class 12 accounts final account solution nepal
Class 12 Final account with solution
Note; for student’s convienence questions are
coloured with red and answers with black
1.1. 1 2076 set B Q.no 14
.Following is the trial balance of a company prepare final account
|
Debit |
RS |
Credit |
RS |
|
Opening stock |
50,000 |
Share capital |
8,00,000 |
|
Purchases |
200,000 |
Debentures |
2,00,000 |
|
Land and building |
15,00,000 |
Sales |
15,10,000 |
|
Plant and machinery |
500,000 |
Commission |
50,000 |
|
Carriage inward |
30,000 |
Reserve for bad debt |
15,000 |
|
Salaries |
150,000 |
Creditors |
55,000 |
|
Wages |
35,000 |
General reserve |
45,000 |
|
Bank balance |
15,000 |
Purchase return |
5,000 |
|
Debtor |
50,000 |
Profit and loss account |
1,55,000 |
|
Investment |
200,000 |
|
|
|
Stationeries |
45,000 |
|
|
|
Discount |
5000 |
|
|
|
Rent |
25000 |
|
|
|
Sales return |
10,000 |
|
|
|
Insurance |
20,000 |
|
|
|
Total |
28,35,000 |
Total |
28,35,000 |
Additional information ;
·
Closing stock ; RS
80,000
·
Baddebt written off
on debtor,@5%
·
O/S salaries RS
10,000
·
Proposed dividend @
10%
TRADING ACCOUNT
Dr
CR
|
Particulars |
RS |
Particulars |
RS |
|
To,Opening stock |
50,000 |
By, Sales 15,10,000 Less; Sales return 10,000 |
15,00,000 |
|
To,purchase Less,Purchase return5000 |
1,95,500 |
By,Closing stock |
80,000 |
|
To; Wages |
35,000 |
|
|
|
To, Carriage inward |
30,000 |
|
|
|
To Gross profit C/d |
12,70,000 |
|
|
|
|
|
|
|
|
|
15,80,000 |
|
15,80,000 |
PROFIT
AND LOSS ACCOUNT
DR CR
|
Particulars |
Rs |
Particulars |
RS |
|
To,Salaries Add; O/S 30,000 |
1,80,000 |
By gross profit b/d |
12,70,000 |
|
To Stationeries |
45,000 |
By commission 50,000 Less: unearned commission 10,000 |
40,000 |
|
To,Discount |
5,000 |
By reserve for baddebt |
15,000 |
|
To,Rent |
25,000 |
|
|
|
To, Insursance |
20,000 |
|
|
|
To, Bad debt written off |
2,500 |
|
|
|
To,Net profit C/D |
10,47,500 |
|
|
|
|
|
|
|
|
|
13,25,000 |
|
13,25,000 |
Profit and loss appropriation account
Dr cr
|
particulars |
rs |
particulars |
Rs |
|
To proposed dividend (10%of *80,00,000) |
80,000 |
by balance b/d |
1,55,000 |
|
To balance c/d |
11,22,500 |
By Net profit b/d |
10,47,500 |
|
|
12,02,500 |
|
12,02,500 |
Balance sheet
|
Capital
and liablities |
RS |
Assets |
Rs |
|
Share
capital |
|
Fixed
assets |
|
|
Authorized capital |
|
Land and building |
15,00,000 |
|
Issued and paid up capital |
80,000 |
Plant and machinery |
500,000 |
|
Reserve
and surplus |
|
Investment |
|
|
Profit and loss appropriation A/c |
11,22,500 |
Investment |
200,000 |
|
General reserve |
45,000 |
Current assets & loan & advances |
|
|
Secured Loan |
|
a.Current
assets |
|
|
Debenture |
200,000 |
Bank balance |
15,000 |
|
Unsecured
Loan |
|
Debtors 50,000 Less; bad debt 2,500 |
47,500 |
|
Current liabilities
and provision |
|
Closing stock |
80,000 |
|
a.Current
liablities |
|
b. Loan
& advances |
|
|
Creditors |
55,000 |
Miscellaneous
expenditure |
|
|
O/s salary |
30,000 |
|
|
|
Unearned commission |
10,000 |
|
|
|
B .provision |
|
|
|
|
Proposed dividend |
80,000 |
|
|
|
|
23,42,500 |
|
23,42,500 |
2. 2076 C
Set Q.No. 14.
|
Debit |
RS |
Credit |
RS |
|
Opening balance |
40,000 |
Share capital |
4,00,000 |
|
Purchase |
2,80,000 |
Purchase return |
8,000 |
|
Sundry expenses |
80,000 |
Sales |
5,60,000 |
|
Carriage |
8 ,000 |
10% debenture |
400,000 |
|
Wages |
80,000 |
Reserve fund |
2,40,000 |
|
Rent |
3,20,000 |
P/L account |
32,000 |
|
Salaries |
5,60,000 |
Other income |
8,48,000 |
|
Debtors |
1,20,000 |
Creditors |
1,60,000 |
|
Insurance |
40,000 |
|
|
|
Cash |
80,000 |
|
|
|
Machinery |
8,80,000 |
|
|
|
Furniture |
1,60,000 |
|
|
|
|
26,48,000 |
|
26,48,000 |
Additional Information
Ø Salaries O/S RS;
25,000
Ø Depriciation on furniture and machinery 10%
Ø Prepaid insurance RS, 30,000
Ø Closing stock RS,
1,50,000
Solution
Trading A/c
|
Particulars |
Rs |
Particulars |
RS |
|
To opening stock |
40,000 |
By sales |
5,60,000 |
|
To purchase 2,80,000 Less; purchase return 8000 |
2,72,000 |
By closing stock |
1,50,000 |
|
To wages |
80,000 |
|
|
|
To carriage |
8000 |
|
|
|
To gross profit C/D |
3,10,000 |
|
|
|
|
7,10,000 |
|
7,10,000 |
Profit and loss Account
Dr cr
|
Particulars |
rs |
Particulars |
Rs |
|
To sundry expenses |
80,000 |
By gross profit |
3,10,000 |
|
To rent |
3,20,000 |
By other income |
8,48,000 |
|
To salaries 5,60,000 Add O/s salaries 25,000 |
5,85,000 |
|
|
|
To insurance 40,000 Less; prepaid insurance 30,000 |
10,000 |
|
|
|
To intrest on debenture |
40,000 |
|
|
|
To depreciation on machinery (10% of rs 8,80,000) |
88,000 |
|
|
|
To depreciation on furniture (10% 0f 160,000) |
16,000 |
|
|
|
To net profit C/d |
19,000 |
|
|
|
|
11,58,000 |
|
11,58,000 |
P/L appropriation A/ c
|
Particulars |
Rs |
Particulars |
RS |
|
To balance c/d |
51,000 |
By balance b/d |
32,000 |
|
|
|
|
19,000 |
|
|
51,000 |
|
51,000 |
Balance sheet
|
Capital & liabilities |
Rs |
Assets |
Rs |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Machinery 8,80,000 Less; depreciation 88,0000 |
7,92,000 |
|
Issued & paid up capital |
4,00,000 |
Furniture 160,000 Less;depreciation 16000 |
1,44,000 |
|
Reserve and
surplus |
|
Investment |
|
|
P/l appropriation account |
51,000 |
Current assets & loan & advance |
|
|
Reserve fund |
2,40,000 |
a.current assets |
|
|
Secured loan |
|
Debtors |
1,20,000 |
|
10% debenture |
400,000 |
Prepaid insurance |
30,000 |
|
Unsecured loan |
|
Cash |
80,000 |
|
Current liabilities & provision |
|
Closing stock |
1,50,000 |
|
a.current liabilities |
|
b. loan & advance |
|
|
Creditors |
1,60,000 |
