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00:00Capital account open matter market account.
00:15Illustration no.10
00:17Prepare final accounts
00:23This is
00:25Sole Trader
00:26Open the trading and P&L account as usual.
00:38You will get the GP in trading account. Net profit in P&L account.
00:47Whatever the income may be everything is for that person only.
00:53But in this case, the profit is the same.
00:56The profit is the same.
00:58If you share it, it is the same.
01:01That is called P&L appropriation.
01:03The profit is the same.
01:04The profit is the same.
01:05The profit is the same.
01:06The profit is the same.
01:07The profit is the same.
01:08The profit is the same.
01:09zagash, the profit is the same.
01:10Right?
01:12While it was the late contributions of the government the markets.
01:14You will get the profit off of a CPA page.
01:15Capital heavier point on your interest on capital.
01:19All the contacts develop and business build and commission on your commission.
01:25Ultimate results will be shared to the partners equally.
01:30Capital point on interest, if you are interested in interest, that will also be part of credit item in P&L operation.
01:39So interest on drawings.
01:40In the block, I am going to show you in case of partnership from Mark.
01:45That's why I am going to show you in the capital.
01:49I am going to show you in the capital.
01:51I am going to show you in the capital.
01:53I am going to show you in the capital.
01:56What is the capital?
01:58Drawings.
02:00Capital.
02:02Capital minus drawings.
02:04Add net profit.
02:06Add profit.
02:07That's why we are going to show you in the capital.
02:09We are going to show you in the capital.
02:10We are going to show you in the capital.
02:11What is the capital?
02:12What is the capital?
02:13You will come to the capital.
02:14Add profit.
02:15Add profit.
02:16Cuiderex.
02:17Add profit.
02:18Credit.
02:19ndi$up.
02:20Add profit.
02:21Add profit.
02:22This is the balance sheet.
02:23If you have a balance sheet, you can transfer balance sheet.
02:25So, the balance sheet is prepared.
02:26So, the balance sheet is prepared.
02:27There are 5 blocks.
02:29Trading, paint, and preparation, and capital.
02:37Right.
02:46Now,
02:47Trading and PNL account.
02:57Here, PNL appropriation account.
03:02And, capital account.
03:07Balance sheet.
03:10Now, you can join me.
03:12You can work out.
03:13Now, you can start from the adjustment.
03:15So, that you will not make any error.
03:16Closing stock.
03:17Amounted to Rs. 1,20.
03:18Double entry posting.
03:19Trading income.
03:20Credit sale.
03:21Closing stock.
03:22Balance sheet.
03:23Stock and trade.
03:24I think the value being.
03:251,20,000.
03:261,20,000.
03:271,20,000.
03:281,20,000.
03:29Provide interest on drawings.
03:30On an average.
03:31Start from the adjustment.
03:32So, that you will not make any error.
03:33Closing stock.
03:34Amounted to Rs. 1,20,000.
03:35Double entry posting.
03:36Trading income.
03:37Credit sale.
03:38Closing stock.
03:39Balance sheet.
03:40Stock and trade.
03:41Some.
03:42Some.
03:43I think the value being.
03:461,20,000.
03:471,20,000.
03:50Provide interest on drawings.
03:56On an average.
03:57Six months.
03:58An interest on capital.
04:00Six.
04:01Also be there.
04:02Interest on drawings.
04:03In the six months.
04:04Calculate.
04:05So, here.
04:06Interest on capital.
04:07PNL appropriation.
04:08In the six months.
04:10Okay.
04:11Drawings.
04:12Six percentage.
04:13And.
04:14Capital.
04:154 percentage.
04:16So.
04:17PNL appropriation.
04:18In the.
04:19PNL appropriation.
04:20In the.
04:21PNL.
04:22Net.
04:23Profit.
04:24In the.
04:25Interest on.
04:26Drawings.
04:27In the.
04:28PNL appropriation.
04:29Credit claim.
04:30Interest on capital.
04:31PNL appropriation.
04:32In the.
04:33David.
04:34Sell.
