Prepare Final Accounts from the Following Balances extracted from the Books of Amit on 31st March 2010.
- Return Inward Rs. 8,000
- Factory Fuel Rs. 32,000
- Bills Payable Rs. 24,000
- Provision for Doubtful Debts Rs. 6,000
- Bills Recievable Rs. 50,000
- Fire Insurance Premium Rs. 4,000
- Returns Outward Rs. 4,000
- Salaries Rs. 94,000
- Interest on Bank Loan Rs. 4,000
- Commission Recieved Rs. 8,000
- Bad Debts Rs. 4,000
- Stock Rs. 68,000
- Purchases Rs. 7,40,000
- Sales Rs. 11,00,000
- Selling Expenses Rs. 70,000
- Cash Balance 14,000
- Capital Rs. 5,00,000
- Creditors Rs. 1,20,000
- Bank Loan Rs. 40,000
- Debtors Rs. 1,74,000
- Machinery Rs. 2,00,000
- Drawings Rs. 60,000
- Building Rs. 2,80,000
- Closing Stock Rs. 98,800
Trading and Profit & Loss Account
Balance Sheet
Explanation Video