I want answer of this question immediately 1 Uahâ€¢' has Gaurav and Saurabh Gaurav grxluaton and Saw is of B - Accountancy - Ledger

Question

I want answer of this question immediately

Neha Chopra · Accepted Answer

Dear Student

Here is Journal, Trial balance and Final accounts of the question,
Depreciation Account is prepared you, You can try preparing other
ledger accounts as they are very easy, in case of any query or
requirement of any ledger account you can get back to us :

Depreciation A/c

Cr

Date
Particulars

Amt
Date
Particulars

Amt

(Rs)

31-Mar
Profit and Loss A/c

9,000
31-Mar
Computer A/c

4,000

31-Mar
Furniture A/c

5,000

9,000

Trading
Account

Debit

Credit

Particulars

Amount
Particulars

Amount

Opening
Stock

0

Purchases
1,680,000

Sales
2,040,000

Less : Purchase
return
0
1,680,000
Less : sales
Returns
0
2,040,000

Carriage
Inwards

10,000
Closing
Stock

400,000

Wages

0

Gross
Profit

750,000

2,440,000

Profit and Loss
Account

Debit

Credit

Particulars

Amount
Particulars

Amount

Gift
Expenses

10,000
Gross
Profit

750,000

Salary To Manager
A/c

120,000
Interest on
Drawings

3,000

Salary to Staff
A/c

100,000

Telephone
Expenses

25,000

Electricity
Expenses

15,000

Packing
Expenses

48,000

Printing and
Stationery

6,000

Accounting
Expenses

60,000

Advertising

45,000

Bank
Charges

15,000

Insurance
Premium

5,000

Staff
Wellfare

16,000

Conveyance
Expenses

5,750

Depreciation
A/c

9,000

Interest on
loan

11,250

Commission

102,000

Interest on
capital

50,000

Managers
commission

5,789

Net
profit

104,211

753,000

Balancesheet

Liabilities

Amount
Assets

Amount

Capital
500,000

Cash in
hand

0

Add : Net
Profit
104,211

Shop

350,000

Less :
Drawings
(60,000)

Bank
A/c

186,050

Less :
Tax
0

Computer
A/c

36,000

Add : Interest on
Capital
50,000

Furniture
A/c

195,000

Less :interest on
Drawings
(3,000)
591,211
Closing
Stock

400,000

Bank
Loan
450,000

Add : Interest
Payable
11,250
461,250

Telephone Expenses
Outstanding

6,800

Commission
Payable

102,000

Managers Commission
Payable

5,789

1,167,050

Trial
Balance

Dr

Cr

Particulars

Amount

Particulars

Amount

Cash in
hand

0

Capital

547,000

Shop

350,000

Bank
Loan

461,250

Bank
A/c
186,050

Sales

2,040,000

Computer
A/c
36,000

Outstanding Telephone
Expenses
6,800

Furniture
A/c
195,000

Commission
Payable
102,000

Gift
Expenses
10,000

Interest on
Drawings
3,000

Purchases
1,680,000

Carriage
Inward
10,000

Salary To Manager
A/c
120,000

Salary to Staff
A/c
100,000

Telephone
Expenses
25,000

Electricity
Expenses
15,000

Packing
Expenses
48,000

Printing and
Stationery
6,000

Accounting
Expenses
60,000

Advertising
45,000

Bank
Charges
15,000

Insurance
Premium
5,000

Staff
Wellfare
16,000

Conveyance
Expenses
5,750

Drawings
60,000

Depreciation
A/c

9,000

Interest on
loan

11,250

Commission

102,000

Interest on
Capital

50,000

3,160,050

Opening Journal
Containing all the Entries given on project page (i e
entries ofyear
end
are also
in this)

Journal in the books
of M/s Fancy Look and Bros

Date
Particulars

Debit
Credit

01-04-12
Cash
A/c
Dr
500,000

To Capital
A/c

500,000

(Being business
started with capital)

01-05-12
Shop
A/c
Dr
350,000

To Cash
A/c

350,000

(Being shop
purchased)

01-08-12
Bank
A/c
Dr
150,000

To Cash
A/c

150,000

(Being bank account
opened and cash deposited into bank)

01-10-12
Bank
A/c
Dr
450,000

To Bank Loan
A/c

450,000

(Being bank loan
credited into
bank)

01-10-12
Computer
A/c
Dr
40,000

To bank
A/c

40,000

(Being computer
purchased)

