CASE STUDIES

The following to the Trial Balance of Vidya Consumers Co-operative Society Ltd.
As on 31st March 2015. Prepare the final accounts for the year ended 2015.

Particulars Dr (Rs.) Cr (Rs.)

Share Capital 80,000

Deposit from Members 50,000
Sales 12,50,000
Purchase Returns 5,000
Suppliers 10,000
Interest on Investments 12,000
Rebate Received 3,000
Common Good Fund 4,000
Price Fluctuation Fund 8,000
Reserve Fund 20,000
Cash in hand 400
Cash at Bank 86,000
Furniture 6,000
Purchase 10,05,000
Customer 30,000
Carriage Inwards 5,000
Sales Return 2,000
Rent 10,000
Audit Fees 2,000
Sales Tax 3,000
Staff Salary 50,000
Printing & Stationery 10,000
Investments 2,00,000
Stock in Trade 30,000
Interest Paid 2,600

Total 14,42,000 14,42,000

Adjustments:

1. Value of Closing Stock on 31st March 2015 was Rs. 60,000.

2. Depreciation on Furniture @ 10% p.a.

3. Interest accrued on Deposits Rs. 1,500 and Interest accrued on Investment Rs.
6,000.

4. Outstanding Salary of Rs. 3,000.

5. Outstanding Sale Tax of Rs. 1,000.

Solution:

Vidya Consumer Co-operative Society Ltd.

Trading & Profit & Loss Account For the Year Ended 31-3-2015

Dr. Cr.

particulars (Rs.) (Rs.) Particulars (Rs.) (Rs.)

To Opening By Sales 12,50,00

Stock 30,000 (-) Sales 0 12,48,00
To Purchases 10,05,00 Returns (2,000) 0
(-) Purchase 0
Returns 10,00,00 By Closing
(5,000) 0 Stock
To Carriage 60,000
Inwards
To Gross Profit 5,000
2,73,000
13,08,00 13,08,00
0 0
To Rent, Rates By Gross Profit
and Taxes By Interest on
10,000 2,73,000
To Audit Fees Investment
12,000
To Sales Tax (+) Accrued
2,000
(+) Outstanding 3,000 Interest
6,000
Tax
18,000

1,000
4,000
To Salaries & By Rebate
Allowances 50,000 Received 3,000
(+) Outstanding
Salary 3,000
To Printing and 53,000

Stationery
To Depreciation
10,000
on Furniture
To Other
Expenses & Fees,
600
if any
- Interest
2,600
Paid
- Accrued
Interest on
Deposits 1,500
To Net Profit

4,100

2,10,300
2,94,000 2,94,000
 Balance Sheet as on 31-3-2015

Liabilities (Rs.) (Rs.) Assets (Rs.) (Rs.)

Share Capital 80,000 Cash and Bank

Issued & Paid-up Balances
Reserve Fund Cash in hand 400
and Other Funds Cash at Bank 86,000
Common Good Investments 2,00,00
Fund 4,000 (+) Accrued 0 2,06,00
Price Fluctuation Interest 6,000 0
Fund 8,000 Provident Fund
Reserve Fund 20,000 Investment
Depreciation Loans and NIL
Fund 600 Advances
Staff Provident Sundry Debtors NIL
Fund NIL Customers
Secured Loans NIL Current Assets 30,000
Unsecured NIL Stock
Loans Fixed Assets 60,000
Deposits Furniture
Deposit from 50,000 Misc. Expenses 6,000
Members and Losses(not
w/o)
Other Items NIL
NIL
Current Profit and Loss
Liabilities & Account
Provisions 10,000 Current Losses NIL
Suppliers NIL
Outstanding 3,000

Salary
Outstanding Sales 1,000

Tax
Unclaimed NIL

Dividend
Interest due but
not paid
Accrued Interest
on Members 1,500

Deposits NIL

Other Liabilities
Profit and Loss 2,10,30

Account 0

3,88,40 3,88,40
0 0
 Memorandum Profit and Loss Appropriation Account

Particulars Rs. Particulars Rs.

To Reserve Fund 52,575 By Net Profit 2,10,300

To Balance 1,57,725

2,10,300 2,10,300

Note: No actual appropriation out of current years profit can be made without the
approval of the general body.

The above Memorandum Profit and Loss (Appropriation) A/c shows only the
proposed appropriations.