Will discuss an example of final account means how to prepared Trading Account, Profit & Loss Account & Balance Sheet Account in this blog.

The following Trial Balance of Mr. Chandrakant Shah as on 31st march, 2021. to prepared Trading Account, Profit & Loss Account & Balance Sheet Account after the given adjustment.
Trial Balance

Adjustment:
1) wages for march 2021 Rs, 2100 have not yet been paid
2) Insurance premium of rs. 600 is prepared and is include in general expenses.
3) Depreciate land & building @2%, Machinary @10% and Furniture @15% pa.
4) The value of the stock on 31st march 2020 was 14900.
5) The loan from mr. shah was taken on 1/10/2020. and interest is outstanding.
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Answer
-- First prepared Trading Account,  Profit & Loss Account & Balance Sheet Account
-- Then enter Trial balance entries in this account.
-- Then after Adjustment entries(two entry of one adjustment, one in credit side & one in debit side from any two account of three)
-- Finally calculate total of debit side credit side are equal.
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Trading Account

Trading Account
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Profit & Loss Account

Profit & Loss Account
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Balancesheet Account

Balancesheet Account


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