Final Accounts Problems with Solutions
B.Com 1st Sem
Dibrugarh University (2011 to 2020)
Final Accounts Solved Questions 2011 (November) – Semester Exam
3. (a) Following is the Trial Balance of Sita and Gita as on 31st March, 2011:
|
Debit
Balances |
Amount
(Rs.) |
Credit
Balances |
Amount
(Rs.) |
|
Opening
stock Purchases Bills
receivable Cash
in hand Bad
debts Machinery Advertisement Sundry
Debtors Goodwill Land
and Building Fuel Wages
and Salaries Rent
and Taxes Discount Commission Furniture |
160000 400000 4000 26000 2000 132000 16000 100000 140000 450000 30000 80000 40000 17200 20000 30000 |
Sundry
creditors Bank
loan Sales Bills
payable Interest Capitals: Sita: Gita |
150000 87200 840000 40000 10000 320000 200000 |
|
16,47,200 |
16,47,200 |
From the following additional information, you are required to
prepare trading and profit and loss account for the year ended on 31st march, 2011 and a Balance sheet as on
that date: (4+5+5=14)
(i) Closing stock as on 31st march, 2011: Rs. 120000.
(ii) Depreciate machinery
by 10% and furniture by 5%.
(iii) Create a reserve of 5%
on sundry debtors for doubtful debts.
(iv) Write off 1/4th of
advertising.
Solution
Trading
and Profit & Loss A/c
For the
year ended on 31st March, 2011
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Opening Stock To
Purchase To
Fuel To
Wages & Salaries To
Gross Profit c/d |
1,60,000 4,00,000 30,000 80,000 2,90,000 |
By
Sales By
Closing Stock |
8,40,000 1,20,000 |
|
|
9,60,000 |
|
9,60,000 |
|
To
Bad debts To
Depreciation on Machinery To
Advertisement To
Reserve on doubtful debts To
Rent & Taxes To
Discount To
Commission To
Depreciation on Furniture To
Net Profit -
Sita = 1,97,100/2=98,550 -
Gita =1,97,100/2=98,550 |
2,000 13,200 4,000 5,000 40,000 17,200 20,000 1,500 1,97,100 |
By
Gross Profit b/d By
Interest A/c |
2,90,000 10,000 |
|
|
3,00,000 |
|
3,00,000 |
Balance
Sheet
As on 31st
March, 2011
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry
Creditors Bank
Loan Bills
Payable Capital:
Sita (3,20,000
+ 98,550)= 418550 Gita (2,00,000
+ 98,550)= 298550 |
1,50,000 87,200 40,000 7,17,100 |
Bills
Receivable Cash
in Hand Machinery 1,32,000 Less:
Depreciation @ 10% (13,200) Advertisement Sundry
Debtors 1,00,000 Less:
Reserve @ 5% (5,000) Goodwill
Land
& Building Furniture 30,000 Less:
Depreciation @ 5% (1,500) Closing
Stock |
4,000 26,000 1,18,800 12,000 95,000 1,40,000 4,50,000 28,500 1,20,000 |
|
|
9,94,300 |
|
9,94,300 |
Final Accounts Solved Questions 2012 (November) – Semester Exam
3.
(a) Karan and Jawahar are partners in a firm. The Trail Balance of the firm as on
31st March, 2011 was as following:
Trial Balance
|
Particulars |
Amount |
Particulars |
Amount |
|
Drawings: Karan Jawahar Land and
Building Machinery Salaries and
Wages Trade Expenses Sundry Debtors Discount Insurance Advertisement Cash at Bank Bills
Receivable Closing Stock
(31.03.2011) Furniture |
2000 3500 40000 18000 3700 1900 24600 1000 1200 3000 2900 4000 36000 6500 |
Capital: Karan Jawahar Provision for
Bad debt General Reserve Sundry
Creditors Outstanding
Wages Bank Loan
(1.10.2010) Trading Account
(Gross Profit) |
35000 25000 800 4000 15000 500 8000 60000 |
|
148300 |
148300 |
Prepare
a profit and loss Account and a Profit and Loss Appropriation Account for the
Year ended on 31st March, 2011 and also a balance sheet as on
that date after taking into consideration the following adjustments:
(i) write off Rs. Bad Debt provide a 5% provision on the remaining
Debtor for Doubtful Debts.
