Closing entries

Closing entries 1 Uah•' has Gaurav and Saurabh Gaurav grxluaton and Saw is of B Com wants G*lrav to further twt Gautav and Saumbh Nan' to boconu• he. Tt*y 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 Ei*næs Charges Prenül SY Weare Ex*rses 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)      


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