eV § “CHANKYA Th Po Y Final Accounts (Non-Manufacturing) AVv boty Lesa) i poetry i le Trosding A + a Do aii ie Cs ta Pea La a Xe Paes Pa a PICU STON a ry eRe aad a)Sequence of accounting Wi procedure or the Accounting PS ES een One Ce Pen Ue eee arrestee Co nr on a (i) _recdrding the transactions in the journal or journalising; (ii) preparing ledger accounts on the basis of the journal or posting into the ledger; OME Eee Cre eno rece etme east (OMS er ene eect ae en cee aun at) eT] (v) _ preparing the balance sheet to show the financial position at the end of the period.What Does D: Trio\ Balonce ———> Dr. a es Se ee hae TESCO) WiWhat Goes to Trading A/c and P&L A/c CT eR tad Sdlory 2 Wag? —> eS a cared a ne ea ie @.Stoos a See acted ictal ae 370 aa RU ay tO LCS DoT BK RG) Dr PAL Ate + Bato iti ad De Sr SC roc Wi cr aA er mag RSS eS aT SeaetS ccFormat and Items that Probably will go to Trading A/c fenced To Opening Stock To Purchase Less: Pur. Return or Return Outward To Wages To Freight Carriage To Carriage / Carriage Inward To Customs / Import Duty To Gas, water and fuel To Gross Profit c/d Amt (Rs.) eae By Sales Less: Sales Return or Return Inward By Closing Stock (given in Adjustment) By Gross Loss c/dFormat and Items that Probably will go to P&L A/c [ ty ‘Amt (Rs.) Particulars To Gross Loss c/d By Gross Profit c/d To Repairs & Maintanenance To Salary By Rent Received To Rent By Commission Received To Commission By Interest Received To Interest By Discount Received To Discount By Rebate Received To Rebate To Bad Debts To Depreciation To Net Profit transfer to Capital A/c To Net Loss transfer to Capital A/cImportant Adjustment Vl Expense — in Trial Balance — Dr. side of Trading or PL A/c Expense O/s — in Trial Balance — elas) Les ls] aT POM Ree el Rel hd Adjustment La ae A Expense Outstanding ae ere B ety 10) ST Ue Q) Troding. 9 ila pais sis mas NSS ORE eeceImportant Adjustme! \ ) Peed fe Led Debit (Rs.) | Credit (Rs.) Salary PaLAic Dy. :30,000 /13 = Z10,.000pey 1,30,000 Rent PALAR Dr. G6Q00/ 11 = E6000. 66,000 Prepaid Insurance BSA 32,000 O/s Electricity Expense BSL ea es a ee ence urd PETC Re Roe ciVW lacus ead ; Raloncesheet , ‘Sai rer Ts ee hos 1,20,000 Ols Elechicity exp | Prepaid Insurance. Ee) cy Rent LT Aus} ne ery a Pema 72,000Important Adjustment Vl A a el eee Mer Cee ee RM ae OV / ae Tee) (Me LE ie ey reed on Ti BC LTSS / Advance Income - in Trial Balance — ity Side of BS PV Income O/s or Receivable Income recd. In Advance rob) Trading ica Q) SE Clara &r PaLaic Cr. Ps 1 @) BsA CaaS RTC)Important Adjustme! \ ) cued eT Debit (Rs.) | Credit (Rs.) Sales Trodling cr: 12% Fixed Deposit 8S A 1,00,000 Interest on Fixed Deposit PaLatc cr. Rent of Shop POLAIC Cr. 78,000/13 = EEoon p.m es ere ue cuea CT Sales $00,000 ey F (ce 7 } USC) oy Ce SD [Po Utena SON) Sy) Ag Fa) T2000 VvVid Depreciation — in Trial Balance — Dr. side of PL A/c ele) cele Se Le eee el a hy anos Ane eer au Un Cele ed cS figure is assumed to be Adjusted Purchase (i.e. Purchase [minus | Closing Cee Pauls Closing Stock OM elias Depreciation OR enor & grad Q) BsaVid Cee eR ru ee as a0 i ce a a ee ee RU eee Sle Pd TENN ag eR Re ee ree er ne eae SUG ar a Write- a PET fei mmc} Add: Further BD ----. Given in Adjustment (2"4 