Scribd Logo
Upload

Welcome to Scribd!

  • 272 views

    Commerce

    Uploaded by

    Vishal Khatavakar
    The document summarizes the steps taken by Mr. Sanjay Ammangimath to convert his sole proprietorship business, Book Depot and general store, from a single entry system to a double entry system. It includes preparing trading and profit and loss accounts for the year ending March 31, 2014 as well as an adjusted balance sheet as of that date. Various account schedules are provided, along with additional information on assets and liabilities as of April 1, 2013 and March 31, 2014. Adjustments are noted for a 5% provision for bad debts and 10% annual depreciation on fixed assets.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Commerce

    Uploaded by

    Vishal Khatavakar
    272 views6 pages
    The document summarizes the steps taken by Mr. Sanjay Ammangimath to convert his sole proprietorship business, Book Depot and general store, from a single entry system to a double entry system. It includes preparing trading and profit and loss accounts for the year ending March 31, 2014 as well as an adjusted balance sheet as of that date. Various account schedules are provided, along with additional information on assets and liabilities as of April 1, 2013 and March 31, 2014. Adjustments are noted for a 5% provision for bad debts and 10% annual depreciation on fixed assets.

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document summarizes the steps taken by Mr. Sanjay Ammangimath to convert his sole proprietorship business, Book Depot and general store, from a single entry system to a double entry system. It includes preparing trading and profit and loss accounts for the year ending March 31, 2014 as well as an adjusted balance sheet as of that date. Various account schedules are provided, along with additional information on assets and liabilities as of April 1, 2013 and March 31, 2014. Adjustments are noted for a 5% provision for bad debts and 10% annual depreciation on fixed assets.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    272 views6 pages

    Commerce

    Uploaded by

    Vishal Khatavakar
    The document summarizes the steps taken by Mr. Sanjay Ammangimath to convert his sole proprietorship business, Book Depot and general store, from a single entry system to a double entry system. It includes preparing trading and profit and loss accounts for the year ending March 31, 2014 as well as an adjusted balance sheet as of that date. Various account schedules are provided, along with additional information on assets and liabilities as of April 1, 2013 and March 31, 2014. Adjustments are noted for a 5% provision for bad debts and 10% annual depreciation on fixed assets.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 6

    Ki Visitedto a sole proprietor firm and identified the steps

    involved in the conversion of single entry system into


    double entry system.
    Proprietor Name :- Sanjay Ammangimath

    * Business Name :- Book Depot and general store

    * Location:- Ishwar sankal Road Rabkavi

    Established Date :- 15/08/2010


    Minimum Profit per Year :- 12000/-

    He mentoined his books of accounts in conversion of single


    entry system into double entry system.
    *Statement of affairs

    *Total creditors Account

    *Total debtors Account

    *Trading and profit and loss Account *

    Balance sheet.

    Mr Sanjay Ammangimath is a sole proprietor his books under single entry system.
    Prepare trading & profit & loss A/c for the year ending 31/03/2014 and also Balance
    sheet as on that date. Cash book

    Receipts (Rupees ) Payments (Rupees )


    To balance 1000 By cash purchases 1500
    B/d By salary By 1200
    To Debtors 30000 general
    To Sales 4000 expenses By 2000
    creditors By 20000
    rent By 800
    domestic
    expenses By 5000
    wages 4000
    By balance c/d 500

    35000 35000

    Liabilities (Rupees ) Assets (Rupees)


    Additional Information
    Assets & 01/04/2013 31/03/2014
    Liabilities

    Creditors 2000 2500


    Machinery 15000 15000 3000
    Furniture 3000 10000
    Debtors 7500 9000 500
    Stock 6000
    Cash in hand 1000

    Adjustments :- She also informs that provision for bad debts @ 5%


    &depreciation on fixed assets @ 10% p.a. Should he provided.
    Statement of affairs as on 01/04/2013
    Creditors 2000 Stock 6000
    Capital 30500 Cash 1000
    (balance) Debtors 7500
    Furniture 3000 15000
    Machinery

    32500 32500

    Dr Total Debtors Account Cr


    To, Balance B/d 7500 By cash A/c 30000
    To, credit sales 32500 (received from
    (Balance) debtors) By 10000
    Balance c/d
    (Balance)
    40000 40000
    Particulars (Rupees ) Particulars (Rupees)
    Dr Total creditors A/c Cr
    Particulars (Rupees) Particulars (Rupees )
    To Cash 20000 By Balance b/d 2000
    (Paid to creditors) By Credit purchases 20500
    To, Balance c/d 2500 (Balance)
    (Balance)

    22500 22500

    Dr Trading & P&L A/c the Year ending 31/03/2014 Cr


    Particulars (Rupees) (Rupees) Particulars (Rupees) (Rupees)
    To opening stock 6000 By sales
    To purchases Credit 32500 36500
    Cash Cash 4000
    1500 22000
    Credit
    20500 4000 By Closing 9000
    To wages
    Stock 45500
    To Gross profit
    13500
    c/d
    45500
    300
    To salary 1200
    To Rent To 800
    General expenses 1500
    To Provision for 2000
    bad debts 500
    (10000*5/100) To
    Depreciation on
    furniture
    1800
    (3000*10/100) To
    depreciation on 7200
    machinery
    (15000*10/100)
    To Net Profit

    13500 13500

    Balancesheet As on 31/12/2014
    Liabilities (Rupees ) (Rupees ) Assets (Rupees) (Rupees)
    Capital 30500 Cash in hand 500
    (+) Net profit: 7200 Stock 10000 9000
    Debtors (-)
    37700 32700
    (-)Domestic Provision for 500 9500
    Expenses bad debts 3000
    5000 2500
    Furniture (-) 300 2700
    Creditors Depreciation 15000
    13500
    Machinery 1500
    (-)Depreciation

    Total 35200 Total 35200

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy