Particulars Sales Less: Sales return Goods distributed as free samples Goods drawn for personal use Goods destroyed by fire Goods stolen Goods given as charity Goods sunk Closing Stock Gross Loss – (Transferred to profit and loss A/c)
Manufacturing Expenses: Manufacturing wages Factory expenses like rent, taxes, electricity, energy, coal, gas, other materials used, oil, grease, depreciation of factory premises, plant and machinery etc. Gross Profit- (Transferred to Profit and Loss A/c)
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Specimen of Profit & Loss Account Dr. Particulars Gross Loss (Transferred from Trading A/c.)
Administrative Expenses Salary, PF Contribution taxes, rent Printing and Stationery, Postage and Telegraph Expenses, Insurance Premium, Legal Exp., Audit Fees etc.
Amount Rs. ……… ………
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Selling & Distribution Exp. Advertising Expenses Discount Allowed Salary & commission to salesmen Traveling exp. & allowances Show – room expenses Carriage Outward Packing expenses
Financial Expenses Interest on capital Interest on loan Interest on Bank Overdraft Bank Charges Discount Reserve Misc. expenditure and Loss Bad Debts Reserve A/c Bad Debts (as per trial balance) + Bad Debts (as per adjustments) + Bad Debts Reserve (To be maintained as per adjustment) - Bad Debts Reserve (as per trial balance)
Particulars Gross Profit – (Transferred from Trading A/c)
Cr. Amount Rs. ………
Other Incomes Interest received Dividend received Rent received Commission received Brokerage received
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Bad Debts returned
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Interest on drawings
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Other Incomes Net Loss – ( Transferred to Capital A/c)
Particulars
Amount Rs.
To Discount Reserve on Debtors: Discount allowed ……... + Discount reserve ……… on debtors (as per adjustments) - Discount Reserve ……… on debtors (as per trial balance) Depreciation on Assets Charity, loss by fire or due to theft Net Profit – (Transfer to capital A/c)
Particulars
Amount Rs.
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Specimen of Balance Sheet
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Liabilities Capital 1) Share Capital + Addition to Capital + Interest on Capital + Net Profit Less: Drawings - Interest on drawings - Net Loss
Amount Rs. ……… ……… ……… ……… ……… ……… ………
Amount Rs.
Assets Property 1)Fixed Assets: Goodwill Land Building Machinery Furniture
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Tools
2) Reserves & Surplus 3) Secured Loans
Assets on lease
Debentures
Copy Rights
Loans from Bank or Financial Institutions e.g. GSFC Loan Other Loans and advances
Vehicles
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Amount Rs. ……… ……… ……… ……… ……… ……… ………
Patents
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Trade Marks
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2)Investments:
4) Unsecured Loans
Govt. Securities
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Fixed Deposits
Shares or Debentures of a company Loan given
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5) Current Liabilities and Provisions
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Bills payable
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Creditors Provident Fund Bank Overdraft Outstanding expenses Income received in advance Provision for tax
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3)Current Assets: Closing Stock Bills receivable Debtors Stock of Stationery and Postage Stamps Bank Balance Cash on hand Outstanding incomes Pre-paid exp.
