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March, 2007:
Debit Balances Drawings Purchases Sales Returns Stock on April 1, 2006 Salaries Wages Leasehold Premises Rent, Rates and Insurance Carriage Inwards office expenses Plant and Machinery Light and Water Bills Receivable Sundry Debtors Cash at Bank cash-in-Hand Office Furniture Travellers' Salaries Bad Debts Carriage Outward Rs. 7,000 82,210 1,820 11,460 6,280 8,560 25,000 6,940 2,310 9,520 24,000 7,950 1,240 38,970 12,400 2,210 3,500 9,870 1,000 3,240 Credit Balances Capital Purchases Returns Sales Bad Debts Provision (April 1) Discount Sundry Creditors Rs. 90,000 4,240 1,49,840 4,240 180 16,980
Prepare a Trading and Profit and Loss Account for the year ended 31st March, 2007 and a Balance Sheet as on that date after taking into account the following: (a) Depreciation is to be written off as follows: Leasehold premises 5%, Plant and Machinery 10%. (b) Write off further Rs. 500 as Bad Debts and make a provision for Doubtful Debts equal to Rs.5, 000 (c) Wages amounting to Rs. 570 has become due but has not been paid. (d) The value of stock on 31st March, 2007 was Rs. 14,920. (e) Unexpired premium amounting to Rs. 680 is to be carried forward to the next year. [Gross Profit-Rs. 54,120; Net Profit-Rs. 13,220; Total of Balance Sheet-Rs. 1, 13, 770
13. The following is the Trial Balance of Mr. S. Kapur on 31st March, 2007:
Particulars Cash-a-Hand Cash at Bank Purchases Sales Returns Inward Returns Outward Wages Heating and Lighting Travelling Expenses Carriage on Purchases Stock (1st April, 2006) Buildings Freehold Land Machinery Salaries Computer General Expenses Insurance Premium Capital Drawing Sundry Debtors Sundry Creditors
Taking into account the following adjustments prepare the Trading and Profit and Loss Account and the Balance Sheet: (a) Stock on hand on 31st March, 2007 is Rs. 13,600. (b) Machinery is to be depreciated at the rate of 10% and computer at the rate of 20%. (c) Salaries for the month of March, 2007 amounting to Rs. 3,000 were unpaid.
(d) Insurance premium includes a premium of Rs. 170 for 2007. (e) Wages include a sum of Rs. 4,000 spent on the erection of a scooter shed for employees and
customers. (f) ,A provision for Doubtful Debts is to be created to the extent of 5% on Sundry Debtors. [Gross Profit-Rs. 87,430; Net Profit-Rs. 32,550; Total of Balance Sheet-Rs. 1, 79, 660)
14 From the following Trial Balance and other information prepare the Trading and Profit and Loss Account for the year ended 31st March, 2007 and Balance Sheet as on that date:
Particulars Sundry Debtors Stock (1st April, 2006) Cash-in-Hand Cash at Bank Plant and Machinery Sundry Creditors Trade Expenses Sales Salaries Carriage Outwards Rent Bills Payable Purchases Discounts Premises Capital (1st April, 2006)
The Stock on 31st March, 2007 was Rs. 12,450. Rent was unpaid to the extent of Rs. 85 and Rs. 150 were outstanding for Trade Expenses; Rs. 400 are to be written 'off as bad debts out of the above debtors; and 5% is to be provided for doubtful debts. Depreciate Plant and Machinery by 10% and Business Premises by 2%. Manager is entitled to a commission of 5% on net profit after charging his commission [Gross Profit-Rs. 6,080; Net Loss-Rs. 4,275; Total of Balance Sheet-Rs. 93,610) 15. From the following Trial Balance, prepare the Trading Account; Profit and Loss Account for the year ended March 31, 2007 and the Balance Sheet as on that date:
Debit Balances Purchases Drawings Plant and Machinery Motor Vehicles Building Sundry Debtors Stock in trade (1.4.2006) Sales Returns Wages Carriage Inward Carriage Outward Telephone Charges Salaries Insurance and Taxes Printing and Stationery Expenses Cash in hand Rs. Credit Balances Sales Purchases Returns Capital Creditors Bank Loan Rs.
