IN THE BOOKS OF AJIT

TRADING A/C & P/L ACCOUNT

FOR THE YEAR ENDED 31.3.16
PARTICULARS Amount Amount
TO OPENING STOCK 85,500
TO PURCHASES 982,500
(-) PURCHASE RETURN -22,500 960,000

TO PRODUCTIVE WAGES 221,750

TO FACTORY OH 76,000
(+) OUTSTANDING 5,000 81,000
TO CARRIAGE INWARD 5,500

TO GROSS PROFIT C/D 341,700

1,695,450
PARTICULARS Amt Amt
TO INSURANCE 6,500
(-) PREPAID 6500*3/15 1,300 5,200
TO SUNDRY EXPENSES 7,500
TO RENT 32,700
(+) OUTSTANDING [32700*2/10] 6,540 39,240
TO SALARIES 186,000
ADD: OUTSTANING 10,000 196,000
TO PACKING CHARGES 42,600
TO OFFICE EXPENSES 2,500
TO ADVT 7,500
(-) PREPAID 7500*1/2 3,750 3,750
TO CARRIAGE OUTWARD 7,200
TO PRINTING & STATIONERY 6,900

TO INTERST ON 10% LOAN FROM BOI [65000*10%] 6,500

TO DEPRECIATION ON MACHINERY 26,250
TO DEPRECIATION ON FURNITURE 6,500
TO RDD
BAD DEBTS -
ADD: FURTHER BAD DEBTS -
ADD: NEW RDD -
-
LESS: OLD RDD - -

TO NET PROFIT C/D 61,360

411,500

BALANCE SHEET
AS ON 31.3.16
 OKS OF AJIT
& P/L ACCOUNT
R ENDED 31.3.16
PARTICULARS Amt Amt
BY SALES 1,495,700
LESS: SALES RETURN -22,000 1,473,700

BY CLOSING STOCK 221,750

1,695,450
PARTICULARS Amt Amt
BY GROSS PROFIT B/D 341,700
BY SUNDRY RECEIPTS 58,100
BY INTEREST EARNED 21,100
(+) INTEREST RECEIVABLE 2,000 23,100
 422,900

CE SHEET
31.3.16
LIABILITIES Amount Amount
CAPITAL 557,150
LESS: DRAWINGS -75,500
ADD: NET PROFIT 61,360 543,010

10% LOAN FROM BOI 65,000

BANK OD 30,000
CREDITORS 45,000
OUTSTANDING INTERST ON LOAN FROM BOI 6,500
OUTSTANDING SALARIES 10,000
OUTSTANDING RENT 6,540
OUTSTANDING FACTORY OH 5,000

711,050
ASSETS Amount Amount
FURNITURE 65,000
(-) DEPRECIATON @ 10% 6,500 58,500
DEBTORS 57,500
(-) BAD DEBTS [FURTHER BD] 7,500
50,000
(-) RDD [NEW RDD] [50000*5%] 2,500 47,500

MACHINERY 350,000
(-) DEPRECIATION @ 7.5% 26,250 323,750

INTEREST FREE LOAN TO VIJAY 52,500

CLOSING STOCK 221,750
PREPAID INSURNACE 1,300
PREPAID ADVT 3,750
INTEREST RECEVIABLE 2,000

711,050
 Machinary 1
Date Opening balance dep closing bal
### 160,000
### 160,000 16,000 144,000
### 144,000 16,000 128,000
### 128,000 8,000 120,000

### 120,000
LOSS/PROFIT 0

Dr
MACHINERY A/C (Prospective)
DATE PARTICULARS AMT DATE PARTICULARS
### To Cash/Bank 160,000 ### By Depreciation
### By Balance c/d

160,000
### To Balance b/d 144,000 ### By Depreciation
### To Cash/Bank 140,000
### By Balance c/d

284,000
### To Balance b/d 261,000 ### By Cash/Bank
### To Cash/Bank 100,000 ### By Depreciation
### By Depreciation

