FINAL ACCOUNTS

 business started with cash 120000

 opened a bank a/c 40000
 goods purchased for cash 12000
 paid cartage 500
 goods sold on credit to Lara 25000
 cash recd from Lara 10000
 goods returned from Lara 3000
 paid trade exp 700
 goods purchased on credit from taranum 32000
 chq recd from Lara for final settlement 11500
 goods returned to taranum 1500
 paid for stationary 1200
 chq given to taranum 20000
 paid rent by chq 4000
 drew cash for personal use 10000
 cash sales 12000
 goods sold to Rupak 11000

Journals
 cash a/c dr 120000
To capital a/c 120000
 bank a/c dr 40000
To cash a/c 40000
 purchases a/c dr 12000
To cash 12000
 cartage a/c dr 500
To cash a/c 500
 Lara a/c dr 25000
To sales 25000
 cash a/c dr 10000
To Lara 10000
 sales return dr 3000
To Lara 3000
 trade exp a/c dr 700
To cash a/c 700
 purchases a/c dr 32000
To taranum a/c 32000
 bank a/c dr 11500
discount a/c dr 500
To Lara a/c 12000
 taranum a/c dr 1500
 To purchase return 1500
 stationery a/c dr 1200
To cash a/c 1200
 taranum a/c dr 20000
To bank a/c 20000
 rent a/c dr 4000
To bank a/c 4000
 drawings a/c dr 10000
To cash a/c 10000
 cash a/c dr 12000
To sales a/c 12000
 Rupak a/c dr 11000
To sales a/c 11000

LEDGERS
CASH A/C
Capital 120000 Bank 40000
Lara 10000 Purchase 12000
Sales 12000 Cartage 500
Trade exp 700
Stationery 1200
Drawings 10000
Bal c/d 77600

Total 142000 Total 142000

Capital a/c
Bal c/d 120000 Cash a/c 120000
Total 120000
Total 120000

Bank a/c
Cash a/c 40000 Taranum 20000
Lara 11500 Rent 4000
Bal c/d 27500
Total 51500 Total 51500
 Purchases a/c
Cash 12000 Bal c/d 44000
Taranum 32000
Total 44000 Total 44000

Cartage a/c
Cash 500 Bal c/d 500
Total 500 Total 500

Lara a/c
Sales 25000 Cash 10000
Sales retn 3000
Bank 11500
Discount 500
Total 25000 Total 25000

Sales a/c
 Bal c/d 48000 Lara 25000
Cash 12000
Rupak 11000
Total 48000 Total 48000

Sales retn a/c

Lara 3000 Bal c/d 3000
Total 3000 Total 3000

Trade exp a/c

Cash 700 Bal c/d 700
Total 700 Total 700

Taranum a/c
Purchase retn 1500 Purchase 32000
Bank 20000
Bal c/d 10500 Total 32000

Discount paid a/c

Lara 500 Bal c/d 500
Total 500 Total 500

Purchase retn a/c

Bal c/d 1500 Taranum 1500
Total 1500 Total 1500

Stationery a/c
Cash 1200 Bal c/d 1200
Total 1200 Total 1200

Rent a/c
Bank a/c 4000 Bal c/d 4000
Total 4000 Total 4000

Drawings a/c
Cash a/c 10000 Bal c/d 10000
Total 10000 Total 10000

Rupak a/c
 Sales a/c 11000 Bal c/d 11000
Total 11000 Total 11000

TRIAL BALANCE
Cash 77600 Capital a/c 120000
Bank 27500 Sales 48000
Purchases 44000 Taranum(creditor) 10500
Cartage 500 Purchase retn a/c 1500
Discount 500
Sales retn 3000
Trade exp 700
Stationery 1200
Rent 4000
Drawings 10000
Rupak(debtors) 11000
Total 180000
Total 180000

There is a closing stock of 20000.

Trading and P/L A/C

 Trading and P/L a/c for the year ended …
Purchase 44000 Sales 48000
(-)retn 1500 42500 (-)retn 3000 45000
Cartage 500
Gross profit c/d 22000 Closing stock 20000

Total 65000 Total 65000

Discount 500 Gross profit b/d 22000

Trade exp 700
Stationery 1200
Rent 4000
Drawings 10000
Net profit 5600
(transferred to capital a/c)

Total 22000 Total 22000

BALANCE SHEET
Balance sheet as on last day of the year….
Capital a/c 120000 Cash a/c 77600
(+) net profit 5600 125600 Bank a/c 27500
Debtors 11000
Creditor 10500 Closing stock 20000

Total 136100 Total 136100