FINAL ACCOUNT Q. 1 From the following balances extracted from the books of Sh. Gyan on 3st December, 1993, prepare a Trading Account, P & L A/c and a Balance Sheet. Closing Stock valued on that date was Rs. 15,000. Dr. Balances Rs. Rs. Capital Household Expenses Sales Return inwards Return outwards Purchases Cash at Shopk Bank Overdraft Interest on Overdraft Creditors Stock at the Commencement Freight Rent and Taxes Debtors Commission Freehold Property Sundry Expenses Salaries and wages Life Insurance Premium Insurance Premium Motor Vehicle Typewriter Interest Carriage inwards Carriage outwards Power Audit Fee Lighting 10, 000 4,000 1,50, 000 1,600 1,500 18, 000 8,500 7,000 32, 600 3,000 30, 000 3,900 20, 000 1,800 1,600 39, 800 8,000 2,000 800 2,200 1,700 2,000 1,28, 200 1,80, 000 6,000 15,000 17,800 2,200 800 TOTAL 3,50, 000 3,50, 000 Q. 2 From the following balances of the ledger of Sh. Gurdeep Singh, prepare Trading and Profit and Loss Account and Balance Sheet :— Dr. Balances Rs. Rs. Stock on 30-6-2007 Stock on 30-6-2008 Purchases and Sales Returns Commission on Purchases Freight, octroi and carriage Wages and Salary Fire Insurance Premium Business premises Sundry Debtors Sundry Creditors Goodwill Patents Coal, Gas and Power Printing and Stationery Postage and Telegram Travelling expenses Drawings Depreciation General Expenses Capital Investments Interest on Investments Custom Duty on imported goods Cash in hand Bankers Account Commission Loan on Mortgage Interest on Loan B/P B/R Income Tax Horses and Carts Discount on Purchases 30, 000 46, 200 2,30, 000 12,500 1,200 26, 000 10, 800 820 40, 000 26,100 8,000 8,400 7,600 2,100 710 4,250 7,200 1,000 8,350 8,000 4,500 2,570 4,600 3,000 4,540 3,000 20, 300 3,45, 800 15,200 26,700 89, 760 800 5,200 4,400 30, 000 2,280 1,600 TOTAL 5,21, 740 5,21, 740 Ans. Gross Profit Rs. 38,400, Net Profit Rs. 20,370, Balance Sheet Rs. 1,64,110 Q. 3 From the following balances of Sehajta Ltd. prepare Final Accounts as on 31 st March, 2008 :— Rs. Rs. Stock on 01-4-2007 Purchases Sales Productive Expenses Unproducti ve Expenses Trade Expenses Returns In Returns Out Loose Tools Trade Marks Discount Cr. Salaries Fixed Deposit with P.N.B. Cash in Hand Motor Vehicles Leasehold Land Capital Life Insurance Premium 23, 500 46, 800 1,30, 000 27, 000 5, 800 1,200 6, 600 2, 800 7, 200 5, 000 2,100 9, 600 10, 000 1,300 50, 000 60, 000 1,37, 450 6, 000 Freight In Freight Out Rent (Factory 1/3, Office 2/3) Legal Expenses Miscellaneo us Receipts Sundry Debtors Sundry Creditors Donation Bad-Debts Bad-Debts Recovered Sales Tax Collected Bank Charges Loan on Mortgage Interest on Loan 1,100 3, 000 7, 500 800 500 30, 000 12, 200 600 4, 750 4, 000 3, 900 2, 800 20, 000 2, 400 Value of Closing Stock was Rs. 36,500 on 31 st March 2008. Q. 4 From the following Trial Balance of Gurdeep Singh as at 31 st December, 2007, prepare Trading and Profit and Loss Account and Balance Sheet: Dr. Balances Rs. Cr. Balances Rs. Opening Stock Land and Building Machinery Furniture & Fixtures Purchases Salaries General Expenses Rent Postage and Telegrams Stationery Wages Freight on Purchases Carriage on Sales Repairs Sundry Debtors Bad Debts Cash in Hand Cash at Bank Sales Returns 15, 500 35, 000 50, 000 5, 000 1,06, 000 11, 000 2, 500 3, 000 1,400 1,300 26, 000 2, 800 4, 000 4, 500 30, 000 600 100 6, 400 5,100 Capital Loan from Mrs. Gurdeep Singh @9% Sundry Creditors Purchase Returns Sales Discount 60, 000 30, 000 9, 600 2, 100 2,07 ,300 1, 200 3,10, 200 3,10, 200 The following further information was given: (a) Wages for December, 2007 amounting to Rs. 2,100 have not yet been paid. (b) Included in General Expenses is Insurance Premium Rs. 600, paid for the year ending 31 st march, 2008. (c) A provision for doubtful debts @5% on debtors is necessary. (d) Depreciation is to be charged as follows: Land and Building 2%, Machinery 10% and Furniture and Fixtures 15%. (e) The loan from Mrs. Gurdeep Singh was taken on 1 st July, 2007. Interest has not been paid