### By Balance c/d

361,000
### To Balance b/d 205,550 ### By Cash/Bank
### By Depreciation
### By Loss on Sale of Ma
### By Depreciation

### By Balance c/d

205,550
 Machinary 2 Ma
Date Opening balance dep closing bal Date
### 140,000 ###
### 140,000 7,000 133,000 ###
### 133,000 19,950 113,050 ###
### 113,050 8,479 104,571

### 92,000
LOSS 12,571

47,000 Difference 25,240

Cr

AMT
16,000
144,000 2 X Co. Ltd. purchased a machine on 1st Apri
Rate of depreciation was 10% on original cost
160,000 Prepare Machine Account for the years ending
23,000

261,000

284,000
120,000
8,000
27,450

205,550

361,000
92,000
8,479
12,571
13,875

78,625

205,550
 Machinary 3
Opening balance dep closing bal
100,000
100,000 7,500 92,500
92,500 13,875 78,625

100000

machine on 1st April, 2008 for Rs 1,60,000. On October 1, 2009 another machine was purcha
0% on original cost annually on 31st March. On 31st March, 2011 the method of charging dep
for the years ending 31st March, 2009, 2010, 2011, and 2012
chine was purchased for Rs 1,40,000. On October 1, 2010 the first machine was sold for Rs 1,2
of charging depreciation was changed to diminishing balance method, the rate being 15%.
e was sold for Rs 1,20,000. On the same date, another machine was purchased for Rs 1,00,00
e rate being 15%.
hased for Rs 1,00,000. On October 1, 2011 the second machine was sold for Rs 92,000.
or Rs 92,000.
Question 4

FIFO

Purchases Issue/Sales
Date
Units Rate Amount Units Rate Amount
3/1/2014 500 18 9,000

3/2/2014 200 18 3,600

3/4/2014 700 20 14,000

3/7/2014 300 18 5,400

200 20 4,000

3/9/2014 900 18 16,200

3/11/2014 400 20 8,000

3/15/2014 300 25 7,500

3/18/2014 100 20 2,000

700 18 12,600

3/25/2014 200 20 4,000

3/27/2014 200 18 3,600

300 25 7,500

3/31/2014 500 25 12,500

Closing Stock as on 31/03/2014 is 700 units of total value is Rs.16,500

LIFO
 Purchases Issue/Sales
Date
Units Rate Amount Units Rate Amount
3/1/2014 500 18 9,000

3/2/2014 200 18 3,600

3/4/2014 700 20 14,000

3/7/2014 500 20 10,000

3/9/2014 900 18 16,200

3/11/2014 400 18 7,200

3/15/2014 300 25 7,500

3/18/2014 300 25 7,500

500 18 9,000

3/25/2014 200 20 4,000

3/27/2014 200 20 4,000

200 20 4,000
100 18 1,800

3/31/2014 500 25 12,500

Closing Stock as on 31/03/2014 is 700 units of total value is Rs.16,100

WAM
 Purchases Issue/Sales
Date
Units Rate Amount Units Rate Amount
3/1/2014 500 18 9,000

3/2/2014 200 18.0 3,600

3/4/2014 700 20 14,000

3/7/2014 500 19.4 9,700

3/9/2014 900 18 16,200

3/11/2014 400 18.5 7,400

3/15/2014 300 25 7,500

3/18/2014 800 20.0 16,000

3/25/2014 200 20 4,000

3/27/2014 500 20.0 10,000

3/31/2014 500 25 12,500

Closing Stock as on 31/03/2014 is 700 units of total value is Rs.16,500

 Closing Stock
Units Rate Amount
500 18 9,000

300 18 5,400

300 18 5,400
700 20 14,000

500 20 10,000 P&L

500 20 10,000 Purcahses

900 18 16,200 500 18
700 20
100 20 2,000 900 18
900 18 16,200 300 25
200 20
100 20 2,000 500 25
900 18 16,200
300 25 7,500
(-) Closing Stock
200 18 3,600 Total Purchase
300 25 7,500 Sales

