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CPT-MODEL TEST PAPER SOLUTIONS VOL I &VOL II BY PANKAJ SIR

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14

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR TABLE OF CONTENTS CPT-MODULE-VOLUME I-MODLE TEST PAPER 1 MODEL TEST PAPER

TABLE OF CONTENTS

CPT-MODULE-VOLUME I-MODLE TEST PAPER 1 MODEL TEST PAPER 2 3 5 MODEL TEST PAPER 3
CPT-MODULE-VOLUME I-MODLE TEST PAPER 1
MODEL TEST PAPER 2
3
5
MODEL TEST PAPER 3
7
MODEL
TEST
PAPER 4
9
MODEL
TEST
PAPER-5
10
MODEL
TEST
PAPER-6
12
MODEL
TEST
PAPER-7
13
MODEL
TEST
PAPER
8
15
MODEL
TEST
PAPER
9
17
MODEL
TEST
PAPER
10
20
MODEL TEST PAPER – 11
20
MODEL TEST PAPER – 12
21
MODEL
TEST
PAPER
13
23
MODEL TEST PAPER – 14
MODEL TEST PAPER – 15
MODEL TEST PAPER – 16
24
28
33
MODEL TEST PAPER – 17
MODEL TEST PAPER – 18
MODEL TEST PAPER – 19
36
40
43
MODEL TEST PAPER - 20
VOLUME II
48
51
MODEL
TEST
PAPER
1
51
MODEL
TEST
PAPER
2
53
MODEL
TEST
PAPER
3
55
MODEL
TEST
PAPER
4
57
MODEL
TEST
PAPER
5
58
MODEL
TEST
PAPER
6
60
MODEL
TEST
PAPER
7
62
MODEL
TEST
PAPER
8
63
MODEL
TEST
PAPER-9
64
MODEL
TEST
PAPER
10
66

All rights reserved with Author

PAPER 8 63 MODEL TEST PAPER-9 64 MODEL TEST PAPER 10 66 All rights reserved with
PAPER 8 63 MODEL TEST PAPER-9 64 MODEL TEST PAPER 10 66 All rights reserved with

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR CPT-MODULE-VOLUME I-MODLE TEST PAPER 1 Q 23:-COGS = O/STOCK+ PURCHASES+ DIRECT

CPT-MODULE-VOLUME I-MODLE TEST PAPER 1

Q 23:-COGS = O/STOCK+ PURCHASES+ DIRECT EXPENSES-C/STOCK;80,700 = 5,800+X-6,000;

Q24:- SLM:Depreciation = (Cost-Salvage)/N = (126000-6000)/6 =

Q 25:-

20000 PA
20000 PA

80,900/-(X = Purchases)

TRADING A/C PURCHASES CARRIAGE INWARD GP 90,000 SALES 120,000 6,000 C/S 12,000 36,000 132,000 132,000
TRADING A/C
PURCHASES
CARRIAGE INWARD
GP
90,000
SALES
120,000
6,000
C/S
12,000
36,000
132,000
132,000
Q
26
Abnormal Loss= (Cost of goods:300,000+ expenses:5,000)*1/10-3,000 = 30,500-3,000=
JV
27,500/-
Q
27
A-10,000
15,000-V
A-1,000
2,000-V
V-1,000
Profit:5,000
Q
28
B/R
20,000
BANK
19,900
TO X
20,000
DISCOUNT100
TO B/R 20,000
DISHONOUR
X
20,000
TO BANK
20,000(ANS IS 20000)
Q
29 3500(CP)-800(CP)=
2,700
Q30 Interest on Capital(IOC)
PROFIT
A
B
PROFIT 7,800(Interest not subtracted as profit is after interest)
4680
3,120
3/5
2/5
Q
31
A
B
C
OR-OLD RATIO
5/8
3/8
NR-NEW RATIO
7/16
5/16
4/16
SR-SACRIFICING RATIO
3/16
1/16
3:1
Q
32
CASH BOOK( O/D)
(GOD)
500-100-50-125+400=1,625=PASS BOOK
Q33
AS PER COST CONCEPT
*10000+1000+500+1200=
12,700(second hand so, all expenses added)
Q34
CORRECT T/B
WRONG
PURCHASE RETURN 84
SUPP 84
SALES RETURN 84
SUPP 84
168 DEBIT MORE THAN CREDIT
35
CORRECT TB
SALES
15000
PURCHASE
10000
EXP
2500
*SALARIES
2500

WRONG PLACING OF SALARIES A/C IS ANS

36 GW = 29600+28700+28900+24000+26800 X 3 = 82,800;

5

D SHARE =4/16*82,800=20,700

SALARIES A/C IS ANS 36 GW = 29600+28700+28900+24000+26800 X 3 = 82,800; 5 D SHARE =4/16*82,800=20,700
SALARIES A/C IS ANS 36 GW = 29600+28700+28900+24000+26800 X 3 = 82,800; 5 D SHARE =4/16*82,800=20,700

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 37 Share Capital 2000X9= 18000(ANS IS D) TO Share Forfeiture 2000X5
37 Share Capital 2000X9= 18000(ANS IS D) TO Share Forfeiture 2000X5 TO CALL IN ARREAR
37
Share Capital 2000X9= 18000(ANS IS D)
TO Share Forfeiture 2000X5
TO CALL IN ARREAR 2000X4
38
CAPITAL REDEMPTION RESERVE= FV OF PREF SHARE CAPITAL -NEW ISSUE =2000X100-1500X100
= 50000
39
20000X10X20/100
= 40000 ; LOSS; N=5;
LOSS =8000 PA = 40000/5 =8000/-
40
12500 = Abnormal Loss; Invoice Price X1/10 = 12500;
Invoice Price = 125000
41
Purchase Consideration/issue Price=200000/80 = 2500 shares; Value =2500*100
=2,50,000
42
Share Capital
30X6
TO Share Forfeiture
TO Share Allotment
TO DISCOUNT 30X1
30X2
30X3
30
43
(51000+20000+25000)*3/16 = 18000
44
A+B = 45000;45000 = X-1/5X;45000=4/5X ;
X = 45000X5/4;X= 45000X5/4;X= 56250 X C SHARE;
56250X1/5=11250
45
C 35000X1/3
TO A
TO B
11667
5833
5834
THUS, NO VALUE OF GW AS ADJUSTED THROUGH PARTNER CAPITAL A/CS
46
INTEREST ON LOAN
4800
6000 By Profit
To Profit to Partners1200
X
Y
Z
400
400
400
+ INTEREST ON LOAN + 4800
X
Y
Z
400
5200
400
47
STOCK (COST) 200X100-1/5=
16000
48
35000 less 35000X2/100;34300;30000 through bill ,thus;
4300 in CASH
49
STOCK(COST) 100000=100000+25%=125000(expenses not added as not old typewriter)
50
45000
LOSS(10%)
54000
=2/3 sold i.e. 36000 at 20% so,
36000+7200=43200
CP
+ 1/3(15000)=60000
6000
51
1.10.08
1200
1600
300
900
400
1200
31.12.10
30.9.09
30.9.10
31.12.09
1300/-
52
05-06,06-07,07-08,08-09,09-10, thus total five years, thus 1+2+3+4+5=15, so 1/15*300000=20000
53
average stock=(O/S+C/S)/2 = 12000;O/S+C/S = 24000;
X+X+3000 = 24000 2X=21000;X=10500,
C/S= 13500
53 average stock=(O/S+C/S)/2 = 12000;O/S+C/S = 24000; X+X+3000 = 24000 2X=21000;X=10500, C/S= 13500 9811860116 Page 4
53 average stock=(O/S+C/S)/2 = 12000;O/S+C/S = 24000; X+X+3000 = 24000 2X=21000;X=10500, C/S= 13500 9811860116 Page 4

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 54 C/S = 45-32=13;AS FIFO;13; 10 3 6 march 4 march

54 C/S = 45-32=13;AS FIFO;13;

10 3 6 march 4 march
10
3
6 march
4 march

10X460+3X450 = 5950

55 CB PB INSAAN GOD 1500 50+50 - 100 + 150= 1550 100 1650 57
55
CB
PB
INSAAN
GOD
1500
50+50
-
100 + 150= 1550
100
1650
57
expenses means which will be in P and L, so, 25000+5000 = 30000(extension and improvement not to be considered)
58 DEBTOR-MOHAN 3500,CASH
2100
TO MOHAN(a/C RECIVABLE)
2100
59 Share Capital 2000X9=18000
60 30000X4/5 = 6000X2
= 12000
2/3 8000
1/3 4000
MODEL TEST PAPER 2
23 (D)
20000810*20%=40000;40000/5 = 8000PA
24 (A) CAPITAL REDEMPTION RESERVE= FV OF PREF SHARE CAPITAL -NEW ISSUE = 2000X100-1500X100 = 50000
25 (A) 750000/100+25= 6000 SHARES
26 (D) (500000-40000)15% = 69000(Called Less Arrears)
27 (A) NO OF SHARES 80L/100 = 80000 SHARES, Amount PAID ON -77500, so,NOT PAID
on2500 ,thus,62500/2500=25 per
share
28 (B) 20% PROFIT ON SALES=25% PROFIT ON COST
29 (C) 3/10X30000 = 9000
30 (A)
Loan account 70820
B/D
50000
RESERVE
GW
Revaluation
15000X2/5 = 6000
= 30000X2/5 = 12000
7050X2/5 = 820
31 (C)
A
B
C
B/D
50000
30000
GR
9000
6000
59000
36000
25000
C= 25000X6= 150000;GW= 30000X1/6= 5000
;
GW 5000
25000
20000
32 (A) P Q R GW 9000 ½ 4500 2/3 1/3 3000 1500 33 (D)
32 (A)
P
Q
R
GW
9000
½
4500
2/3
1/3
3000
1500
33 (D)
OR
A
B
C
GW 5000 25000 20000 32 (A) P Q R GW 9000 ½ 4500 2/3 1/3 3000
GW 5000 25000 20000 32 (A) P Q R GW 9000 ½ 4500 2/3 1/3 3000