(ii)Interest on partner’s capital is to be allowed @ Rs.5% p.a.
(iii)Interest on Bank Loan id to be provide @ Rs. 10%
(iv)Depreciation is to be provided on Land and Buildings @ 10%
p.a.; Machinery @ 12.50% p.a. and Furniture @5 p.a.
(v) 1/5th of the Advertisement is to be written
off
Solution
Profit
and Loss Account
For
the year ended on 31st March, 2011
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Depreciation on Land & Building To
Depreciation on Machinery To
Salaries & Wages To
Trade Expenses To
Write of bad debts To
Discount To
Insurance To
Advertisement To
Depreciation on furniture To
Interest on Bank Loan To
Net Profit |
4,000 2,250 3,700 1,900 1,230 1,000 1,200 600 325 400 44,195 |
By
Gross Profit By
Provision for bad debts |
60,000 800 |
|
|
60,800 |
|
60,800 |
P/L
Appropriation A/c
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Interest on Capital: Karan 35,000 x 5% = 1,750 Jawahar 25,000 x 5% = 1,250 To
Share of Profit Karan 41,195 x 1/2 Jawahar 41,195 x 1/2 |
3,000 20,598 20,597 |
By
Net Profit |
44,195 |
|
|
44,195 |
|
44,195 |
Partners’
Capital A/c
|
Particulars |
Karan |
Jawahar |
Particulars |
Karan |
Jawahar |
|
To
Drawings To
Balance c/d |
2,000 55,348 |
3,500 43,347 |
By
Balance b/d By
Interest on Capital By
Share of Profit |
35,000 1,750 20,598 |
25,000 1,250 20,597 |
|
|
57,348 |
46,847 |
|
57,348 |
46,847 |
Balance
Sheet
As
on 31st March, 2011
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital
Reserve Sundry
Creditors Outstanding
Wages Bank
Loan 8,000 Add:
Interest (8,000
x 10 x 6/12) 400 Capital:
Karan 55,348 Jawahar43,347 |
4,000 15,000 500 8,400 98,695 |
By
Land & Building
40,000 Less:
Depreciation @ 10% (4,000) Machinery 18,000 Less:
Depreciation @ 12.5% (2,250) Sundry
Debtors 24,600 Less:
Write off 1,230 Advertisement Cash
at Bank Bills
Receivable Furniture 6,500 Less:
Depreciation @ 5% (325) Closing
Stock |
36,000 15,750 23,370 2,400 2,900 4,000 6,175 36,000 |
|
|
1,26,595 |
|
1,26,595 |
Final Accounts Solved Questions 2013 (November) – Semester Exam
3. (a)
Following is the trial balance of Jaipal and Rampal as on 31st
March, 2013:
|
Debit |
Amount |
Credit |
Amount |
|
Stock
on 1.4.2012 Bills
receivable Purchases Return
Inward Plant
and Machinery Furniture Sundry
Debtors Cash
at Bank Salaries Wages Rent
and Taxes Insurance Printing
& Stationery General
Expenses Power
and Fuel Drawings: Jaipal Rampal |
200000 25000 275000 5000 100000 50000 120000 76000 12000 19000 11500 3000 2000 6500 4500 20000 15000 |
Capital
Accounts: Jaipal Rampal Sales Bills
Payable Return
Outwards Sundry
Creditors |
180000 150000 400000 20000 4500 190000 |
|
|
944500 |
|
944500 |
From
the following additional information, you are required to prepare Trading and
Profit & Loss Accounts and also Balance sheet of Jaipal and Rampal for the
year ended on 31st March, 2013: 3+4+5=12
a)
Stock as on 31.03.2013 Rs. 150000
b)
A credit sale of Rs. 4000 has not been recorded in the books
c)
Uninsured stock worth Rs. 6000 has been destroyed by fire.