Impact — Deduct from Debtors) Re ell 2) MRS aly EH Vac) - Based on Percentage that will be applied on rn Be es ea a TT Tea ea a Ae ed een \W, (Ceaer aN oo aed Dene) Dd ee Sei Be te Toa) W 7.50,000 en 7.50,000 Prov for 8D 25000 0d Prov BOR ALN) CY ‘epe - fon me a Par a x Tt nego aoe la es ad fe +o) Sed ann) or Pr mee — ae a > a eA) A) “ T Newpry 0 (os;0n0) ca ae 1,80,000 Fees)omple 3 oN al Wl ace me aie el Vj Dale T.50,800 Pl BB Ce) aR eR Tea) aR Rae oti X-)d rN tad rs eS ee ASO DRL) ea Go Dre eT De TRS Se TR nt eC CI ee Chey CS he vet) BS BERL OR ety Dee Ro) Ree) Debtor T5000 yg 1g Prana) Ca 000) 00,000 Sola Prev (28,000) TSU SS aah aan LTS) SS —o) ena (8.000) LN) Aor. Gs. CESS a Ins) S.25.000 Sejoods used for purpose other than sale ST Te TL) eM ase od Pe SCM acc AO Som cee) DST} NS RL Om Ta in we + AT ct we cn Ae Ln Wi Goods used in Goods used in CO ee ee aly ET Ue MI ae rey era) Pe ee) WET UC Un oy ee ba To) eae sin fo) Pe aed 5 a Tt taEY sco eee E mae Peete aS RU Merced pWeren ee Balance Sheet - Asset Side (a) Trading A/c - Credit Side Cue cee Parents Pores} Parnes mem rsd Side (a) Trading/Profit & Loss A/c Debit Side. Add to the concerned pers (b) Balance Sheet - Liability Side VvBes ORD MNEs Ta aU CCIE Eee nee Eee its ee (a) Trading/Profit & Loss A/c Debit SOOM eae uments] es (b) Balance Sheet ~ Asset een Outstanding / eats] Peed PETE em cera (a) Profit & Loss A/c - Credit Side. Otero eay (b) Balance Sheet - Asset Side. ee ceo PCa Balance Sheet ~ Liability eed [OM ereie See eee Dee ues eee ae ORs rigors emo rie steed Side (a) Profit & Loss A/c - Debit Side. (b) Balance Sheet - Asset Side. Peed eae cee Veeed ee ORD e ne Tae R UMS IC PA com mod DT eee ed Sere e Bee le Side (a) Profit & Loss A/c - Debit Side. (b) Balance Sheet - Asset Side. Deduct from Debtors after additional bad COE em cel Can Eee tenia Desens (a) Profit & Loss A/c - Debit Side. (b) Balance Sheet - Asset Side. Pee Cc Pee ee debts Ca erese Profit & Loss A/c - Debit St [gros Seven (b) Balance Sheet - Asset Side. Deduct ee eae os VeBCT ORD MCE CUTS Ta aU CELLED 10. Interest on Capital Profit & Loss A/c - Debit Side (a) Profit & Loss A/c - Debit Side. (b) Balance Sheet - Liability Side. Add to Capital. Sem cs Profit & Loss A/c - Credit (a) Profit & Loss A/c - Credit Side. daa bed OR nS eee rae Deduct from Capital. rea Profit & Loss A/e- Debit _|(a) Trading A/c - Credit Side (with full St Para) (b) Profit & Loss A/c - Debit Side (Actual loss, if any) [adjusted with insurance claim if any] (Geren eee Cera ea Cr insurance claim admitted by Peek) VeFemere een envi Poerites Perr eres (a) Trading A/c - Credit Side or Deetieuea ices (Oem mT (Deduct from Capital as Drawings) SOCOM cerned ecko a ne See eno is rts (a) Trading A/c - Credit Side or Pre tessieue asad (b) Profit & Loss A/c - Debit Side OS eee) vr ac coe approval not yet Paice) SOGRA- erga ony pane mrt eer as OMe ies from Sales the selling price of goods sold and add to stock at cost price. (b) Balance Sheet - Asset Side. Deduct eects ara emma) sales and show the cost price of such Pee orks cers VeVv SSS de GQ) Sate Alc Dr. — Sale e od eel) = Poses cat) pte an Ones ASST Bid 4 CORR a Cea big ‘ pt Sas a cid2 ICAI Modul Vv Liem Nac sr Cue OM mC mcr Ob Ou (oem S eee AI