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR   5/8 3/8   SR 1/5 1/10 NR (25-8)/40 (30-8)/80 3/10
 

5/8

3/8

 

SR

1/5

1/10

NR

(25-8)/40

(30-8)/80

3/10

 

34:22:24 = 17:11:12

 

34 (B)

5000 GW;

½*1/4*total GW=5000;40,000 C

B

 

35 (A)

A

10000

20000

12000

= 42000

C = 12000X4 = 48000 HIDDEN = 48000-42000=6000 36 (A) A B C OR NR
C = 12000X4 = 48000
HIDDEN = 48000-42000=6000
36 (A)
A
B
C
OR
NR
SR
5/8
3/8
1/6
5/16
4/16
3/16
1/16
3:1
37
(A)3/5 4680 (7800 is divided)
2/5 3120
38
(A) 200X100 – 1/5 = 16,000
39
(B) 16/6
30
DAYS
16/7
+3 DAYS= 19/7 = 18 JULY
40
(A) 1.11.09
15.11.09
4/1
DISHONOURED 25000X50/100 = 12500
41 (A) 8000-4000 = 4000X12/100X3/12 = 120
42 (A) 35000-2%(700) = 34300-30000= 4300
43 (A) 50000X12/100X3/12 = 1500 = 48500/2 = 24250
44
© 1LX20% = 20000 ,3/5*20000=12000
45
(C)
R-100000
M-200000
R-1000
M-5000
R-5000
M-10000
PROFIT-80000
46
(A)
JV
A_200000
B-250000
82000
B-32000
47 (B) 15000
48 (A)
2/100X70000+X = 1400+X;= 2833,X IS CALCULATED BELOW:
X= 20/100[70000-(1400+X)-3/5X100000]
X= 1/5(70000-1400-X-60000);5X = 8600-X;6X =8600;X = 1433
49 *
TRADING
1000X100
BY GOODS SENT
50 (A)
CONSIGNMENT

GOODS-200000

CASH SALES-100000 CREDIT SALES-110000

STOCK-40000

CONSIGNOR EXP-5000 CONSIGNEE EXP-2000

-COMMISION-3000

 

DEL CREDERE-2000

PROFIT-38000

CONSIGNOR EXP-5000 CONSIGNEE EXP-2000 -COMMISION-3000   DEL CREDERE-2000 PROFIT-38000 9811860116 Page 6
CONSIGNOR EXP-5000 CONSIGNEE EXP-2000 -COMMISION-3000   DEL CREDERE-2000 PROFIT-38000 9811860116 Page 6

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 51 (B) 52 (B) 500X200+5000=105000X1/5 = 21000 COGS 310000 400000-SALES GP

51 (B)

52 (B)

500X200+5000=105000X1/5 = 21000

COGS 310000

400000-SALES

GP 90000

53 (C) SALES= 2000;SALES-GP= COGS;2000-1/5X2000 = 1600

54 (A) (120000+10000)X10%= 13000

55 (B) - MACHINERY 1.4.2009 B/D 60000 31.3.10 BY DEPRECIATION 12000 1.4.2010 48000 BY DEP
55 (B) -
MACHINERY
1.4.2009 B/D 60000
31.3.10 BY DEPRECIATION 12000
1.4.2010 48000
BY DEP 4800(6)
BY BANK 30000
BY P/L 13200
56
(C)
COGS 1200000
SALES 1300000
GP 325000
C/S 225000
¼
57
(B)
B/D 180000
PURCHASES 330000
COGS = 420000+25%=
525000 SALES
C/D = 90000
MODEL TEST PAPER 3
6 (D)
ASSETS = LIABILITIES
+CAPITAL
5L-1L
4L
Assets AND Liability INCREASE BY 4L
23 (B) 90000+115000+265000+100000+200000 = 770000
24 (D)
6
X126000 = 12/42X126000 = 2X18000 = 36000/-
6(6+1)/2
25 (B) SALES-COGS = 90000
26 (C)
100000
80000
GP 25% of sales=20000
40000(bal)
27
20000
60000
40000
28
40% OF 50000 = 20000
29
(D) 12000 = (O/S+C/S)/2 = O/S+C/S = 24000=X+X+3000 = 24000;2X = 21000, X= 10500, C/S =
13500
30
(C) 12L/15%-8L = 80,00,000 – 8,00,0000=
72L
31
(A)
A
B
C
OR
5/8
3/8
NR
7/16
5/16
4/16
SR
3/16
1/16
3:1
32
(C)
OD Cash Book
1500-275+400 = 1625
33
(D)
12700 ( 10000+1500+1200
) COST CONCEPT
34
(C)
22000
25000
110000
1500-275+400 = 1625 33 (D) 12700 ( 10000+1500+1200 ) COST CONCEPT 34 (C) 22000 25000 110000
1500-275+400 = 1625 33 (D) 12700 ( 10000+1500+1200 ) COST CONCEPT 34 (C) 22000 25000 110000

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR COGS = 107000; SALES = 107000+107000*¼= 36 (B) 85000+90000+70000+100000+80000 5 133750

COGS = 107000; SALES = 107000+107000*¼=

36 (B) 85000+90000+70000+100000+80000

5

133750
133750

X 3 =255000

37 (A) Stock 80000 Purchases 160000 GP 50000 Sales 200000 30000-LOSS 60000 C/S 290000 290000
37 (A)
Stock 80000
Purchases 160000
GP 50000
Sales 200000
30000-LOSS
60000 C/S
290000
290000
38
(D)
Stock 20000
Sales 140700
purchases85800
Stock 18000
carriage 2300
GP 50600
39
7,50,000/125 = 6000 SHARES
40
(B) 12500X10 = 125000
41
(B) 4L/(100-20) = 5L
42
(C) 5000X100X20% = 1L/10 = 10000/-
43
(C) 4500X6 = 27000
44
(B) (42000+39000+45000)/3X2= 84000
45
(A) 280000X3/12 = 70000
46
(A)
Purchases
Commission on purchases
Commission on sales
PROFIT
200000
Sales 250000
2000
12500
35500
47
(D) (130000-5000)/5 = 25000
48
35000-30000-2% *35000=4300
49
STOCK = (1000X200+2000+3000)*1/5
50
(A) 55000X2 = 110000
51
(C) 3 9 3
1.10.08
2400
1800
800
31.12.08
1.10.09
31.12.09
320
2600
52
(B)
2L+1/5*200000
= 240000
53
(B)
240000X3/12X4/16 = 24000/16 =
1500
54
(A)
2L
4/5
160000- SOLD 176000

2% OF 160000 + 10% 16000(176000-160000)

 

3200+1600 = 4800

 

55

(D)

CB

1500

BANK (GOD)

 

-100

50

+150

50

3200+1600 = 4800   55 (D) CB 1500 BANK (GOD)   -100 50 +150 50 9811860116
3200+1600 = 4800   55 (D) CB 1500 BANK (GOD)   -100 50 +150 50 9811860116

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 1550 100 1650 57 (C) 6L 3L 180000 120000 58 (A)
1550 100 1650 57 (C) 6L 3L 180000 120000 58 (A) B/R 15100 CASH 5000
1550
100
1650
57 (C)
6L
3L
180000
120000
58 (A)
B/R
15100
CASH
5000
TO L 20000
TOINT
100
60
(B)
12000(30000X2/5)
8000
4000
MODEL TEST PAPER 4
23
(D)
NIL AS BUSINESS STARTED
24
(B)
DEBTORS 55200-200 = 55000*5%= 2750
25
(C)
40000X.230975 = 9239
26
(A)
72900/72.9X100 = 100000 (s=c(1-d)^n);72900=c(1-.1)^3
27
(D)
280000X11/12 = 256,667
29
(D)
420X10000/14000 = 300 ALLOTED SHARES
30
(B)
SC 8X200 = 1600-CALLED UP
31
(B)
R
J
D
7/16
5/16
4/16
24000X4/12X3/12 = 1500
32
(A)
55000X2 = 110000
33
(D)
12700
34
(C)
12000+20 = 12020
35 (A)
40000(CP)
50000(SP)
= 10000/40000 = ¼ OF COST
2500(LEFT)+1/4625 = 3125
36 (B)
200X5.5X5/100 = 55
37 (C)
M
S
5/8
3/8
GW = 1.5 X (18000-8500+30000+16500) / 4 = 21000
38 (C)
SF- 100X6 = 600
39 (B)
BAL AS PER CB(INSAAN) 5000+2000-1500-20 = 5480
40 (C)
6%/100X30000 = 1800X3/12=450
41 (B)
DR -30000-3000=27000
10%-----------------2700
42 (B)
A
B
1000
500

= 1500X6.5X10% = 975

43 (B) A B 3/5 2/5 IOC 2000 Profit 3900 A-1250 B-650
43 (B)
A
B
3/5
2/5
IOC 2000
Profit 3900
A-1250
B-650
(B) A B 1000 500 = 1500X6.5X10% = 975 43 (B) A B 3/5 2/5 IOC
(B) A B 1000 500 = 1500X6.5X10% = 975 43 (B) A B 3/5 2/5 IOC

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 45 8000-2000 = 6000X18%X3/12 = 270 ; (A) 46 (56000-6000)/10 =

45 8000-2000 = 6000X18%X3/12 = 270 ;

(A)

46 (56000-6000)/10 = 5000/-

(B)

47 6/10X120 = 720

(C)