04:35This is.
04:36Six.
04:37Percentage.
04:38I will do it.
04:39Later.
04:40Just.
04:41To.
04:42PNL appropriation.
04:43Average.
04:44Drawings.
04:45Average.
04:46Six.
04:47On an.
04:48Average.
04:49Six.
04:50Capital.
04:51The.
04:52The.
04:53The.
04:54The.
04:55The.
04:56The.
04:57The.
04:58The.
04:59The.
05:00The.
05:01The.
05:02The.
05:03The.
05:04The.
05:05The.
05:06The
05:08The.
05:08The
05:10After.
05:12The
05:17xy ok capital only xy
05:21xy open it up this column formula
05:23that's why
05:27y is to get salary 400 per month
05:30then the salary is the first time
05:33y is to get salary 400 per month
05:35ok partners
05:39P&L appropriation
05:42ok 400 per month
05:444800 will be the value
05:47that's why you can add salary
05:52ok P&L appropriation account
05:57under that salary
05:59why you can say 4800
06:06then x is to get commission
06:102% on gross sales
06:13gross sales
06:158,20,000
06:17gross sales
06:18without subtracting the returns outward
06:21that's gross sales
06:23that's gross sales
06:24that's gross sales
06:26actually
06:272 percentage
06:29that's gross sales
06:30that's gross sales
06:31that's gross sales
06:32that's gross sales
06:33ok
06:34so gross sales
06:35that's gross sales
06:36calculate
06:3716,400
06:38commission
06:39commission
06:40commission
06:41value
06:42salary
06:43contracts
06:44develop
06:45commission
06:4616,400
06:4716,400
06:48that's gross
06:49that's gross
06:50commission
06:5116,400
06:5216,400
06:5416,400
06:5550% of the net profit
06:56used to be transferred to the reserve fund
07:05that's gross
07:06that's gross
07:07that's gross
07:08that's gross
07:09that's gross
07:10so we have to find out the reserve fund
07:11that's last
07:12net profit
07:13that's gross
07:14that's gross
07:15that's gross
07:16reserve fund
07:1750%
07:18that's gross
07:20that's gross
07:21that's gross
07:22the price
07:23the reserve fund
07:24the finance
07:25fund
07:26that's gross
07:27there is a
07:33debt
07:43depresation
07:4410%
07:45Okay. So, other P and the local debit plan, depreciation on furniture. Depreciation on
07:57furniture. Okay. So, I have done posting all the double means adjustments double entry
08:04like partner share profits and losses equally. Ultimate profit and loss, what is going on?
08:12So, that is, X and Y is equal to share. Equal ratio. That is why I have to share. Interest
08:28on capital error. Here is interest on drawings. P and the appropriation, debit
08:38sale is equal to actual capital, credit sale is equal, but the capital increase is equal
08:42to the credit at the price. Credit sale is equal to minus from the price, debit sale is equal,
08:46so debit sale is equal. This is a point extra and also make partnership with normal
08:53family, so let us start with as usual items to be posted in one after one. Let's start
08:57let's start with all the items to be posted one after one right so these are
09:19items are going to be posted now post pannaramsi you know wait pannaramsi you know wait pannaramsi
09:27you know what you need to do that what you need to do that what you need to do that what you need to do that
09:32sales 8,20,000. sales returns
09:48invert minus pannaramsi you know so sales 8,20 minus returns 4,000. how to find out this is a partnership firm
10:06you know I am at it means that you have 2 pairs you have to find out xy you have to find out
10:09final accounts of messages x and y capital 2 pairs you have to find out that
10:13That's it.
10:17Okay.
10:19If you look at the bottom, you can see the price.
10:23Partner share equally.
10:25So then 8,16,000.
10:33Opening stock.
10:35Speed up.
10:39Debit side of the trading.
10:41Loan.
10:42Loan, where are you?
10:44Assets side.
10:46Assets side.
10:48That's what I told you.
10:50Loan is not in mind.
10:52Loan is not in mind.
10:54Loan is not in mind.
10:56Debit side.