Miscellaneous expenditure |
|
|
O/S salaries |
25,000 |
|
|
|
O/s interest on debenture |
40,000 |
|
|
|
b.provision |
|
|
|
|
|
13,16,000 |
|
13,16,000 |
3. 2075 GIE Q.NO. 14
|
Particulars |
RS (dr) |
Particulars |
RS(cr) |
|
Opening stock |
20,000 |
Sales |
3,15,000 |
|
Purchase |
2,00,000 |
Share capital |
2,00,000 |
|
Wages |
33,000 |
12% debenture |
1,00,000 |
|
Salaries |
30,000 |
Purchase return |
20,000 |
|
Carriage |
3,500 |
Provision for bad debt |
1,500 |
|
Debtor |
50,000 |
Provision for tax |
5,000 |
|
Office equipment |
3,00,000 |
Profit & loss
account |
1,40,000 |
|
Cash |
40,000 |
Creditors |
10,000 |
|
Selling expenses |
10,000 |
|
|
|
Rent |
30,000 |
|
|
|
Intrest on debenture |
8,000 |
|
|
|
Bad debt |
7,000 |
|
|
|
Investment |
60,000 |
|
|
|
|
7,91,500 |
|
7,91,500 |
Additional information
Ø Closing stock RS 1,50,000
Ø Depreciation on office equipment by 10%
Ø Bad debt increased by RS 3000 & provision for bad
debt increased to RS 6,000
Ø Profit transferred to general reserve RS 15,000
Ø Proposed dividend 10% on share capital
Solution
Trading account
|
Particulars |
RS |
Particulars |
Rs |
|
To Opening stock |
20,000 |
By sales |
3,15,000 |
|
To purchase 200,000 Less; purchase return 20,000 |
1,80,000 |
By closing stock |
1,50,000 |
|
To wages |
33,000 |
|
|
|
To carriage |
3,500 |
|
|
|
To gross profit C/d |
2,28,500 |
|
|
|
|
4,65,000 |
|
4,65,000 |
Profit & loss account
|
Particulars |
RS |
Particulars |
RS |
|
To salaries |
30,000 |
By gross profit b/d |
2,28,000 |
|
To selling expenses |
1o,ooo |
By provision for bad debt |
1,500 |
|
To rent |
30,000 |
|
|
|
To interest on debenture 8000 Add,O/S interest 4,000 |
12,000 |
|
|
|
To bad debt 7,000 Add; further bad debt 3000 |
10,000 |
|
|
|
To provision for bad debt |
6,000 |
|
|
|
To depreciation on office equipment (10%of RS. 3,00,000) |
30,000 |
|
|
|
To net profit c/d |
1,02,000 |
|
|
|
|
2,30,000 |
|
2,30,000 |
P/L appropriation A/C
|
Particulars |
RS |
Particulars |
Rs |
|
To general reserve |
15,000 |
By balance B/d |
1,40,000 |
|
To proposed dividend (10%of RS.2,00,000) |
20,000 |
|
1,02,000 |
|
To balance c/d |
2,07,000 |
|
|
|
|
2,42,000 |
|
2,42,000 |
Balance sheet
|
Capital & liabilities |
RS |
Assets |
RS |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Office equipment 3,00,000 Less; depreciation 30,000 |
2,70,000 |
|
Issued & paid up capital |
2,00,000 |
Investment |
|
|
Reserve & Surplus |
|
Current
assets & loan & advances |
|
|
P/L appropriation A/c |
2,07,000 |
a.Current assets |
|
|
General reserve |
15,000 |
Debtors 50,000 Less; further bad debt 3,000 Less; provision for bad debt 6,000 |
41,000 |
|
Secured Loan |
|
Cash |
40,000 |
|
12% debenture |
1,00,ooo |
Closing stock |
1,50,000 |
|
Unsecured
loan |
|
b. Loan & advance |
|
|
Current liabilities & Provision |
|
Miscellaneous expenditure |
|
|
a.
Current
liabilities |
|
|
|
|
Creditors |
10,000 |
|
|
|
O/S interest on debenture |
4,000 |
|
|
|
b.Provision |
|
|
|
|
Provision for tax |
5,000 |
|
|
|
Proposed dividend |
20,000 |
|
|
|
|
5,61,000 |
|
5,61,000 |
Balance sheet
working note; O/S
inetrest on debenture = 12%of RS 1,00,000-8,000=RS 4,000
4. 2075 set A Q.no 14
|
Particulars |
RS (dr) |
Particulars |
RS(cr) |
|
Opening stock |
10,000 |
Sales |
1,53,9,00 |
|
Furniture |
50,000 |
Share capital |
1,00,000 |
|
Purchase |
70,000 |
Purchase return |
1,500 |
|
Wages |
20,000 |
Creditors |
9,000 |
|
Debtors |
10,000 |
Reserve fund |
16,000 |
|
Salaries |
15,000 |
Commission |
1,000 |
|
Cash |
6,000 |
Profit & loss A/c |
13,600 |
|
Machinery |
1,00,000 |
|
|
|
Rent |
8,000 |
|
|
|
Insurance |
6,000 |
|
|
|
Total |
2,95,000 |
|
2,95,000 |
Additional information:
·
Depriciation
on machinery by 10%
·
O/S
wages RS 2,000
·
Closing
stock RS 18,000
·
Proposed
dividend @ 10%
·
Create
a provision for bad debt @5%
Solution
Trading account
|
Particulars |
rs |
Particulars |
Rs |
|
To opening stock |
10,000 |
By sales |
1,53,9,00 |
|
To purchase 70,000 Less;purchase return 1,500 |
68,500 |
By closing stock |
18,000 |
|
To wages 20,000 Add; O/S wages 2,000 |
22,000 |
|
|
|
To gross profit c/d |
71,400 |
|
|
|
|
1,71,900 |
|
1,71,900 |
Profit & loss Account
|
particulars |
RS |
particulars |
Rs |
|
To salaries |
15,000 |
By gross profit b/d |
71,400 |
|
To rent |
8,000 |
By commission |
1,000 |
|
To insurance |
6,000 |
|
|
|
To provision for bad debt (5% of rs 10,000) |
5,00 |
|
|
|
To depreciation opn furniture (10%of RS 50,000) |
5,000 |
|
|
|
To net profit C/D |
37,900 |
|
|
|
|
72,400 |
|
72
,400 |
Profit & loss appropriation A/C
|
Particulars |
rs |
particulars |
Rs |
|
To proposed dividend (10% of RS 1,00,000) |
10,000 |
By balance c/d |
13,600 |
|
To balance C/d |
41,500 |
By net profit b/d |
37,900 |
|
|
51,500 |
|
51,500 |
Balance sheet
|
Capital & liabilities |
rs |
Assets |
Rs |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Furniture 50 ,000 Less,depreciation 5,000 |
45,000 |
|
Issued & paid up capital |
1,00,000 |
Machinery |
1,00,000 |
|
Reserve & surplus |
|
Investment |
|
|
P/L appropriation a/c |
41,500 |
Current assets & loan &
advance |
|
|
General reserve |
16,000 |
a.current assets |
|
|
Secured loan |
|
Debtors 10,000 Less;provision for bad debt 500 |
9,500 |
|
Unsecured loan |
|
Cash |
6,000 |
|
Current liabilities & provision |
|
Closing stock |
18,000 |
|
a.current liabilities |
|
|
|
|
Creditors |
9,000 |
b.loan & advance |
|
|
O/S wages |
2,000 |
Miscellaneous expenditure |
|
|
b.provision |
|
|
|
|
Proposed dividend |
10,000 |
|
|
|
|
1,78,500 |
|
1,78,500 |
5.`2075 set B
Q.no.14
|
Particulars |
RS(debit) |
Particulars |