=6270

48 (C) A B 40000 50000 10% 4000/2 5000/2;4500 49 GW = SP-AP;= 60000-12.5/100X4L; (A)
48 (C)
A
B
40000
50000
10%
4000/2
5000/2;4500
49 GW = SP-AP;= 60000-12.5/100X4L;
(A)
= (6000-50000)X2
= 20000
50 1 JAN 2009-2,00,000-20%*200000=160000-20%*160000*6/12=144000;SALE 160000;PROFIT 16000
(B)
51(C)
A
=
L
+
C
50000
50000
20000
20000
-3000
+3600
600
70600
20000 +
50600
52
(C)
31/3
15/4;3L+
80000-50000-330000
SELLS(1L-20%)
53 (D)
RADIO-1L
EXPENSES 5000
SALES 120000
STOCK 5250(105000/100*5)
PROFIT 20250
55
(A)
4/3
900
900X5
5/3
600X5
300X5
10/3
400
300X5 + 400X5.5
12/3
400X5.5
300x5=1500
56
(C)
57 (B)
10000+1/4=12500 AS OLD NOT WRITTEN SO EXP ARE NOT ADDED
1L-5000 = 95000
MODEL TEST PAPER-5
23 (D)
(5L-40000)15% = 69000;
24 (D)
ALLOTED SHARES = 420X14000/10000 = 300
25 (A)
60%*2000X(100+45) = 174000
26 (A)
CB(CORRECT)
B/D
CASH/BANK
10000
1870
(CB)WRONG
INCREASE BY 90
B/D
BANK
10000
1780
8220

27 * 1000X275/100 = 2750+5% =2887.5+50;

28 (B)

2937.5/-,FOR 1 PIECE;2937.5/1000=2.9375

CP 50000-30% 18000;IP 60000-70% 42000

5%

2%

3%

3000

360

300 = 3660

CP 50000-30% 18000;IP 60000-70% 42000 5% 2% 3% 3000 360 300 = 3660 9811860116 Page 10
CP 50000-30% 18000;IP 60000-70% 42000 5% 2% 3% 3000 360 300 = 3660 9811860116 Page 10

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 29 (D) 2000+1000+5000+9000/12+27000/6 = 13250 30 (D) 10000+NC = 10200; 31
29 (D) 2000+1000+5000+9000/12+27000/6 = 13250 30 (D) 10000+NC = 10200; 31 (A) 120000-80000= 40000X100/125 =
29
(D)
2000+1000+5000+9000/12+27000/6 = 13250
30
(D)
10000+NC = 10200;
31
(A)
120000-80000= 40000X100/125 = 32000
32
(B)
A
C
IT HAS TO BE EQUAL,SO 50000 EACH
B
33
2L+25000+5000+2000
= 232000
34
(C)
A
Y
P
100000
75000
50000
PROFIT 250000;6% ON 20000 = 1200
35
(A)
240000 -160000=80000 LEFT + ½;PROFIT = (240000-160000)/160000= ½ ;THUS 80000+40000= 120000
36
(B)
FV-APPLICATION-ALLOTMENT-FIRST CALL-DISCOUNT;10-2-4-1-1=2 RS PER SHARE
37
(D)
75000/3X3/12 = 6250
38
(D)
AS PREMIUM RECEIVED AT THE TIME OF ALLOTMENT;SO NOTHING WILL BE DEBITED
39
(C)
6%
40(A)
25000X10 = 250000
41
(B)
5L/80 = 6250X100
42
(C)
PROFIT= AMOUNT RECIVED LESS LOSS ON REISSUE=3000-1X2000 = 1000
43
(A)
SLM
WDV
2000
2000
2000
1600
4000
3600 ;SO, 400 EXCESS
44
(D)
25000-3000-440(2%*22000)-215.6 1%*(22000-440) = 21344.4
45
(b)
2/10 = 20000
46
(c)
2000x12
60000
36000
12000
12000
12000
+24000
47
(D)
(10000X100)/(100-5) = 1L/95 = 10526
48
(C)
30000X1/2 = 15000
49
(B)
120000 = 120000+1/4 = 150000(EXP ADDED ONLY IF OLD TYPEWRITER)
50
(B)
5000X10 = 50000(DEBENTURE PREMIUM SEC 78)
51
CRR = FY-NI;= 100000-0;= 1L
52
(D)
I CALL; 25000X2 LESS ADVANCE BY ARCHIT= 50000-1000X2 = 48000
53
(D)
20000
1200
10%/6
MONTH----- 60[1140+500 = 1640-82
=1558
18800 – 1880 = 16920+1558=18478
55
CB
(INSAAN)
1500-100+150 = 1550
PB
(GOD)
50+50 = 100
1650
57
(C)
1880 = 16920+1558=18478 55 CB (INSAAN) 1500-100+150 = 1550 PB (GOD) 50+50 = 100 1650 57
1880 = 16920+1558=18478 55 CB (INSAAN) 1500-100+150 = 1550 PB (GOD) 50+50 = 100 1650 57

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR COST OF GOODS AVAILBLE FOR SALE 12L GP 325000;1/4 13L 225000

COST OF GOODS AVAILBLE FOR SALE 12L GP 325000;1/4

13L

225000

58 7000-1800-200-2850-150 = 2000;(1800/90% = 2000-1800 = 200 DISCOUNT);2850/95% = 3000

(B)

59 PROFIT 44000/(100+10) = 40000;COMM4000

(C)

MODEL TEST PAPER-6 23(B) A B C OR 3/5 2/5 SR 2/10 1/10 NR 4/10
MODEL TEST PAPER-6
23(B)
A
B
C
OR
3/5
2/5
SR
2/10
1/10
NR
4/10
3/10
3/10 = 4:3:3
24
(B)
(40000+50000+60000+50000)/4X3 = 150000
25 (D)
75000/15 = 5000
26
(C)
A
B
3/5
22/5
150000X1/6 = 25000
27
(A)
30000-5000 =
40000-5000
10000
28
(B)-
FURNITURE
1.4
10000
1000
1000
1.10
5000
5000X6/12*10% = 250
1000+250=1250
29
(B)
100X100 + 1000
X
10 = 1100
100
30
(C)
SHARE FORFEITURE = 1000X3.5 = 3500
31
(C)
60 LAKHS/120 = 5000
32
(C)
1LX100 X (4%+6%) = 10L
33
(B)
O
J
J
OR
5/10
3/10
2/10
NR
½
½
GR
2/10
3/10
2/10X25000
3/10X25000;
10000
15000
34
11 October
35
(C)
07-08-10000;08-09-10000;09-10;5000;SALE-89000;WDV;100000-25000=75000;SO PRFOIT IS 14000
36
(B)
400*10+300*9=6700
42
(D)
10000 MACHINE 10%------------ 250
20000 FURNITURE
5%---------------
250
30000
500
44
(C)
480000X125/100 = 6L, 120000
45
(C)
(150+75)X500;
= 225X500 = 112500
46
(D)

75000

90000

(C) 480000X125/100 = 6L, 120000 45 (C) (150+75)X500; = 225X500 = 112500 46 (D) 75000 90000
(C) 480000X125/100 = 6L, 120000 45 (C) (150+75)X500; = 225X500 = 112500 46 (D) 75000 90000

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 47 (B) 48 (D) 49 (C) 10950 2700 6750 (10000-4000)X1/12X15/100 =

47 (B)

48 (D)

49 (C)

10950

2700

6750

(10000-4000)X1/12X15/100 = 60000X1/4X15/100 = 15X15 = 225

23/12/09

25/1

AS 26 JAN PUBLIC HOLIDAY

DISCOUNT = 20000X2/12X15/100 = 500

50 (C) X Y Z(NEW) 2/3 1/3 ¼ 76000-25000=51000 AMONG X AND Y IN 2:1
50 (C)
X
Y
Z(NEW)
2/3
1/3
¼
76000-25000=51000 AMONG X AND Y IN 2:1
51000
34000
17000
25000
51 (A)
D
G
DEEPAK
5L
5L
¼
HIDDEN = 8LX4-8L-5L-5L;
= 14L
52
(D)
20000X10X20%= 40000
54
(D)
10000X100 = 10L
55
(C)
CRR = 9000X10-NIX9;=10000
56
(C) 15000
sold
BAL
1/4
+20000
30000
(35000-30000)X10 = 50000
5000 = OLD
12/-
57 (D) 50000+2000+1000+1000+500+200+400+100 = 55200
58 (C) 100000X12/100 = 12000
59 (B) 120000X1/4 = 30000 LOADING
60
(D)
PROV
500
1600
1100
MODEL TEST PAPER-7
A 5/10 ---------300000
23
(A)
600000
B 3/10 --------180000
C2/10-----------120000
24
(B)
25
(C)
40000 allotted AS SUBSCRIBED
5000X100 = 5L
FV
26
(B)
27
(d)
28
(A)
29
(D)
CRR = PSC-NI = 1L-50000 = 50000
4000X100X9/100X10/12 = 30000
EX 300000-15000 = 20%*285000 =57000
Share Forfeiture-LOSS on reissue-= 5000/3000*1800(3000)-1800 = 1200
30(C)
allotted-1000,applied 1200, so excess money 200*2=400,so, allotment due 100083=30000 less already
paid 400 so,
2600 NOT PEND

31 (C)

300000 (TOTAL)X2/10 = 60000

due 100083=30000 less already paid 400 so, 2600 NOT PEND 31 (C) 300000 (TOTAL)X2/10 = 60000
due 100083=30000 less already paid 400 so, 2600 NOT PEND 31 (C) 300000 (TOTAL)X2/10 = 60000

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 32 (A) 18000X3/6   12000X1/2 = 6000 3/6 2/6 1/6 9000

32 (A)

18000X3/6

 

12000X1/2 = 6000

3/6

2/6

1/6

9000

6000X1/2 = 3000

2/3

1/3

   

2/6

1/6

33 (B)

Amit

Rohit

Sumit-RETIRE

 

OR

5/12

4/12

3/12

1/7+5/12 = A-----47/84 3/28+4/12 = R 37/84

GR

4/7X1/4

3/7X1/4

47:37 34 (C) 1:1:1 35 (D) 12/15%=80,00,000-80,00,000 = NIL 36 (C) MODULE 37 (A) 5000
47:37
34
(C)
1:1:1
35
(D)
12/15%=80,00,000-80,00,000 = NIL
36
(C)
MODULE
37
(A)
5000
SALE OF GOOD
6000--------------------1/2 WILL be sent 3000
4850
5700
½
½
½
½
38 70% OF 10000 = 7000
39 23750, exp will not be added in cost as units not given
40 GODOWN + SELLS EXP = 1300
NO INTEREST
(B)
(D)
41 (D)
42
(A)
20000
150000
100000
25000
2000
GP 53000
43
SUSPENSE
150 Undercast
1000 overcast so reverse
1500
44(B)
CAPITAL
4L
COMPUTER
25000
AC
1L
FD
2L
SALARY
3L
FEES EXP
150000
12L
RENT
240000
CASH
80000
O/D
95000
45 (A)
HC
1000X3.25 = 3250
NRV
(4.25-.35)X1000 = 3900