Solution
Trading and Profit & Loss A/c
|
Particulars |
Amount |
Particulars |
Amount |
|
To Opening
Stock To
Purchases 2,75,000 Less: Loss by
fire 6,000 2,69,000 Less:
Returns 4,500 To Wages To Fuel &
Power To Gross Profit
c/d |
2,00,000 2,64,500 19,000 4,500 61,000 |
By Sales 4,00,000 Add:
Credit 4,000 4,04,000 Add: sales
omitted 5,000 By Closing
Stock |
3,99,000 1,50,000 |
|
|
5,49,000 |
|
5,49,000 |
|
To General
Expenses To Loss by fire To Salaries To Rent &
Taxes To Insurance To Printing
& Stationary To Net Profit
c/d |
6,500 6,000 12,000 11,500 3,000 2,000 20,000 |
By Gross Profit
b/d |
61,000 |
|
|
61,000 |
|
61,000 |
Profit & Loss Appropriation A/c
|
Particulars |
Amount (Dr) |
Particulars |
Amount (Cr) |
|
To Share of
Profit: Jaipal
= 20,000 x 1/2 Rampal = 20,000 x 1/2 |
10,000 10,000 |
By Net Profit
b/d |
20,000 |
|
|
20,000 |
|
20,000 |
Partner’s Capital A/c
|
Particulars |
Jaipal |
Rampal |
Particulars |
Jaipal |
Rampal |
|
To Drawings To Balance c/d |
20,000 1,70,000 |
15,000 1,45,000 |
By Balance b/d By P/L
Appropriation A/c |
1,80,000 10,000 |
1,50,000 10,000 |
|
|
1,90,000 |
1,60,000 |
|
1,90,000 |
1,60,000 |
Balance Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Bills Payable Sundry
Creditors Capital
Accounts: Jaipal
= 1,70,000 Rampal
= 1,45,000 |
20,000 1,90,000 3,15,000 |
Bills
Receivable Plant &
Machinery Furniture Sundry
Debtors 1,20,000 Add: Credit
sale omitted 4,000 Cash at Bank Closing stock |
25,000 1,00,000 50,000 1,24,000 76,000 1,50,000 |
|
|
5,25,000 |
|
5,25,000 |
Final Accounts Solved Questions 2014 (November) – Semester Exam
3. (a) Following is the Trial Balance
of Karan and Arjun as on 31st March, 2014:
Trial Balance
|
Debit balance |
Rs. |
Credit balance |
Rs. |
|
Opening Stock Purchases Bills Receivable Cash in Hand Bad Debts Machinery Advertisement Sundry Debtors Goodwill Land & Building Fuel Wages and Salaries Rent & Taxes Discount Commission Furniture |
1,60,000 4,00,000 4,000 26,000 2,000 1,32,000 16,000 1,00,000 1,40,000 4,50,000 30,000 80,000 40,000 17,200 20,000 30,000 |
Sundry Creditors Bank Loan Sales Bills Payable Interest Capital : Karan Arjun |
1,50,000 87,200 8,40,000 40,000 10,000 3,20,000 2,00,000 |
|
16,47,200 |
16,47,200 |
From the following
additional information, you are required to prepare Trading & Profit &
Loss A/c and also a Balance Sheet of Karan and Arjun for the year ended 31st March,
2014. 4+4+4=16
1) Closing Stock as on 31st March, 2014 was Rs. 1, 20,000.
