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    Excel Final Accounts 3

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    Sayantan Choudhury
    The document shows an income statement and balance sheet for a company. The income statement shows revenues of ₹100,000 from net sales and ₹24,000 from other income, for total income of ₹124,000. Expenses include ₹60,000 for purchases, ₹10,000 for bad debts, and ₹24,000 for accrued commission, for total expenses of ₹94,000. This results in a net profit of ₹30,000. The balance sheet lists assets of ₹319,000 equal to liabilities and equity of ₹319,000, including ₹120,000 capital and

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    Excel Final Accounts 3

    Uploaded by

    Sayantan Choudhury
    5 views3 pages
    The document shows an income statement and balance sheet for a company. The income statement shows revenues of ₹100,000 from net sales and ₹24,000 from other income, for total income of ₹124,000. Expenses include ₹60,000 for purchases, ₹10,000 for bad debts, and ₹24,000 for accrued commission, for total expenses of ₹94,000. This results in a net profit of ₹30,000. The balance sheet lists assets of ₹319,000 equal to liabilities and equity of ₹319,000, including ₹120,000 capital and

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    The document shows an income statement and balance sheet for a company. The income statement shows revenues of ₹100,000 from net sales and ₹24,000 from other income, for total income of ₹124,000. Expenses include ₹60,000 for purchases, ₹10,000 for bad debts, and ₹24,000 for accrued commission, for total expenses of ₹94,000. This results in a net profit of ₹30,000. The balance sheet lists assets of ₹319,000 equal to liabilities and equity of ₹319,000, including ₹120,000 capital and

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    5 views3 pages

    Excel Final Accounts 3

    Uploaded by

    Sayantan Choudhury
    The document shows an income statement and balance sheet for a company. The income statement shows revenues of ₹100,000 from net sales and ₹24,000 from other income, for total income of ₹124,000. Expenses include ₹60,000 for purchases, ₹10,000 for bad debts, and ₹24,000 for accrued commission, for total expenses of ₹94,000. This results in a net profit of ₹30,000. The balance sheet lists assets of ₹319,000 equal to liabilities and equity of ₹319,000, including ₹120,000 capital and

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    of 3

    Account Debit Credit Sales

    Capital ₹ 120,000 Less Returns


    Cash ₹ 80,000 Net sales
    Sales ₹ 100,000 Other Income
    Purchases ₹ 60,000
    Debtors ₹ 50,000
    Creditors ₹ 30,000 Total Income
    Machinery ₹ 70,000 Expenses
    Provision for bad debts ₹ 10,000 Opening stock
    Prepaid rent ₹ 14,000 Purchases
    Accrued commission ₹ 24,000 less returns
    Rent ₹ 20,000 less Closing stock
    Short term borrowing ₹ 35,000 Net Purchases (COGS)
    Commission income ₹ 24,000
    Bad debts ₹ 1,000
    ₹ 319,000 ₹ 319,000
    Adjustments Total Expenses
    Closing stock 10000 Net Profit
    Depreciation on Machinery 10% less Transfer to general reserve
    Net Profit transferred to B/S
    Assets
    Non-Current Assets
    0
    Less Depreciation
    Current Assets
    Cash
    ₹0 Debtors/Accounts Receivable
    less Provision for bad debts
    less Bad debts in adjustments
    Closing stock
    Prepaid Rent (Expenses Paid in advance)
    Accrued Commssion(Income earned but not received)
    ₹0 Total Assets
    Equity & Liabilities
    Capital
    less Drawing
    ₹0 Reserves and Surplus(Other Equity)
    ₹0 Opening Balance of General reserve
    Add Current transfer
    ₹0 Closing balance of General Reserve
    P&L A/c ( Retained Earnings)

    Non-Current Liabilities
    Debentures
    Long term Borrowings
    Current Liabilities
    Creditors/Accounts Payable
    Unearned Revenue
    Outstanding Expenses
    Short-term borrowings
    Total Equity & Liabilities
    ₹ 0.0

    ₹0

    ₹ 0.0

    ₹0

    ₹0

    ₹0

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