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Manufacturing A/c For The Year Ended .31.03.2016: XXX XXX

The document contains accounting records for manufacturing, trading, and profit and loss accounts for a company for the year ended March 31, 2016. The manufacturing account shows costs of raw materials, wages, manufacturing expenses, and transfers the cost of production to the trading account. The trading account includes opening stock, purchases, sales, closing stock, and transfers gross profit or loss to the profit and loss account. The profit and loss account includes administrative, selling, financial, and other expenses and income items and transfers net profit or loss to the capital account. The balance sheet presents assets, liabilities, and capital as of March 31, 2016.

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95 views2 pages

Manufacturing A/c For The Year Ended .31.03.2016: XXX XXX

The document contains accounting records for manufacturing, trading, and profit and loss accounts for a company for the year ended March 31, 2016. The manufacturing account shows costs of raw materials, wages, manufacturing expenses, and transfers the cost of production to the trading account. The trading account includes opening stock, purchases, sales, closing stock, and transfers gross profit or loss to the profit and loss account. The profit and loss account includes administrative, selling, financial, and other expenses and income items and transfers net profit or loss to the capital account. The balance sheet presents assets, liabilities, and capital as of March 31, 2016.

Uploaded by

subhash dalvi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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Manufacturing A/c for the year ended …….31.03.

2016
Particulars Amt Amt Particulars Amt Amt
By Work in Progress
To Work in Progress (Opening) xx (Closing) xx
To Raw Materials Consumed By Sale of Scrap xx
Opening Stock xx
By Cost of Production trf.
Add: Purchases xx To Trading Account xx
Add: Purchase Expenses
- Carriage Inward xx
- Octroi Duty xx
- Customs Duties xx
Less: Purchase Returns (xx)
Less: Closing Stock (xx) xx

To Direct Wages xx
To Direct Mfg. Expenses
- Hire of Machinery xx
- Royalty related to Mfg. xx
- Design Expenses xx xx
To Direct Factory Expneses
- Stores, Oil, Grease xx
- Power & Fuel xx
- Repairs to Factory Assets xx
- Rent, lighting of Factory bldg xx xx
xxx xxx

Trading A/c for the year ended …….31.03.2016


Particulars Amt Amt Particulars Amt Amt
To Opening Stock xx By Sales xx
To Purchases xx Less: Sales Returns xx
Less: Purchase Returns xx xx By Goods lost / destroyed xx
To Direct Purchase Exp. xx By Goods taken by Proprietor xx
To Manufacturing A/c xx By Goods given as free samples xx
(Cost of Production trf.) By Closing Stock xx

To Gross Profit B/f xx By Gross Loss C/f xx

xxx xxx

Profit & Loss A/c for the year ended …….31.03.2016


Particulars Amt Amt Particulars Amt Amt
To Gross Loss B/d xx By Gross Profit B/d xx

To Administrative Expenses By Other Income or Gains


- Rent, Insurance, Repairs xx - Commission recd xx
- Office Salaries xx - Discount recd xx
- Postage, teleph & telex xx - Dividend recd xx
- Printing & Stationery xx - Interest recd xx
- Fees (legal/audit) xx - Profit on sale of assets xx
- General Expenses xx xx
To Selling & Distribution Exp.
- Salesman's salaries, commission e xx
- Travelling xx
- Carriage, freight, duties xx
- Warehousing charges xx
- Packing expense xx
- Advtg & sales promotion xx
- Goods given as free samples xx xx
To Financial Expenses
- Interest & bank charges xx
- Bad debts & prov for bad debts xx
- Discounts given xx xx
To Depreciation
- on Machinery, Computers xx
- on Furniture & Fixtures xx
- Building, Office Equipments xx xx
To Unusual Exp or losses
- Goods lost/destroyed xx
- Loss on sale of fixed assets xx xx
To Appropriations
- Income tax xx
- Reserves xx xx
To Net Profit trf to Capital A/c xx
xxx xxx

Balance Sheet As at …. 31.03.2016


EQUITY & LIABILITIES Amt Amt ASSETS Amt Amt
Capital Account Fixed Assets
Opening Balance xx Goodwill /Land xx
Add: New Capital brought in xx Plant & Machinery xx
Add: Net profit during the year xx Less - Depreciation xx xx
Less: Drawings xx Premises/Building / Vehicles xx
Less: Net loss during the year xx xx Less - Depreciation xx xx
Furniture & Fittings xx
Less - Depreciation xx xx

Reserves & Surplus Investments


General Reserve xx Investments in shares & bonds xx

Loans (Secured/Unsecured) Current Assets, Loans & Advances


Loans from Bank xx Closing Stock xx
Bank Overdraft xx Debtors xx
Loans & Advances given xx
Current Liabilities & Provisions Bills receivable xx
Creditors xx Prepaid Expense xx
Bills Payables xx Cash at Bank xx
Outstanding expenses xx Cash in Hand xx
Income received in advance xx
Fictitious Assets
Deferred Expense not w/off xx
Capital A/c Debit balance xx

xxx xxx
Adjustment / Closing Entries

1 Every Adjustment has two effects, one in B/S & other


is in either Trading A/c or in P/L A/c

2 Normally adjustments are related to the following items


a Closing stock (to be valued at cost price or market price which ever is less)
Closing Stock A/c … Dr (shown on Asset Side)
To Trading A/c …..Cr (Shown on Trading A/c Cr Side)

b Depreciation
Entry for Charging Depreciation
Depreciation A/c……. Dr (Shown in profit & loss A/c Dr. Side)
To Assets A/c……..Cr (shown as deduction from Asset)

Entry for Transferring depreciation to profit & loss A/c


P/L A/c……………….Dr
To Deprn A/c ……..Cr

c Outstanding Expenses (Expenses Payable)


Expenses A/c………….Dr (Shown in profit & loss A/c Dr. Side)
or add in the concerned expenses)
To O/s Expenses A/c…Cr (Shown as Liability in B/S)

d Prepaid Expenses (expense paid in advance)


Prepaid Expenses A/c……Dr (Shown as Asset in B/S)
To Expenses A/c…….Cr (Shown in Profit & Loss A/c Cr. Side)
or reduce from the concerned expense

e Goods distributed as free samples /Loss by fire/Loss by theft etc.


Goods (Free Samples) A/c ….Dr (Show as expense in P/L A/c)
To Trading A/c….Cr (show in Trading A.c Cr. Side)

f Bad debts written off


Bad Debts A/c …..Dr. (shown in P/L A/c Dr. side)
To Debtors A/c…Cr (Deduct from Debtors in B/S)

g Provision for doubtful debts


Doubtful Debts A/c …… Dr. (shown in P/L A/c Dr. side)
To Prov. for Doubtful Debts a/c (Shown in liability side)

h Outstanding Income
Outstanding Income A/c….Dr (Show as Assets in B/S)
To Income A/c …….. Cr (show in P/L A/c Cr.Side)

i Prepaid Income
Income A/c ………..Dr (Deduct from the income in P/L A/c)
To Prepaid Income A/c..Cr (Show as liability)

j Interest on Capital
Interest on Capital A/c…..Dr (Show as expense in P/L A/c)
To Proprietor's Capital A/c (Add to Capital on liability side)

k Interest on Drawings
Proprietor's Capital A/c…..Dr (Deduct from capital A/c in B/S)
To Interest on Drawings A/c (show as income in P/L A/c)

l Other Rectificatory Entries

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