46 (D)

500000/300000X11L = 183333

95000 45 (A) HC 1000X3.25 = 3250 NRV (4.25-.35)X1000 = 3900 46 (D) 500000/300000X11L = 183333
95000 45 (A) HC 1000X3.25 = 3250 NRV (4.25-.35)X1000 = 3900 46 (D) 500000/300000X11L = 183333

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 120000 CONSIGNEE so not in our books 48 (D) 280000 25000
120000 CONSIGNEE so not in our books 48 (D) 280000 25000 has value 5000/ 135000
120000 CONSIGNEE so not in our books
48 (D)
280000
25000 has value 5000/
135000
So, total stock is 135000+5000=140000
49 (A) 1LX.282012 = 28201 51 (B) 160000/80% = 2L, ORIGINAL = 2L/80% = 250000
49
(A)
1LX.282012 = 28201
51
(B)
160000/80% = 2L, ORIGINAL = 2L/80% = 250000
52
(C)
120000X1/5 = 24000
53
(B)
III-----------HOME
II------------OFFICE
80000X3/4 = 60000
I-------------OFFICE
GF----------STORE
54
(C)
+ SALES250000 + 500000-150000 = 230000
-1/5(50000)
55
(C)
(6%+5%)1,40,00,000*100 = 15,40,00,000
56
(A)
12000-10000 = 2000X90 = 180000
57
(D)
CRR = 10000X100-NI;1L/10 = 10000;NIL
59
NIL AS CALLS IN ARREARS
MODEL TEST PAPER 8
23(B)
CB BALANCE = 100000-10000 = 90000
24
SALES-GP
=
125000-10000 = 25000
25(B)
JV
20000
22000
40000
39000
50000
2000
65000
2000 (LOSS)
26
(C)
{2000-6/100X2000X3/12}X1/2 = 1790X1/2 = 985/-
27
10000 AS IT IS COST
28
(C)
P&L APPROPRIATION
2000
6000
4000
S
R
40000
80000
DR
CR
S
3000
2000
R
3000
4000
DR
CR
1000
1000
S-1000
29
(A)
A
B
C
3/6
2/6
1/6
A
B
C
D
6/15
4/15
1/6
1/6
4000 DR CR 1000 1000 S-1000 29 (A) A B C 3/6 2/6 1/6 A B
4000 DR CR 1000 1000 S-1000 29 (A) A B C 3/6 2/6 1/6 A B

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 12:8:5:5 1-C-D = 1-1/6-1/6 = 2/3 A-2/3X3/6 B-2/6X2/3 31 (A) A-L

12:8:5:5

1-C-D = 1-1/6-1/6 = 2/3 A-2/3X3/6 B-2/6X2/3 31 (A) A-L = 1100000-100000 = 1000000;PROFIT/10% =
1-C-D = 1-1/6-1/6 = 2/3
A-2/3X3/6
B-2/6X2/3
31
(A)
A-L = 1100000-100000 = 1000000;PROFIT/10% = 110000/10%
=1100000
11L
10L
1L GW
32
(C)-
10/4
1/4/10
120000-PUR10000+1000+10000COG
= 121000
33 (B)
10 OR 11, 5/4, 2/2;10X2+4X10 + 2X2 = 64
34 (C)
2008
40000-5000 =
35000
2009
50000+10000= 60000; 95000/2 = 47500
35 (C)
100000X2/12/100X3/12 = 3000
36 (D)
NIDHI
5000
45000
14000
2000
43000
15000
37
DEDUCTED AS DRAWING
38
(C)
To Bad debts 10000
15000 b/d
20000c/d
15000
39 (B)
P&L
16000+1000 =
17000
SALARY A/C
DR
TO EMPLOYEE PF
40
(A)
(50000+6000-6000)/10 = 5000
41
(D)
364800/12 = 30400X10 = 304000
42
(C)
SF-LOSS = 2.5X200 – 100 (5X200-900) = 400
43
(C)
5X1000 = 5000
44
(A)
1600-1/5X1600 = 1280;
CLAIM-50% 1640
45
(B)
22000/11 = 2000, SO O/S FOR 1
MONTH IS 2000
46
(A)
50000X10/100X1 = 5000
47
(A)
OD CASHBOOK (GOOD)
50000+20000+500 = 70500
49
(B)
1020000-20000 =
10L
SALES 10L X 25/100 = 250000-10000
50 (D)
TB
20000
10000
10000 SUPSENSE
SUSPANCE
RO
10000
TO SUSPANCE
100
= 10100

51 (B)

52 (A)

53 (B)

3L+50000-24000+20000 = 346000

10000+25% = 125000

A

BC

=

4000X6/12X2/4 = 6000

51 (B) 52 (A) 53 (B) 3L+50000-24000+20000 = 346000 10000+25% = 125000 A BC = 4000X6/12X2/4
51 (B) 52 (A) 53 (B) 3L+50000-24000+20000 = 346000 10000+25% = 125000 A BC = 4000X6/12X2/4

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 54 (D) A = L+C 5L-1L = 4L 55 (D) 1000
54 (D) A = L+C 5L-1L = 4L 55 (D) 1000 2000 200 3200 56
54
(D)
A
=
L+C
5L-1L
=
4L
55 (D)
1000
2000
200
3200
56 (B)
CP = 10000
CASH A/C
10%
IP;
11000-5% = 10450
57(D)
DR
TO BAD DEBTS RECOVERED
58
10000X12 = SALARY = PREPAID SALARY A/C SHOULD BE DEBITED
MODEL TEST PAPER 9
5 (A)
10/8
SEPT
OCT
MAR
+ 3 = 13/4
23
(D)
CASH A/C
10000
10000
PURCHASE
5000
15000
CR
35000
FROM DRS
3000
2400
900
4000
1000
8000
NONE
50000-5000 = 45000
100000 OS
35000 FROM DR
24
SALES-COGS = 5L-310000 = 190000
25
(C)
B/R
ARUN
B/R
TO ARON
TO B/P
B/P
TO ARUN
26
(A)
5200-(4000-500)-420-150 = 1130
28
(D)
600-1/6X600 = 500 COST
29
(A)
48000-6000 = 42000X5/105 = 2000
30
5/100X42000 = 2100 (A)
31
(A)
16000-16000X60/160 = 16000+6000X3/8 = 10000
32
(A)
¼ ON SALE = 1/(4-1) = 1/3 ON COST
33
(A)
40000+1/4 = 50000
COMMISSION = 5/100X5000 = 2500
34
(A)
TRADING
16500
63500+-450
46850
18210
-110
250
850
GP 14670

P/L

= 5/100X5000 = 2500 34 (A) TRADING 16500 63500+-450 46850 18210 -110 250 850 GP 14670
= 5/100X5000 = 2500 34 (A) TRADING 16500 63500+-450 46850 18210 -110 250 850 GP 14670

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 200 4670 GP 1110 190 3710 800 8660 35 (A) 200000+2000-3000-12750

200

4670 GP

1110

190

3710

800

8660

35 (A) 200000+2000-3000-12750 = 6250 LOSS 36 ODCB (GOD) 4500+6225-10250 = 475 37 25000-2500 =
35
(A)
200000+2000-3000-12750 = 6250 LOSS
36
ODCB (GOD)
4500+6225-10250 = 475
37
25000-2500 = 22500
38
(A)
TB
2983
200
733
1654
1200
4591
2155
1637
829
252
10923
16882
330
364
314
2520
2418
1175
25580
25580
39
274-730+477
500 IN CASH+15
40
(B)
1000----900
1.10.04 500+12/100X500X3/12
500-------60% = 300
41
(A)
(1000X80+1000X45)/1000X1000 = 8104.50
42
(B)
(200X300+500+200+100)X50/200 = 15200
43
(D)
JY
EXP 4500
188500
80000
43500
2000
250
7500
3750
1500
2500
6850
44
(A)
40000X1/10 = 4000 C SHARE
5000 GUARANTEED
43500 2000 250 7500 3750 1500 2500 6850 44 (A) 40000X1/10 = 4000 C SHARE 5000
43500 2000 250 7500 3750 1500 2500 6850 44 (A) 40000X1/10 = 4000 C SHARE 5000

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR DEFICIENCY 1000 A B 500 500 45 (A) 1% DR CR
DEFICIENCY 1000 A B 500 500 45 (A) 1% DR CR R 1200 900 R
DEFICIENCY
1000
A
B
500
500
45 (A)
1%
DR
CR
R
1200
900
R
900
900
M
600
900
DR
CR
300
300
46
(A)
A
B
C
D
3/6
2/6
1/6
1/6
(A)
REMAINING
1-1/6 = 5/6
3/6X5/6
2/6X5/6
1/6X5/6
15:10:5:6
47
(A)
A 4/5
B1/5
OR
4/5X1/4
1/5X1/2
SR
4/20:1/10 = 4:2 = 2:1
48
(40000+10000+60000+80000-20000)X3/5 = 34000X3 = 102000
49
(A)
72000/10%-570000
720000-570000 = 150000
50
(B)
A
B
C
4/9
3/9
2/9
OR
2/8
2/8
2/8
NR
32-18/72
24-18/72
16-18/72
A AND B
51
(A)
A+B = 24000+16000 = 40000X5/4 = 50000
C—1/5X50000 = 10000
52
(A)
120000
54000
X
Y
3/5
2/5
NEW CAPITAL -75000X3 = 225000
90000
60000
750000
X
30000
120000
C/D
90000
53
(A)
PROFIT-LOSS = 400X8-0 = 3200
= 225000 90000 60000 750000 X 30000 120000 C/D 90000 53 (A) PROFIT-LOSS = 400X8-0 =
= 225000 90000 60000 750000 X 30000 120000 C/D 90000 53 (A) PROFIT-LOSS = 400X8-0 =

