Professional Documents
Culture Documents
April 5, 2013
Disclaimer
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ICAI, 2013
The content of this video lecture has not been specifically discussed
by the Council of the Institute or any of its Committees and the views
expressed herein may not be taken to necessarily represent the views
of the Council or any of its committees
Important Notes
ICAI, 2013
Lucky Sum
Lucky does not maintain proper books of
accounts . However he maintains a record of his
bank transactions and also is able to give the
following information from the following
information from which we request to prepare
his final accounts for the year 2003 :
ICAI, 2013
1,01,500
50,000
7,500
46,000
62,500
50,000
9,000
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Sundry Creditors
? Sundry Debtors
Stock
Bank
? Fixed Assets
1,02,500
50,000
?
7,500
Total
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62,500
Total
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To Bank
?
To c/s
46,000
balance
Total
By o/p balance
By Credit
Purchase
?
?
By Bank
By bal c/d
?
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3,40,000
3,40,000
?
3,40,000
Debtors A/c
To Opening balance
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1,02,500
By Bank
3,40,000
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Dr.
5,000
5,000
Bank A/c
To Opening balance
To Sundry Debtors
To Capital
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?
3,40,000
5,000
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Dr.
Dr.
1,750
750
2,500
To Opening balance
To Sundry Debtors
To Capital
To sale of Fixed Asset
Bank A/c
?
3,40,000
5,000
1,750
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7500 By bank
1750
By loss on sale of fixed asset 750
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2,80,000
2,80,000
2,80,000
By O/pBal
Bank A/c
To Opening balance
To Sundry Debtors
2,80,000
3,40,000
To Capital
5,000
1,750
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By Sundry
Creditors
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Expenses Paid
Expenses A/c
To Bank A/c
Dr.
49,250
49,250
Bank A/c
To Opening balance
To Sundry Debtors
By Sundry
Creditors
3,40,000 By Expenses
To Capital
5,000
1,750
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2,80,000
49,250
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Dr.
25,000
25,000
Bank A/c
To Opening balance
By Sundry
Creditors
3,40,000 By Expenses
2,80,000
To Capital
5,000 By Drawings
25,000
1,750
To Sundry Debtors
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49,250
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Dr.
5,000
5,000
Bank A/c
To Opening balance
To Sundry Debtors
To Capital
To sale of Fixed Asset
By Sundry
2,80,000
Creditors
3,40,000 By Expenses
49,250
5,000 By Drawings
25,000
1,750 By Fixed asset
5,000
To opening balance
To Bank
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7500 By bank
5,000 By loss on sale of fixed asset
1750
750
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Bank A/c
To Opening balance
62,500 By Sundry
Creditors
3,40,000 By Expenses
2,80,000
To Capital
5,000 By Drawings
25,000
To Sundry Debtors
4,09,250
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49,250
5,000
4,09,250
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62,500
Total
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50,000
65,000 By closing stock
62,500
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Calculation of ACS
Sales
=
=
2,60,000 + 65,000
3,25,000
Trading A/c
To opening stock
To Gross Profit
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50,000
65,000
By Sales
By closing stock
3,25,000
62,500
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Calculation of ACP
COGS
Purchases
Purchases
Purchases
=
O/p stock + Purchases C/s stock
=
COGS O/p Stock + C/s stock
=
2,60,000 + 62,500 - 50,000
=
2,72,500.
Trading A/c
To opening stock
To Purchases
To Gross Profit
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50,000
2,72,500
65,000
By Sales
3,25,000
By closing stock
62,500
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To opening stock
To Purchases
Trading A/c
50,000 By sales
3,25,000
2,72,500
62,500
3,87,500
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By bank
1750
To bank
By loss on sale of
fixed asset
By depreciation
750
1000
By c/s
9000
5,000
12,500
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12,500
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49,250 By gross
750 profit b/d
1,000
14,000
65,000
65,000
65,000
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1,02,500
By Bank
3,40,000
To Credit Sales
3,25,000
By Balance c/d
87,500
427500
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427500
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2,80,000
By Opening bal
53,500
To c/s bal
46,000
By Credit purchase
2,72,500
3,26,000
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3,26,000
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1,02,500
50,000
62,500
7,500
2,22,500
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9,000
46,000
2,09,000
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87,500
62,500
50,000
2,09,000
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Summary
We learnt how to proceed line by line into the
sum .
All the data given in the form of balances have
first to be incorporated in the respective T
accounts , or the opening Balance Sheet /
Closing Balance Sheet.
Concentrate first on completing the Trading
account , then move on to P & L A/c .
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Summary (contd..)
All the T accounts opened have to be closed .
Complete the Closing Balance Sheet , making
sure all the items in the Opening Balance
Sheet have been dealt with .
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Thank You
Do keep moving forward
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