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NICCS COLLEGE OF COMMERCE (QILA DIDAR SINGH)

Subject: Advance Accounting Time Allowed: 35 Minutes Examination: B.Com Max. Marks: 20 ======================================================================================== Question: 01 From the following trial balance of Shahid & Bros on 31st December 2012. Prepare Profit & Loss A/c and Balance Sheet. Particulars Rs. Particulars Rs. Opening Stock Salaries Cash in hand Interim Dividend Income Tax Paid Directors Fee Bills Receivable Sinking Fund Investment Postage Sundry Debtors Motorcar Building Machinery Discount to Customers Interest on Debentures 1,175 900 520 300 170 170 150 500 30 800 2,000 4,000 3,000 60 125 13,900 Share Premium General Reserve Share Capital Debenture Sinking Fund 10% Debentures Provision for Taxation Interest on Sinking Fund Investment Sundry Creditors Gross Profit Dividend Payable Profit & Loss Account Allowances for depreciation (Motorcar) Allowances for depreciation (Machinery) Allowances for depreciation (Building) Provision for doubtful debts 400 1,000 4,000 500 2,500 175 40 460 3,075 52 275 400 600 400 23 13,900

Adjustments: a) Depreciation is to be written off on Motorcar and Machinery at 10% and Building at 5%. b) Provision for doubtful debts to be adjusted to 5% on sundry debtors. c) Market value of sinking fund investment on 31st December 2012 is Rs. 475. d) Provide Rs. 225 for further taxation while tax liability for last tax year was Rs. 200. e) Transfer Rs. 250 to debenture sinking fund. f) Directors proposed final dividend at 7.5% on share capital. Question: 02 From the following trial balance of Asim & Sons on 31st December 2012. Prepare Profit & Loss A/c and Balance Sheet. Particulars Rs. Particulars Rs. Opening Stock Land Cash in hand Purchases Other Expenses Wages & Salaries Investment Plant Debtors Goods sent on consignment 272 2,000 173 2,912 182 410 900 800 1,420 72 13,900 Sales Share Capital General Reserve Creditors Provision for Taxation Investment Income Profit & Loss A/c 3,581 4,000 500 203 190 62 605

13,900

Adjustments: a) Sales include Rs. 110 of goods on sales or return basis (Cost price Rs. 40) b) All the goods sent on consignment have been sold for Rs. 90 subject to agent commission of 5%. c) Make a provision of 10% on debtors for doubtful debts after writing off Rs. 75 as bad debts. d) Closing Stock Rs. 1,250 f) Transfer Rs. 60 to general reserve. e) Depreciation Plant at 5% p.a. g) Taxation provision is to be increased to Rs. 300 ------------------------------ Wish You Best of Luck ------------------------------

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