31-12-12
Furniture
A/c
Dr
200,000

To Bank
A/c

200,000

(Being furniture
purchased)

31-12-12
Gift Expenses
A/c
Dr
10,000

To Bank
A/c

10,000

(Being
diwali
gift to
employees)

31-03-12
Purchases
A/c
Dr
1,680,000

To Bank
A/c

1,680,000

(Being purchases
made)

31-03-12
Bank
A/c
Dr
2,040,000

To Sales
A/c

2,040,000

(Being sales
made)

31-03-12
Carriage Inward
A/c
Dr
10,000

To Bank
A/c

10,000

(Being carriage
expenses paid)

31-03-12
Salary To Manager
A/c
Dr
120,000

Salary to Staff
A/c
Dr
100,000

Telephone
Expenses
Dr
18,200

Electricity
Expenses
Dr
15,000

Packing
Expenses
Dr
48,000

Printing and
Stationery
Dr
6,000

Accounting
Expenses
Dr
60,000

Advertising
Dr
45,000

Bank
Charges
Dr
15,000

Insurance
Premium
Dr
5,000

Staff
Wellfare
Dr
16,000

Conveyance
Expenses
Dr
5,750

To Bank
A/c

453,950

(Being Expenses for
full year passed in single entry)

31-03-12
Drawings
A/c
Dr
60,000

To Bank
A/c

60,000

(Being Drawings made
by gaurav
and
sourabh
@ 3,000
and 2,000 per month)

31-03-12
Depreciation
A/c
Dr
9,000

To Computer A/c
(40,000 x 20% x 6/12)

4,000

To Furniture A/c
(2,00,000 x 10% x 3/12)

5,000

(Being depreciation
charged)

Telephone Expenses
A/c
Dr
6,800

To Outstanding
Telephone Exxpenses

6,800

(Being Telephone
expenses are to be paid)

Interest on Loan A/c
(4,50,000 x 5% x 6/12)
Dr
11,250

To Bank
Loan

11,250

(Being Interest on
loan unpaid)

Commission A/c
(20,40,000 x 5%)
Dr
102,000

To Commision Payable
A/c

102,000

(Being Commission
payable)

Interest on Capital
A/c (5,00,000 x 10%)
Dr
50,000

To Capital
A/c

50,000

(Being
Interst
on capital
provided at 10%)

Capital
A/c
Dr
3,000

To Interest on
Drawings A/c (60,000 x 10% x 6/12)

3,000

(Being Interest on
drawings charged @10% for 6 monts
assuming
drawings in each month is done in the middile
of the
month)

Calculation of managers commission

Net profit
Before Commission
110,000

Managers
commission @ 5% on Net profit after commission
5,789

Total Net
profit after commission
115,789

Hope this helps
Please get back to us in case of any query
Regards

Depreciation A/c
					Cr.
Date	Particulars	Amt	Date	Particulars	Amt
Date	Particulars	(Rs)	Date	Particulars	(Rs)

31-Mar	Profit and Loss A/c	9,000	31-Mar	Computer A/c	4,000
			31-Mar	Furniture A/c	5,000



		9,000			9,000

Trading Account
Debit					Credit
Particulars		Amount	Particulars		Amount

Opening Stock		0
Purchases	1,680,000		Sales	2,040,000
Less : Purchase return	0	1,680,000	Less : sales Returns	0	2,040,000

Carriage Inwards		10,000	Closing Stock		400,000
Wages		0

Gross Profit		750,000



		2,440,000			2,440,000

Profit and Loss Account
Debit			Credit
Particulars	Amount	Particulars	Amount

Gift Expenses	10,000	Gross Profit	750,000
Salary To Manager A/c	120,000	Interest on Drawings	3,000
Salary to Staff A/c	100,000
Telephone Expenses	25,000
Electricity Expenses	15,000
Packing Expenses	48,000
Printing and Stationery	6,000
Accounting Expenses	60,000
Advertising	45,000
Bank Charges	15,000
Insurance Premium	5,000
Staff Wellfare	16,000
Conveyance Expenses	5,750
Depreciation A/c	9,000
Interest on loan	11,250
Commission	102,000
Interest on capital	50,000
Managers commission	5,789