RS( credit) |
|
Opening stock |
20,000 |
Share capital |
3,00,000` |
|
Purchase |
4,30,000 |
10% debenture |
1,00,000 |
|
Furniture |
1,50,000 |
Discount received |
10,000 |
|
Machinery |
1,28,000 |
P/L appropriation A/C |
1,70,000 |
|
Building |
3,00,000 |
Intrest income |
6,000 |
|
Debtors |
40,000 |
Provision for bad debt |
4,000 |
|
Tax paid for last year |
3,000 |
Sales |
8,70,000 |
|
Cash |
15,000 |
Creditors |
54,000 |
|
Carriage inward |
3,000 |
|
|
|
Wages |
25,000 |
|
|
|
Salaries |
50,000 |
|
|
|
Rent |
60,000 |
|
|
|
Administrative overhead |
38,000 |
|
|
|
Selling expenses |
32,000 |
|
|
|
Investment |
2,10,000 |
|
|
|
Interest |
10,000 |
|
|
|
|
15,14,000 |
|
15,14,000 |
Adjustments
·
Closing
stock RS 65,000
·
Rent
payable for 2 months
·
Depreciate
machinery and furniture by 10%
·
Transfer
to general reserve Rs 20,000
·
Proposed dividend rs 50,000
Solution
Trading A/C
|
Particulars |
Rs( dr) |
particulars |
RS( cr) |
|
To opening stock |
20,000 |
By sales |
8,70,000 |
|
To purchase |
4,30,000 |
By closing stock |
65,000 |
|
To wages |
25,000 |
|
|
|
To carriage inward |
3,000 |
|
|
|
To gross profit c/d |
4,57,000 |
|
|
|
|
9,35,000 |
|
9,35,000 |
P/L account
|
Particulars |
rs |
particulars |
Rs |
|
To salaries |
50,000 |
By gross profit B/D |
4,57,000 |
|
To rent 60,000 Add;O/S rent 12,000 |
72,000 |
By discount received |
10,000 |
|
To administrative expenses |
38,000 |
By interest income |
6,000 |
|
To selling expenses |
32,000 |
By provision for bad debt |
4,000 |
|
To interest |
10,000 |
|
|
|
To depreciation on; Machinery (10% of 1,28,000) |
12,000 |
|
|
|
To depreciation on furniture(10% of 1,50,000) |
15,000 |
|
|
|
To Net profit c/d |
2,47,200 |
|
|
|
|
4,77,000 |
|
4,77,000 |
P/L
appropriation account
|
particulars |
RS |
particulars |
RS |
|
To general reserve |
20,000 |
By balance b/d |
1,70,000 |
|
To tax paid for last year |
3,000 |
By net profit b/d |
2,47,200 |
|
To proposed dividend |
50,000 |
|
|
|
To balance C/d |
3,44,200 |
|
|
|
|
4,17,200 |
|
4,17,200 |
Balance sheet
|
Capital & liabilities |
Rs |
Assets |
RS |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Furniture 1,50,000 Less; depreciation 15,000 |
1,35,000 |
|
Issued & paid up capital |
3,00,000 |
Machinery 1,28,000 Less; depreciation 12,800 |
1,15,200 |
|
Reserve & surplus |
|
Building |
3,00,000 |
|
P/L appropriation A/c |
3,44,200 |
Investment |
|
|
General reserve |
20,000 |
investment |
2,10,000 |
|
Secured loan |
|
Current asset & loan & advance |
|
|
10% debenture |
1,00,000 |
a.current assets |
|
|
Unsecured loan |
|
Debtors |
40,000 |
|
Current liabilities & Provision |
|
Cash |
15,000 |
|
a.current liabilities |
|
Closing stock |
65,000 |
|
creditors |
54,000 |
b.loan & advance |
|
|
O/s rent |
12,000 |
Miscellaneous expenditure |
|
|
b.Provision |
|
|
|
|
Proposed dividend |
50,000 |
|
|
|
|
8,80,200 |
|
8,80,200 |
6.2074 supp Q.no.14
|
Particulars |
Rs(debit) |
particulars |
Rs (
cr ) |
|
Opening stock |
80,000 |
Sales |
6,10,000 |
|
Purchases |
5,40,000 |
Share capital |
4,00,000 |
|
Wages |
60,000 |
Creditors |
25,000 |
|
Salaries |
75,000 |
10% debenture |
1,00,000 |
|
Rent |
45,000 |
P/L appropriation A/C |
75,000 |
|
Debtors |
1,00,000 |
|
|
|
Carriage |
10,000 |
|
|
|
Insurance |
20,000 |
|
|
|
Bad debt |
5,000 |
|
|
|
Machinery |
2,00,000 |
|
|
|
Goodwill |
40,000 |
|
|
|
Interest on debenture |
5,000 |
|
|
|
Cash |
30,000 |
|
|
|
|
12,10,000 |
|
12,10,000 |
Additional information
·
Closing
stock rs 2,50,000
·
Wages
due;rs 10,000
·
Pre-paid
insurance rs. 5,000
·
Depreciation
on machinery @ 10%
·
Proposed
dividend @ 10%
Solution
Trading account
|
Particulars |
Rs( debit ) |
Particulars |
Rs ( cr ) |
|
To opening stock |
80,000 |
By sales |
6,10,000 |
|
To purchases |
5,40,000 |
By closing stock |
2,50,000 |
|
To wages 60,000 Add O/S 10,000 |
70,000 |
|
|
|
To carriage |
10,000 |
|
|
|
To gross profit c/d |
1,60,000 |
|
|
|
|
8,60,000 |
|
8,60,000 |
Profit & loss account
|
particulars |
RS |
particulars |
RS |
|
To salaries |
75,000 |
By gross profit b/d |
1,60,000 |
|
To general expenses |
45,000 |
By net loss c/d |
10,000 |
|
To insurance Less; prepaid insurance 5,000 |
15,000 |
|
|
|
To bad debt |
5,000 |
|
|
|
To interest on debenture 5,000 Add;O/S interest
5,000 |
10,000 |
|
|
|
To depreciation on machinery (10% of Rs 2,00,000) |
20,000 |
|
|
|
|
1,70,000 |
|
1,70,000 |
Profit & loss appropriation A/C
|
Particulars |
RS |
particulars |
Rs |
|
To net loss |
10,000 |
|
75,000 |
|
To proposed dividend (10 % of rs 4,00,000) |
40,000 |
|
|
|
To balance C/D |
25,000 |
|
|
|
|
75,000 |
|
75,000 |
Balance sheet
|
Capital liabilities |
rs |
assets |
RS |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Goodwill |
40,000 |
|
Issued & paid up Capital |
4,00,000 |
Machinery 2,00,000 Less: depreciation 20,000 |
1,80,000 |
|
Reserve & surplus |
|
Investment |
|
|
P/L appropriation A/C |
25,000 |
Current assets & loan & advance |
|
|
Secured loan |
|
A. Current assets |
|
|
10% debentures |
1,00,000 |
Debtors |
1,00,000 |
|
Unsecured loan |
|
Cash |
30,000 |
|
Current liabilities & provision |
|
Closing stock |
2,50,000 |
|
a. Current liabilities |
|
b. Loan & advance |
|
|
Creditors |
25,000 |
Prepaid insurance |
5,000 |
|
O/S interest on debenture |
5,000 |
Miscellaneous expenditure |
|
|
O/S wages |
10,000 |
|
|
|
c. Provision |
|
|
|
|
Proposed dividend |
40,000 |
|
|
|
|
6,05,000 |
|
6,05,000 |
Working note: O/S interest on debenture = 1,00,000*10/1000- 5,000 = Rs 5,000
7. 2074 SET A Q.NO
14
|
Particulars |
Rs (debit) |
particulars |
RS ( cr) |
|
Opening
