Balance sheet as on 31st March 2007

liabilities Amount Asset Amount

Creditors 65000 Debtors 85000
outstanding tailoring 8500 Cash 6850
charges
Salary outstanding 8000 Bank 120000
Equity 399400 Inventory
Dress Material 25000
Dress 75000
Security Deposit 50000
Furniture 150000
Less: Accumulated Dep. -33116250
Prepaid Insurance 2800

480900 480900
Furniture:
Jan. 1 2013 150000
Life 120
Dep. Per month 1250
life consumed 27
dep. Charged 33750
Balance 116250

Insurance Premium
June 1, 2014 4800
Life 24
Consumption per month 200
Month Consumed 10
Insurance expensed 2000
Balance as on 31 march 2015 2800
 Balance sheet as on 31st March 2007 Balance sheet as on 31st March 2008
liabilities Amount Asset Amount liabilities Amount Asset
Creditors 65000 Debtors 85000 Creditors 75000 Debtors
outstanding tailoring charge8500 Cash 6850 outstanding tailoring 6700 Cash
Salary outstanding 8000 Bank 120000 charges
Salary Outstanding 12000 Bank
Equity 399400 Inventory Equity 405736 Inventory
Dress Material 25000 Dress Mate
Dress 75000 Dress
Security Deposit 50000 Security De
Furniture 150000 Furniture
Less: Accumulated D 116250 Prepaid In
Prepaid Insurance 2800

480900 480900 499436

Income statement
Items Amount
Revenue for the year 1055000
Less: Cost of goods sold -728200
Gross Profit 326800

Less: Rent -119064

Less: Insurance -2400
Less: depreciation -15000
Less: Other Charges -16000
Less: Salary -120000

Profit for the year 54336

t March 2008 Cash & Bank Account
Amount Opening Balnce on 01/04/2016 126850
72600 Add: Payment received from customers 1067400
5186 less: Payment to Supplier 550000
158000 Less: Tailoring Charges paid 182000
Less: Rent Paid 119064
32000 Less: Salary Paid 116000
80000 Less: Other expenses 16000
50000 Less: Drawings 48000
101250 Cash and Bank Balance 163186
400 Cash Balance 5186
Bank Balance 158000
Material Account:
499436 Opening Balnce on 01/04/2016 25000
Add: Purchased During the year 560000
Cost of goods consumed 553000
Ending Balance 32000

Tailoring Charges Account:

Opening Balnce on 01/04/2016 8500
Add: Charges for the year 180200
Paid during the year 182000
Ending Balance 6700

Dress Account
Opening Balnce on 01/04/2016 75000
Add: Raw Material Consumed in the year 553000
Add: Labour Consumed in the year 180200
Less: Cost of goods Sold 728200
Ending Balance 80000

Debtors Account
Opening Balnce on 01/04/2016 85000
Add: Sale made during the year 1055000
Cash collected during the year 1067400
Ending Balance 72600

Creditors Account
Opening Balnce on 01/04/2016 65000
Add: Purchase made during the year 560000
Cash payment during the year 550000
Ending Balance 75000

Rent Account
Rent payable upto Dec. 2013 8000
Rent payable upto Dec. 2014 8800
Rent payable upto Dec. 2015 9680
Rent payable upto Dec. 2016 10648
Rent for the year 2015-16 119064

Salary Payable
Salary outstanding on 01/04/2015 8000
Salary Payable during the year 120000
Salary paid 116000
Salary Outstanding at the end 12000

Furniture Account
Opening Balance on 01/04/2015 116250
Depreciation for the year 15000
Ending balance 101250

Prepaid Insurance Account

Opening Balance on 01/04/2015 2800
Consumed during the year 2400
Ending balance 400

Equity Account
Opening Balance on 01/04/2015 399400
Add: Profit for the year 54336
Less: Drawing during the year 48000
Ending balance 405736
 1st April 2007
Assets Amount Liabilities Amount Equity Amount Revenue Amount
Bank Balance 120000 Equity 300000
Receivables 85000 Creditors 65000 Retained Earning 99400
Cash 6850 Outstanding Tailoring Charges 8500
Inventory Outstanding Salary 8000
Dress Material 25000
Dresses 75000
Furniture 150000
Less: Depreciation -33750
Balance of Furniture 116250
Advance Insurance Premium 4800
Less: Consumption -2000
Balance of Insurance 2800
Security Deposit 50000

