11 Account Ch 2 Final A.C.
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11 Account Ch 2 Final A.C.

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For std 12 commerce students to understand example very easiyl

For std 12 commerce students to understand example very easiyl

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  • 1. Std- 11 ©e Saurin sir After preparing all subsidiary books a trial balance is prepared at the end of financial year to Know the Arithmetical accuracy of the account.
  • 2. Std- 11 ©e Saurin sirDEBIT BALANCE CREDIT BALANCEPurchase a/c debit Sales a/c creditSales return Purchase returnDrawings CapitalDebtors[customers] receivables Creditors[suppliers] debtsBills receivable Bills payableBank balance Bank overdraftLoan to Rahul Loan from RahulContributions to provident fund Provident fundContributions to General reserve General reserve
  • 3. Std- 11 ©e Saurin sirDEBIT BALANCE CREDIT BALANCEInvestments Debenture issueInterest on debenture Interest on investmentInterest on bank overdraft Interest on bank balanceInterest on Capital Interest on drawingInterest on loan from Rahul Interest on loan to RahulPrepaid expenses Unpaid expensesUndeceived income Pre-received incomeDiscount reserve on creditors Discount reserve on debtorsDiscount allowed Discount received
  • 4. Std- 11 ©e Saurin sirDEBIT BALANCE CREDIT BALANCEBad debts Bad debts recoveredBrokerage paid Brokerage receivedCommission paid Commission receivedRent paid Rent receivedAdvertisement expenses AdvertisementLoss by fire Goods destroyed by fireCharity expenses Goods given for charityLoss by theft Goods stolen awayGross loss Gross profitNet loss Net profit
  • 5. Std- 11 ©e Saurin sir Tools and equipments goods withdrawn Goodwill bad debts reserve Vehicles dividend on shares Furniture apprentice premium Plant and machinery Land and building Leasehold assets Share of reliance Patents Trade mark Copy rights Deposits Cash balance Opening stock of goods
  • 6. Std- 11 ©e Saurin sir Wages Railway freight Octroi Custom duty Demurrage Dock charges Tolai Mahajan Lago Manufacturing expenses Salary rent and taxes Printing and stationery Postage and telegram Electricity expenses Insurance premium
  • 7. Std- 11 ©e Saurin sir Income tax Carriage inward Carriage outward Travelling expenses Legal expenses Audit fees Show room expenses Packing expenses Bank charges Depreciations on assets
  • 8. Std- 11 ©e Saurin sir Then after Final a/c are prepared at the end of accounting period, to know financial positions of the business.Dr Cr Dr Cr Cr Dr
  • 9. Std- 11 ©e Saurin sir Trading is an account [not a statement] Where transactions of goods and purchase expenses are recorded. Trading account provides us either Gross profit or gross loss. P/L is an account [not a statement] Where transactions of Business expenses, losses and Income , gains are recorded. P/L account provides us either Net profit or net loss. B/S is a statement [and not a a/c] Where transactions of personal account and assets are recorded.
  • 10. Std- 11 Trading A/c of shri. . . . . . . . . for the year ended . . . . . . . . ©e Saurin sir Particulars Amt. Rs. Particulars Amt. Rs.To opening stock 1 By Sales 0000To Purchases 0000 - Sales return - 000 000 1 - Purchase Return - 000 000 2To Wages 3 By sales of scrap 2To Wages and Salary 4 By goods stolen away 3To Carriage inward 5 By goods Destroyed by fire 4To Carriage on purchase 6 By goods Destroyed by Accident 5To Railway Freight 7 By goods taken for personal use 6To Octroi 8 By goods given as charity 7To import duty 9 By goods given as sample 8To custom duty 10 By goods given as donation 9To port charges 11To Excise duty 12 By Closing stock 10To mahajan lago 13 1 to 10 Total CreditTo Demurage 14To Darmayo 15To factory expenses 16To Royalty 17To Depreciation of Factory 18 building/plant/machinery 19 1 to 19 Total DebitTo Gross profit To Gross LossG.P.=Total Credit - Total Debit G.L.=Total Debit - Total Credit Total Credit Total Credit
  • 11. Std- 11 ©e Saurin sir Prepare Trading A/c of Mr. A from balances given as below for 31-3-10. Stock [ 1-4-09 ] 24,000 Railway Freight 800 Purchase 56,000 Carriage inward 1,080 Octroi 1,520 Wages 1,720 sales 84,000 Goods given as charity 2,820 Purchase return 520 Sales return 2,400 Cost price of closing stock of goods as on 31-3-10 was Rs. 16,500.
