Q. 7. FINAL ACCOUNT SOLUTION: March 2018

M/S Shailesh and Nilesh

Trading for the year ended 31st March 2016,

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening Stock		88000	By Sales		308000
To Purchases		176000	By Closing Stock		70000
To wages		23500
To Gross Profit c/d		90500
		378000			378000

Profit and Loss A/c for the year ended 31st March, 2016

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Bad debts	4000		By Gross Profit b/d		90500
Add: N.R.D.D.	4100	8100	By Interest on Debentures.		1600
To Salaries	18000
Add: Outstanding	3600	21600
To Office Expenses		8000
To Bank Charges		2600
To Electricity Charges		9900
To Depreciation on Machinery		6000
To Interest on Capital
Shailesh	9600
Nilesh	9600	19200
To Net Profit:
Shailesh Current A/c	8350
Nilesh Current A/c	8350	16700
		92100			92100

Partners Current A/c

Particulars	Shailesh	Nilesh	Particulars	Shailesh	Nilesh
To Drawings	3000	2000	By Balance b/d	5000	4000
To Balance c/d	19950	19950	By Interest on Capital	9600	9600
			By Profit and Loss A/c	8350	8350
	22950	21950		22950	21950

Balance Sheet as on 31st March, 2016.

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Partners Capital A/c			Land and Building		130000
Shailesh	120000		Machinery	90000
Nilesh	120000	240000	Less: Depreciation	6000	84000
Partners’ Current A/c			Furniture		43000
Shailesh	19950		Sundry Debtors	82000
Nilesh	19950	39900	Less: R.D.D.	4100	77900
Sundry Creditors		103000	8% Debentures	40000
Bank Overdraft		60000	Add: Interest	1600	41600
Outstanding Salaries		3600	Closing Stock		70000
		446500			446500