The following adjustments are to be considered: 1) Closing Stock Rs. 15,270. 2) Printing and stationery expenses due Rs.58,650. 3) Outstanding liabilities for salaries Rs. 12,000. 4) Depreciation @ 10% per annum is to be provided on all fixed assets except building. [Gross Profit-Rs. 1, 93, 340; Net ProfitRs.44,650; Total of Balance Sheet-Rs. 7, 47, 370] [Hint: Depreciation on Plant and Machinery Rs.
12,300 and Motor Vehicles Rs. 17,600.] 15 The following is the total balance obtained from the books of Mr.G. Vishwanath on 31st March, 2007:
Head of Accounts Computers Plant and Machinery Motor Van Cash in hand Cash at Bank Stock (as on 1st April, 2006) Debtors/Creditors Purchases Sales Returns Inward Return Outward Rent Salaries Bank Loan (Loan taken on 1.4.2006 @ 10% p.a.) Carriage Outward Wages Interest Electric Charges General Charges Capital
You are required to prepare Mr.Vishwanath's Trading and Profit and Loss Account for the year ending 31st March, 2007 and his Balance Sheet as on that date after taking into account the following adjustments:
20 Prepare the Trading and Profit and Loss Account for the year ended 1st March, 2007 and the Balance Sheet as on that date from the following Trial Balance:
Particulars Capital . Cash Bank Overdraft Purchases and Sale Returns Establishment Expenses Taxes and Insurance Bad Debts and Debts Provision Debtors and Creditors Commission Deposits Opening Stock Drawings Furniture Bills Receivable and Bills Payable
Adjustments: (a) Salaries Rs. 100 and taxes Rs. 200 are outstanding but Insurance Rs. 50 is prepaid. (b) Commission Rs. 100 received in advance for the next year. (c) Interest Rs. 210 is to be received on Deposits and Interest on Bank Overdraft Rs. 300 is to Be paid. (d) Bad Debts Provision to be maintained at Rs. 1,000. (e) Depreciate Furniture by 10%. (f) Stock on 31st March, 2007 is Rs. 4,500. (g) A fire occurred on 1st April, 2007 destroying goods costing Rs. 1,000. [Gross Profit-Rs. 5,500; Net Profit-Rs. 2,000; Total of Balance Sheet-Rs. 17,800
21. The following balances were extracted from the books of Modern Traders on 31st March, 2007:
Capital Drawings Plant and Machinery Accumulated Depreciation st Stock on 1 April, 2006 Purchases Sundry Debtors Furniture Freight Inward Carriage Outward Rent Rates and Taxes Rs. 85,000 5,000 40,000 9,000 15,000 82,000 20,600 5,000 2,000 500 4,600 Printing and Stationery Sundry Creditors Sales Postage and Telegram Bad Debts Provision for Doubtful Debts Discounts received Rent Revenue Insurance Salaries Wages Cash-in-Hand Cash in Bank Reserve Fund Rs. 800 9,000 1,20,000 800 400 800 400 1,200 700 20,000 1,300 6,200 25,500 5,000
Prepare Final Accounts for the year ended 31st March, 2007 after taking into account the following: (a) Stock on 31st March was valued at Rs. 15,000. (b) Outstanding wages Rs. 500. (c) Provision for doubtful debts is to be maintained at 5% of the Debtors. (d) Prepaid Insurance was Rs. 100. (e) Provide Depreciation on Plant and Machinery @ 10% and on Furniture @ 5%. [Gross Profit-Rs. 34,200; Net Profit-Rs. 3,620; Total of Balance Sheet-Rs. 98,120]
22. The following is the Trial Balance as at 31st March, 2007. Prepare the Trading and Profit and