2) Depreciate machinery by 10% and furniture by 5%
3) Create a reserve of 5% on Sundry Debtors for Bad Debts
4) Write of ¼th of advertising
Solution
Trading
and Profit & Loss A/c
For the
year ended on 31st March, 2014
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Opening Stock To
Purchase To
Fuel To
Wages & Salaries To
Gross Profit c/d |
1,60,000 4,00,000 30,000 80,000 2,90,000 |
By
Sales By
Closing Stock |
8,40,000 1,20,000 |
|
|
9,60,000 |
|
9,60,000 |
|
To
Bad debts To
Depreciation on Machinery To
Advertisement To Reserve
on doubtful debts To
Rent & Taxes To
Discount To
Commission To
Depreciation on Furniture To
Net Profit -
Karan = 1,97,100/2=98,550 -
Arjun =1,97,100/2=98,550 |
2,000 13,200 4,000 5,000 40,000 17,200 20,000 1,500 1,97,100 |
By
Gross Profit b/d By
Interest A/c |
2,90,000 10,000 |
|
|
3,00,000 |
|
3,00,000 |
Balance
Sheet
As on 31st
March, 2014
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry
Creditors Bank
Loan Bills
Payable Capital:
Karan (3,20,000
+ 98,550)= 418550 Arjun (2,00,000
+ 98,550)= 298550 |
1,50,000 87,200 40,000 7,17,100 |
Bills
Receivable Cash
in Hand Machinery 1,32,000 Less:
Depreciation @ 10% (13,200) Advertisement Sundry
Debtors 1,00,000 Less:
Reserve @ 5% (5,000) Goodwill
Land
& Building Furniture 30,000 Less:
Depreciation @ 5% (1,500) Closing
Stock |
4,000 26,000 1,18,800 12,000 95,000 1,40,000 4,50,000 28,500 1,20,000 |
|
|
9,94,300 |
|
9,94,300 |
Final Accounts Solved Questions 2014 (November) – Semester Exam
(Old Course)
Full Marks: 80
Pass Marks: 32
3. (b)From the following
Trial Balance of Mr. Pathak, you are required to prepare Trading & Profit
& Loss A/c for the year ended 31st March, 2014 and a
Balance Sheet as on that date. 4+4+4=12
Trial Balance
|
Debit Balances |
Rs. |
Credit Balances |
Rs. |
|
Opening Stock Furniture Purchase Carriage Inward Bad Debts Wages Debtors Sales Return Rent Salaries Cash Drawings Building Advertisement Interest on Bank Overdraft Miscellaneous Expenses |
50,000 32,000 11,10,600 9,400 3,600 1,04,000 1,60,000 30,000 48,000 1,36,000 17,800 28,000 3,20,000 20,000 14,000 6,800 |
Sales Creditors Bank Overdraft Provision for Doubtful Debts Discount Purchase Return Capital |
14,00,000 1,45,000 1,00,000 4,200 1,000 40,000 4,00,000 |
|
20,90,200 |
20,90,200 |
Adjustments:
1)
Closing Stock is valued at
Rs. 72,000
2)
Make a provision for Bad
and Doubtful Debts @ 5% on Debtors.
3)
Depreciate furniture by
10%
4)
Provide for Interest on
Capital @ 6 % p.a.
Solution
Trading and Profit & Loss A/c
For the year ended on 31st March,
2014
|
Particulars |
Amount |
Particulars |
Amount |
|
To Opening
Stock To
Purchases 11,10,600 Less:
Returns 40,000 To Carriage
Inwards To Wages To Gross Profit
c/d |
50,000 10,70,600 9,400 1,04,000 2,08,000 |
By Sales 14,00,000 Less:
Returns 30,000 By Closing
Stock |
13,70,000 72,000 |
|
|
14,42,000 |
|
14,42,000 |
|
To Depreciation
on Machinery To Bad debts To Provision
for d/d To Rent To Salaries To
Advertisement To Interest on
Bank Overdraft To
Miscellaneous Expenses To Interest on
capital |
3,200 3,600 8,000 48,000 1,36,000 20,000 14,000 6,800 24,000 |
By Gross Profit
b/d By Provision
for d/d By Discount By Net Loss c/d |
2,08,000 4,200 1,000 50,400 |
|
|
2,13,200 |
|
2,13,200 |
Balance Sheet
As on 31st March, 2014
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry
Creditors Bank Overdraft Capital
Accounts 4,00,000 Add: Interest
on Capital 6% 24,000 4,24,000 Less:
Drawings 28,000 3,96,000 Less: Net Loss
B/d 50,400 |
1,45,000 1,00,000 3,45,600 |
Furniture 32,000 Less:
Depreciation @ 10% 3,200 Debtors 1,60,000 Less: Provision
for d/d 8,000 Cash Buildings Closing Stock |
28,800 1,52,000 17,800 3,20,000 72,000 |
|
|
5,90,600
|
|
5,90,600
|
Final Accounts Solved Questions 2015 (November) – Semester Exam
