prov. for Doubtful Debts ........ Rs. 5,600

To Prov. for Discount on Debtors Rs. 3,250

To Depreciation:

- Plant & Machinery .............. Rs. 6,000

- Furniture ............................. Rs. 2,050

To Net Profit transferred to Capital A/c Rs. 1,69,550

Total .......................................... Rs. 2,77,320

By Gross Profit b/d ...................... Rs. 2,77,320

By Bad Debts Recovered ............. Rs. 900


Final Accounts of Mr. Shyam

Balance Sheet as on 31st March, 2023

Liabilities Rs. Assets Rs.

Capital A/c:

Opening 1,30,000

+ Net Profit 1,69,550

- Drawings (16,000) 2,83,550 Plant & Machinery (Net) 34,000

Salaries Payable 4,900 Furniture & Fittings (Net) 18,450

Bank Overdraft 1,60,000 Sundry Debtors 2,40,000

Sundry Creditors 95,000 Less: Prov. Doubtful Debts (12,000)

Less: Prov. for Discount (6,000) 2,22,000

Prepaid Rent 600

Cash in Hand 2,900

Cash at Bank 6,250

Closing Stock 2,50,000

Total Liabilities Rs. 5,43,450 Total Assets Rs. 5,34,200

(Discrepancy: Rs. 9,250)

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