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Accounting for People Who Think They Hate Accounting by Anurag Singal

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Chapter 7

The Mega Question

Let us now do a full question on final accounts.

Question

From the following Trial Balance, prepare a Profit and Loss Statement and Balance Sheet along with notes to accounts for the year ending December 31, 2007.

Dr. Balances

Rs.

Cr. Balances

Rs.

Opening Stock

Land and Building

Machinery

Furniture and Fixtures

Purchases

Salaries

General Expenses

Rent

Postage and Telegrams

Stationery

Wages

Freight on Purchases

Carriage on Sales

Repairs

Sundry Debtors

Bad Debts

Cash in Hand

Cash at Bank

Sales Returns

15,500

35,000

50,000

5,000

1,06,000

11,000

2,500

3,000

1,400

1,300

26,000

2,800

4,000

4,500

30,000

600

100

6,400

5,100

Capital

Loan From Mrs. Gurdeep Singh @ 9%

Sundry Creditors

Purchase Returns ...

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