Net profit	104,211
	753,000		753,000

Trial Balance
Dr.			Cr.
Particulars	Amount	Particulars	Amount
Cash in hand	0	Capital	547,000
Shop	350,000	Bank Loan	461,250
Bank A/c	186,050	Sales	2,040,000
Computer A/c	36,000	Outstanding Telephone Expenses	6,800
Furniture A/c	195,000	Commission Payable	102,000
Gift Expenses	10,000	Interest on Drawings	3,000
Purchases	1,680,000
Carriage Inward	10,000
Salary To Manager A/c	120,000
Salary to Staff A/c	100,000
Telephone Expenses	25,000
Electricity Expenses	15,000
Packing Expenses	48,000
Printing and Stationery	6,000
Accounting Expenses	60,000
Advertising	45,000
Bank Charges	15,000
Insurance Premium	5,000
Staff Wellfare	16,000
Conveyance Expenses	5,750
Drawings	60,000
Depreciation A/c	9,000
Interest on loan	11,250
Commission	102,000
Interest on Capital	50,000



	3,160,050		3,160,050

Journal in the books of M/s Fancy Look and Bros.
Date	Particulars		Debit	Credit
01-04-12	Cash A/c	Dr.	500,000
	To Capital A/c			500,000
	(Being business started with capital)

01-05-12	Shop A/c	Dr.	350,000
	To Cash A/c			350,000
	(Being shop purchased)

01-08-12	Bank A/c	Dr.	150,000
	To Cash A/c			150,000
	(Being bank account opened and cash deposited into bank)

01-10-12	Bank A/c	Dr.	450,000
	To Bank Loan A/c			450,000
	(Being bank loan credited into bank)

01-10-12	Computer A/c	Dr.	40,000
	To bank A/c			40,000
	(Being computer purchased)

31-12-12	Furniture A/c	Dr.	200,000
	To Bank A/c			200,000
	(Being furniture purchased)

31-12-12	Gift Expenses A/c	Dr.	10,000
	To Bank A/c			10,000
	(Being diwali gift to employees)

31-03-12	Purchases A/c	Dr.	1,680,000
	To Bank A/c			1,680,000
	(Being purchases made)

31-03-12	Bank A/c	Dr.	2,040,000
	To Sales A/c			2,040,000
	(Being sales made)

31-03-12	Carriage Inward A/c	Dr.	10,000
	To Bank A/c			10,000
	(Being carriage expenses paid)

31-03-12	Salary To Manager A/c	Dr.	120,000
	Salary to Staff A/c	Dr.	100,000
	Telephone Expenses	Dr.	18,200
	Electricity Expenses	Dr.	15,000
	Packing Expenses	Dr.	48,000
	Printing and Stationery	Dr.	6,000
	Accounting Expenses	Dr.	60,000
	Advertising	Dr.	45,000
	Bank Charges	Dr.	15,000
	Insurance Premium	Dr.	5,000
	Staff Wellfare	Dr.	16,000
	Conveyance Expenses	Dr.	5,750
	To Bank A/c			453,950
	(Being Expenses for full year passed in single entry)

31-03-12	Drawings A/c	Dr.	60,000
	To Bank A/c			60,000
	(Being Drawings made by gaurav and sourabh @ 3,000 and 2,000 per month)


31-03-12	Depreciation A/c	Dr.	9,000
	To Computer A/c (40,000 x 20% x 6/12)			4,000
	To Furniture A/c (2,00,000 x 10% x 3/12)			5,000
	(Being depreciation charged)

	Telephone Expenses A/c	Dr.	6,800
	To Outstanding Telephone Exxpenses			6,800
	(Being Telephone expenses are to be paid)

	Interest on Loan A/c (4,50,000 x 5% x 6/12)	Dr.	11,250
	To Bank Loan			11,250
	(Being Interest on loan unpaid)

	Commission A/c (20,40,000 x 5%)	Dr.	102,000
	To Commision Payable A/c			102,000
	(Being Commission payable)

	Interest on Capital A/c (5,00,000 x 10%)	Dr.	50,000
	To Capital A/c			50,000
	(Being Interst on capital provided at 10%)

	Capital A/c	Dr.	3,000
	To Interest on Drawings A/c (60,000 x 10% x 6/12)			3,000
	(Being Interest on drawings charged @10% for 6 monts assuming drawings in each month is done in the middile of the month)

Calculation of managers commission
Net profit Before Commission	110,000
Managers commission @ 5% on Net profit after commission	5,789
Total Net profit after commission	115,789