Dear Student Journal in the books of M/s Fancy Look and Bros Date Particulars Debit Credit 31-03-12 Profit and Loss A/c Dr 10,000 To Gift Expenses A/c 10,000 (Being gift expenses closed) 31-03-12 Trading A/c Dr 1,680,000 To Purchases A/c 1,680,000 (Being Purchases Closed) 31-03-12 Sales A/c Dr 2,040,000 To Trading A/c 2,040,000 (Being Sales account closed) 31-03-12 Trading A/c Dr 10,000 To Carriage inward 10,000 (Being carriage inward closed) 31-03-12 Profit and Loss A/c Dr 460,750 To Salary To Manager A/c 120,000 To Salary to Staff A/c 100,000 To Telephone Expenses (Including Outstanding Expenses) 25,000 To Electricity Expenses 15,000 To Packing Expenses 48,000 To Printing and Stationery 6,000 To Accounting Expenses 60,000 To Advertising 45,000 To Bank Charges 15,000 To Insurance Premium 5,000 To Staff Wellfare 16,000 To Conveyance Expenses 5,750 (Being all the expenses account closed in profit and loss account) 31-03-12 Profit and Loss A/c Dr 9,000 To Depreciation A/c 9,000 (Being depreciation closed) 31-03-12 Profit and Loss A/c Dr 11,250 To Interest on loan A/c 11,250 (Being interest on loan closed) 31-03-12 Profit and loss A/c Dr 102,000 TO Commission A/c 102,000 (Being commission account closed) 31-03-12 Profit and Loss A/c Dr 50,000 To Interest on capital A/c 50,000 (Being interest on capital booked) 31-03-12 Interest on Drawings A/c Dr 3,000 To Profit and Loss A/c 3,000 (Being interest on drawings closed) 31-03-12 Closing Stock A/c Dr 400,000 To Trading A/c 400,000 (Being closing stock booked) Regards

Closing entries

Closing entries 1 Uah•' has Gaurav and Saurabh Gaurav grxluaton and Saw is of B Com wants Glrav to further twt Gautav and Saumbh Nan' to boconu• he. Tty want to a shits business under the trade name of Fancy S The. 'mttv vees to proposal the problem iS shortage of funds They decried to start business April 2012 Mth • sma•amountote 500.000 They manag«ftobuy a shop 330,000 on IS 7012 Now 'e 19.000 was to run the day to day exmnseso' the business ._SÅrnbh suggested to apptomh a bank Gaurav catsdered the to a go•d idea Nex' day they approached Sdl 10 find out the Äøs Oan bank manag« asked for papers for the proposal which submitted by them SB' a of e 450.000 on 1. to 2012. nterest@ pa due on On 3tv Mach every yea a rco..nt on 182012 SB' Craned his aca)unt with the arnount Of ban on 1 '02012 1 t02C'2 a eonwter the use of business at 40000. the payment was roade through cheque A' paynents deque and receipts Xcount ot to be deposted bank During renovated furniture 200.000 on 31 , 122012 they also Diwali of 10000. Ther transrtøns tre year 31 March 2013 were as follows; Tu Sæs tc p. m) to •aft 5.01 p m 12 rmths to Paves Einæs Charges Prenül SY Weare Exrses 16.80000 20.40000 10.000 1.200m 100,000 18200 48.000 6.000 60.000 45.000 15.000 5.000 16,000 5.750 AtteerdoftEyeæ, Cbsiv valuig 4,00m0was On 31.32013, They dededto pa p.a, 2 A tebptmebdlofRs6800 is yet to 3 is not pad yet. 4 to saesrna-r is 5% On Saks 5, &est @ 1004 pas to be provd«i on capu and draw*-gs a-•d Saw-abh drawing of e 3000 and 2000 monttv, , Tufa! , f10qat

Dear Student

Journal in the books of M/s Fancy Look and Bros.
Date	Particulars		Debit	Credit

31-03-12	Profit and Loss A/c	Dr.	10,000
	To Gift Expenses A/c			10,000
	(Being gift expenses closed)

31-03-12	Trading A/c	Dr.	1,680,000
	To Purchases A/c			1,680,000
	(Being Purchases Closed)

31-03-12	Sales A/c	Dr.	2,040,000
	To Trading A/c			2,040,000
	(Being Sales account closed)

31-03-12	Trading A/c	Dr.	10,000
	To Carriage inward			10,000
	(Being carriage inward closed)

31-03-12	Profit and Loss A/c	Dr.	460,750
	To Salary To Manager A/c			120,000
	To Salary to Staff A/c			100,000
	To Telephone Expenses (Including Outstanding Expenses)			25,000
	To Electricity Expenses			15,000
	To Packing Expenses			48,000
	To Printing and Stationery			6,000
	To Accounting Expenses			60,000
	To Advertising			45,000
	To Bank Charges			15,000
	To Insurance Premium			5,000
	To Staff Wellfare			16,000
	To Conveyance Expenses			5,750
	(Being all the expenses account closed in profit and loss account)

31-03-12	Profit and Loss A/c	Dr.	9,000
	To Depreciation A/c			9,000
	(Being depreciation closed)

31-03-12	Profit and Loss A/c	Dr.	11,250
	To Interest on loan A/c			11,250
	(Being interest on loan closed)

31-03-12	Profit and loss A/c	Dr.	102,000
	TO Commission A/c			102,000
	(Being commission account closed)

31-03-12	Profit and Loss A/c	Dr.	50,000
	To Interest on capital A/c			50,000
	(Being interest on capital booked)

31-03-12	Interest on Drawings A/c	Dr.	3,000
	To Profit and Loss A/c			3,000
	(Being interest on drawings closed)

31-03-12	Closing Stock A/c	Dr.	400,000
	To Trading A/c			400,000
	(Being closing stock booked)

Regards

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