ao UA} DTS TES eee Olan ext ret fla) Exp etd FES a Oe ee PYorecoW cert cs mba ey to a eee Trading or | 10,00,000| _12,00,000|sale itaer vertices Ee AN Me COT — Owen Twoaing Or | 2,00,000 enn Ca 3,00,000 (ism eeu ee wend Plpr-7,00,000| _9,00,000/ PLO" Fixed Assets & Long Term Liabilities ESP MOO Capital POEs 152,00, 000]ff52,00,000] Pee Mm vole em OacrelTe lance as on 1st April, 2021 is % 3,00,000. You are required to calculate cost of goods sold and amount paid Poors leone (at ae (ca (pre 12eo a ed Cag VW Cee tRNA S Se ee Aneearey ag Pec S BELO Tc. i ORRIN} SS Sa AE SOTUN) + PSS LTa+ 1% +0 [ome ia eS eC Se Rect ar pla tte bs ea Me MLC ea a es Cos ple ei a ok) Ra Ties NS Ate — By purchesen corny sia aCe i louEO led a> ICAI Mo Vv art z (eruiarencsg ieertee a Me OKO) ye ee en nas cae Re ke nen iad 30,000 ees aittto EU fares ier tae ECT) Returns inward Sate Return, oS) BRU AL} Pree MaRS SS ad LS Sed 72,000 eens tn eae KOO PTT From the above information, prepare a Trading Account of M/s. ABC Traders for the year ended 31st March, 2022 and Pass necessary Ty entries in the journal proper of M/s. ABC Traders21 ICAI Module Vv #Q. Revenue, Expenses and Gross Profit Balances of M/s ABC Traders for the year ended on 31 pee 2022 were as follows: Gross eee 4, 20, tO Biatrsh pF wt Me eS (eo) % 18,000, eet 1013) Sap CAVITIES rt ee a 17,000, Dey Gata aon On Pee ee Berea Utlt Renata Mae Th ar eee are EEE TTY Pe ear eee eer ete ert reer en PETS aA UO Cee oe coe Oe eee ORCC oe ROCs Ne PRS OSS eR Te Cake Wile en ~#Q. Given below Trial Balance of M/s Dayal Bros. as on 31st March, 2022 : reed Pree eee eres ont S z rains oo EAT Pee ter ren 3,00,000 promo ery Pau Er) ern eae toon Bsu 4,60,000 Petes BSA EeTN Cash in hand ay PO aU Mir ee RU ane BSA peu VvParticulars eek Ud A z ery BSA eA erent com 40,000 Advances to Suppliers BsA RE aati Si td (ered Se pens eked Con 17,00,000 PEA Ties Prepare Balance Sheet as on 31st March, 2022. WveVv Cag #Q. The balance sheet of Thapar on 1st April, 2021 was as follows: Peeves PMs Peer) PNoos BS BS ete ccd 15,00,000 | Plant & Machinery EU ese ld PPA Sk ed EAU (ey uiCUe Snead BORA Cass CY eenoned 13,000,000 CR CRT j2' spy Prat Sy re eee iPox w eee eave eR B ia Mos dies (ye CLAUS BUTS cour eae tLe Lebar (CME onareh Ronn te erem ats eR UR ON OiaCn Cam adel) W hae ty (oon tas (b) Depreciation on Plant and Machinery @ 10% and on Furniture and Fixtures @ 5%. (c) A provision for Doubtful Debts @ 5% of the trade receivables as at 31st eT ee eS a Bs TRE ECR See ee ae eee eC Ome eto Com kee Oa OO outstanding expenses totaling Sap 10h Kuen (2) Lal Hie to the extent of % TK aa [XU et _ SS TSMe eect cwe- Wile BIE tema a ere yy) ANroaea eer 7 SEIU Trade ees pera Un tes ccc) at pri % 10,35,000 and etc Peel eee FERC Oj a7 a Ge a eRe tee naa Tete PEMA ESE ee teat en mtn ine — iVv CaN em ois send Net prot eer a cy Omran EMIT ID) Senn Beto + Ansurance aaa EauSa oT capitol 50100 1000 Plant 2machinery 30,00,000 + Nk pret cAdj:) 16,710,000, © Deph e107 3.00.00) 27,00,000 ©) Drowings G.00/800) 60,70.000 Furniture 2 Fixture, 900,000 ©) dep ey. 15.000) 2,85000 Trade Receivable 20,0000 Expense payoie 1Bo.000 ©) Pry es 7- 4100:000) [9,00,000 Trade Payable (140,000 Inventors 14,590,000 Papaid Insurance 