Stock on 31st March, 2007, Rs.20,600. You are to make Provisions in respect of the following: (a)Depreciate Machinery at 10% per annum. (b) Make a provision @ 5% for Doubtful Debts. (c) Provide discount on debtors and on creditors @ 2Y2%. (d)Rent and Rates include Rent deposit of Rs. 400. (e) Insurance Prepaid Rs. 120. [Gross Profit-Rs. 41,000; Net Profit-Rs. 7,435; Total of Balance Sheet-Rs. 1, 87, 535}
23. he following are the Ledger Accounts of Mr.Rustomji for the year ended 31st March, 2007:
Rs. Building. Sundry Debtors Sundry Creditors Income Tax Loose Tools Cash at Bank Sundry Expenses Purchases Bank Interest (Cr.) Capital Wages Carriage Inwards Sales Drawings Motor Van
30,000 19,000 38,000 2,050 2,000 32,400 3,980 3,14,000 150 94,780 20,000 2,240 3,70,000 4,000 25,000
Rs. Cash in Hand Bad Debts Loan from Mohan Investments Provision for Doubtful Debts Insurance Furniture Stock (1.4.2006)
Bills Payable
20,000
You are required to prepare the Trading and Profit and Loss Account for the year ended on 31st March 2007 and the Balance Sheet on that date. You are also given the following information: (a) Of the Sundry Debtors Rs. 600 are bad and should be written off. (b)Maintain a provision of 5% on Sundry Debtors for Doubtful Debts. (c)Dividend accrued and due on investment is Rs.270. (d)Insurance paid in advance Rs. 200, wages outstanding Rs. 900. (e) Stock on 31st March, 2007 was valued at Rs. 30,000 and loose tools were valued at Rs. 1,600. (f) Depreciation on Building 5% and on 40% motor van. (g) Provide for interest at 12% per annum due on loan on 1.6.2006. (h) Income tax paid has to be treated as drawings. [Gross Profit-Rs. 8,160; Net Loss-Rs. 10,770; Total of Balance Sheet-Rs. 1, 42, 360]
24 following is the Trial Balance extracted from the Books of M/S Radha Krishna and Co. on 31st March, 2007:
Debit Balances Stock (1.4.2006) Purchase Salaries Wages Buildings Plant and Machinery Furniture and Fittings Rent Carriage inward Dock charge Sundry Debtor Bills receivable Insurance Discount General expenses Rates and Taxes Custom duty Repairs Bad debts Rs. Credit Balances S. Radha krishna's capital Bills Payable Sundry Creditors Loans on Mortgag Returns outward Sales Provision for Doubtful Debts
Prepare Trading Account, Profit and Loss Account and a Balance Sheet taking into consideration the following adjustments: (i) 'Provide for interest on loan for the year at 12% per annum. (ii) Create 5% on Debtors for Doubtful Debt. tiii) Stocks taken on 31st March, 2007 were Rs. 12,750. (iv) Depreciation to be charged on Furniture and Fittings, at 10%, Plant and Machinery at 5% and Buildings at 2.5%. [Gross Profit-Rs. 30,800; Net Profit-Rs. 11,295; Total of Balance Sheet-Rs. 1,12,795] 25 The following is the trial balance of Shri Bansi Lal as on 31st March, 2007 you are required to prepare Final Accounts:
Particulars Sundry Creditors Sundry Debtors
Capital Account Drawings Insurance General Expenses Salary Patents Machinery Freehold land Building Stock on 1-4-08 Carnage on Purchases Carriage on Sales Fuel and Power Wages Returns Outwards Returns Inwards Sales Purchases Cash in bank cash in hand .
