From the following Trial Balance prepare Final Accounts in Excel For the Year Ended
31/03/2020 By linking the Sheet.
Name of Company :- Madhura Enterprises
Particulars Debit Credit
Capital A/C
Mansi 20000 150000
Damini 5000 160000
Building 45000
Term Loan From BOI 275000
Plant & Machinery 190000
Bike (Vehicle) 85000
Furniture 45000
Stock in hand 15800
Balance at Bank 30850
Investment in Bonds 67400
Customers Accounts 36450
Suppliers Accounts 28650
Miscellaneous Receipts 6420
Sale of Scrap 2550
Purchases 167500
Wages 5500
Sales 107000
Carriage Inward 4500
Administration Expenses 2380
Interest on Term Loan 3280
Advance to Suppliers 10500
Discount allowed 4250
Discount Received 11575
Municipal Taxes 1250
Advertisement 4620
Office Salaries 4800
Audit Fees 2250
Insurance 375
Interest on investment received 10000
Rent from Property 6000
General Expenses 5050
Maintenance of Vehicle 5590
Repairs & Renewals 5750
Bills Payable 13550
Return Inward 5450
Return Outward 2800
Total 773545 773545
Adjustment Entries:
1) Stock on 31/03/2020 Rs 12100
2) Charged Depreciation @15% p.a. on Plant & Machinery, 10% on Vehicle & 10% on Furniture.
3) Partner share profit in ratio 3:7
4) Interest payable on term loan Rs. 1000/-
Prepare the final accounts including Trading, Profit and loss accounts,
prepare schedules as per requirement. Prepare charts
Madhura Enterprises
TRADING ACCOUNT
For the Year ended 31/03/2020
Dr. Cr
Particulars Amount Amount Particulars Amount Amount
To Opening Stock 15800 By Sales 107000
(-) Return Inward 5450 101550
To Purchases 167500
(-) Return Outward 2800 164700
To Wages 5500
To Carriage Inward 4500 By Closing Stock 121000
(As on 31/03/2020)
To Gross Profit 32050
222550 222550
Madhura Enterprises
PROFIT AND LOSS ACCOUNT
For the Year ended 31/03/2020
Particulars Amount Amount Particulars Amount
To Office Salaries 4800 By Gross Profit 32050
To Administration Expenses 2380 By Miscellaneous Receipts 6420
To Interest on Term Loan 3280 By Sale of Scrap 2550
To Discount allowed 4250 By Discount Received 11575
To Advertisement 4620 By Interest on investment received 10000
To Municipal Taxes 1250 By Rent from Property 6000
To Audit Fees 2250
To Insurance 375
To General Expenses 5050
To Maintenance of Vehicle 5590
To Repairs & Renewals 5750
To Interest on Term Loan 1000
To Depreciation 41500
To Net Profit -13500
Manasi's Share (3/10) -4050
Damini's Share (7/10) -9450
Total 68595 Total 68595
BALANCE SHEET
As on 31/03/2020
Liabilities Amount Assets Amount
CAPITAL ACCOUNT FIXED ASSESTS 323500
Mansi 125950 (As per Schedule 'C' enclosed)
Damini 145550
SECURED LOAN INVESTMENT
Tearm Loan From BOI 275000 Investment in Bonds 67400
(+) Interest on Term Loan 1000
CURRENT LIABILITIES CURRENT ASSETS
Bills Payable 13550 Advance to Suppliers 10500
Suppliers Accounts 28650 Customers Accounts 36450
Balance at Bank 30850
Closing Stock 121000
Total 589700 Total 589700
MANSI'S CAPITAL ACCOUNT
Schedule "A"
Particulars Amount Particulars Amount
To Withdrawls 20000 By Balance B/d 150000
Balance c/d 125950 By Net Profit -4050
145950 145950
DAMINI'S CAPITAL ACCOUNT
Schedule "A"
Particulars Amount Particulars Amount
To Withdrawls 5000 By Balance B/d 160000
Balance c/d 145550 By Net Profit -9450
150550 150550
Madhura Enterprises
Fixed Assets& Depreciation Statement (Shedule "C")
WDV as on Addition Deductio Gross Block Rate of Dep. Net Block
01/04/2019 During n During as on Dep. as on
the Year the year 31/03/2020 31/03/20
Particulars 20
Plant & Machinery 190000 0 0 190000 15% 28500 161500
Bike (Vehicle) 85000 0 0 85000 10% 8500 76500
Furniture 45000 0 0 45000 10% 4500 40500
Building 45000 0 0 45000 0% 0 45000
Total 365000 365000 41500 323500
Assets Year
2017-18 2018-19
Building 45000 45000
Plant and 190000 161500
Bike (Vehic 85000 76500
Furniture 45000 40500
Axis Title
Building
Plant and Machinery
Bike (Vehicle)
Furniture
Axis Title
uilding
ant and Machinery
ke (Vehicle)
rniture