Question

NP 2,977; B/S Total 20,352.
112. Prepare final accounts of Gaurav Provisions for the year ending at March 31, 2016 from the following:
₹
Purchases and Sales
70,007 82,500
Sales Returns
505
Opening Stock
24,600
Bad Debts
300
Depreciation
1,800
General Expenses
700
Provision for Bad Debts
1,200
Salaries
3,000
Capital
55,310
Cash
8,708
Debtors and Creditors
21,300 20,625
Furniture
4,500
Outstanding Salaries
785
Plant
25,000
1,60,420 1,60,420
Adjustments : (a) Closing stock 21,499. (b) Credit purchase of 4,200 has not been recorded. (c) Write-off 300
for bad debts and make a provision of 1,000 for bad and doubtful debts. (d) Purchase of furniture of * 2,000
has been recorded in Purchases Book.
Ans. G.P. 6,687; N.P. 787; B/S Total 81,707
nd adinstments, prepare Final Accounts "SAKET TRADERS" for the year​

Answer 1

Answer:

what the aswer of this question

Answer 2

Final Accounts

Explanation:

Financial Statements are the statements prepared at the end of the accounting period to determine the financial performance i.e. income earned or loss incurred during the accounting period. These are also referred as Final Accounts. It includes :

• Trading and Profit & Loss A/c
• Balance Sheet

They are the end-product of the accounting process prepared from the Trial Balance.

Pls refer to the attached pic below for preparation of the Final Accounts of the following Question.