20,000 Cash at Bank 135,000 3.90,00047 ICAI Modul: Vv PORE ORE CR CIRO Cinta en Cen Conta Cianr et tnd BEEN er seal Cleared Pig cr Peet i z er 8sL 6,50,000 ers “Trading cr. Ee) iireeey acronis 4,30,000 muted as 1,10,000 Goro iT ao 40,000 es PaL DY. 2,10,000 ie Cerarete ne ee ics KT Furniture CNY ERO) perce AO) seen)a cr ewan Seman eee CK Rome Prema PAL Dre EAT Pesan eens Bs A PRO Cash in Hand and Cash at Bank as PrN rraracesa 10,000 asco Net Answer 10,000 OMitraces Bst_ oviput CSst 1000 EK Output SGST eS) En (ise nN SCREEN Other Information: (OMMCCSUT SCC Ay ok esha Trading CoA NY CUCL e UL ea aN COM RECT tea ot emis) Prepare Trading and Profit and Loss Account for the year ended on 31.3.2022 and Balance Sheet of Mr. DORE naceCT cos Ss co. eso) Inpat oso Goo) Cy Input tooo =X =~ (7.000) S18 Paw - _ BET RSSIy) roC ay “gst cy (eS) (Eke) Ce Uso eZ) A ee a Og 4 Paaieal SGst— Z1,000 Payable Tico Naas ay aa ror a > + al eras A 8 BAY Den arene Cas pies TN 30000 Poets TORR Teo gscnn Rt a, eed ip Peres ANN OS) Sd OTs ea Fa Soe) Ea. ETRY CSTin a) Baa Td Er Vv ta) ot se oN, aD Scns} AS — ot ALES) Lr ig Peat) Be cor as On behalf Ca (eR) DESO) ieCr Se Sg Br Omen ra x cu a} ey Se UK v 7 ae) Pad bch core NT TR Priority -» make outpur gst 20 Tr Ad ee VvCT ce S9sT B,000 cece) ‘Inpat oso Goo) Secs Input oo =X =~ (7.000) BS NS5 Paw - - BET RSSIy) LIS roC ay “Igst cy (eS) (Efe) Ce unin eZ) Output CGsT + E1000 payable OS er Sno a oidCC Ss Ss psy Ao) ETc) DLA) oa 20,000 (151000) (51000) cr an ae Co) Shay Bg _ - ta! (Corry) ° ° © Vv output Igst —+ 0 CO mee) Te aes oe) Inpt I9st - 0 Bra NUS ie ky So rhe ee wi)aod Ss SN ca Py Bray fol [recs (Lo a Tnpar ggg x (15.000) SNS) Paty nee TC ORG) IN) ° er LY (See) Vv Cte 1 ee a) output CSst + 5.000 CU Tne) cry ee) Input GsT > 0 BO remyCe bec DITevey or me cg Sa eS BS hy Bt) aed ° ah a 1000, Ra Igst Ty Pood EEL) Cue eT mac med CT aero Input gst = Ty Res md a ons ed VvCl erg bce Shae BCS Dye MY Yo) PL St ua he (2.000) CS Dee ea Cd) RTS) ar) ° ah 1 iw Vv outpur Igst —+ O output Cgst + 7.000 Tae SS) ry ae) Bra eS BUM tS eekCs Sy Sn Pe ero) CS Pg Shay SER aka g BT eS output os Be) Babelens) INS) er Tes) (Cree) (3.000) (6,000) Vv ct meg A mec Tae ee) Oy Sid Ty Res md ctoVv #Q. The following is the schedule of balances as on 61.3.2) extracted from the ete) Se RL CRORE ORS ROUT RIC Led ay Oe eRe CMCC Un a OOmE Layla een Dr. i Le z Cash in hand cs PUN Caran Ca 26,000 Stead Coy Pe Cee ewe e ae IOry Dr. rai) Furniture & fixtures ESN PR rela m ieee: Ty Bee Da IMGs cA) 6,00,000 Motor Car Ex POPec Led us om an Vl Bp aes ee 1s 430,000. eke Ce EO Peon tren Ge) 30,000| / Laer Ma Ue fee etn Par. ©) Pn oe ict tos 23,00,000¢-) 14000 Bieter Enc) Renny ey Rent for Godown ces for tom | -- $5000 eck ein me aa) [ered a Rates & Taxes ese he Prete eee ned ers eee) Chee ROU aS ade Sch ea oD = Now SSI alPerret Dis om z z Discount received from Creditors [omattes ee Percents reed i ead BURN) (eet ey ome Uae PaLAle BF 20,000 Drawings rod BRIN Poet L oN Waa 18,000 Potente NAPE To) ee 22,000 feetienes ori [Ses 55,000 eros Waid 30,000 Pres Etre PIO Ka Peters) CW ee ROT Wiitme mer sited (0 ee eT eyes CN SP Rs PYAR Me een) VePero MPC ei Meee meee a Om mee Care yaar ile mel V7 ER eee ra CR canr na eet nemats