stock |
1,00,000 |
Share capital |
10,00,000 |
|
Machinery |
5,00,000 |
Sales |
15,39,000 |
|
Land & building |
10,00,000 |
Purchase return |
5,000 |
|
Cash |
50,000 |
Advance commission |
20,000 |
|
Purchase |
7,00,000 |
Creditors |
1,00,000 |
|
Debtors |
1,00,000 |
Reserve fund |
1,50,000 |
|
Wages |
1,50,000 |
P/L appropriation A/c |
1,26,000 |
|
Salary |
2,00,000 |
|
|
|
Rent |
80,000 |
|
|
|
Insurance |
10,000 |
|
|
|
Investments |
50,000 |
|
|
|
|
29,40,000 |
|
29,40,000 |
Adjustments
·
Depreciate
machinery by 10%
·
Create
a provision for bad debt @ 5%
·
O/S
wages RS 10,000
·
Proposed
dividend @ 10% on share capital
·
Closing
stock RS 120,000
Solution
Trading account
|
Particulars |
rs |
Particulars |
Rs |
|
To opening stock |
1,00,000 |
By sales |
15,39,000 |
|
To purchase 7,00,000 Less: purchase return 5,000 |
6,95,000 |
By closing stock |
1,20,000 |
|
To wages 1,50,000 Add; O/S wages 10,000 |
1,60,000 |
|
|
|
To gross profit C/D |
7,04,000 |
|
|
|
|
16,59,000 |
|
16,59,000 |
Profit & loss account
|
Particulars |
RS( debit) |
particulars |
Rs ( credit) |
|
To salaries |
2,00,000 |
By gross profit B/D |
7,04,000 |
|
To rent |
80,000 |
|
|
|
To insurance |
10,000 |
|
|
|
To provision for bad debts ( 5% of 1,00,000) |
5,000 |
|
|
|
To depreciation on machinery ( 10% of RS 5,00,000) |
50,000 |
|
|
|
To net profit C/D |
3,59,000 |
|
|
|
|
7,04,000 |
|
7,04,000 |
Profit & loss appropriation A/c
|
Particulars |
RS |
Particulars |
Rs |
|
To proposed dividend (10% of 10,00,000) |
1,00,000 |
By balance b/d |
1,26.000 |
|
To balance c/d |
3,85,000 |
By net profit B/d |
3,59,000 |
|
|
4,85,000 |
|
4,85,000 |
Balance sheet
|
Capital & liabilities |
RS |
assets |
Rs |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Land & building |
10,00,000 |
|
Issued & paid up capital |
10,00,000 |
Machinery 5,00,000 Less; depreciation 50,000 |
4,50,000 |
|
Reserve & surplus |
|
Investment |
|
|
P/L appropriation A/c |
3,85,000 |
Investments |
50,000 |
|
Reserve fund |
1,50,000 |
Current assets & loan & advance |
|
|
Secured loan |
|
a. Current assets |
|
|
Unsecured loan |
|
Debtors 1,00,000 Less; provision for bad debts 5,000 |
95,000 |
|
Current liabilities & provision |
|
Cash |
50,000 |
|
A. Current liabilities |
|
Closing stock |
1,20,000 |
|
creditors |
1,00,000 |
b. Loan & advance |
|
|
Advance commission |
20,000 |
Miscellaneous Expenditure |
|
|
O/S
wages |
10,000 |
|
|
|
b.provision |
|
|
|
|
Proposed dividend |
1,00,000 |
|
|
|
|
17,65,000 |
|
17,65,000 |
8.
2074 set b Q.NO 15
|
particulars |
RS( debit) |
particulars |
Rs(cr) |
|
Opening stock |
40,000 |
Share capital |
4,00,000 |
|
Wages |
1,00,000 |
Sales |
6,70,000 |
|
Purchase |
4,00,000 |
10% debenture |
1,00,000 |
|
Salaries |
40,000 |
Purchase return |
6,000 |
|
Sundry debtors |
60,000 |
Sundry creditors |
10,000 |
|
Machinery |
2,50,000 |
Provision for bad debt |
2,000 |
|
Building |
4,00,000 |
P/L appropriation A/c |
2,18,000 |
|
Furniture |
40,000 |
|
|
|
Income tax paid for
last year |
15,000 |
|
|
|
Cash |
30,000 |
|
|
|
Carriage |
5,000 |
|
|
|
General expenses |
6,000 |
|
|
|
Interest on debenture |
5,000 |
|
|
|
Rent & tax |
15,000 |
|
|
|
|
14,06,000 |
|
14,06,600 |
Additional
information
·
Closing
stock RS 30,000
·
Increase
in provision for bad debt RS 3,000
·
Transfer
to general reserve RS 50,000
·
Provide
dividend on share capital @ 10%
Trading A/C
|
particulars |
RS( debit) |
particulars |
RS ( credit) |
|
To
opening stock |
40,000 |
By
sales |
6,70,000 |
|
To
purchase 4,00,000 Less:purchase
return 6,000 |
3,94,000 |
By
closing stock |
30,000 |
|
To
wages |
1,00,000 |
|
|
|
To
carriage |
5,000 |
|
|
|
To
gross profit c/d |
1,61,000 |
|
|
|
|
7,00,000 |
|
7,00,000 |
Profit & loss account
|
particulars |
RS( debit) |
Particulars |
Rs (credit) |
|
To salaries |
40,000 |
By gross profit b/d |
1,61,000 |
|
To general expenses |
6,000 |
By provision for bad debt |
2,000 |
|
To interest on debenture 5,000 Add:O/S interest 5,000 |
10,000 |
|
|
|
To rent & tax |
15,000 |
|
|
|
To provision for bad debt |
5,000 |
|
|
|
To depreciation on machinery ( 10% of Rs 2,50 ,000) |
25,000 |
|
|
|
To depreciation on building (10% of Rs 4,00,000) |
40,000 |
|
|
|
To net profit C/d |
22,000 |
|
|
|
|
1,63,000 |
|
1,63,000 |
P/L appropriation A/C
|
particulars |
rs |
particulars |
Rs |
|
To general reserve |
50,000 |
By balance b/d |
2,18,000 |
|
To proposed dividend ( 10% of RS 4,00,000) |
40,000 |
By net profit c/d |
22,000 |
|
To tax paid for last year |
15,000 |
|
|
|
To balance c/d |
1,35,000 |
|
|
|
|
2,40,000 |
|
2,40,000 |
Balance sheet
|
Capital & liabilities |
RS |
Assets |
RS |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Building 4,00,000 Less; depreciation 40,000 |
3,60,000 |
|
Issued & paid up capital |
4,00,000 |
Machinery & equipments Less;depreciation 25,000 |
2,25,000 |
|
Reserve & surplus |
|
Furniture |
40,000 |
|
P/L appropriation A/C |
1,35,000 |
Investment |
|
|
General reserve |
50,000 |
Current assets& loan & advance |
|
|
Secured loan |
|
a. Current assets |
|
|
10%
debenture |
100,000 |
Sundry debtors 60,000 Less,provision for bad debt 5,000 |
55,000 |
|
Unsecured loan |
|
Closing stock |
30,000 |
|
Current liabilities & provision |
|
b. Loan & advance |
|
|
a. Current liabilities |
|
Miscellaneous expenditure |
|
|
Sundry creditors |
10,000 |
|
|
|
O/S
interest on debenture |
5,000 |
|
|
|
b. Provision |
|
|
|
|
Proposed dividend |
40,000 |
|
|
|
|
7,40,000 |
|
7,40,000 |
Working
note
O/S interest on debenture =
1,00,000*10/100 – 5,000= Rs 5,000
Provision for bad debt
(new) = 3,000+ 2,000= Rs 5,000
9.