  • 12. Std- 11 ©e Saurin sir Trading A/c of shri Mr. A. for the year ended 31-3-10 Dr Cr Particulars Amt. Rs. Particulars Amt. Rs. To opening stock 24,000 By Sales 84,000 To Purchases 56,000 - Sales return - 2,400 81,600 - Purch. Return - 520 55,480 By goods given as charity 2,820 To Octroi 1,520 By Closing stock 16,500 To Railway Freight 800 1,00,920 To Carriage inward 1,080 To Wages 1,720Q. 84,600 Prepare Trading A/c of Mr. A from balances given as below for 31-3-10. Stock [ 1-4-09 ] 24,000 Railway Freight 800 Purchase 56,000 Carriage inward 1,080 To Gross profit Octroi 16,320 1,520 Wages 1,720 sales =1,00,920 - 84,600 = 16,320 84,000 Goods given as charity 2,820 Purchase return 520 Sales return 2,400 1,00,920 1,00,920 Cost price of closing stock of goods as on 31-3-10 was Rs. 16,500.
  • 13. Std- 11 ©e Saurin sir Prepare Trading A/c of Mr. B. from balances given as below for 31-3-10 Stock [ 1-4-09 ] 20,000 Goods given as charity 1,400 Purchase 60,400 Octroi 1,000 sales 80,800 Custom duty 2,000 Wages 2,000 Port charges 500 Purchase return 400 Goods destroy as fire 5,000 sales return 800 mahajan Lago 400 carriage inward 800 Demurrage 600 Railway Freight 1,200 Goods taken for personal use. 3,000 Cost price of closing stock of goods as on 31-3-10 was Rs. 20,000.
  • 14. Std- 11 Saurin sir ©e Trading A/c of shri Mr. B. for the year ended 31-3-10 Dr Cr Particulars Amt. Rs. Particulars Amt. Rs. To opening stock 20,000 By Sales 80,800 To Purchases 60,400 - Sales return - 800 80,000 - Purch. Return - 400 60,000 By goods given as charity 1,400 To Wages 2,000 By goods Destroyed by fire 5,000 To Carriage inward 800 By goods taken for personal use 3,000 To Railway Freight 1,200 By Closing stock 20,000 To Octroi 1,000 1,09,400 To custom duty 2,000 To port charges 500 To mahajan lago 400 Prepare Trading A/c of Mr. B. from balances given as below To Demurage 600 for 31-3-10Q. Stock [ 1-4-09 ] Purchase 20,000 60,400 Goods given as charity Octroi 1,400 1,000 sales 80,800 Custom duty 2,000 Wages 2,000 88,500 Port charges 500 Purchase return 400 Goods destroy as fire 5,000 sales return 800 mahajan Lago 400 To Gross profit carriage inward 800 20,900 Demurrage 600 Railway Freight 1,200 Goods taken for personal use. 3,000 = 1,09,400 - 88,500 = 20,900 Cost price of closing stock of goods as on 31-3-10 was Rs. 20,000. 1,09,400 1,09,400
  • 15. Std- 11 Specimen of PROFIT AND LOSS ACCOUNT PROFIT AND LOSS A/c of shri. . . . . . . . . for the year ended . . . .. . . ©e Saurin sirDr. Particulars Amt. Rs. Cr. Particulars Amt. Rs.To Gross loss By Gross profit[transferred from trading a/c] [transferred from trading a/c]Administrative expenses Incomes [ Revenues ]To Salary By Discount receivedTo Rent By Rent receivedTo Insurance premium By Commission receivedTo Taxes By Brokerage receivedTo Postage expenses By Interest receivedTo Stationery and printing ex. By Interest on InvestmentTo Legal expenses By Interest on loan givenTo Audit fees By Interest on Fixed depositedTo Electricity expenses By Interest on DrawingsTo Repairing expenses By Bad debts recoveredTo Contribution to provident fund By Profit on sale of assets By Sales of old news paper.Selling & Distribution expensesTo carriage outwardTo Salary of salesmanTo Travelling expenses of salesmanTo Advertisement expensesTo Discount allowedTo Delivery van expenses More ……
