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    Solution of Rachna Boutique

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    Shashank Patel
    The balance sheet shows assets of Rs. 480,900 and liabilities of Rs. 81,500 as of March 31, 2015. Major assets include debtors of Rs. 85,000, cash and bank balances of Rs. 120,850, inventory of Rs. 100,000 and furniture of Rs. 150,000 less accumulated depreciation. Major liabilities include creditors of Rs. 65,000 and salary outstanding of Rs. 8,000. Equity as of March 31, 2015 is Rs. 399,400.

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    Solution of Rachna Boutique

    Uploaded by

    Shashank Patel
    2K views5 pages
    The balance sheet shows assets of Rs. 480,900 and liabilities of Rs. 81,500 as of March 31, 2015. Major assets include debtors of Rs. 85,000, cash and bank balances of Rs. 120,850, inventory of Rs. 100,000 and furniture of Rs. 150,000 less accumulated depreciation. Major liabilities include creditors of Rs. 65,000 and salary outstanding of Rs. 8,000. Equity as of March 31, 2015 is Rs. 399,400.

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    rachana

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    The balance sheet shows assets of Rs. 480,900 and liabilities of Rs. 81,500 as of March 31, 2015. Major assets include debtors of Rs. 85,000, cash and bank balances of Rs. 120,850, inventory of Rs. 100,000 and furniture of Rs. 150,000 less accumulated depreciation. Major liabilities include creditors of Rs. 65,000 and salary outstanding of Rs. 8,000. Equity as of March 31, 2015 is Rs. 399,400.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    2K views5 pages

    Solution of Rachna Boutique

    Uploaded by

    Shashank Patel
    The balance sheet shows assets of Rs. 480,900 and liabilities of Rs. 81,500 as of March 31, 2015. Major assets include debtors of Rs. 85,000, cash and bank balances of Rs. 120,850, inventory of Rs. 100,000 and furniture of Rs. 150,000 less accumulated depreciation. Major liabilities include creditors of Rs. 65,000 and salary outstanding of Rs. 8,000. Equity as of March 31, 2015 is Rs. 399,400.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5
    At a glance
    Powered by AI
    The documents show balance sheets and income statements for a business for the years ending March 31, 2015 and March 31, 2016. The balance sheets show assets, liabilities and equity, while the income statements show revenue, expenses and profit.

    The main assets are debtors, cash, bank balance, inventory, furniture and prepaid insurance. The main liabilities are creditors, outstanding salary and equity.

    The key items are revenue of Rs. 10,55,000, cost of goods sold of Rs. 7,28,200, gross profit of Rs. 3,26,800, rent expense of Rs. 11,90,64, insurance expense of Rs. 2,400 and depreciation of Rs. 15,000.

    Balance sheet as on 31st March 2015

    Asset Amount liabilities Amount


    Debtors 85000 Creditors 65000
    outstanding tailoring
    Cash 6850 charges 8500
    Bank 120000 Salary outstanding 8000
    Inventory
    Dress Material 25000
    Dress 75000
    Security Deposit 50000
    Furniture 150000
    Less: Accumulated Dep. -33750
    Prepaid Insurance 2800

    480900 81500
    2015
    Equity Amount Furniture:
    Jan. 1 2013 150000

    Life 120
    Dep. Per month 1250
    life consumed 27
    dep. Charged 33750
    Balance 116250

    Insurance Premium
    June 1, 2014 4800
    Life 24
    Consumption per month 200
    Month Consumed 10
    Insurance expensed 2000
    Balance as on 31 march 201 2800
    399400
    Balance sheet as on 31st March 2015
    Asset Amount liabilities Amount Equity
    Debtors 85000 Creditors 65000 Equity
    Cash 6850 outstanding tailoring 8500
    Bank 120000 Salary Outstanding 8000
    Inventory
    Dress Material 25000
    Dress 75000
    Security Deposit 50000
    Furniture 150000
    Less: Accumulated Dep. -33750
    Prepaid Insurance 2800

    480900 81500

    Income statement Balance sheet as on 31st March 2016


    Items Amount Asset Amount liabilities
    Revenue for the year 1055000 Debtors 72600 Creditors
    Less: Cost of goods sold 728200 Cash 5186 outstanding tailoring
    Gross Profit 326800 Bank 158000 Salary Outstanding
    Inventory
    Less: Rent 119064 Dress Material 32000
    Less: Insurance 2400 Dress 80000
    Less: depreciation 15000 Security Deposit 50000
    Less: Other Charges 16000 Furniture 101250
    Less: Salary 120000 Prepaid Insurance 400
    Total Expenses 272464

    Profit for the year 54336

    499436
    Cash & Bank Account
    Amount Opening Balnce on 01/04/2016 126850
    399400 Add: Payment received from customers 1067400
    less: Payment to Supplier 550000
    Less: Tailoring Charges paid 182000
    Less: Rent Paid 119064
    Less: Salary Paid 116000
    Less: Other expenses 16000
    Less: Drawings 48000
    Cash and Bank Balance 163186
    Cash Balance 5186
    Bank Balance 158000
    Material Account:
    Opening Balnce on 01/04/2016 25000
    Add: Purchased During the year 560000
    Cost of goods consumed 553000
    Ending Balance 32000
    399400
    Tailoring Charges Account:
    Opening Balnce on 01/04/2016 8500
    Add: Charges for the year 180200
    31st March 2016 Paid during the year 182000
    Amount Equity Amount Ending Balance 6700
    75000 Equity 405736
    6700 Dress Account
    12000 Opening Balnce on 01/04/2016 75000
    Add: Raw Material Consumed in the year 553000
    Add: Labour Consumed in the year 180200
    Less: Cost of goods Sold 728200
    Ending Balance 80000

    Debtors Account
    Opening Balnce on 01/04/2016 85000
    Add: Sale made during the year 1055000
    Cash collected during the year 1067400
    Ending Balance 72600

    Creditors Account
    93700 405736 Opening Balnce on 01/04/2016 65000
    Add: Purchase made during the year 560000
    Cash payment during the year 550000
    Ending Balance 75000

    Rent Account
    Rent payable upto Dec. 2013 8000
    Rent payable upto Dec. 2014 8800
    Rent payable upto Dec. 2015 9680
    Rent payable upto Dec. 2016 10648
    Rent for the year 2015-16 119064

    Salary Payable
    Salary outstanding on 01/04/2015 8000
    Salary Payable during the year 120000
    Salary paid 116000
    Salary Outstanding at the end 12000

    Furniture Account
    Opening Balance on 01/04/2015 116250
    Depreciation for the year 15000
    Ending balance 101250

    Prepaid Insurance Account


    Opening Balance on 01/04/2015 2800
    Consumed during the year 2400
    Ending balance 400

    Equity Account
    Opening Balance on 01/04/2015 399400
    Add: Profit for the year 54336
    Less: Drawing during the year 48000
    Ending balance 405736

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