2073 supp Q.no 13
|
particulars |
Rs( debit) |
particulars |
Rs( credit) |
|
Furniture |
2,00,000 |
Share capital |
5,00,000 |
|
Purchase |
4,00,000 |
Sales |
7,00,000 |
|
Prepaid insurance |
50,000 |
Purchase return |
10,000 |
|
Debtors |
1,50,000 |
Creditors |
2,00,000 |
|
Rent |
4,00,000 |
10% debenture |
5,00,000 |
|
Salary |
7,00,000 |
General reserve |
3,00,000 |
|
Cash at bank |
1,00,000 |
P/L app. A/C |
40,000 |
|
Wages |
1,00,000 |
Commission |
1,60,000 |
|
Sundry expenses |
1,00,000 |
Sundry income |
9,00,000 |
|
Carriage |
10,000 |
|
|
|
Machinery &
equipments |
11,00,000 |
|
|
|
|
33,10,000 |
|
33,10,000 |
Additional
information
·
Closing
stock RS 1,50,000
·
O/S
wages RS 30,000
·
Depreciate
furniture@10%
·
Pre paid insurance expired rs 40,000
·
Directors
proposed dividend @ 10% on share capital
Solution
Trading account
|
Particulars |
Rs( debit) |
particulars |
Rs (credit) |
|
To purchase 4,00,000 Less; return 10,000 |
3,90,000 |
By sales |
7,00,000 |
|
To wages 1,00,000 Add; O/S 30,000 |
1,30,000 |
By closing stock |
1,50,000 |
|
To carriage |
10,000 |
|
|
|
To gross profit C/D |
3,20,000 |
|
|
|
|
8,50,000 |
|
8,50,000 |
Profit & loss
account
|
Particulars |
Rs( dr) |
particulars |
Rs ( cr) |
|
To
rent |
4,00,000 |
By
gross profit b/d |
3,20,000 |
|
To
salaries |
7,00,000 |
By
commission |
1,60,000 |
|
to
sundry expenses |
1,00,000 |
By
sundry income |
9,00,000 |
|
To
insurance |
40,000 |
|
|
|
To
interest on debenture |
50,000 |
|
|
|
To
depreciation on furniture (10%
of rs 2,00,000) |
20,000 |
|
|
|
To
gross profit C/D |
70,000 |
|
|
|
|
13,80,000 |
|
13,80,000 |
Profit & loss appropriation
Account
|
Particulars |
Rs |
particulars |
Rs |
|
To
proposed dividend (10% of rs 5,00,000) |
50,000 |
By
balance b/d |
40,000 |
|
To
balance c/d |
60,000 |
By
net profit b/d |
70,000 |
|
|
1,10,000 |
|
1,10,000 |
Balance sheet
|
Capital &Liabilities |
RS |
Assets |
Rs |
|
Share capital |
|
Fixed assets |
|
|
Authorized
capital |
|
Furniture 2,00,000 Less;
depreciation 20,000 |
180,000 |
|
Issued
& paid up capital |
5,00,000 |
Machinery
& equipment |
11,00,000 |
|
Reserve & surplus |
|
Investment |
|
|
P/L
appropriation A/C |
60,000 |
Current assets & loan & advance |
|
|
General
reserve |
3,00,000 |
a. Current assets |
|
|
Secured loan |
|
Debtors |
1,50,000 |
|
10% debenture |
5,00,000 |
Cash
at bank |
1,00,000 |
|
Unsecured loan |
|
Closing
stock |
1,50,000 |
|
Current liabilities & provision |
|
b. Loan & advances |
|
|
a. Current liabilities |
|
Prepaid
insurance (50,000-40,000) |
10,000 |
|
Creditors
|
2,00,000 |
Miscellaneous expenditure |
|
|
O/S
wages |
30,000 |
|
|
|
O/S
interest on debenture |
50,000 |
|
|
|
b. Provision |
|
|
|
|
Proposed
dividend |
50,000 |
|
|
|
|
16,90,000 |
|
16,90,000 |
Working
notes : O/S interest on debenture
=5,00,000*10/100= RS 50,000
10. 2073 set C Q.No .13
|
Particulars |
RS (
debit) |
particulars |
RS ( cedit) |
|
Purchases |
5,00,000 |
Sales |
9,00,000 |
|
Wages |
40,000 |
Share capital |
2,00,000 |
|
Opening stock |
1,00,000 |
10% debenture |
1,00,000 |
|
Carriage outward |
5,000 |
Purchase return |
5,000 |
|
Machinery |
3,00,000 |
Creditors |
50,000 |
|
Furniture |
1,00,000 |
Commission |
15,000 |
|
Debtors |
1,00,000 |
Reserve |
10,000 |
|
Discount |
15,000 |
P/L appropriation A/C |
|
|
Insurance |
25,000 |
|
|
|
Cash |
55,000 |
|
|
|
Rent |
40,000 |
|
|
|
Salaries |
60,000 |
|
|
|
|
13,40,000 |
|
13,40,000 |
Additional information
·
Closing
stock Rs 1,20,000
·
Wages
O/S Rs 10,000
·
Depreciate
machinery by 10%
·
Commission
received in advance rs 3,000
·
Provision
for tax Rs 20,000
·
Proposed
dividend @ 10%
Solution
Trading account
|
Particulars |
RS |
particulars |
Rs |
|
To
opening stock |
1,00,000 |
By
sales |
9,00,000 |
|
To
purchase 5,00,000 Less;
purchase return 5,000 |
4,95,000 |
By
closing stock |
1,20,000 |
|
To
wages 40,000 Add;O/S wages
10,000 |
50,000 |
|
|
|
To
gross profit c/d |
375,000 |
|
|
|
|
10,20,000 |
|
10,20,000 |
P/L Account
|
Particulars |
rs |
particulars |
Rs |
|
To
carriage outward |
5,000 |
By
gross profit b/d |
3,75,000 |
|
To
discount |
15,000 |
By
commission 15,000 Less;
advance commission 3,000 |
12,000 |
|
To
insurance |
25,000 |
|
|
|
To
rent |
40,000 |
|
|
|
To
salaries |
60,000 |
|
|
|
To
interest on debenture (10%
of Rs 1,00,000) |
10,000 |
|
|
|
To
depreciation on machinery (10%
of RS 3,00,000) |
30,000 |
|
|
|
To
provision for tax |
20,000 |
|
|
|
To
net profit c/d |
182,000 |
|
|
|
|
3,87,000 |
|
3,87,000 |
Profit & loss appropriation A/C
|
Particulars |
Rs |
particulars |
Rs |
|
To
proposed dividend (10%
of Rs 2,00,000) |
20,000 |
By
balance b/d |
60,000 |
|
