Final Accounts of Sole Proprietorship

Topics

Stakeholders in Commercial Organisations
Distinction Between Stakeholders and Customers
Internal and External Stakeholders
Expectations of Stakeholders – Employers (Owners and Managers), Employees, Associates, and the General Public
Marketing
Marketing
Product and Service
Marketing Research
Advertising and Sales Promotion
Sales and the Selling Process
Finance and Accounting
Capital and Revenue
Final Accounts of a Sole Trader
- Final Accounts of Sole Proprietorship
Non-profit Organizations
Fundamental Concept of Cost (Direct, Variable, Etc.)
Budgeting
- Budgeting
Sources of Finance
- Capital Market
- Sources of Raising Capital
Human Resources
Recruitment, Selection and Training
- Recruitment
- Sources of Recruitment
- Advantages and Disadvantages of Recruitment
- Selection
- Methods of Selection
- Types of Selection Tests
Simple Understanding of Industrial Relations
Logistics and Insurance
- Logistics
- Classification of Logistics
Transportation
Warehousing
- Concept of Warehousing
- Importance of Warehousing
- Types of Warehousing
Insurance
- Concept of Insurance
- Types of Insurance
- Principles of Insurance
Striving for a Better Environment
Banking
Central Bank
- Central Bank: Functions
Internet Banking
- Internet Banking
Financial Fraudulent Practices
- Financial Fraudulent Practices
Communication
Meaning and Types
Interpersonal Skills in Communication

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Meaning and preparation of Trading account, Profit and Loss account and Balance sheet based on the given trial balance with the adjustment of closing stock only.
Preparation of manufacturing account, profit and loss on sale of assets, intangible and fictitious assets, prepaid and accrued expenses and incomes are excluded.

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The result of the trading account is the ______ and it is transferred to the Profit and Loss account.

Use the following Trial Balance to complete the Final Accounts of Ms K. Pant for the year ending March 31, 2021.

TRIAL BALANCE

Particulars	Dr.	Cr.
Capital		3,78,000
Drawings	40,000
Plant and Machinery	1,60,000
Creditors		1,00,000
Debtors	1,40,000
Purchases	2,75,000
Purchase returns		14,000
Sales		4,40,000
Sales Returns	20,000
Cash in Hand	30,000
Wages	80,000
Repairs	16,000
Salaries	60,000
Opening Stock	45,000
Rent	24,000
Bills Receivable	24,000
Bills Payable		40,000
Bad Debts	10,000
Carriage Inwards	18,000
Furniture	30,000
	9,72,000	9,72,000

Closing Stock was valued at Rs. 1,00,000.

Trading Account of Ms K.Pant for the year ending March 31, 2021

	Dr.		Cr.
Particulars	Amount	Particulars	Amount
To Purchases 2,75,000		By Sales 4,40,000
(i) (-) ______	2,61,000	(-) Sales Return 20,000	42,0000
To Wages	80,000	By Closing Stock	1,00,000
To Opening Stock	45,000
(ii) ______	(ii) ______
To Gross Profit transferred to Profit and Loss Account	(iii) ______
	5,20,000		5,20,000

Profit and Loss Account of Ms K. Pant for the year ending March 31, 2021

	Dr.		Cr.
Particulars	Amount	Particulars	Amount
To Salaries	60,000	By Gross Profit	(iii) ______
To Repairs	16,000
To Rent	24,000
To Bad Debts	10,000
To Net Profit transferred to Balance Sheet	(iv) ______
	1,16,000		1,16,000

Balance Sheet of Ms K.Pant as of March 31, 2021

Liabilities	Amount	Assets	Amount
(v) ______		Plant and machinery	1,60,000
(-) Drawing 40,000		Debtors	1,40,000
(+) Net Profit (iv) ______	3,44,000	Cash in Hand	30,000
Creditors	1,00,000	Bills Receivable	24,000
Bills Payable	40,000	Furniture	30,000
		(vi) ______	(vi) ______
	4,84,000		4,84,000

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Final Accounts of Sole Proprietorship

Topics

Stakeholders in Commercial Organisations

Distinction Between Stakeholders and Customers

Internal and External Stakeholders

Expectations of Stakeholders – Employers (Owners and Managers), Employees, Associates, and the General Public

Marketing

Marketing

Product and Service

Marketing Research

Advertising and Sales Promotion

Sales and the Selling Process

Finance and Accounting

Capital and Revenue

Final Accounts of a Sole Trader

Non-profit Organizations

Fundamental Concept of Cost (Direct, Variable, Etc.)

Budgeting

Sources of Finance

Human Resources

Recruitment, Selection and Training

Simple Understanding of Industrial Relations

Logistics and Insurance

Transportation

Warehousing

Insurance

Striving for a Better Environment

Banking

Central Bank

Internet Banking

Financial Fraudulent Practices

Communication

Meaning and Types

Interpersonal Skills in Communication

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