The following adjustments are to be made: (i) Stock on 31st March, 2007 was valued at Rs. 68,000. (ii) A provision for Doubtful Debts is to be created to the extent of 5% on Debtors. (iii) Depreciate Machinery by 10%, Patents by 20%. (iv) Wages include a sum of Rs. 20,000 spent on the erection of a cycle shed for employees and customers. (u) Salaries for the month of March 2007, amounting to Rs: 15,000 were unpaid. (vi) Insurance includes a premium of Rs. 1,700 on a policy expiring on 30th September, 2007. [Gross Profit-Rs. 4, 37, 150; Net Profit-Rs. 1, 62, 750; Total of Balance Sheet-Rs. 8, 98, 300) 26 Following was the balance of Mr. Bharat on 31st March, 2007 and he desires to prepare his final Accounts:
Particulars Capital . Plant and Machinery Office Furniture and Fittings Stock as on 1st April, 2006 Accrued Commission Sundry Debtors Cash in hand . Cash at Bank Wages Salaries Purchases Sales Bills Receivable Bills Payable Sundry Creditors Returns Inward Provision for Doubtful Debts Drawings Returns outwards Rent Factory lighting and heating Insurance General Expenses Bad debts Discount Dr Rs. Cr. Rs
The following adjustments are to be made: (i) Stock on 31st March, 2007 Rs. 5,200. (ii) Three months factory lighting and heating due,but not paid Rs.30. (iii) 5% depreciation to be written off on furniture. (iv) Write off further Bad Debts Rs. 70. (u) Provision for Doubtful Debts to be increased to Rs. 300 and provision of discount on debtors (vi) During the year machinery was purchased for Rs. 2,000, but it was debited to the Purchase Account. [Gross Profit-Rs. 13,560; Net Profit-Rs. 10,083; Total of Balance Sheet-Rs. 19,173]
@ 2%
to be made.
27. The following is the Trial Balance of Shri Paras on 31st March, 2007. You are required to prepare the Final Account after giving effects to the adjustments:
Debit Balances Rs. Sundry Debtors Sundry Creditor Credit Balances Rs
Drawings Capital a/c Insurance Return Outwards General Expenses Sales Salaries Patents Machinery Freehold land Buildings Stock (1.4.2006) Cash at Bank Carriage on Purchases Carriage on Sales Fuel and Power Wages Return Inward Purchases Cash in hand
28 Prepare the Trading and Profit and Loss Account and Balance Sheet from the following particulars as on 31st December, 2006: Capital Cash-in-Hand Bank overdraft @ 5% Purchases and Sales Returns Establishment Charges Taxes and Insurance Bad Debts Reserve Bad Debts Sundry Debtors and Creditors Commission Investments Stock (1.1.2006) Drawings Furniture Bills Receivable & Bills Payable Collected from sale tax Interest on Loan to Anwar Sundry Debtors Sundry Creditors Cash in Hand Cash at Bank Bills Receivable Bills Payable
Adjustments: 1) Stock on 31st March, 2007 was valued at Rs 55,000. 2) A new machinery was installed during the year costing Rs. 22,000 but it was not recorded in the books as no
payment was made for it .. Wages Rs. 1,500 paid for its installation have been debited to wages account. 3) Depreciate Plant and Machinery by 20% and Freehold property by 15%. Depreciation is not to be charged on the machinery purchased during the year. 4) Loose tools were valued at Rs. 12,000 on 31st March, 2007. 5) Write off Rs. 500 as further bad debts. 6) Maintain a Provision of 10% on Sundry Debtors for doubtful debts. 7) The Manager is entitled to a commission of 10% of the net profits after charging such commission. [Gross Profit-Rs. 2,40,500; Net Profit-Rs. 1,33,000; Total of Balance Sheet-Rs. 4,02,300) [Hint: Manager Commission = 10/110 x Rs. 1, 46, 300 = Rs. 13,300.)