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 54 (A) 800X3X500/800 – 500X0 = 1500 55 (D) 90000/90 =

54

(A)

800X3X500/800 500X0 = 1500

55

(D)

90000/90 = 10000

56

(4L-130000)/90 = 270000/90 = 3000 DEB

57

(A)

LOSS =( 21+5%)

X 2000X100 = 14000

58

(10L-10000)X15/100 = 148500

59

P&L APPN

PREFDIV 18000 B/D 31000 ED 40000X7.5 NP 52000 40000X.5 GR 5000 BAL 10000 60 ,
PREFDIV 18000
B/D 31000
ED 40000X7.5
NP 52000
40000X.5
GR 5000
BAL 10000
60 , 7500 AT COST PRICE
MODEL TEST PAPER 10
1 (A)-
20000 CASH
50000/-
30000
O/S
23
(B)
CAPITAL ; 7L-5000=695000
MACHINERY 500000
CASH 200000-5000= 195000
24
PURCHASE 50000
SALES 60000 (B) revenue
25
(A)
SALES-COGS = 4L-310000 = 90000
26
CB(INSAAN) + 3500(5000-1500) (D)
27
30000
60000
30000
28
40000
(40 % OF 100000)
MODEL TEST PAPER – 11
23
COGS = 20800 + 3700 – 2500 = 22000
25000
1000 
2400
24
10
25
26
27
CB assured 10,000 – 1050 = 8950;PB 10,000 – 1050 – 1050 = 7900so add in PB
50,000 – 6000 – 5800 + 4000 = 44200(Apprentice premium is income)
TB
Sales
70,000
Pur
50,000
Creditors.
15,000
Debtors . 25,000
Exp.
17,000

Machine 10,000 Supplier for machine 2000

Cash

Stock

5,000

11,000

118,000

118,000

28 16900+5800-2000-15200=4500 profit

for machine 2000 Cash Stock 5,000 11,000 118,000 28 16900+5800-2000-15200=4500 profit 9811860116 Page 20
for machine 2000 Cash Stock 5,000 11,000 118,000 28 16900+5800-2000-15200=4500 profit 9811860116 Page 20

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 29 30 31 32 33 34 47. 48. 49. 50. 52.

29

30

31

32

33

34

47.

48.

49.

50.

52.

53.

54.

23

24

25

26

Sales profit = 90,000- 5 1 × 90,000 = 72,000;72,000 = Purchase C/S;72,000 = 1,00,000 cls, cls = 28,000

Cash to bad deht recovered, so mohan a/c will not be used

Drawing a/c dr. To cash

60,000 + 5,000 + 5,000, so, repair NiL as old machine

20,000 + 10,000 5,000 = 25,000

45 32 = 13 units, so 10 × 460 + 3 × 450 = 5950

15000+1000+500+1200 = 17700/- 5 (102000+73000) = 5 4 * x;175000* 5/4 = x => 175000
15000+1000+500+1200 = 17700/-
5
(102000+73000) = 5 4 * x;175000* 5/4 = x
=>
175000 × 4
× 5
1 = 43750/-
15000-660+2150 = 16490/-;
(Insaan)
3000+ 1/5 = 33000+6600 =39600
BOOK QUESTION OF JV
A
B
50000
30000
12500 Profit
- 4800 IOC
3000
1800
7700
2500
385
Profit = 4339
2926
7315
A
B
C
5
3
OR
8
8
1
1
SR
10
10
42
22
1
NR
80
80
5
42 : 22 : 16;
21 : 11 : 8
MODEL TEST PAPER – 12
O/S + purchases + direct expenses – C/S
8500 + 30700 + 4800 – 9000 = 35000
100
01/01/07
01/01/10
=> 147390 × 61.41
Cost
3 Years
147390
240000/-;147390=C(1-15%)^3
Trading
19500
25000
400
12000
1000
GP 16100
TB
Dr.
Cr.
COGS 150000
Stock
40000

Debtor 60000

FA

50000

Exp

20000

Sales

200000

Capital

90000

Cr

30000

 

320000

320000

Exp 20000 Sales 200000 Capital 90000 Cr 30000   320000 320000 9811860116 Page 21
Exp 20000 Sales 200000 Capital 90000 Cr 30000   320000 320000 9811860116 Page 21

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 28 40000 + 1000 – 2400 – 53600   O/B C/B

28

40000 + 1000 2400 53600

 

O/B

C/B

= 41000 56000 = 15000 Profit

29

Sales G.P = 80000 20% = 64000 COGS; Purchases = 100000;C/S = 100000 64000 = 36000

31

5%(460000 7500) = DIVIDEND = 22625

 

33

900000 = 7200 Shares

125

34

Share Capital => Called Up => (3+2+2)*100=

700/-

35

CR = Paid Up Loss On Reissue;= 500 × 6 500 × 1;

= 2500

Share Forfeited With Paid Up; 5×600 = 3000 5000  500 = 450 => 450
Share Forfeited With Paid Up;
5×600 = 3000
5000  500 = 450 => 450 
100
38
10 5000
; = 9%
100
39
16000× 160
= 10000
100
40
34200× 7500
= 45600
41
CP = 40000
SP = 40000× 100 = 50000
80
5
Commission 100
× 50000 = 2500
5
42
105
×(48000-6000) = 21
1 ×42000 = 2000
45
4200-(3000-400)+420+30
= 4200-(3050) = 1150
46
Purchase = COGS+C/S-O/S
= 158600+25400-44000
= 140000
47
Capital A/C
550
5000
650
2770
120
500
6950
48
Trading
9600
24900
11850
3500
200
6750
49
Provision For Balance
To Bad Debt
2500
1870
370
1000
51
Consignment

7500

10500

7500

600

1200

600

 

20 1860

 

1200

100

775

2285

52 400000 310000 = 90000

   20  1860   1200 100 775 2285 52 400000 – 310000 = 90000
   20  1860   1200 100 775 2285 52 400000 – 310000 = 90000

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 53 10950 – 4950 = 6 0 0 0 Balance;= 2000

53 10950 4950

=

6000 Balance;= 2000 Instalment

3

6000 + 360 2000 + 360 = 4000;LAst Will be 2000 + 120 = 2120

54 A B C D 3 1 OR 6 6 2 6 4 8 SR
54 A
B
C
D
3
1
OR
6
6 2
6
4
8
SR
12
12
5
4
2
1
NR
12
12
12
12
A
: B : C
1:0:0
56
Trading
1200000
1300000
225000
G.P 325000
57
DR.
10200
30400
+28400
37900
2700
Cash sales
Credit
1200 +37900
Sales
13800
66300
58
20% on Sales => 25% on Cost
9900000
59
110
= 9000000;
Premium =990000-900000= 900000
10
60
100
×5000×100 = 50000/-
MODEL TEST PAPER 13
20 ©
700000+100000-15000×2 = 770000
21 ©
140000 CPIL
=> Above Cost 40000 capital;
WDV 40000;60000 Revenue;Profit Of 100000
25
TB
Cash
3180
Bank
6900
Purchases 725
Rent
150
(a)
10955
26
Statement Showing Diff
©
Dr
Cr
Dr
Cr
A 1200
A
7200
6000
1200
B 1200
B
7200
6000
1200
To C 2400
C
3600
6000
2400
2:2:1
1:1:1
Wrong Correct
27
B/S
5000
Stock
2400
B/P
400
Cash
1800
Cr
800
Plant
1000
Loan
1500
Drs
500

32 4000+2000 = 24000,

= 9000 Profit (a)

Investments 2000

30000+3000 = 33000 Sales C/S

1500 Drs 500 32 4000+2000 = 24000, = 9000 Profit (a) Investments 2000 30000+3000 = 33000
1500 Drs 500 32 4000+2000 = 24000, = 9000 Profit (a) Investments 2000 30000+3000 = 33000

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 33 Credit Sales60000 -25000= 35000 (a) 34 2430+1390+260-1710 PB Insaan=

33

Credit Sales60000

-25000=

35000 (a)

34

2430+1390+260-1710

PB Insaan= 2370

MODEL TEST PAPER 14

23. Bill drawn for 45 days Date of drawing

25 th Jan. 2011

+ Days 45 days 11 th March 2011 + 3 days of grace 3 days
+ Days
45 days
11 th March 2011
+ 3 days of grace
3 days
14 th March 2011
Hence Ans. (a)
24. Amt. = 5000;Renew for = 1 month
NTM: So int will be charged for 1 month always calculate the int for the period for which bill is renewed
1
New amount will be = initial amount + interest for 1 month;= 5000 + 5000 × 12
× 100
12 = 5000 + 50 = 5050 Ans (b)
25. Date of acceptance = 05.02.2010 (DOA);Date of retirement = 13.03.2010 (DOR)
No of day for which Rebate will be calculated = 90 day – (DOR - DOA)
= 90 – (13.03.2010 – 05.02.2010)= 90 – (36) = 54 days
54
12
Rebate = 360
× 100
× 10,000 = 180
NTM: Here ignore no of days of grace
26.
Dr. Consignment Account
To goods sent (WN1)
80,000
By Consignee A/c (Sales)
1,50,000
on consignment
To Consignee’s A/c
40,000
By Stock at cost (WN1)
8,000
To Profit
38,000
.
1,58,000
1,58,000
WNI
NTM: Important table for exam
IP = 1,00,000 (Invoice price)
100% on cost = 50% on IP
Profit = 25% on cost = 20% on IP
50% on cost = 33.33% on IP
Cost price = IP – profit
33.33% on cost = 25% on IP

1,00,000 20y (1,00,000)

1,00,000 20,000 = 80,000

Similarly (WN2)

IP = 10,000

25% on cost = 20% on IP

20% on cost = 16.66% on IP

– 20,000 = 80,000 Similarly (WN2) IP = 10,000 25% on cost = 20% on IP
– 20,000 = 80,000 Similarly (WN2) IP = 10,000 25% on cost = 20% on IP

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR IP = IP – Profit = 10,000 – 20% (10,000) =

IP = IP Profit = 10,000 20% (10,000) = 8,000

NTm: Just remove profit from op bal, purchase and closing stock.