200 18 3,600 200 22

300 25 7,500 500 25
200 20 4,000 400 21
800 28
500 25
200 20 4,000
2,400 121
200 20 4,000
500 25 12,500 Profit
 Closing Stock
Units Rate Amount
500 18 9,000

300 18 5,400

300 18 5,400
700 20 14,000

300 18 5,400
200 20 4,000 P&L

300 18 5,400 Purcahses

200 20 4,000 500 18
900 18 16,200 700 20
900 18
300 18 5,400 300 25
200 20 4,000 200 20
500 18 9,000 500 25

300 18 5,400
200 20 4,000 (-) Closing Stock
500 18 9,000 Total Purchase
300 25 7,500 Sales

300 18 5,400 200 22

200 20 4,000 500 25
400 21
300 18 5,400 800 28
200 20 4,000 500 25
200 20 4,000
2,400

Profit
200 18 3,600

200 18 3,600
500 25 12,500
 Closing Stock
Units Rate Amount
500 18.0 9,000

300 18.0 5,400

300 18.0 5,400

700 20.0 14,000
1,000 19.4 19,400

500 19.4 9,700 P&L

500 19.4 9,700 Purcahses

900 18 16,200 500 18
1,400 18.5 25,900 700 20
900 18
1,000 18.5 18,500 300 25
200 20
1,000 18.5 18,500 500 25
300 25 7,500
1,300 20.0 26,000
(-) Closing Stock
500 20.0 10,000 Total Purchase
Sales
500 20.0 10,000
200 20.0 4,000 200 22
700 20.0 14,000 500 25
400 21
200 20.0 4,000 800 28
500 25
200 20.0 4,000
500 25 12,500 2,400 121
700 23.6 16,500
Profit
 9,000
14,000
16,200
7,500
4,000
12,500

63,200
16,500
46,700

4,400
12,500
8,400
22,400
12,500

60,200

13,500
 9,000
14,000
16,200
7,500
4,000
12,500

63,200
16,100
47,100

4,400
12,500
8,400
22,400
12,500

60,200

13,100
 9,000
14,000
16,200
7,500
4,000
12,500

63,200
16,500
46,700

4,400
12,500
8,400
22,400
12,500

60,200

13,500
Question 4

FIFO

Purchases Issue/Sales
Date
Units Rate Amount Units Rate Amount
12/31/2014 1,500 20 30,000

1/16/2015 500 20 10,000

1/21/2015 1,000 20 20,000

2/9/2015 5,750 21 120,750

2/26/2015 500 20 10,000

500 20 10,000
250 21 5,250

3/3/2015 1,400 21 29,400

3/12/2015 3,500 24 84,000 3,000 21 63,000

3/22/2015 600 21 12,600

Closing Stock as on 31/03/2014 is 700 units of total value is Rs.16,500

LIFO
 Purchases Issue/Sales
Date
Units Rate Amount Units Rate Amount
3/1/2014 500 18 9,000

3/2/2014 200 18 3,600

3/4/2014 700 20 14,000

3/7/2014 500 20 10,000

3/9/2014 900 18 16,200

3/11/2014 400 18 7,200

3/15/2014 300 25 7,500

3/18/2014 300 25 7,500

500 18 9,000

3/25/2014 200 20 4,000

3/27/2014 200 20 4,000

200 20 4,000
100 18 1,800

3/31/2014 500 25 12,500

Closing Stock as on 31/03/2014 is 700 units of total value is Rs.16,100

WAM

Purchases Issue/Sales
Date
Units Rate Amount Units Rate Amount
3/1/2014 500 18 9,000

3/2/2014 200 18.0 3,600

3/4/2014 700 20 14,000

3/7/2014 500 19.4 9,700

3/9/2014 900 18 16,200

3/11/2014 400 18.5 7,400

3/15/2014 300 25 7,500

3/18/2014 800 20.0 16,000

3/25/2014 200 20 4,000

3/27/2014 500 20.0 10,000

3/31/2014 500 25 12,500

Closing Stock as on 31/03/2014 is 700 units of total value is Rs.16,500

 Closing Stock
Units Rate Amount
1,500 20 30,000

1,500 20 30,000
500 20 10,000

500 20 10,000
500 20 10,000

500 20 10,000 P&L

500 20 10,000
5,750 21 120,750 Purcahses
500 18
700 20
900 18
5,500 21 115,500
300 25
4,100 21 86,100 200 20
500 25