yet. (f) The value of stock on hand on 31 st Dec, 2007 was Rs. 14,900. Q. 5 The following is the Trial Balance of Mr. Gyan on 30 th June, 2007 : Dr. Balances Rs. Rs. Cash in Hand Cash at bank Purchases Account Sales Account Returns Inward Account Returns Outward Account Wages Account Fuel & Power Account Carriage on Sales Account Carriage on Purchase Account Stock Account (1 st July, 2007) Building Account Freehold Land Account Machinery Account Patent Account Salaries Account General Exps. Account Insurance Account Drawings Account Capital Account Sundry Debtors Account Sundry Creditors Account 540 2,630 40, 675 680 10,480 4,730 3,200 2,040 5,760 30, 000 10, 000 20, 000 7,500 15, 000 3,000 600 5,245 14,500 98, 780 500 71,000 6,300 TOTAL 1,76, 580 1,76, 580 Taking into account the following adjustments, Prepare Trading Account and Profit and Loss Account and the Balance Sheet: (a) Stock on hand on 30 th June, 2007 is Rs. 6,800. (b) Machinery is to be depreciated at the rate of 10% and patents at the rate of 20%. (c) Salaries for the month of June 2007 amounting to Rs. 1,500 were unpaid. (d) Insurance includes a premium of Rs. 170 on a policy expiring on 31 st December 2007. (e) Wages include a sum of Rs. 2,000 spent on the erection of a cycle shed for employees and customers. (f) A provision for Bad and Doubtful Debts is to be created to the extent of 5 per cent on Sundry Debtors. Q. 6 The following trial balance is extracted from the books of a merchant on 31 st December 2007: PARTICULARS DR. Rs. Cr. Rs. Furniture and Fittings Motor Vehicles Buildings Capital Account Bad Debts Provision for Bad Debts Sundry Debtors and Creditors Stock on January 1, 2007 Purchases and Sales Bank Overdraft Sales and Purchases Returns Advertising Interest Account Commission Cash Taxes and Insurance General Expenses Salaries 640 6,250 7,500 125 3,800 3,460 5,475 200 450 118 650 1,250 782 3,300 12, 500 200 2,500 15, 450 2,850 125 375 34, 000 34, 000 The following adjustments are to be made: (a) Stock in Hand on 31 st December, 2007 was Rs. 3,250. (b) Depreciate Building @5%, Furniture and Fitting @ 10% and Motor Vehicle @ 20%. (c) Rs. 85 is due for interest on bank Overdraft. (d) Salaries Rs. 300 and Taxes Rs. 120 are outstanding. (e) Insurance amounting to Rs. 100 is prepaid. (f) One-third of the commission received is in respect of work to be done next year. (g) Write off further Rs. 100 as Bad Debts and Provision for Bad Debts is to be made equal to 5% on Sundry Debtors. Prepare a Trading and Profit and Loss Account for the year ending 31 st December, 2007 and a Balance Sheet as on that date. Q. 7 From the following Trial Balance prepared from the books of Gurdeep on 31st December 2007, prepare Trading and Profit and Loss Account for the year ending 31 st December, 2007 and Balance Sheet as on that date : Particulars Rs. P. Particulars Rs. P. Gurdeeps drawings Bills Receivable Plant and Machinery Sundry debtors (Including Mr. Gyan for dishonoure d cheque— Rs. 1,000) Wages ( Manufactu ring) Returns inward Purchases Rent and Taxes Stock on 1 st Jan, 2007 Salaries Travelling expenses Insurance Cash Bank Repairs and renewals Interest of Loan Interest and discount Bad debts Fixtures and Fittings 10, 550 9, 500 28, 800 62, 000 40, 970 2, 780 2,56, 590 5, 620 89, 680 11, 000 1,880 400 530 18, 970 3, 370 1,000 4, 870 3, 620 8, 970 Gurdeeps Capital Loan at 6% p.a. Sales Commission received Sundry Creditors 1,19, 400 20, 000 3,56, 430 5, 640 59, 630 5,61, 100 5,61, 100 The following adjustments are to be made: (a) Stock-in-trade in hand on December 31, 2007 Rs. 1,28,960. (b) Write off half of Gyans cheque. (c) Create a provision of 5% on sundry debtors. (d) Manufacturing wages include Rs. 1,200 for erection of new machinery purchased. (e) Depreciate plant and machinery by 5% p.a. For fixtures and fittings by 10% per annum. (f) Commission not earned but received amounts to Rs. 600.
Posted on: Fri, 02 Jan 2015 06:28:12 +0000
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