27.

28.

29.

30.

31.

32.

33.

34.

Cost of 1000 pkts @ 300 ` = 30,000 + freight & insurance for 100
Cost of 1000 pkts @ 300 ` =
30,000
+
freight & insurance for 100 pkts
500
Total lost for 100 pkts
30500
15
Costly damage = lost of 15 kpts =30,500 × 100
= 4575 `
30000+500/100*30+1300/85*30, SO ANS NONE OF THE ABOVE
Good supplied + expense
By large 2500 + 200
Total
2700
By elder 2000 + 150
2150
Total
4850
+
Commission (6000 × 5%)
300
Cost
5150
Profit of venture
= SP – cost;
= 6000 – 5150 = 850
Share capital A/c Dr by 100 × 10 (FV);
= 1000 since all Money is called up
Contract price
Add value of cl stock
2,00,000
6,000
Less paid wages
(60,000)
Less
(1,62,000)
= 16,000 loss
Old Ratio of J and R = ||;Loan = Premium for good will = 8,000
Which is to be credited to J and R in the ratio of their sacrifice ie
1
1
   3
1
1
  3
2
-
 4  2
  
2
-
   = ||
 4  2
ie 4,000 and 4,000
entry will be u a/c 8,000
TOJ 4,000
TOR 4,000
Anil, Rohit and Sumit old Ratio = 543
Amit
Rohit
5
4
Old share
12
12
3
4
 3
3
 
+ Share gained
+
+
12  7
  12  7
47
37
New share
84
84
=
4737
Old
Sac
Gain
New
+ 12  7   12  7  47 37 New share 84 
+ 12  7   12  7  47 37 New share 84 

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 35. 36. 37. 38. 39. 40. 41. 42. 43. Rachna Sapna

35.

36.

37.

38.

39.

40.

41.

42.

43.

Rachna

Sapna

Ashana

1

1

1

1

2

2

× 3

3

1

1

1

1

 

×

2

2

3

3

 

1

1

0

0

 

3

3

111 Good will = Profitsdoingyear × 10 – Capital Rateof Return = 12,00,000 - 8,00,000
111
Good will =
Profitsdoingyear × 10 – Capital
Rateof Return
=
12,00,000 - 8,00,000 = Nil
15%
Profit = Sales – Lost of Goods sold
= (40,000 – 30,000) = 10,000
NTM: Closing stock, opening stock and purchases are adjusted in cost of good sold
Balance os per cash book
Less: cheque deposit but not cr.
(13,500)
(3,000)
Add cheque issued but not presented
6,000
Overdraft as per bank statement
(10,500)
Sundry Creditors A/c Dr.
To P & L A/c
50,000
50,000
 in liability dr.
 in income cr.
Salary A/c dr. 50,000
To cash
45,000
To income tax
1,000
To professional tax
200
To EPF
2000
To Recovery of loon
1700
To Staff welfare fund
100
Cash A/c dr.
TDS A/c dr.
9,200
800
To dividend income A/c
10,000
A’s capital A/c Dr. 20,000 (share of)
B’s capital A/c Dr. 20,000 (profit s)

(‘s capital A/c Dr. 20,000 (So capital s)

To sundry creditor A/c 60,000 (Liability a)

Because concerned with daily to day recurring expenses to be revenue.

Suspense a/c dr.

720

To opening stock

720

daily to day recurring expenses to be revenue. Suspense a/c dr. 720 To opening stock 720
daily to day recurring expenses to be revenue. Suspense a/c dr. 720 To opening stock 720

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 44. GW = Aug profits × No. of years of purchase

44. GW = Aug profits × No. of years of purchase

 40,000  50,000  60,000  50,000 =      ×
40,000
50,000
60,000
50,000
= 
   × 3 = 1,50,000
4
Purchase consideration =
1,50,000
45. No of share issued =
= 10,000 shares
Issue price
(10
 5)
46. Cost 10,000
Less dep. for 1 st year
(2,500)
@ 25
7,500
Less dep. for 2 nd year
1875
5,625
Less dep. for 3 rd year
1,406.25
4,218.75
Less sale
1000
3,218.75
47.
Let lost on 01.01.2006 be
Less dep. for 2006 @ 15% p.a.
100x
(15x)
85x
Less dep. for 2007 @ 15% p.a.
(12.75x)
72.25
Less dep. for 2008 @ 15% p.a.
(10,8375)
61.4125
Less dep. for 2009 @ 15% p.a.
(9.211875)
52.200625
By following unitary method.
Loss on 04.01.2006 = 1,47,390 = 2,82,352.94
Ans. Given in module is incorrect.
Rate
10
48.
Commission = NP be for change comm. × 100
 Rate
= 22,000 × 100
 10
= 2,000
49.
Loss on issue of debenture= Discount on issue of debt. + premium redemption
= 6% + 4% = 10% on (100 × 1,00,000)= 10,00,000
50.
Product method

51.

52.

54.

3,00,000 × 6% = 18,000

(5% × 8,000) + (10% × 80,000) + (5 × 2,00,000) = 18,400

Misprint in module = Final in place of first

Called up FV = 10

Less non paid call 8 2

Entry will be (i) SC 1000

To forfeited shares 800

To call in arrears 200

10 Less non paid call 8 2 Entry will be (i) SC 1000 To forfeited shares
10 Less non paid call 8 2 Entry will be (i) SC 1000 To forfeited shares

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR Less discount (10 - 7) 5 On reissue per share to

Less discount

(10 - 7)

5

On reissue per share to be transferred to capital reserves.;On 100 share @ 5 = 500 Rs. + CR.

55.

56.

57.

58.

59.

60.

23.

24.

25.

32.

Discount on issue of debtors 15,000

Entry – Plant & Machinery To cash Rs. 2,00,000 65,000 To 6% debtors 1,50,000 (2,00,000-
Entry – Plant & Machinery
To cash
Rs. 2,00,000
65,000
To 6% debtors
1,50,000
(2,00,000- 65,000) × 100 = 15,000
Discount = No of debentures issued × discount per debentures=
(1000-100)
Unrecorded investment A/c Rs. 5,000 (in asset Dr.)
To revaluation a/c A/c 5,000 (in income Cr.)
NTM: Revaluation is income/nominal account
Discount = Discount × Amt o/s at 5 th years sum of amount o/s at all the years
To be written
Amount
6
20,000
= 100
× 1,00,000 ×
= 400
 20,000 40,000 60,000 80,0001,00,000
Amount forfeited on = 250 × (10 – 3 - 4)= 750
Amount to of CR = Share forfeited – Discount on reissue750 – (250 × 10 - 2000) = 250
Loss on issue of debentures = Discount on issue of deb+ Premium on red of debentures
=
5% × (2,00,000) + 10% × (2,00,000) = 30,000
Liability dr 10,000 ( in liability of firm)
To A’s capital 10,000 ( in capital of a)
MODEL TEST PAPER – 15
Cost of consignment
Add: packing and loading
1,00,000
5,000
Add: transportation
10,000
Add: insurance
5,000
T
cost
1,20,000
1
1
Abnormal loss = 10
of total cost of consignment= 10
(1,20,000) = 12,000
BOOK QUESTION DONE IN CLASS
Originalcost - Salvagevalue =
26,000- 6,000 = 20,000
Depreciation =
Useful life
6

Balance Sheet

Liabilities

Amount

Assets

Amount

Capital (bal fig)

1,85,000

Cash in hand

10,00

Owing to 2 ltd.

3750

Cash at bank

5,000

Interest received

250

Stock

20,000

Owing to 2 ltd. 3750 Cash at bank 5,000 Interest received 250 Stock 20,000 9811860116 Page
Owing to 2 ltd. 3750 Cash at bank 5,000 Interest received 250 Stock 20,000 9811860116 Page

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR In advance Land and building 1,00,000 Plant & Machinery` 50,000 Owing

In advance

Land and building

1,00,000

Plant & Machinery`

50,000

Owing prom max

12,500

Prepaid incomes

500

 

1,89,000

1,89,000

33. Corrected Trial Balance Dr. Cr. Sen Gupta’s capital 1,556 Sen Gupta’s drawings 564 Tea
33.
Corrected Trial Balance
Dr.
Cr.
Sen Gupta’s capital
1,556
Sen Gupta’s drawings
564
Tea bold dermises
750
Sale
2,750
Dues from customers
530
Purchases
264
Loan from bank
256
Godless
528
34.
Trade expenses
Cash at bank
700
226
Bills payable
100
Salaries and wages
600
Opening stock
264
Rent and tanes
463
Sales Return
98
5,454
5,454
35.
NIL
36.
BIR A/c Dr.
To Rajesh
10,000
in the book of ritesh.
10,000
Dinesh Dr.
10,500
To BIR
10,000
To discount received
500
39. Cost of goods sold = opening stock + purchases + Direct expenses – Closing stock
80,700 = 5,800 + purchases + 0 – 6,000;80,900 = purchases

NTM: Adjusted purchase = op stock + purchase closing stock

40. Cogs = op stock + purchases + direct expenses close stock= 8,500 + 30,700 + 4,800 9,000 = 35,000

41. GP=SalesCogs=1,30,20070,800=59,400

42. Dr.

Trading

Acc

Cr.