cena (1) / Depreciate: (a) Building used for business by 5 percent; (b) Furniture and fixtures by man Poe Con Cn eck Un chica Cae SCAU COR Road Lae ee ee ee CR mT merc mom Cee Cocotte CO OTe ay ee eee eR eae Ok or eeece nC Nema Nel Mae eee poe ha (7M ee a ee ROR Le eae ag Oe co cL a ene a (4 Interest on loan from Viswanath is payable at 12 percent per annum, this loan was lot wae G) erOV Cem ues ROR RUCC ie ee cece mR APL ©) Insurance premium includes % 40,000 paid towards proprietor’s life >, ema ame nC CR Ente Oe ane eee eT roar Personal LSB PAIS BRL PSN) OSI ae a es heinal — SO) 0) aE ea) CFS) cS) Nc ee Md Cae Vv sh) Plt aC Urs cy en rola Pwv — (30,000) Or. SCO To cd — Dee DOL eae ° a ma Rw send) SAK)PaLAic SE) SS TA) es aL CNN ten) Sa EL) 12,900 VW Tc ME Re) i SO CE Asn) Cw pet) = cl Seaah) isd Tem Vv49 ICAI Modul WW’ Cem C eee Eke eee Ate ol Tota el EO Ro) Ne Liabilities ees co eras z z erate 2,40,000 | Fixed Assets PPL Peta aced 1,64,000 | Inventories PAY pea ens 1,46,000| Trade receivables PE Less: Provision (6,200)| 1,81,800 ean ps 2 36,200 5,50,000 ea ee) PCIe aay Show opening journal entry on 1st April, 2022 in the books of Mr. Popatlal.lames AY I3) Bs Vv Openingentry oyoul2z [OS Rae is PPeIy Me Peesee Vd Pra ea) Pees ae Ree ea Paes) ews Dr. Er Ronee PR To Bank Overdraft A/c SPENT To Provision for Doubtful Debts A/c rr) To Capital A/c 2,40,000#Q. The following is the Trial Balance of C. Wanchoo on 31st March, 2022. Trial Balance on 31st March , 2022 Vv Pere A z roreentns coe 10,00,000 Inventories as on 1* April,2021 Trading Br. POC Cer BSA er Machinery Account EY ET fimo recs cs 18,20,000 cents kod 10,00,000 Remco ecas a SUR Dect @.V lait: Via CST) 50,000 Discount Received A/c ee Taad Eun)Pere i A Sree aerccaas (Ona ) Reece Asko ET nt amen eee) Cay EE) Pere ecu tetanic) ca ER Total 64,00,000] 64,00,000 Trading cr NOTE Re CSU Shoes Monee Cac Kea. a0 Prepare closing entries for the above items and Prepare Trading and Profit and Loss Account. VeRosey prt beta toc ley Ave Pay Ease Trading Account a Deca Cora Becta Pea (Being the accounts in the Trial Balance which have to be transferred to the Trading Account debit side) EP 2,00,000 BCP SOY March 31, BS Coe Cas ae ye prea Coua ee oecuS akon Crem Eire Cnet) BRU EA)peed Peni i B eye eng cen bean pr ee DO ea 2,70,000) (Being the value of Inventory on hand on 31st March,2022) [need Vs ir ern) Se UR eGR aL} PPE (Being the transfer of gross profit. Ela g rie meee Vo ve sCRTUUY Pe ete encaee ece aC) On ee G SOU) Pm eer ee a pe CoD Oe ecg transferred to the P & L Account) Vesc led Ererese pyr aelTla celta Dr. SOLE a cote (Cetera eet received transferred to Profit and Loss A/c) ED SY March 31 Derren lre V9 ira LXer ame ES (Being the transfer to Net Profit to the Capital Pr) SY CLR sme EU pee Py WveC. WANCHOO Trading Account of the year ended March 31, 2022 Particulars Ls Particulars z Semen 2,00,000| By Sales A/c EM Rate CPIM antenna eens) 2,70,000, Sears SURO See oer Oia 22,50,000 TWN ‘ 52,70,000 52,70,000 De al aE VeProfit and Loss Account for the year ended March 31, 2022 Ve a fomeneted z Pine z ens 10,00,000|By Gross profit transfered feet ere Er pea PT Pers mets ered ae ces 30,000 Bones ociatene cr kc) Saeko Capital A/c PE Peer PET