By
balance c/d |
222,000 |
By
net profit b/d |
1,82,000 |
|
|
242,000 |
|
242,000 |
Balance sheet
|
Capital & liabilities |
RS |
assets |
Rs |
|
Share capital |
|
Fixed assets |
|
|
Issued
& paid up capital |
2,00,000 |
Machinery 3,00,000 Less;
depriciation 30,000 |
2,70,000 |
|
Reserve & surplus |
|
Furniture
|
1,00,000 |
|
Reserve
|
10,000 |
Current assets & loan & advance |
|
|
Profit
& loss appropriation A/c |
2,22,000 |
a. Current assets |
|
|
Secured loan |
|
Debtors |
1,00,000 |
|
10%
debenture |
1,00,000 |
Cash |
55,000 |
|
Unsecured loan |
|
Closing
stock |
1,20,000 |
|
Current liabilities & provision |
|
b. Loan & advance |
|
|
a. Current liabilities |
|
Miscellaneous expenditure |
|
|
Creditors
|
50,000 |
|
|
|
o/s
interest on debenture |
10,000 |
|
|
|
Wages
O/S |
10,000 |
|
|
|
Advance
commission |
3,000 |
|
|
|
b. Provision |
|
|
|
|
Provision
for tax |
20,000 |
|
|
|
Proposed
dividend |
20,000 |
|
|
|
|
645,000 |
|
|
|
|
645,000 |
|
645,000 |
6.2074 supp Q.no.14
|
Particulars |
Rs(debit) |
particulars |
Rs (
cr ) |
|
Opening stock |
80,000 |
Sales |
6,10,000 |
|
Purchases |
5,40,000 |
Share capital |
4,00,000 |
|
Wages |
60,000 |
Creditors |
25,000 |
|
Salaries |
75,000 |
10% debenture |
1,00,000 |
|
Rent |
45,000 |
P/L appropriation A/C |
75,000 |
|
Debtors |
1,00,000 |
|
|
|
Carriage |
10,000 |
|
|
|
Insurance |
20,000 |
|
|
|
Bad debt |
5,000 |
|
|
|
Machinery |
2,00,000 |
|
|
|
Goodwill |
40,000 |
|
|
|
Interest on debenture |
5,000 |
|
|
|
Cash |
30,000 |
|
|
|
|
12,10,000 |
|
12,10,000 |
Additional information
·
Closing
stock rs 2,50,000
·
Wages
due;rs 10,000
·
Pre-paid
insurance rs. 5,000
·
Depreciation
on machinery @ 10%
·
Proposed
dividend @ 10%
Solution
Trading account
|
Particulars |
Rs( debit ) |
Particulars |
Rs ( cr ) |
|
To opening stock |
80,000 |
By sales |
6,10,000 |
|
To purchases |
5,40,000 |
By closing stock |
2,50,000 |
|
To wages 60,000 Add O/S 10,000 |
70,000 |
|
|
|
To carriage |
10,000 |
|
|
|
To gross profit c/d |
1,60,000 |
|
|
|
|
8,60,000 |
|
8,60,000 |
Profit & loss account
|
particulars |
RS |
particulars |
RS |
|
To salaries |
75,000 |
By gross profit b/d |
1,60,000 |
|
To general expenses |
45,000 |
By net loss c/d |
10,000 |
|
To insurance Less; prepaid insurance 5,000 |
15,000 |
|
|
|
To bad debt |
5,000 |
|
|
|
To interest on debenture 5,000 Add;O/S interest
5,000 |
10,000 |
|
|
|
To depreciation on machinery (10% of Rs 2,00,000) |
20,000 |
|
|
|
|
1,70,000 |
|
1,70,000 |
Profit & loss appropriation A/C
|
Particulars |
RS |
particulars |
Rs |
|
To net loss |
10,000 |
|
75,000 |
|
To proposed dividend (10 % of rs 4,00,000) |
40,000 |
|
|
|
To balance C/D |
25,000 |
|
|
|
|
75,000 |
|
75,000 |
Balance sheet
|
Capital liabilities |
rs |
assets |
RS |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Goodwill |
40,000 |
|
Issued & paid up Capital |
4,00,000 |
Machinery 2,00,000 Less: depreciation 20,000 |
1,80,000 |
|
Reserve & surplus |
|
Investment |
|
|
P/L appropriation A/C |
25,000 |
Current assets & loan & advance |
|
|
Secured loan |
|
A. Current assets |
|
|
10% debentures |
1,00,000 |
Debtors |
1,00,000 |
|
Unsecured loan |
|
Cash |
30,000 |
|
Current liabilities & provision |
|
Closing stock |
2,50,000 |
|
a. Current liabilities |
|
b. Loan & advance |
|
|
Creditors |
25,000 |
Prepaid insurance |
5,000 |
|
O/S interest on debenture |
5,000 |
Miscellaneous expenditure |
|
|
O/S wages |
10,000 |
|
|
|
c. Provision |
|
|
|
|
Proposed dividend |
40,000 |
|
|
|
|
6,05,000 |
|
6,05,000 |
Working note: O/S interest on debenture = 1,00,000*10/1000- 5,000 = Rs 5,000
7. 2074 SET A Q.NO
14
|
Particulars |
Rs (debit) |
particulars |
RS ( cr) |
|
Opening
stock |
1,00,000 |
Share capital |
10,00,000 |
|
Machinery |
5,00,000 |
Sales |
15,39,000 |
|
Land & building |
10,00,000 |
Purchase return |
5,000 |
|
Cash |
50,000 |
Advance commission |
20,000 |
|
Purchase |
7,00,000 |
Creditors |
1,00,000 |
|
Debtors |
1,00,000 |
Reserve fund |
1,50,000 |
|
Wages |
1,50,000 |
P/L appropriation A/c |
1,26,000 |
|
Salary |
2,00,000 |
|
|
|
Rent |
80,000 |
|
|
|
Insurance |
10,000 |
|
|
|
Investments |
50,000 |
|
|
|
|
29,40,000 |
|
29,40,000 |
Adjustments
·
Depreciate
machinery by 10%
·
Create
a provision for bad debt @ 5%
·
O/S
wages RS 10,000
·
Proposed
dividend @ 10% on share capital
·
Closing
stock RS 120,000
Solution
Trading account
|
Particulars |
rs |
Particulars |
Rs |
|
To opening stock |
1,00,000 |
By sales |
15,39,000 |
|
To purchase 7,00,000 Less: purchase return 5,000 |
6,95,000 |
By closing stock |
1,20,000 |
|
To wages 1,50,000 Add; O/S wages 10,000 |
1,60,000 |
|
|
|
To gross profit C/D |
7,04,000 |