1,100 21 23,100
3,500 24 84,000 (-) Closing Stock
Total Purchase
500 21 10,500 Sales
3,500 24 84,000
200 22
94,500 500 25
400 21
800 28
500 25

2,400 121

Profit
 Closing Stock
Units Rate Amount
500 18 9,000

300 18 5,400

300 18 5,400
700 20 14,000

300 18 5,400
200 20 4,000 P&L

300 18 5,400 Purcahses

200 20 4,000 500 18
900 18 16,200 700 20
900 18
300 18 5,400 300 25
200 20 4,000 200 20
500 18 9,000 500 25

300 18 5,400
200 20 4,000 (-) Closing Stock
500 18 9,000 Total Purchase
300 25 7,500 Sales

300 18 5,400 200 22

200 20 4,000 500 25
400 21
300 18 5,400 800 28
200 20 4,000 500 25
200 20 4,000
2,400

Profit
200 18 3,600

200 18 3,600
500 25 12,500
 Closing Stock
Units Rate Amount
500 18.0 9,000

300 18.0 5,400

300 18.0 5,400

700 20.0 14,000
1,000 19.4 19,400

500 19.4 9,700 P&L

500 19.4 9,700 Purcahses

900 18 16,200 500 18
1,400 18.5 25,900 700 20
900 18
1,000 18.5 18,500 300 25
200 20
1,000 18.5 18,500 500 25
300 25 7,500
1,300 20.0 26,000
(-) Closing Stock
500 20.0 10,000 Total Purchase
Sales
500 20.0 10,000
200 20.0 4,000 200 22
700 20.0 14,000 500 25
400 21
200 20.0 4,000 800 28
500 25
200 20.0 4,000
500 25 12,500 2,400 121
700 23.6 16,500
Profit
 9,000
14,000
16,200

7,500
4,000
12,500

63,200
16,500
46,700

4,400
12,500
8,400
22,400
12,500

60,200

13,500
 9,000
14,000
16,200
7,500
4,000
12,500

63,200
16,100
47,100

4,400
12,500
8,400
22,400
12,500

60,200

13,100
 9,000
14,000
16,200
7,500
4,000
12,500

63,200
16,500
46,700

4,400
12,500
8,400
22,400
12,500

60,200

13,500
 Machinary 1
Date Opening balance dep closing bal
### 160,000
### 160,000 16,000 144,000
### 144,000 16,000 128,000
### 128,000 8,000 120,000

### 120,000
LOSS/PROFIT 0

Dr
MACHINERY A/C (Prospective)
DATE PARTICULARS AMT DATE PARTICULARS
### To Cash/Bank 160,000 ### By Depreciation
### By Balance c/d

160,000
### To Balance b/d 144,000 ### By Depreciation
### To Cash/Bank 140,000
### By Balance c/d

284,000
### To Balance b/d 261,000 ### By Cash/Bank
### To Cash/Bank 100,000 ### By Depreciation
### By Depreciation

### By Balance c/d

361,000
### To Balance b/d 205,550 ### By Cash/Bank
### By Depreciation
### By Loss on Sale of Ma
### By Depreciation

### By Balance c/d

205,550
 Machinary 2 Ma
Date Opening balance dep closing bal Date
### 140,000 ###
### 140,000 7,000 133,000 ###
### 133,000 19,950 113,050 ###
### 113,050 8,479 104,571

### 92,000
LOSS 12,571

47,000 Difference 25,240

Cr

AMT
16,000
144,000 2 X Co. Ltd. purchased a machine on 1st Apri
Rate of depreciation was 10% on original cost
160,000 Prepare Machine Account for the years ending
23,000