Total Assets 480900 Total Liabilities 81500 Total Equity 399400

31st March 2008

Assets Amount Liabilities Amount Equity Amount Revenue Amount
Cash & Bank 126850 Creditors 65000 Equity 300000 Sales 1055000
Less: Payment from Dress Material -550000 Add: Additional Creditors 10000
Less: Tailoring Charges Paid -182000 Balance of creditors 75000
Add: Cash received from Debtors 1067400
Less: Other exp -16000 Retained Earning 99400
Less: Drawing -48000 Less: Drawing 48000
Less: Rent -119064 Profit 54336
Less: Salary Paid -116000 Outstanding Tailoring Charges 8500
Cash & Bank 163186 Add: Tailoring Charges for this year 180200
Security Deposit 50000 Less: Tailoring Charges Paid 182000
Advance Insurance 2800 Outstaind Talioring Charges 6700
Less: Insurance Expenses -2400
Insurance Balance 400
Furniture 116250
Less: Depreciation -15000
Balance of Furniture 101250 Outstading Salary 8000
Debtors 85000 Add: Due in the year 120000
Add: Credit Sales 1055000 Less: Salary Paid 116000
Total Receivables 1140000 Outstanding at the end 12000
Less: Cash Received 1067400
Closing Debtors 72600
Inventory
Dress Material 25000
Add: Dress Material 560000
Total Dress Material 585000
Less: Material Consumed 553000
Closing Dress Material 32000
Dresses 75000
Add: Material 553000
Add: Tailoring Charges 180200
Total Dresses available for Sale 808200
Less: Cost of dresses sold 728200
Closing Balance of Dresses 80000
Total Assets 499436 Total Liabilities 93700 Total Equity 405736 Revenue 1055000
Expenses Amount

5-Jul 8000
2014 8800
2015 9680
2016 10648

119064

2015 8000
Expenses Amount 48000
Other Exp 16000 72000
Insurance 2400 120000
Depreciation 15000
Cost of dresses sold 728200
Rent 119064
Salary 120000
Total Expenses 1000664
Profit 54336
 Balance Sheet as on 01/04/2007 Balance Sheet as o
Liabilities Amount Assets Amount Liabilities
Owner’s Equity 8,00,000 Land 500000 Owner’s Equity
Retained Earnings 5,20,000 1320000 Building 8,00,000 Retained Earnings
Loan 525000 Accum. Dep. 1,20,000 680000 Loan
Sundry Creditors 125000 Debtors 220000 Sundry Creditors
Outstanding Operating Expenses 32000 Insurance Prepaid 3000
Inventory 532000
Cash and Bank 67000
2002000 2002000

Cash & Bank

Receipts Amount Payments Amount
Opening Balance 67000 For Purchase and Creditors 722000 Insurance
From Sales and Debtors 1132000 Operating Expenses 112000 Prepaid insurance in the beginning
Commission 12000 Loan Refunded 125000 Paid during the year
Interest on Loan paid 32000 Expensed during the year (prepaid
Computer Purchased for Office on July 1, 2007) 50000 Prepaid insurance at the end
(Expected life 5 year)
Insurance (on July 2007, for one year) 12000 Equipment
Owner’s Household Expenses 20000 Purchased on 1 July 2007
Depreciation p.a.
1211000 1073000 Depreciation for 2007-08
Cash and Bank balance 138000 Equipment at the end

Building
Income statement Purchased in 2004
Revenue Depreciation per year
Depreciation till march 2007
Value on march 2007
Depreciation for 2007-08
Value on march 2008

Debtors
Total Cash Paid by debtors during t
Opening balance of debtors
Closing balance of debtors
Sales for the year

Inventory
Opening balnce
Closing balance
Net inventory purchased for the
year

Creditors & Purchases

Total Cash paid to creditors and fo
Inventory purchased during the yea
Opening balance of creditors
Closing balance of creditors
Net purchases for the year
 Balance Sheet as on 01/04/2008 Income statement for the period April 2007 to March 2008
Amount Assets Amount Revenue from Sales 1192000
1732500 Land 500000 Commission received from Sales 12000
Building 8,00,000 Less: Purchases 621000
400000 Accum. Dep. 160000 640000 Gross Profit 583000
122000 Debtors 280000
Prepaid operating exp 21000 Less Expenses:
Inventory 630000 Operating expenses 59000
Cash and Bank 138000 Interest 32000
Equipment 42500 Depreciation on building 40000
Prepaid Insurance 3000 Depreciation on Equipment 7500
2254500 2254500 Insurance 12000
Profit during the year 432500
Netprofit 432500
ance Operating expenses
3000 Total paid for op exp 112000
12000 Outstanding at the beginning 32000
12000 Prepaid at the end 21000 Change in Equity
3000 Expensed during 2007-08 59000 Opening Equity 1320000
Less: Drawings 20000
ment Add: Profit for the year 432500
50000
10000 Closing Equity 1732500
7500
42500

ding
800000
40000
120000
680000
40000
640000

ors
 1132000
220000
280000
1192000

tory
532000
630000
98000

Purchases
722000
98000
125000
122000
621000