32 On 31st December 2006 the following Trial Balance has been extracted from the books of a merchant:
Debit Balances Drawings A/C Sundry Debtors Interest on Loan Cash in Loan Stock (1-1-2006) Motor Vehicles Cash at Bank Land and Buildings Bad Debts Purchases Sales Returns Carriage Outward Carriage Inward Establishment
Rs. 3,000 19,100 200 3,050 5,839 9,000 4,555 12,000 625 67,458 7,821 1,404 3,929 8097
Debit Balances (Contd.) Rates, Taxes and Insurance Advertisement General Expenses Bills Receivable Credit Balances Capital A/C Sundry Creditors Loan on Mortgage Bad Debts Provision Sales Purchases Returns Discounts Bills Payable RENT RECEIVED
Prepare the Trading and Profit and Loss Account for the year ending on 31st December, 20.06 and the Balance Sheet as on that date after considering the following matters:
(a) Depreciate Land and Buildings at 5% and Motor Vehicles at 15%. (b) Interest on loan is @ 5% taken on 1st January, 2006. (c) Goods' costing Rs. 600 were sent to a customer on sale or return for
December, 2006 and has been recorded in the books as actual sales. (d) Salaries amounting to Rs. 700.and rates amounting to Rs. 400 are due. (e) There has been a fire on 1st January, 2007 destroying goods worth Rs. 200. (f) The Bad Debts Provision is to be brought up to 5% on Sundry Debtors. (g) The Stock in Hand on 31st December, 2006 was valued at Rs. 6,250. (h) Goods costing Rs. 500 were taken away by the proprietor for his personal use, but no entry ha s been made in the books of accounts. (i) Prepaid Insurance amounted to Rs. 175. (j) Provide for Manager's commission at 5% on net profit after charging such commission. [Gross Profit-Rs. 34,192; Net Profit-Rs. 10,097; Total of Balance Sheet-Rs. 58,042) [Hint: Manager Commission = 5/105 x Rs. 10,602 ~ Rs. 505.)
The trial balance of X for the year ended 31 December, 2001 is given head. Prepare his Trading and Profit and Loss Account for the year ended 31 December, 2001 and his Balance Sheet as on that date: Furniture Building Machinery Capital Bad debts Bad debts reserve Debtors and Creditors Stock (1-1-2001) Purchases and Sales Bank overdraft Sales Returns and Purchase Returns Advertisement Interest CASH Tax and Insurance General expenses Salary Stock on 31 December, 2001 was valued at Rs. 3,250. Depreciate building at 5%, furniture at 10% and machinery at 20%. Interest Rs. 85 is payable on bank overdraft. Salary Rs. 300 and tax Rs. 120 are outstanding. Insurance prepaid is Rs. 100 and one-third of the commission is received in advance. Furniture purchased in January 2001 worth Rs. 100 is included in purchases. Write off Rs. 100 as further bad debts and reserve for doubtful debts is to be made equal to 5% on debtors. 20
3. 4.
From the following balances taken from the ledgers of Krishna on 31 st March. 2005, prepare the Trading and Profit & Loss Account for the year ending 31st March, 2005 and the Balance Sheet as on that date:
Rs. Rs.
Sundry Creditors Building Income Tax Loose Tools Cash at Bank Sundry Expenses Bank Interest (Credit) Purchases Rates Carriage Inwards Sales Motor Van Cash in hand
19,000 15,000 1.025 1,000 16,200 1,990 75 1,57,000 10,000 1,120 1,85,000 12,500 335
Bad debts Loan from Ram Sundry Debtors Investments Bad debts reserve Rent and Rates Furniture Stock (1-4-2004) Capital Discount allowed Discount received Drawings Bills payable
100 2,500 9,500 6,500 1,600 850 3,000 27,350 47,390 630 535 2,000 10,000
Adjustments
1) Write off further Rs. 300 as bad debts and create a provision for bad debts at 20% on debtors. 2) Dividend accrued and due on investments is Rs. 135. Rates paid in advance Rs. 100 and wages owing Rs. 450. 3) On 31-3-2005 stock was valued at Rs. 15,000 and loose tools were valued at Rs. 800. 4) Write off 5% for depreciation on buildings and 40% on motor van. 5) Provide for interest at 12% p.a. due on loan taken on 1-6-2004. 6) Manager is entitled to a commission of 5% on net profits after charging his commission.