Opening stock

2,400

Sales

20,860

– 70,800=59,400 42. Dr. Trading Acc Cr. Opening stock 2,400 Sales 20,860 9811860116 Page 29
– 70,800=59,400 42. Dr. Trading Acc Cr. Opening stock 2,400 Sales 20,860 9811860116 Page 29

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR Purchases 15,205 Less return inward 860 20,000 Less return outward 185

Purchases

15,205

Less return inward

860

20,000

Less return outward

185

15,020

Carriage inward

524

Manufacturing wages

2,800

Closing stock

3,840

Manufacturing wages o/s

96

Add. Loss due to fire

1,000

4,840

UP 4,000 (Abnormal loss) 24,840 24,840 43. Cr. B/s Dr. Liabilities Amount Assets Amount Capital
UP
4,000
(Abnormal loss)
24,840
24,840
43. Cr.
B/s
Dr.
Liabilities
Amount
Assets
Amount
Capital + NP (26 + 96,000)
2,06,000
Cash in hand
1,24,000
Accounts payable
68,000
Prepaid expenses
2,000
Long tern loan
30,000
Cash at bank
2,90,000
Wages payable
1,20,000
Inventories
16,000
Investments
2,000
Bills Receivables
80,000
5,14,000
5,14,000
44. Cost
Less acc dep.
58,000
11,600
BV at begin
46,400
Less dep @
(9280)
20%
37,120
(46,400 ×
20 ) = 9,280
10
45.
Opening provisions for baddebts
Less bad debts
= 1250 Cr.
= (300) Dr.
Less provision to be maintained
= (500) Dr.
5 
   10,000 
 500
Amount of provision gendered to p & L
= 450 Cr.
100 
Depreciable Amount
46.
× Annual Production Unit During 1-3
Annual = TotalProductionDuringUsefulLife

47.

11,00,000 × 5,00,000 = 183333.332

Depreciation for 1-3 years= 30,00,000

Sale

2,50,000

Less cost

(2,02,000)

(2,00,000 + 2,000)

for 1-3 years= 30,00,000 Sale 2,50,000 Less cost (2,02,000) (2,00,000 + 2,000) 9811860116 Page 30
for 1-3 years= 30,00,000 Sale 2,50,000 Less cost (2,02,000) (2,00,000 + 2,000) 9811860116 Page 30

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 48. 49. 50. 51. 52. Less Discounting charges Less selling expenses

48.

49.

50.

51.

52.

Less Discounting charges

Less selling expenses

Less commission to B

(5,000)

(3,000)

(25,000)

Less into capital (12,000) ` 3,000 Negative balance as per pass book Less chaques drawn
Less into capital
(12,000)
`
3,000
Negative balance as per pass book
Less chaques drawn but not record in cash book
(10,000)
(00)
(100)
Less cheques drawer out not pressured for payment
(6,000)
Less bank charges recorded tense in cash book
(30)
Overdraft (Negative) balance as per cash book
(16,130)
Profit before interest and capital
Less: out on capital (WNI)
8,848
(2,000)
Less: salary to Karan 250 × 12
(3,000)
Add: Inton drawings wn2 (64 + 88)
152
Divisible profit
4,000
WNI
Int to Ratan (15,000 × 8%)
1,200
Int to Karan (10,000 × 8%)
800
2,000
WN2 Amount
Mouths
Product
Date
Ratan
Karan
Ratan
Karan
Ratan
Karan
June 30
600
800
9
9
5,400
7,200
Sept. 30
500
700
6
6
3,000
4,200
Dec. 31
400
600
3
3
1,200
1,800
Total
9,600
13,200
Ratan
Karan
1
1
Lat 9,600 × 12
× 8%
13,200 × 12
× 8%
64
88
Old
Gain
Sacrifice
New
5
5
X
8
8
1 1 Lat 9,600 × 12 × 8% 13,200 × 12 × 8% 64 88 Old
1 1 Lat 9,600 × 12 × 8% 13,200 × 12 × 8% 64 88 Old

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 53. 54. 55. 56. 57. 58. 5 9 . Y C

53.

54.

55.

56.

57.

58.

59.

Y

C

521

3 8

 

1

2

8

8

1

1

8

8

Total capital to be employed = 14,000 ÷ 5 1 = 70,000 Hidden G.W. =
Total capital to be employed = 14,000 ÷ 5 1 = 70,000
Hidden G.W. = Total capital to be employed – total capital actually employed by all purchases.
70,000 – (18,000 + 12,000 + 14,000) = 26,000
(Old – New)
Old
Gain
Corifice
New
1
3
A
9 4
9
9
3
1
2
B
9
9
9
2
C
9 2
0
9
2
D
9 2
9
Sacrifice Ratio of A, B and C = 110
So A and B equally
Old
New
Sacrifice
Gain
5
5
X
9
0
9
3
1
3
Y
9
2
18
1
7
Z
9 2
2
18
Gaining Ratio = 37
(6% × 10) ` = 0.6 paisa
ESC 100 × 100 = 10,000
To discount (bal fig)
10,000

To share forefeet ace (40 × 100)

To call in arrears (50 × 100)

TotalDiscount

=

No of yearsof termof debehture

2000 = 400

5

4,000

5,000

arrears (50 × 100) TotalDiscount = No of yearsof termof debehture 2 0 0 0 =
arrears (50 × 100) TotalDiscount = No of yearsof termof debehture 2 0 0 0 =

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 60. NTM: Proposed dividend if nothing mention is given on only

60.

NTM: Proposed dividend if nothing mention is given on only paid up share capital.

Call up

4,60,000

Less call in arrears

7500

Proposed

4,52,500

Dividend @ 5% = 4,52,000 × 5% = 22625

MODEL TEST PAPER 16

24. Cash sales Add: cash collected from Drs. 50,000 1,30,000 Add: Bad debts doing year
24.
Cash sales
Add: cash collected from Drs.
50,000
1,30,000
Add: Bad debts doing year
5,000
Less debtors at beginning
(10,000)
Sales
1,75,000
Depreciable Value
Lost ResidualValue
25,000- 5,000
25.
Depreciation per year as per SLM = No of usefullifeyears
=
Ref No.of per Useful years lifeYears × 100 = 8% =
Cost
10
2,000
= 2,000 per years;Rate of depreciation = 25,000
× 100 = ie
26.
TRADING ACCOUNT
Opening stock
5,570
Sales
15,248
Purchases
13,816
Less SR
524
14,724
Less Purchase
(390)
13,426
Closing stock
8,880
Import changes
1650
Gross profit
2958
23,604
23,604
27.
Salary
To Purchases
7,500
7,500
NTM: Goods taken up by employer is not considered as sales.
28.
COGS = OPENING STOCK + PURCHASES – CLOSING STOCK;1,00,000 = 5,000 + Purchases – 10,000
Purchases = 1,05,000
29.
Rent paid= 55,000;O/s rent for month of march =
55,000 × 1=5000/
11
30.
Opening capital
Add additional capital
3,00,000
50,000
Less drawings 2,000 × 12
(24,000)
Add profit
20,000

32.

Less int on drawing

12 × 2,000 ×

6.5

12

5

× 100

(650)

- 3,45,350

Sales

Add: Good to taken over A 4,000

50,000

× 2,000 × 6 . 5 12 5 × 100 (650) - 3,45,350 Sales Add: Good
× 2,000 × 6 . 5 12 5 × 100 (650) - 3,45,350 Sales Add: Good

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 33. Less Cost of good (42,500) Profit 11,500 Cost of march

33.

Less Cost of good

(42,500)

Profit

11,500

Cost of march in Less Residual value

1,35,000

5,000

Depreciable value 1,30,000;Useful life-10;Depreciation per year = 13,000

Depreciation for 1 st to 5 th years = 13,000 × 5 = 65,000 Depreciable
Depreciation for 1 st to 5 th years = 13,000 × 5 = 65,000
Depreciable value after = 1,30,000 – 65,000 = 65,000
65,000
65,000 = 8125
Revisedusefullife
=
8
34.
Mohan
Krishana
Ram
1
1
Old
2
2
0
1
1
1
1
Sacrifice
2
×
4
2
×
4
Gain
3
2
New
8
3 8
8
= 3 : 3 : 2
35.
Indirect expenses will be excluded.
Godown rent
800
Selling expenses
1,000
18,00
36.
OLD
NEW
4
5
13
A
9
8
72
3
B
3 9
0
9
2
11
C
9
3 8
72
37.
Loss on reissue = paid up value – Received amount on reissue;= 60 – 45 = 15 per share;
Amount transfer to CR = no of shares reissued ×(amount received – loss on reissue per share)
= 20 × (20 - 15) = 100 `
38. Let his commission be = x + 25 per unit of sale.Gross sale proceeds per unit =
73,800 = 164 per unit

450

His commission per unit= 4 1 (Gross proceeds prunit rate of 125 ` - Commissioner)

 

1

=

(164 125 x - 25) x = 2.8

 

4

rate of 125 ` - Commissioner)   1 = (164 – 125 – x - 25)
rate of 125 ` - Commissioner)   1 = (164 – 125 – x - 25)

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR X = 2.8 commission per unit = 25 + 2.8 =

X = 2.8 commission per unit = 25 + 2.8 = 27.8 ;So his total commission = 27.8 × 450 = 12,510

40.

42.

Loss ou issue of debentures = Discount on issue + Previon on redemption

(5% + 10%) of 1,00,000 = 15,000 `

Amount received on 250 shares which were reissued = 250 × 3 = 750

Loss on reissue = 250 × 10 2,000 = 500 ` ;Amount transfer to capital reserve = 750 500 = 250 `

6

43.

44.

47.

48.

49.

50.

52.

Discount on issue of debentures = 1,00,000 × 100 = 6,000 Amountoutstandinginfifthyear Discount to be
Discount on issue of debentures = 1,00,000 × 100
= 6,000
Amountoutstandinginfifthyear
Discount to be written off fifth years;= some of alltheoutstandingamount
× Discount + Amount
20,000
In
all the years ie from 1 st to fifth year;= (1,00,000
× 6,000 = 400 `
80,000
60,000
40,000
20,000)
NTM: If nothing mention about future profit share ratio, gaining and Sacrificing ration, then old ratio will become the
sacrificing ratio become all the partners will sacrifice in their old ratio.
Profit for the year
Less interest on partners capital
1,60,000
(3,00,000 + 2,00,000 + 1,50,000) × 5%
32,500
1,27,500
Share of profit to
A
B
C
Ratio
4
3
3
51,000
38,250
38,250
Guaranteed profit
40,000
To C by A
Less profit Distributed
38,250
Sacrifice made by A to C
1750
Old
New
Sacrifice
6
5
1
A
10
10
10
4
3
1
B
10
10
10
1
:
1
JE on forfeiter
Share capital (100 × 100) 10,000
To share forfeited bal fig
6,500
To discount on issue 10 × 100
1,000
To call in arrears 25 × 100
2,500

Answer already given in question. Acquiring ratio is the gaining ratio ic 6 : 4 or 3 : 2

Dr. balance as per cash book

3,000

question. Acquiring ratio is the gaining ratio ic 6 : 4 or 3 : 2 Dr.
question. Acquiring ratio is the gaining ratio ic 6 : 4 or 3 : 2 Dr.

