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    Final Account

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    swati
    1) The document provides a trial balance for Vidya Consumers' Co-operative Society Ltd. as of March 31, 2015 along with some adjustments. 2) From the information given, final accounts have been prepared including a trading and profit & loss account, balance sheet, and memorandum profit and loss appropriation account for the year ended March 31, 2015. 3) The final accounts show a net profit of Rs. 2,10,300 for the year.

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    Final Account

    Uploaded by

    swati
    3K views7 pages
    1) The document provides a trial balance for Vidya Consumers' Co-operative Society Ltd. as of March 31, 2015 along with some adjustments. 2) From the information given, final accounts have been prepared including a trading and profit & loss account, balance sheet, and memorandum profit and loss appropriation account for the year ended March 31, 2015. 3) The final accounts show a net profit of Rs. 2,10,300 for the year.

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    1) The document provides a trial balance for Vidya Consumers' Co-operative Society Ltd. as of March 31, 2015 along with some adjustments. 2) From the information given, final accounts have been prepared including a trading and profit & loss account, balance sheet, and memorandum profit and loss appropriation account for the year ended March 31, 2015. 3) The final accounts show a net profit of Rs. 2,10,300 for the year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3K views7 pages

    Final Account

    Uploaded by

    swati
    1) The document provides a trial balance for Vidya Consumers' Co-operative Society Ltd. as of March 31, 2015 along with some adjustments. 2) From the information given, final accounts have been prepared including a trading and profit & loss account, balance sheet, and memorandum profit and loss appropriation account for the year ended March 31, 2015. 3) The final accounts show a net profit of Rs. 2,10,300 for the year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 7

    CASE STUDIES

    The following to the Trial Balance of Vidya Consumers Co-operative Society Ltd.
    As on 31st March 2015. Prepare the final accounts for the year ended 2015.

    Particulars Dr (Rs.) Cr (Rs.)

    Share Capital 80,000


    Deposit from Members 50,000
    Sales 12,50,000
    Purchase Returns 5,000
    Suppliers 10,000
    Interest on Investments 12,000
    Rebate Received 3,000
    Common Good Fund 4,000
    Price Fluctuation Fund 8,000
    Reserve Fund 20,000
    Cash in hand 400
    Cash at Bank 86,000
    Furniture 6,000
    Purchase 10,05,000
    Customer 30,000
    Carriage Inwards 5,000
    Sales Return 2,000
    Rent 10,000
    Audit Fees 2,000
    Sales Tax 3,000
    Staff Salary 50,000
    Printing & Stationery 10,000
    Investments 2,00,000
    Stock in Trade 30,000
    Interest Paid 2,600

    Total 14,42,000 14,42,000

    Adjustments:

    1. Value of Closing Stock on 31st March 2015 was Rs. 60,000.

    2. Depreciation on Furniture @ 10% p.a.

    3. Interest accrued on Deposits Rs. 1,500 and Interest accrued on Investment Rs.
    6,000.

    4. Outstanding Salary of Rs. 3,000.

    5. Outstanding Sale Tax of Rs. 1,000.


    Solution:

    Vidya Consumer Co-operative Society Ltd.

    Trading & Profit & Loss Account For the Year Ended 31-3-2015

    Dr. Cr.

    particulars (Rs.) (Rs.) Particulars (Rs.) (Rs.)

    To Opening By Sales 12,50,00


    Stock 30,000 (-) Sales 0 12,48,00
    To Purchases 10,05,00 Returns (2,000) 0
    (-) Purchase 0
    Returns 10,00,00 By Closing
    (5,000) 0 Stock
    To Carriage 60,000
    Inwards
    To Gross Profit 5,000
    2,73,000
    13,08,00 13,08,00
    0 0
    To Rent, Rates By Gross Profit
    and Taxes By Interest on
    10,000 2,73,000
    To Audit Fees Investment
    12,000
    To Sales Tax (+) Accrued
    2,000
    (+) Outstanding 3,000 Interest
    6,000
    Tax
    18,000

    1,000
    4,000
    To Salaries & By Rebate
    Allowances 50,000 Received 3,000
    (+) Outstanding
    Salary 3,000
    To Printing and 53,000

    Stationery
    To Depreciation
    10,000
    on Furniture
    To Other
    Expenses & Fees,
    600
    if any
    - Interest
    2,600
    Paid
    - Accrued
    Interest on
    Deposits 1,500
    To Net Profit

    4,100

    2,10,300
    2,94,000 2,94,000
    Balance Sheet as on 31-3-2015

    Liabilities (Rs.) (Rs.) Assets (Rs.) (Rs.)

    Share Capital 80,000 Cash and Bank


    Issued & Paid-up Balances
    Reserve Fund Cash in hand 400
    and Other Funds Cash at Bank 86,000
    Common Good Investments 2,00,00
    Fund 4,000 (+) Accrued 0 2,06,00
    Price Fluctuation Interest 6,000 0
    Fund 8,000 Provident Fund
    Reserve Fund 20,000 Investment
    Depreciation Loans and NIL
    Fund 600 Advances
    Staff Provident Sundry Debtors NIL
    Fund NIL Customers
    Secured Loans NIL Current Assets 30,000
    Unsecured NIL Stock
    Loans Fixed Assets 60,000
    Deposits Furniture
    Deposit from 50,000 Misc. Expenses 6,000
    Members and Losses(not
    w/o)
    Other Items NIL
    NIL
    Current Profit and Loss
    Liabilities & Account
    Provisions 10,000 Current Losses NIL
    Suppliers NIL
    Outstanding 3,000

    Salary
    Outstanding Sales 1,000

    Tax
    Unclaimed NIL

    Dividend
    Interest due but
    not paid
    Accrued Interest
    on Members 1,500

    Deposits NIL

    Other Liabilities
    Profit and Loss 2,10,30

    Account 0

    3,88,40 3,88,40
    0 0
    Memorandum Profit and Loss Appropriation Account

    Particulars Rs. Particulars Rs.

    To Reserve Fund 52,575 By Net Profit 2,10,300


    To Balance 1,57,725

    2,10,300 2,10,300

    Note: No actual appropriation out of current years profit can be made without the
    approval of the general body.

    The above Memorandum Profit and Loss (Appropriation) A/c shows only the
    proposed appropriations.

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