261,000

284,000
120,000
8,000
27,450

205,550

361,000
92,000
8,479
12,571
13,875

78,625

205,550
 Machinary 3
Opening balance dep closing bal
100,000
100,000 7,500 92,500
92,500 13,875 78,625

100000

machine on 1st April, 2008 for Rs 1,60,000. On October 1, 2009 another machine was purcha
0% on original cost annually on 31st March. On 31st March, 2011 the method of charging dep
for the years ending 31st March, 2009, 2010, 2011, and 2012
chine was purchased for Rs 1,40,000. On October 1, 2010 the first machine was sold for Rs 1,2
of charging depreciation was changed to diminishing balance method, the rate being 15%.
e was sold for Rs 1,20,000. On the same date, another machine was purchased for Rs 1,00,00
e rate being 15%.
hased for Rs 1,00,000. On October 1, 2011 the second machine was sold for Rs 92,000.
or Rs 92,000.
 Machinary 1
Date Opening balance dep closing bal
4/1/2008 160,000
3/31/2009 160,000 24,000 136,000
3/31/2010 136,000 20,400 115,600
10/1/2010 115,600 10,500 105,100

10/1/2010 120,000
LOSS/PROFIT 14,900
 MACHINERY A/C (Retrospective)
DATE PARTICULARS AMT DATE PARTICULARS
4/1/2008 To Cash/Bank 160,000 3/31/2009 By Depreciation
3/31/2009 By Balance c/d

160,000
4/1/2009 To Balance b/d 136,000 3/31/2010 By Depreciation
4/1/2009 To Cash/Bank 140,000
3/31/2010 By Balance c/d

276,000
4/1/2010 To Balance b/d 245,100 10/1/2010 By Cash/Bank
10/1/2010 To Cash/Bank 100,000 10/1/2010 By Depreciation
3/31/2011 By Depreciation

3/31/2011 By Balance c/d

345,100
4/1/2011 To Balance b/d 187,675 10/1/2011 By Cash/Bank
10/1/2011 By Depreciation
10/1/2011 By Loss on Sale of Ma
3/31/2012 By Depreciation

3/31/2012 By Balance c/d

187,675
 Machinary 2 Machi
Date Opening balance dep closing bal Date
10/1/2009 140,000 10/1/2010
3/31/2010 140,000 10,500 129,500 3/31/2011
3/31/2011 129,500 19,425 110,075 3/31/2012
10/1/2011 110,075 8,256 101,819

10/1/2011 92,000
LOSS 9,819

65,400

MACHINERY A/C (Retrospective)

DATE PARTICULARS AMT DATE
4/1/2008 To Cash/Bank 160,000 3/31/2009
3/31/2009

160,000
4/1/2009 To Balance b/d 136,000 3/31/2010
4/1/2009 To Cash/Bank 140,000
3/31/2010

276,000
4/1/2010 To Balance b/d 245,100 10/1/2010
10/1/2010 To Cash/Bank 100,000 10/1/2010
3/31/2011
3/31/2011
3/31/2011

345,100
4/1/2011 To Balance b/d 202,575 10/1/2011
10/1/2011
10/1/2011
3/31/2012

3/31/2012

202,575
AMT
24,000
136,000

160,000
30,900

245,100

276,000
120,000
10,500
26,925

187,675

345,100
92,000
8,256
9,819
13,875

63,725

187,675
 Machinary 3
Opening balance dep closing bal
100,000
100,000 7,500 92,500
92,500 13,875 78,625

100000

etrospective)
PARTICULARS AMT
By Depreciation 24,000
By Balance c/d 136,000

160,000
By Depreciation 30,900

By Balance c/d 245,100

276,000
By Cash/Bank 120,000
By Depreciation 10,500
By Depreciation 26,925
By P&L a/c 25,240
By Balance c/d 162,435 202,575

345,100
By Cash/Bank 92,000
By Depreciation 8,256
By Loss on Sale of 9,819
By Depreciation 13,875

By Balance c/d 78,625

202,575