3. (b) The following is the Trial
Balance of Ajay and Bijay, a partnership firm as on 31st March,
2015:
Trial
Balance
|
Debit Balances |
Rs. |
Credit Balances |
Rs. |
|
Opening Stock Machinery Purchases (adjusted) Salary Wages Buildings Insurance Freight Conveyance Carriage Inwards House Rent Returns Inward Carriage Outwards Sundry Debtors Bills Receivable Cash in Hand Drawings:
Ajay Bijay Closing Stock |
24,500 50,000 1,30,000 10,000 14,000 60,000 500 3,000 1,400 3,850 2,400 1,600 2,400 18,000 5,250 2,300 3,600 4,200 38,000 |
General Reserve Reserve for Doubtful Debts Sales Sundry Creditors Ajay’s Loan (Taken on 01.10.2014) Bills Payable Bad Debts Recovered Capital:
Ajay Bijay |
38,000 500 2,35,000 33,700 8,000 9,350 450 30,000 20,000 |
|
|
3,75,000 |
|
3,75,000 |
Prepare a Trading and Profit &
Loss Account for the year ended 31st March, 2015 and Balance Sheet
as on that date taking into consideration the following information: 4+5+5=14
a) On 29.02.2015, a fire broke out in the
godown and goods worth Rs. 7,000 were destroyed, goods being insured, the
insurance company admitted a claim for Rs. 6,000.
b) Reserve for Doubtful Debts is to be
maintained at 5% of Sundry Debtors.
Solution
Trading and Profit & Loss A/c
For the Year Ended on 31st March,
2015
|
Particulars |
Amount |
Particulars |
Amount |
|
To Opening
Stock To
Purchases 1,30,000 Less: Loss by
fire 7,000 To Wages To Freight To Carriage
Inwards To Gross Profit
c/d |
24,500 1,23,000 14,000 3,000 3,850 65,050 |
By Sales 2,35,000 Less:
Returns 1,600 |
2,33,400 |
|
|
2,34,000 |
|
2,34,000 |
|
To Loss by fire To Salary To Insurance To Conveyance To Carriage
Outwards To Reserve for
D/D To Interest on
Ajay Loan To Net Profit - Ajay = 49,560/2 = 36,130 - Bijay =
49,560/2 = 36,130 |
1,000 10,000 500 1,400 2,400 900 240 49,560 |
By Gross Profit
b/d By Provision
for d/d By Bad debts
recovered |
65,050 500 450 |
|
|
66,000 |
|
66,000 |
Partner’s Capital A/c
|
Particulars |
Ajay |
Bijay |
Particulars |
Ajay |
Bijay |
|
To Drawings To House Rent To Balance c/d |
3,600 1,200 49,980 |
4,200 1,200 39,380 |
By Balance b/d By Share of
Profit |
30,000 24,780 |
20,000 24,780 |
|
|
54,780 |
44,780 |
|
54,780 |
44,780 |
Balance
Sheet
As on 31st
March, 2015
|
Liabilities |
Amount |
Assets |
Amount |
|
General Reserve Sundry
Creditors Ajay’s
Loan 8,000 Add: Interest
on Ajay’s Loan @
6% 240 Bills Payable Capital: Ajay
49,980 Bijay39,380 |
38,000 33,700 8,240 9,350 89,360 |
Insurance Claim Machinery Buildings Sundry
Debtors 18,000 Less: Reserve
for d/d 900 Bills
Receivable Cash in hand Closing Stock |
6,000 50,000 60,000 17,100 5,250 2,300 38,000 |
|
|
1,78,650 |
|
1,78,650 |
Final Accounts Solved Questions 2015 (November) – Semester Exam
(Old Course)
Full Marks: 80
Pass Marks: 32
3. (b) Akash and Bikash are partners
of a partnership business. The Trial Balance of their firm as on 31st
March, 2015 was as under:
Trial
Balance
|
Debit Balances |
Rs. |
Credit Balances |
Rs. |
|
Land and Buildings Machinery Drawings: Akash Bikash Salaries and Wages Furniture Trade Expenses Sundry Debtors Discount Insurance Advertising Cash at Bank Bills Receivable Closing stock (on 31.03.2015) |
40,000 18,000 2,000 3,500 3,700 6,500 1,900 24,600 1,000 1,200 3,000 2,900 4,000 36,000 |
Trading Account (Gross Profit) Capital: Akash Bikash Provision for Doubtful Debts General Reserve Sundry Creditors Outstanding Wages Bank Loan (on 01.10.2014) |
60,000 35,000 25,000 800 4,000 15,000 500 8,000 |
|
|
1,48,300 |
|
1,48,300 |
Prepare a Profit & Loss Account
and a Profit & Loss Appropriation Account for the year ended 31st
March, 2015 and a Balance Sheet as on that date considering the following
adjustments: 5+2+5=12
a) Write off bad debts Rs. 600 and
provided for doubtful debts @ 5% on remaining debtors.