|
|
|
|
16,59,000 |
|
16,59,000 |
Profit & loss account
|
Particulars |
RS( debit) |
particulars |
Rs ( credit) |
|
To salaries |
2,00,000 |
By gross profit B/D |
7,04,000 |
|
To rent |
80,000 |
|
|
|
To insurance |
10,000 |
|
|
|
To provision for bad debts ( 5% of 1,00,000) |
5,000 |
|
|
|
To depreciation on machinery ( 10% of RS 5,00,000) |
50,000 |
|
|
|
To net profit C/D |
3,59,000 |
|
|
|
|
7,04,000 |
|
7,04,000 |
Profit & loss appropriation A/c
|
Particulars |
RS |
Particulars |
Rs |
|
To proposed dividend (10% of 10,00,000) |
1,00,000 |
By balance b/d |
1,26.000 |
|
To balance c/d |
3,85,000 |
By net profit B/d |
3,59,000 |
|
|
4,85,000 |
|
4,85,000 |
Balance sheet
|
Capital & liabilities |
RS |
assets |
Rs |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Land & building |
10,00,000 |
|
Issued & paid up capital |
10,00,000 |
Machinery 5,00,000 Less; depreciation 50,000 |
4,50,000 |
|
Reserve & surplus |
|
Investment |
|
|
P/L appropriation A/c |
3,85,000 |
Investments |
50,000 |
|
Reserve fund |
1,50,000 |
Current assets & loan & advance |
|
|
Secured loan |
|
a. Current assets |
|
|
Unsecured loan |
|
Debtors 1,00,000 Less; provision for bad debts 5,000 |
95,000 |
|
Current liabilities & provision |
|
Cash |
50,000 |
|
A. Current liabilities |
|
Closing stock |
1,20,000 |
|
creditors |
1,00,000 |
b. Loan & advance |
|
|
Advance commission |
20,000 |
Miscellaneous Expenditure |
|
|
O/S
wages |
10,000 |
|
|
|
b.provision |
|
|
|
|
Proposed dividend |
1,00,000 |
|
|
|
|
17,65,000 |
|
17,65,000 |
8.
2074 set b Q.NO 15
|
particulars |
RS( debit) |
particulars |
Rs(cr) |
|
Opening stock |
40,000 |
Share capital |
4,00,000 |
|
Wages |
1,00,000 |
Sales |
6,70,000 |
|
Purchase |
4,00,000 |
10% debenture |
1,00,000 |
|
Salaries |
40,000 |
Purchase return |
6,000 |
|
Sundry debtors |
60,000 |
Sundry creditors |
10,000 |
|
Machinery |
2,50,000 |
Provision for bad debt |
2,000 |
|
Building |
4,00,000 |
P/L appropriation A/c |
2,18,000 |
|
Furniture |
40,000 |
|
|
|
Income tax paid for
last year |
15,000 |
|
|
|
Cash |
30,000 |
|
|
|
Carriage |
5,000 |
|
|
|
General expenses |
6,000 |
|
|
|
Interest on debenture |
5,000 |
|
|
|
Rent & tax |
15,000 |
|
|
|
|
14,06,000 |
|
14,06,600 |
Additional
information
·
Closing
stock RS 30,000
·
Increase
in provision for bad debt RS 3,000
·
Transfer
to general reserve RS 50,000
·
Provide
dividend on share capital @ 10%
Trading A/C
|
particulars |
RS( debit) |
particulars |
RS ( credit) |
|
To
opening stock |
40,000 |
By
sales |
6,70,000 |
|
To
purchase 4,00,000 Less:purchase
return 6,000 |
3,94,000 |
By
closing stock |
30,000 |
|
To
wages |
1,00,000 |
|
|
|
To
carriage |
5,000 |
|
|
|
To
gross profit c/d |
1,61,000 |
|
|
|
|
7,00,000 |
|
7,00,000 |
Profit & loss account
|
particulars |
RS( debit) |
Particulars |
Rs (credit) |
|
To salaries |
40,000 |
By gross profit b/d |
1,61,000 |
|
To general expenses |
6,000 |
By provision for bad debt |
2,000 |
|
To interest on debenture 5,000 Add:O/S interest 5,000 |
10,000 |
|
|
|
To rent & tax |
15,000 |
|
|
|
To provision for bad debt |
5,000 |
|
|
|
To depreciation on machinery ( 10% of Rs 2,50 ,000) |
25,000 |
|
|
|
To depreciation on building (10% of Rs 4,00,000) |
40,000 |
|
|
|
To net profit C/d |
22,000 |
|
|
|
|
1,63,000 |
|
1,63,000 |
P/L appropriation A/C
|
particulars |
rs |
particulars |
Rs |
|
To general reserve |
50,000 |
By balance b/d |
2,18,000 |
|
To proposed dividend ( 10% of RS 4,00,000) |
40,000 |
By net profit c/d |
22,000 |
|
To tax paid for last year |
15,000 |
|
|
|
To balance c/d |
1,35,000 |
|
|
|
|
2,40,000 |
|
2,40,000 |
Balance sheet
|
Capital & liabilities |
RS |
Assets |
RS |
|
Share capital |
|
Fixed assets |
|
|
Authorized capital |
|
Building 4,00,000 Less; depreciation 40,000 |
3,60,000 |
|
Issued & paid up capital |
4,00,000 |
Machinery & equipments Less;depreciation 25,000 |
2,25,000 |
|
Reserve & surplus |
|
Furniture |
40,000 |
|
P/L appropriation A/C |
1,35,000 |
Investment |
|
|
General reserve |
50,000 |
Current assets& loan & advance |
|
|
Secured loan |
|
a. Current assets |
|
|
10%
debenture |
100,000 |
Sundry debtors 60,000 Less,provision for bad debt 5,000 |
55,000 |
|
Unsecured loan |
|
Closing stock |
30,000 |
|
Current liabilities & provision |
|
b. Loan & advance |
|
|
a. Current liabilities |
|
Miscellaneous expenditure |
|
|
Sundry creditors |
10,000 |
|
|
|
O/S
interest on debenture |
5,000 |
|
|
|
b. Provision |
|
|
|
|
Proposed dividend |
40,000 |
|
|
|
|
7,40,000 |
|
7,40,000 |
Working
note
O/S interest on debenture =
1,00,000*10/100 – 5,000= Rs 5,000
Provision for bad debt
(new) = 3,000+ 2,000= Rs 5,000
9.