10:58Debit side is not in mind.
11:00So loan.
11:02The value being 20,000.
11:04Then,
11:06Furniture.
11:0810,000.
11:10Deposition.
11:1210,000.
11:14Deposition.
11:1610 percentage.
11:181,000.
11:209,000 outer column.
11:2210,000.
11:241,000.
11:26Debit sale.
11:28Wages.
11:30Debit sale.
11:32Value being 60,000.
11:34Speed up.
11:36Carriage in.
11:38Trading.
11:40Debit sale.
11:42Expenses incurred for purchasing.
11:44Drawings.
11:46Asset side.
11:48Asset side.
11:50Land 11,000.
12:02Land 11,000.
12:06Assets side.
12:08Land 11,000.
12:10Land 11,000.
12:12in the asset side. Land 11,000 land 11,000 asset side. Purchase is in the return output subtract
12:24from the income. Purchase is 380 minus return 3000, 377,000 will be the purchase, net purchase.
12:43Trade charges, pre-envelopment debit from 78,000 trade charges or trade expenses value
12:50that being 8,000. Capital balance in the capital account initially they have 24,000 before getting
13:01any appropriations and why 16,000. What is it? Come on find out the GP here by tallying trading
13:14account. So the total being 9,36,000. 9,36,000. You will get the GP being 1,95,000.
13:24You will get the S.C.R. and the S.C.R. and the S.C.R. and the S.C.R. and the S.C.R.
13:31okay interest credit sale interest 1,000 salaries 40,000 carriage out
13:53I think I have posted everything find out the net profit transferable to the sharing purpose very
14:09good 1,96,000 total net profit being 1,45,000 net profit 1,45,000 here 1,45,000 1,45,000
14:23which is the fill period of the minimum okay
14:28here we are going to decode the interest on capital and exit capital is 24,000
14:39Okay.
14:41Y
14:45capital 16,000
14:47and interest
14:494 percentage
14:51on
14:5524,000
14:57960
14:59960
15:01640
15:03Double entry
15:05So, interest on capital
15:07X for Y
15:09960
15:11640
15:13this item
15:15that you have capital
15:17credit
15:19credit
15:21credit
15:23balance sheet
15:25capital
15:27plus or minus
15:29interest
15:31capital plus
15:33interest
15:35rate of interest
15:376 percentage
15:39but
15:41we have to calculate only for
15:43half year
15:45drawings
15:47drawings
15:49drop
15:5112,000
15:53X
15:55Y
15:5710,000
15:59rate of interest
16:016 percentage
16:03but
16:05but we have to calculate only for
16:07half year
16:09drawings
16:11but
16:13then 360
16:15yeah.
16:17So, first case 360 next case 300
16:19300
16:21here interest on drawings for x and y
16:23360 and 300
16:25360 and 300
16:27360 and 300
16:29now
16:33tally the P and L appropriation account to find out the balance first of all
16:371,45,000
16:391,45,000
16:41660
16:43total
16:441,45,000
16:45660
16:47get me the balancing figure
16:491,00,000
16:511,00,000
16:53you will
16:55wear,
16:571,22,00
16:5923 is
17:0122,00
17:0322,00
17:05860
17:06860
17:07to 860, 860. That's 10,000. I transferred that to reserve fund account, 61430. That's
17:28a balance against 61430. That's a share. 61430. That's a share. 1 is to 1. 300715. Okay. Good. 300715. 300715. So, that's a account that you can say.
17:53X to 30,000, 715 should be addable. Y should also get 30,000, 715. Now, if I tally this, X would
18:06be a total. 72, 75. 72, 75. That's a random subtraction. Balancing figure being, 59,715 for X. Y
18:25total. 52,000, 1 double 5. 52,000, 1 double 5. Here, you will be getting 41,000, 8 double
18:345. 41,000, 8 double 5. Now, here, capital for X and Y. 59,715, 41,000, 8 double 5. Now, find
18:52out the balance sheet total, 163,000. Will I be able to get this? 163,000.
19:03.
19:05.
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