b) Provide for interest on capital @ 5%
per annum.
c) Provide for interest on bank loan @
10% per annum.
d) Provide depreciation @ 10% p.a. on
land and Buildings, @ 12 ½% p.a. on machinery and @ 5% p.a. on furniture.
e) Write off ¼ of advertising.
Solution
Profit & Loss A/c
|
Particulars |
Amount |
Particulars |
Amount |
|
To Depreciation
on Land & Buildings To Depreciation
on Machinery To Salaries and
Wages To Depreciation
on Furniture To Trade
Expenses To Bad debts To Provision
for d/d To Discount To Insurance To
Advertising To Interest on
Bank Loan To Net Profit |
4,000 2,250 3,700 325 1,900 600 1,200 1,000 1,200 750 400 43,475 |
By Gross Profit
b/d By Provision
for D/d |
60,000 800 |
|
|
60,800 |
|
60,800 |
Profit & Loss Appropriation A/c
|
Particulars |
Amount |
Particulars |
Amount |
|
To Interest on
Capital: Akash = 35,000 x 5% Bikash = 25,000 x 5% To Share of
Profit: Akash = 40,475 x 1/2 Bikash = 40,475 x ½ |
1,750 1,250 20,237.5 20,237.5 |
By Net Profit
b/d |
43,475 |
|
|
43,475 |
|
43,475 |
Partner’s Capital A/c
|
Particulars |
Akash |
Bikash |
Particulars |
Akash |
Bikash |
|
To Drawings To Balance c/d |
2,000 54,987.5 |
3,500 42,987.50 |
By Balance b/d By Interest on
Capital By P/L
Appropriation A/c |
35,000 1,750 20,237.5 |
25,000 1,250 20,237.5 |
|
|
56,987.5 |
46,487.50 |
|
56,987.5 |
46,487.50 |
Balance Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
General Reserve
Sundry
Creditors Outstanding
Wages Bank Loan 8,000 Add: Interest
on Bank Loan 400 Capital
Accounts: Akash =
54,987.50 Bikash = 42,987.50 |
4,000 15,000 500 8,400 97,975 |
Land &
Building
40,000 Less:
Depreciation @ 10% 4,000 Machinery 18,000 Less:
Depreciation @ 12.5% 2,250 Furniture 6,500 Less:
Depreciation @ 5% 325 Sundry
Debtors 24,600 Less: Bad
debts 600 24,000 Less: Provision
for d/d 5% 1,200 Advertisement Cash at Bank Bills
Receivable Closing Stock |
36,000 15,750 6,175 22,800 2,250 2,900 4,000 36,000 |
|
|
1,25,875 |
|
1,25,875 |
Final Accounts Solved Questions 2016 (November) – Semester Exam
3. (b) Rinku and Tinku share profits and losses equally. From the
following Trial Balance of their business as on 31st March, 2016,
prepare Trading, Profit & Loss Account for the year ended 31st
March, 2016 and a Balance Sheet as on that date: 4+5+5=14
|
Particulars |
Amount
(Dr.) |
Amounts
(Cr.) |
|
Capital: Rinku Tinku Current Account: Rinku Tinku Land and Buildings (at cost) Machinery (at cost) Purchases (adjusted) Sales Return Salaries Wages Rent and Taxes Furniture Cash at Bank Accumulated Depreciation Debtors Creditors Sales Closing Stock |
12,000 6,000 60,000 45,000 5,00,000 10,000 60,000 72,000 28,000 25,000 15,000 3,44,000 65,000 |
15,000 15,000 12,000 4,00,000 8,00,000 |
|
|
12,42,000 |
12,42,000 |
Adjustment: Accumulated depreciation includes Land and Buildings
Rs. 5,000, Machinery Rs. 6,000 and Furniture Rs. 1,000.