2073 supp Q.no 13
|
particulars |
Rs( debit) |
particulars |
Rs( credit) |
|
Furniture |
2,00,000 |
Share capital |
5,00,000 |
|
Purchase |
4,00,000 |
Sales |
7,00,000 |
|
Prepaid insurance |
50,000 |
Purchase return |
10,000 |
|
Debtors |
1,50,000 |
Creditors |
2,00,000 |
|
Rent |
4,00,000 |
10% debenture |
5,00,000 |
|
Salary |
7,00,000 |
General reserve |
3,00,000 |
|
Cash at bank |
1,00,000 |
P/L app. A/C |
40,000 |
|
Wages |
1,00,000 |
Commission |
1,60,000 |
|
Sundry expenses |
1,00,000 |
Sundry income |
9,00,000 |
|
Carriage |
10,000 |
|
|
|
Machinery &
equipments |
11,00,000 |
|
|
|
|
33,10,000 |
|
33,10,000 |
Additional
information
·
Closing
stock RS 1,50,000
·
O/S
wages RS 30,000
·
Depreciate
furniture@10%
·
Pre paid insurance expired rs 40,000
·
Directors
proposed dividend @ 10% on share capital
Solution
Trading account
|
Particulars |
Rs( debit) |
particulars |
Rs (credit) |
|
To purchase 4,00,000 Less; return 10,000 |
3,90,000 |
By sales |
7,00,000 |
|
To wages 1,00,000 Add; O/S 30,000 |
1,30,000 |
By closing stock |
1,50,000 |
|
To carriage |
10,000 |
|
|
|
To gross profit C/D |
3,20,000 |
|
|
|
|
8,50,000 |
|
8,50,000 |
Profit & loss
account
|
Particulars |
Rs( dr) |
particulars |
Rs ( cr) |
|
To
rent |
4,00,000 |
By
gross profit b/d |
3,20,000 |
|
To
salaries |
7,00,000 |
By
commission |
1,60,000 |
|
to
sundry expenses |
1,00,000 |
By
sundry income |
9,00,000 |
|
To
insurance |
40,000 |
|
|
|
To
interest on debenture |
50,000 |
|
|
|
To
depreciation on furniture (10%
of rs 2,00,000) |
20,000 |
|
|
|
To
gross profit C/D |
70,000 |
|
|
|
|
13,80,000 |
|
13,80,000 |
Profit & loss appropriation
Account
|
Particulars |
Rs |
particulars |
Rs |
|
To
proposed dividend (10% of rs 5,00,000) |
50,000 |
By
balance b/d |
40,000 |
|
To
balance c/d |
60,000 |
By
net profit b/d |
70,000 |
|
|
1,10,000 |
|
1,10,000 |
Balance sheet
|
Capital &Liabilities |
RS |
Assets |
Rs |
|
Share capital |
|
Fixed assets |
|
|
Authorized
capital |
|
Furniture 2,00,000 Less;
depreciation 20,000 |
180,000 |
|
Issued
& paid up capital |
5,00,000 |
Machinery
& equipment |
11,00,000 |
|
Reserve & surplus |
|
Investment |
|
|
P/L
appropriation A/C |
60,000 |
Current assets & loan & advance |
|
|
General
reserve |
3,00,000 |
a. Current assets |
|
|
Secured loan |
|
Debtors |
1,50,000 |
|
10% debenture |
5,00,000 |
Cash
at bank |
1,00,000 |
|
Unsecured loan |
|
Closing
stock |
1,50,000 |
|
Current liabilities & provision |
|
b. Loan & advances |
|
|
a. Current liabilities |
|
Prepaid
insurance (50,000-40,000) |
10,000 |
|
Creditors
|
2,00,000 |
Miscellaneous expenditure |
|
|
O/S
wages |
30,000 |
|
|
|
O/S
interest on debenture |
50,000 |
|
|
|
b. Provision |
|
|
|
|
Proposed
dividend |
50,000 |
|
|
|
|
16,90,000 |
|
16,90,000 |
Working
notes : O/S interest on debenture
=5,00,000*10/100= RS 50,000
10. 2073 set C Q.No .13
|
Particulars |
RS (
debit) |
particulars |
RS ( cedit) |
|
Purchases |
5,00,000 |
Sales |
9,00,000 |
|
Wages |
40,000 |
Share capital |
2,00,000 |
|
Opening stock |
1,00,000 |
10% debenture |
1,00,000 |
|
Carriage outward |
5,000 |
Purchase return |
5,000 |
|
Machinery |
3,00,000 |
Creditors |
50,000 |
|
Furniture |
1,00,000 |
Commission |
15,000 |
|
Debtors |
1,00,000 |
Reserve |
10,000 |
|
Discount |
15,000 |
P/L appropriation A/C |
|
|
Insurance |
25,000 |
|
|
|
Cash |
55,000 |
|
|
|
Rent |
40,000 |
|
|
|
Salaries |
60,000 |
|
|
|
|
13,40,000 |
|
13,40,000 |
Additional information
·
Closing
stock Rs 1,20,000
·
Wages
O/S Rs 10,000
·
Depreciate
machinery by 10%
·
Commission
received in advance rs 3,000
·
Provision
for tax Rs 20,000
·
Proposed
dividend @ 10%
Solution
Trading account
|
Particulars |
RS |
particulars |
Rs |
|
To
opening stock |
1,00,000 |
By
sales |
9,00,000 |
|
To
purchase 5,00,000 Less;
purchase return 5,000 |
4,95,000 |
By
closing stock |
1,20,000 |
|
To
wages 40,000 Add;O/S wages
10,000 |
50,000 |
|
|
|
To
gross profit c/d |
375,000 |
|
|
|
|
10,20,000 |
|
10,20,000 |
P/L Account
|
Particulars |
rs |
particulars |
Rs |
|
To
carriage outward |
5,000 |
By
gross profit b/d |
3,75,000 |
|
To
discount |
15,000 |
By
commission 15,000 Less;
advance commission 3,000 |
12,000 |
|
To
insurance |
25,000 |
|
|
|
To
rent |
40,000 |
|
|
|
To
salaries |
60,000 |
|
|
|
To
interest on debenture (10%
of Rs 1,00,000) |
10,000 |
|
|
|
To
depreciation on machinery (10%
of RS 3,00,000) |
30,000 |
|
|
|
To
provision for tax |
20,000 |
|
|
|
To
net profit c/d |
182,000 |
|
|
|
|
3,87,000 |
|
3,87,000 |
Profit & loss appropriation A/C
|
Particulars |
Rs |
particulars |
Rs |
|
To
proposed dividend (10%
of Rs 2,00,000) |
20,000 |
By
balance b/d |
60,000 |
|
By
balance c/d |
222,000 |
By
net profit b/d |
1,82,000 |
|
|
242,000 |
|
242,000 |
Balance sheet
|
Capital & liabilities |
RS |
assets |
Rs |
|
Share capital |
|
Fixed assets |
|
|
Issued
& paid up capital |
2,00,000 |
Machinery 3,00,000 Less;
depriciation 30,000 |
2,70,000 |
|
Reserve & surplus |
|
Furniture
|
1,00,000 |
|
Reserve
|
10,000 |
Current assets & loan & advance |
|
|
Profit
& loss appropriation A/c |
2,22,000 |
a. Current assets |
|
|
Secured loan |
|
Debtors |
1,00,000 |
|
10%
debenture |
1,00,000 |
Cash |
55,000 |
|
Unsecured loan |
|
Closing
stock |
1,20,000 |
|
Current liabilities & provision |
|
b. Loan & advance |
|
|
a. Current liabilities |
|
Miscellaneous expenditure |
|
|
Creditors
|
50,000 |
|
|
|
o/s
interest on debenture |
10,000 |
|
|
|
Wages
O/S |
10,000 |
|
|
|
Advance
commission |
3,000 |
|
|
|
b. Provision |
|
|
|
|
Provision
for tax |
20,000 |
|
|
|
Proposed
dividend |
20,000 |
|
|
|
|
645,000 |
|
|
|
|
645,000 |
|
645,000 |
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