Solve this:
Dear Student
Here is the Journal as well as Trial balance of the said journal, Ledger accounts and Final accounts just needs posting from journal and trial balance as all the adjustment entries are passed below, Therefore i request you to kindly try to prepare ledgers and final accounts and in case of any doubt or query, you can anytime get back to us, we would reply at the earliest.
Regards
Here is the Journal as well as Trial balance of the said journal, Ledger accounts and Final accounts just needs posting from journal and trial balance as all the adjustment entries are passed below, Therefore i request you to kindly try to prepare ledgers and final accounts and in case of any doubt or query, you can anytime get back to us, we would reply at the earliest.
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) |
Regards