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 53. 54. 55. 56. 57. 23. 24. Add cheque issued but

53.

54.

55.

56.

57.

23.

24.

Add cheque issued but not presented

500

Add int collected by bank

400

Add direct depositing by customer

250

Balance as per pass book

4,150

GW = Avg profit × No. of years of purchase;=

(2,00018,0009,000- 2,000- 5,000) × 1.5= 12,000

5

Opening Add cash sale

10,0000

5,000

35,000

50,000

400

8,000

Add cash sale 10,0000 5,000 35,000 50,000 400 8,000 Add Collection from dr. (Cr. Sales –

Add Collection from dr.

(Cr. Sales Drs alter and)(45,000 10,000)

Cash bal at end

Depreciation on furniture

   8,000

5

100

Depreciation on plant & machinery

Depreciation on building

Total dep.

  

   8,000

10

10

 10,000 18,400 = 600
10,000
18,400
= 600

5

2,00,000

100

= (100) 500
= (100)
500

Book yalue of machine = exchange value of march= loss on exchange = 5,000 800 = 4,200 `

Sales value Less profit 20% on cost ie 16.66% on sales (16.66% on 600) usefulllife
Sales value
Less profit 20% on cost ie 16.66% on sales
(16.66% on 600)
usefulllife
450
= 5000
× 100 = 9%
Gross profit
Less carriage outwards
51,000
(5,800)
Less rent paid
(6,400)

Less bad debts

(2,600)

Closing stock will increase by 500 NTM: always take opening and closing stock at cost ie logs values.

Depreciationper year × 100

Cost

MODEL TEST PAPER 17

Cost -ResidualValue = Depreciation per year 5,000- 500 = 450 ` Rate =

10

Add apprentice prem

1500

Less Printing & stationery

(1000)

Net profit

36,700

25.

Cash account By purchase

 

To capital

10,000

1,10,000

Net profit 36,700 25. Cash account By purchase   To capital 10,000 1,10,000 9811860116 Page 36
Net profit 36,700 25. Cash account By purchase   To capital 10,000 1,10,000 9811860116 Page 36

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR To sales 5,000 By expenses 19,300 To Debtors 35,000 By creditors
To sales 5,000 By expenses 19,300 To Debtors 35,000 By creditors 15,000 By bal cld.
To sales
5,000
By expenses
19,300
To Debtors
35,000
By creditors
15,000
By bal cld.
5,700
6.5
26.
Interest on capital = 2000 × 12 ×
12
× 10% = 1300
28.
Cost of goods
Add profit 33.33% on cost
7,500
 25% on sale = 33.33% on cost
2,500
Sales
10,000
29.
Dr.
TRADING A/C
Cr.
Purchases
Amount
Purchases
Amount
To opening stock
80,000
Sales
4,10,000
Purchase
3,00,000
2,94,000
Less sales return
(10,000)
4,00,000
Less purchase return
(6,000)
Closing stock
60,000
Carriage & freight
12,000
Duty & clearing charge
4,000
Wages
8,000
Gross profit
62,000
4,60,000
4,60,000
30.
Dr.
Cr.
Purchase
60,000
Reserve fund
20,000
Sales
1,00,000
Purchase return
1,000
Sale return
2,000
Opening stock
30,000
Sanding expenses
20,000
O/s exp.
2,000
Cash at bank
5,000
Fixed assets
50,000
Debtors
80,000
Creditor
30,000
Capital
94,000
2,47,000
2,47,000
31.
Over draft as per cash book
Less cheque deposit but not cleared
(2,500)
(1,000)
2,47,000 31. Over draft as per cash book Less cheque deposit but not cleared (2,500) (1,000)
2,47,000 31. Over draft as per cash book Less cheque deposit but not cleared (2,500) (1,000)

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR Add cheque issued but not cashed 1,400 Over draft balance as
Add cheque issued but not cashed 1,400 Over draft balance as per bank statement 2,100
Add cheque issued but not cashed
1,400
Over draft balance as per bank statement
2,100
33.
Dr.
Balance Sheet
Cr.
Liabilities
Amount
Assets
Amount
Capital
70,000
Cash
3,000
Less drawings
(12,000)
Stock
40,000
Add net profit + 18,000
76,000
Debtors
40,000
Bills payable
3,000
Cash at bank
8,000
Depreciation provision
4,000
Bill Receivable
5,000
Liability for expenses
3,000
Machinery
20,000
Creditors
30,000
.
1,16,000
1,16,000
37.
Amount paid on Share forfeit per share = 20 ` ;Loss on reissue per share = 60-45 = 15
Amount transfer to CR = No of share reissued × (Paid per share – loss ion reissue per share)= 30 × (20 - 15) = 150 `
38.
Equity share capital called up
Less calls in arrear
10,00,000
40,000
Equity share capital paid up
9,60,000
Proposed dividend 5% on 9,60,000 = 48,000
NTM: Dividend is paid on paid up capital excluding calls in advance.
40.
Discount on reissue = 200 × 1 = 200 `
41.
Depreciation as per WDV:
Cost
20,000
Less depreciation for 2006
3000
17,000
Less depreciation for 2007
2,550
14,450
Less depreciation for 2008
2,167.5
12,282.5
Depreciation as per WDV = 3000 + 22,550 + 2,167.5 = 7,717.5
Depreciation as per installment = 3,000 × 3 = 9,000
Less depreciation as per WDV
7,717.5
= unabsorbed depreciation
1,282.5
42.
Debtors
Less bad debts written off
1,95,000
4,200
1,90,800

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 4 Provision on debtors @ 4.5 = 1,90,800 × 100 =

4

Provision on debtors @ 4.5 = 1,90,800 × 100 = 7,632 Less provision of the
Provision on debtors @ 4.5 = 1,90,800 × 100
= 7,632
Less provision of the beginning
(6,500)
Add bad debts
4,200
Amount of net provision debited to p & l A/c
5,332
43. Dr.
TRADING A/C
Cr.
Particulars
Amount
Particulars
Amount
To purchases
60,000
Sales
80,000
Less purchase return
10,000
50,000
Less sales return
(10,000)
70,000
To gross profit
20,000
.
70,000
70,000
40,000 50,000 60,000 50,000 × 3 = 1,50,000
44.
Goodwill = Avg. profit × No. of years of purchases; Goodwill =
4
6
46.
Interest on loan 10,000 × 100
=
600
Less Int dr.
300
interest payable & outstanding
300
47.
Cost
20,000
Less: Depreciation for 3 2 1 years @ 10% ie from 1 july 2006 + 31 Dec. 2009
(7,000)
10
(20,000 × 3.5 × 100
)
by =
13,000
Sales consideration
15,000
Less BV
13,000
Profit on sale
2,000
48.
Cost price of machine
Add Forwarding
10,000
2000
Add import Duty
7,000
Add installation expenses
1,000
BV as on start of 1 st year
20,000
Less dep @ 10%
(2,000)

BV as on end of 1 st year

18,000

Less dep @ 10%

(1,800)

BV as at end of 2 nd year

16,200

Less dep. @ 10%

1620

BV as at end of 3 rd year

14,580

2 n d year 16,200 Less dep. @ 10% 1620 BV as at end of 3
2 n d year 16,200 Less dep. @ 10% 1620 BV as at end of 3

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR 52. 53. 55. 57. 23. No of shares = Purchase -Paymentby

52.

53.

55.

57.

23.

No of shares =

Purchase -Paymentby cheque =

Issue price

1,15,000-10,000 = 10,000 shares

10.5

Securities premium = (10.5 - 10) × 10,000 = 5,000 `

Let the commission be = x + 500

 15,000-12,500- x - 500 2000- x X = 400  Commission per television =
15,000-12,500- x - 500
2000- x X = 400
Commission per television =
   X + 500 =
4
4
Commission per television = 400 + 500 = 900;Total commission on 50 + television = 900 × 50 = 45,000
Sale
Less material purchased
1,12,000
(65,000)
Less wages paid
(6,000)
Less Admin expenses
(3,000)
Less selling exp.
(6,170)
Less expenses by A
(1,630)
Add closing stock
6,200
Profit
36,400
Closing capital
Less opening capital
16,900
(15,200)
Add drawing
4,800
Less additional capital introduced
(2,000)
= Net profit during the year
4,500
MODEL TEST PAPER – 18
Let the cost of machine on jan. 2007 be
Less depreciation for 2007
100 x
(10x)
90x
Less depreciation for 2008
(9x)
81x
Less depreciation for 2009
(81x)
Balance as on 1 Jan 2010
72.9x
By following unitary method; Cost of machine on1 jan. 2007 =
1,45,800 × 100= 2,00,000 `
72.9

24.

Dr.

TRADING ACCOUNT

 

Cr.

Particular

Amount

Particular

Amount

To opening stock

 

80,000

By sales

4,10,000

To purchases

3,00,000

Less SR

(10,000)

4,00,000

Less purchase returns (6,000)

2,94,000

Closing stock

60,000

SR (10,000) 4,00,000 Less purchase returns (6,000) 2,94,000 Closing stock 60,000 9811860116 Page 40
SR (10,000) 4,00,000 Less purchase returns (6,000) 2,94,000 Closing stock 60,000 9811860116 Page 40

ACCOUNTS CLASSES BY PANKAJ SIR

ACCOUNTS CLASSES BY PANKAJ SIR Carriage amount 12,000 To Gross profit 62,000 . 4,60,000 4,60,000 25.
Carriage amount 12,000 To Gross profit 62,000 . 4,60,000 4,60,000 25. Trial Balance Particular Dr.
Carriage amount
12,000
To Gross profit
62,000
.
4,60