The following balances were taken from the books of Sh Ram Prasad on 31st March, 2003:
Rs.
Capital Account Drawings 1,00,000 17,600 Rent (Cr.) Railway freight and other expenses
Rs.
2,100
Purchases Sales Purchase Returns Opening Stock Bad Debts' Bad Debts Provision (1st April, 2002) Rates & Insurance Discount (Cr.) Bills Receivable Sales Returns Wages Buildings
80,000 1,40,370 2,820 11,460 1,400 3,240 1,300 190 1,240 4,240 6,280 25,000
on goods sold Carriage Inwards Office Expenses Printing & Stationery Postage & Telegrams Sundry Debtors Sundry Creditors Cash at Bank Cash in Hand Office Furniture Salary & Commission additions to Building
1,6,940 2,310 1,340 660 820 62,070 18,920 12,400 2,210 3,500 9,870 7,000
Prepare Trading, Profit & Loss Account for the year ending 31st March, 2003 and Balance Sheet as on 31st March, 2003, after keeping in view these adjustments: 1. Depreciate Old Building @ 2-1/2% and New Addition to Building @ 2% and office furniture @ 5%. 2. Write off further Bad debts Rs. 570. 3. Increase the Bad Debts Provision to 6% of Debtors. 4. On 31st March, 2003 Rs. 570 was outstanding for salaries 5. Rent receivable Rs. 200 6. Interest on Capital at 5% 7. On 31st March 2003 stock is valued at Rs. 14,290. 8. Unexpired insurance Rs. 240.
From the under mentioned trial balance of Banerjee prepare the final accounts for the year ended 31st March, 2003 and the Balance Sheet as at that date: Land and Buildings Purchases (Adjusted) Stock (March 31, 2003) Returns Wages Salaries Office Expenses Carriage Inwards Carriage Outwards Discounts Bad Debts Sales Capital Account Chatterjee's Loan A/C (taken on 1.10.02 @ 18% p.a.) Insurance Commission Plant & Machinery Furniture & Fixtures Bills Receivable Sundry Debtors Sundry Creditors Cash at Bank Office Equipment Bills Payable Expenses Payable The following adjustments be taken care of: 1) Depreciate Land and Buildings @ 6%, Plant and Machinery @ 10%,Office equipment @ 20% and Furniture and Fixtures @ 15% 2) Calculate a provision for bad and doubtful debts at 2% on debtors. 3) Insurance premium includes Rs. 250 paid in advance. 4) Provide interest on capital @ 10% p.a. and salary to Banerjee Rs. 15,000 p.a. 5) 10% of the final profit is to be kept in General Reserve. From the following Trial Balance of Mr. Bharat for the year ending 31-3-2001 and
additional information given, prepare Trading and Profit and Loss Account and Balance Sheet as on 31-3-2001:
Capital Drawings Opening Stock Purchases Sundry Creditors Sundry Debtors Sales Discounts Commissions Returns Salaries Rent, Rates and Taxes Postage, Telegrams and Telephones Loan Interest Furniture Brand Names and Designs (Patents) Advertisement Cash in hand Cash at Bank Freight Inward Duty Drawbacks (Income)
Other Information 1) Closing stock Rs. 1, 70, 000. 2) Sales included Sales tax Rs. 50,000. 3) Depreciate Furniture @ 10%. 4) Write off Brand Names and Designs @ 20%. 5) Advertisement to be written off in 5 years.
6) Salaries outstanding Rs. 12,000 and salaries paid in advance Rs. 10,000. 20 {Ans Gross Profit Rs. 4, 29,000; Net profit Rs. 1, 59,000; Balance Sheet total Rs. 9,56,0001