  • 16. Std- 11 Specimen of PROFIT AND LOSS ACCOUNT PROFIT AND LOSS A/c of shri. . . . . . . . . for the year ended . . . .. . . ©e Saurin sirDr. Particulars Amt. Rs. Cr. Particulars Amt. Rs.To Show room expensesTo Godown expensesTo packing expensesPostage and telegramPrinting and stationery To NET LossRent N.L.=Total Debit - Total CreditInterest paid on loan taken
  • 17. Std- 11 ©e Saurin sir Prepare P/L a/c of Mr. A from balances given as below for 31-3-10 Rs. Rs. Gross profit 30,000 Travelling expenses 5,200 Salaries 10,000 packing expenses 400 Advertisement expenses 800 Rent and Taxes 1,800 postage and telegram 500 Insurance premium 1,500 Printing and stationery 360 Commission received 3,600 Rent 2,500 Dividend received 3,400 Interest paid on loan taken 800 Donations paid 700 Discount allowed 1,200 carriage outward 960 Discount received 1,500 apprentices premium 320 Interest paid on Bank 500 overdraft
  • 18. Std- 11 Saurin sir ©eQ. Prepare P/L a/c of Mr. A from balances given as below for 31-3-10 Profit and loss A/c of Mr. A for the year ended 31-3-10 Rs. Rs. Gross profit 30,000 Travelling expenses 5,200 Dr Salaries 10,000 packing expenses Cr 400 Advertisement expenses Particulars 800 Amt. Rs. Rent and Taxes Particulars 1,800 Amt. Rs. postage and telegram 500 Insurance premium 1,500 To Salaries Printing and stationery 10,000360 By Gross profit Commission received 30,000 3,600 To Advertisement expenses Rent 2,500 800 By Discount received Dividend received 1,500 3,400 Interest paid on loan taken 800 Donations paid 700 To postage and telegram Discount allowed 500 1,200 By Commission received carriage outward 3,600 960 To Printing and stationery Discount received 1,500 360 apprentices premium By Dividend received 320 3,400 Interest paid on Bank overdraft 500 To Rent 2,500 By apprentices premium 320 To Interest paid on loan taken 800 38,820 To Discount allowed 1,200 To Interest paid on Bank O/D 500 To Travelling expenses 5,200 To packing expenses 400Q. Prepare P/L a/c of Mr. A from balances given as below for 31-3-10 To Rent and Taxes 1,800 Rs. Rs. To Insurance premium Gross profit 1,500 Travelling expenses 30,000 5,200 To Donations paid Salaries 10,000 packing expenses 700 400 Advertisement expenses 800 Rent and Taxes 1,800 To carriage telegram postage and outward 960 Insurance premium 500 1,500 Printing and stationery 360 27,220 Commission received 3,600 Rent 2,500 Dividend received 3,400 To Net profit loan taken Interest paid on 11,600 800 Donations paid 700 Discount allowed 27,220 = 11,600 = 38,820 - 1,200 carriage outward 960 Discount received 1,500 apprentices premium 320 Interest paid on Bank overdraft 38,820 500 38,820