Solution
Trading
and Profit & Loss A/c
For
the year ended on 31st March, 2016
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Purchase To
Wages To
Gross Profit c/d |
5,00,000 72,000 2,18,000 |
By
Sales
8,00,000 Less:
Return (10,000) |
7,90,000 |
|
|
7,90,000 |
|
7,90,000 |
|
To
Salaries To
Rent & Taxes To
Net Profit |
60,000 28,000 1,30,000 |
By
Gross Profit b/d |
2,18,000 |
|
|
2,18,000 |
|
2,18,000 |
P/L
Appropriation A/c
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Share of Profit : Rinku 1,30,000 x 1/2 Tinku 1,30,000 x 1/2 |
65,000 65,000 |
By
Net Profit |
1,30,000 |
|
|
1,30,000 |
|
1,30,000 |
Partners
Current A/c
|
Particulars |
Rinku |
Tinku |
Particulars |
Rinku |
Tinku |
|
To
Balance b/d To
Balance c/d |
12,000 53,000 |
6,000 59,000 |
By
Share of Profit |
65,000 |
65,000 |
|
|
65,000 |
65,000 |
|
65,000 |
65,000 |
Partners’
Capital A/c
|
Particulars |
Rinku |
Tinku |
Particulars |
Rinku |
Tinku |
|
To
Balance c/d |
15,000 |
15,000 |
By
Balance b/d |
15,000 |
15,000 |
|
|
15,000 |
15,000 |
|
15,000 |
15,000 |
Balance
Sheet
As
on 31st March, 2011
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry
Creditors Partner’s
Capital: Rinku Tinku Current:
Rinku Tinku |
4,00,000 15,000 15,000 53,000 59,000 |
Land
& Building 60,000 Less:
Depreciation (5,000) Machinery 45,000 Less:
Depreciation (6,000) Furniture 25,000 Less:
Depreciation (1,000) Cash
at Bank Sundry
Debtors Closing
Stock |
55,000 39,000 24,000 15,000 3,44,000 65,000 |
|
|
5,42,000 |
|
5,42,000 |
Final Accounts Solved Questions 2016 (November) – Semester Exam
(OLD
COURSE)
Full Marks: 80
Pass
Marks: 32
Time: 3
hours
3. (a) The following is the Trial
Balance of M/s Baruah and Sharma Partnership Firm as on 31st March,
2016. Prepare Trading and Profit & Loss Account for the year ended 31st
March, 2016 and a Balance Sheet as on that date: 3+5+3=11
Trial
Balance
|
Debit |
Rs. |
Credit |
Rs. |
|
Bills Receivable Cash in Hand Bad Debts Trade Expenses Advertisement Machinery Sundry Debtors Goodwill Leasehold Premises Fuel Wages Purchases Opening Stock Rent and Taxes Discount |
4,000 4,000 3,000 12,000 10,000 76,000 70,000 75,000 1,60,000 20,000 1,50,000 1,50,000 85,000 18,000 3,600 |
Bank Loan Sundry Creditors Sales Bills Payable Capital: Baruah
Sharma |
80,000 50,000 4,10,600 20,000 1,40,000 1,40,000 |
|
|
8,40,600 |
|
8,40,600 |
Adjustments:
a) Closing Stock Rs. 60,000
b) Machinery is to be depreciated @ 10%
p.a.
c) Provision should be made for bad debts
@ 2% p.a. on sundry debtors.
d) Partners share the profit equally.
