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    Final Accounts 1. As Per Schedule III of Companies Act 2013, Prepare Financial Statement For Gillette India PVT LTD

    Uploaded by

    ermias
    The document provides financial information for Gillette India Pvt Ltd and instructions to prepare final accounts based on the information provided. Key figures include total sales of Rs. 3,50,000, total purchases of Rs. 2,00,000, closing stock of Rs. 3,00,000 and net profit of Rs. 3,19,000. The final accounts are to be prepared considering various adjustments such as depreciation, wages outstanding, prepaid salaries and accrued dividend.

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    Final Accounts 1. As Per Schedule III of Companies Act 2013, Prepare Financial Statement For Gillette India PVT LTD

    Uploaded by

    ermias
    1K views3 pages
    The document provides financial information for Gillette India Pvt Ltd and instructions to prepare final accounts based on the information provided. Key figures include total sales of Rs. 3,50,000, total purchases of Rs. 2,00,000, closing stock of Rs. 3,00,000 and net profit of Rs. 3,19,000. The final accounts are to be prepared considering various adjustments such as depreciation, wages outstanding, prepaid salaries and accrued dividend.

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    accounting

    Original Title

    ADDITIONAL_PROBLEMS_IN_FINAL_ACCOUNTS

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    The document provides financial information for Gillette India Pvt Ltd and instructions to prepare final accounts based on the information provided. Key figures include total sales of Rs. 3,50,000, total purchases of Rs. 2,00,000, closing stock of Rs. 3,00,000 and net profit of Rs. 3,19,000. The final accounts are to be prepared considering various adjustments such as depreciation, wages outstanding, prepaid salaries and accrued dividend.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1K views3 pages

    Final Accounts 1. As Per Schedule III of Companies Act 2013, Prepare Financial Statement For Gillette India PVT LTD

    Uploaded by

    ermias
    The document provides financial information for Gillette India Pvt Ltd and instructions to prepare final accounts based on the information provided. Key figures include total sales of Rs. 3,50,000, total purchases of Rs. 2,00,000, closing stock of Rs. 3,00,000 and net profit of Rs. 3,19,000. The final accounts are to be prepared considering various adjustments such as depreciation, wages outstanding, prepaid salaries and accrued dividend.

    Copyright:

    © All Rights Reserved
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    of 3

    FINAL ACCOUNTS

    1. As per Schedule III of Companies Act 2013, prepare financial statement for Gillette India Pvt Ltd.
    Particulars Amount (Rs.) Particulars Amount (Rs.)
    Plant and Machinery 1,00,000 Sales 3,50,000
    Land and Building 2,00,000 Purchase 2,00,000
    Sales Return 10,000 Opening Stock 30,000
    Purchase Return 10,000 Debtors 50,000
    Creditors 20,000 Cash in Hand 10,000
    Wages 20,000 Salaries 10,000
    General Expenses 10,000 Dividend Received 20,000
    Capital 3,00,000 Selling Expenses 20,000
    Rent 30,000 Insurance 10,000
    Adjustments
    a) Closing Stock is Rs. 3,00,000.
    b) Provide depreciation for Plant and Machinery, Land and Building is 10% .
    c) 5% provision for Debtors.
    d) Wages outstanding Rs 1,000, Salaries prepaid Rs. 2,000 and Accrued Dividend is 3,000 .
    e) Due to accident goods lost for Rs 50,000, recovered from insurance Rs. 40,000.
    f) Interest on Capital 10%.

    S.No Adjustment Amount Posting


    1 Closing Stock Closing Stock 300000 Trading A/c (Cr) Given in Adjustment
    Closing Stock 300000 B/S Current Assets (Dr) Given in Adjustment

    2 Wages Wages 20000 Given in Problem


    (+) Outstanding Wages 1000 Liability - Current Liability (Cr) Given in Adjustment
    Wage 21000 P&L A/c (Dr.)

    2 Prepaid Salary Salary 10000 Given in Problem


    (-) Prepaid Salary 2000 Asset - Current Asset (Dr) Given in Adjustment
    Salary 8000 P&L A/c (Dr)

    3 Accrued Dividend Dividend Received 20000 Given in Problem


    (+) Accrued Dividend 3000 Asset - Current Asset (Dr) Given in Adjustment
    Dividend received 23000 P&L A/c (Cr)

    4 Depreciation Land & Building 200000 Given in Problem


    10% of Depreciation 20000 P&L A/c (Dr) Given in Adjustment
    Land & Building 180000 Asset - Fixed Asset (Dr)

    4 Depreciation Plant & Machinery 100000 Given in Problem


    (-)10% Depreciation 10000 P&L A/c (Dr) Given in Adjustment
    Plant & Machinery 90000 Asset - Fixed Asset (Dr)

    5 Provision for Bad Debtors 50000 Given in Problem


    Debts
    (-) Provision for Bad 5000 P&L A/c (Dr) Given in Adjustment
    Debts
    Debtors 45000 Asset - Current Asset (Dr)

    6 Interest on Capital Capital 300000 Given in Problem


    (+) 10% Interest on 30000 P&L A/c (Dr) Given in Adjustment
    Capital
    330000 Liability - Capital (Cr)

    7 Accidental Loss Accidental Loss 50000 Trading A/c (Cr) Given in Adjustment
    (-)Insurance Claim 40000 Asset - CA - (Dr) Given in Adjustment
    Loss on Goods 10000 P&L A/c (Dr) Difference is Loss
    Trading a/c

    Particulars Dr. Amount Particulars Cr. Amount


    To Open Stock 30000 By Sales 3,50,000
    To Purchase 2,00,000 (-) Sales Return (10000) 340000
    (-) Purchase Returns (10000) 190000 By Accidental Loss 50000
    To Wages 21000 By Closing Stock 300000
    To Gross Profit 4,49,000
    (Balancing Figure (B/f))
    Total 690000 Total 690000
    Profit & Loss a/c

    Particulars Dr. Amount Particulars Cr. Amount


    To Rent 30,000 By Gross Profit 4,49,000
    To Salaries 8,000 BY Dividend Received 23,000
    To Selling Expenses 20,000
    To Insurance 10,000
    To General Expenses 10,000
    To Loss on Sale of Goods 10,000
    To Interest on Capital 30,000
    To Depreciation
    Land & Building 20,000
    Plant & Machinery 10,000
    To Provision for Debtors 5,000
    To Net Profit 3,19,000
    Total 4,72,000 Total 4,72,000
    Balance Sheet

    Liabilities Cr. Amount Asset Dr. Amount


    Share Capital Fixed Asset
    Capital 3,30,000 Plant and Machinery 1,80,000
    Profit 3,19,000 Land and Building 90,000
    Reserves & Surplus Current Asset
    Current Liabilities Debtors 45,000
    Creditors 20,000 Cash in Hand 10,000
    Outstanding Wages 1,000 Closing Stock 3,00,000
    Salaries Prepaid 2,000
    Accrued Dividend 3,000
    Insurance Claim 40,000
    Total 6,70,000 Total 6,70,000

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