Solution
Trading and Profit & Loss A/c
|
Particulars |
Amount |
Particulars |
Amount |
|
To Opening
Stock To Purchases To Fuel To Wages To Gross Profit
c/d |
85,000 1,50,000 20,000 1,50,000 65,600 |
By Sales By Closing
Stock |
4,10,600 60,000 |
|
|
4,70,600 |
|
4,70,000 |
|
To Depreciation
on Machinery To
Advertisement To Bad debts To Trade
expenses To Provision
for B/d To Rent and
Taxes To Discount To Net Profit
c/d |
7,600 10,000 3,000 12,000 1,400 18,000 3,600 10,000 |
By Gross Profit
b/d |
65,600 |
|
|
65,600 |
|
65,600 |
Profit & Loss Appropriation A/c
|
Particulars |
Amount (Dr) |
Particulars |
Amount (Cr) |
|
To Share of
Profit: Baruah = 10,000 x 1/2 Sharma = 10,000 x 1/2 |
5,000 5,000 |
By Net Profit
b/d |
10,000 |
|
|
10,000 |
|
10,000 |
Partner’s Capital A/c
|
Particulars |
Baruah |
Sharma |
Particulars |
Baruah |
Sharma |
|
To Balance c/d |
1,45,000 |
1,45,000 |
By Balance b/d By P/L
Appropriation A/c |
1,40,000 5,000 |
1,40,000 5,000 |
|
|
1,45,000 |
1,45,000 |
|
1,45,000 |
1,45,000 |
Balance Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Bank Loan Sundry
Creditors Bills Payable Capital
Accounts: Baruah Sharma |
80,000 50,000 20,000 1,45,000 1,45,000 |
Bills
Receivable Cash in Hand Machinery 76,000 Less:
Depreciation @ 10% 7,600 Sundry
Debtors 70,000 Less: Reserve
for d/d 1,400 Goodwill Leasehold
premises Closing Stock |
4,000 4,000 68,400 68,600 75,000 1,60,000 60,000 |
|
|
4,40,000
|
|
4,40,000 |
Final Accounts Solved Questions 2017 (November) – Semester Exam
(b) The following is the trial Balance
of M/s Arun and Barun, a partnership firm, as on 31st march, 2017
and a Balance Sheet as on that date: 4+5+5=14
Trial balance
|
Dr. Balance |
Rs. |
Cr. balance |
Rs. |
|
Purchases Advertisement Wages Bills Receivable Printing and Stationery Trade Expenses Machinery Sundry Debtors Goodwill Fuel Opening Stock Rent and Taxes Land and Building Interest on Loan Cash in Hand Depreciation on Machinery Discount Bad Debts Furniture |
2,50,000 11,000 1,50,000 10,000 5,000 13,000 72,000 78,000 85,000 24,000 90,000 19,000 1,65,000 8,000 32,000 8,000 4,000 3,000 20,000 |
Sales Bills Payable 10% IDBI Loan(01.10.2016) Sundry Creditors Capital:
Arun
Barun Commission |
5,50,000 47,000 2,00,000 48,000 1,00,000 1,00,000 2,000 |
|
|
10,47,000 |
|
10,47,000 |
Necessary adjustment:
a)
Value of Closing Stock – Rs. 75,000
b)
Allow interest on capital of the
partners @ 5% pa
c)
During the year, goods worth Rs.
10,000 have been destroyed by fire. But the insurance company agreed to a claim
of Rs. 7,000 only.
Solution: Try Yourself
Final Accounts Solved Questions 2017 (November) – Semester Exam
(Old course)
Full marks: 80
Pass marks: 32
3.
(a) The following is the Trial Balance of Mr. Arup Baruah’s business as on 31st
march 2017
Trial
Balance
|
Dr.
balance |
Rs. |
Cr.
balance |
Rs. |
|
Opening stock Purchases Bills Receivable Cash in Hand Bad Debts Machinery Advertisement Sundry Debtors Goodwill Land and Building Fuel Wages and Salaries Rent and Taxes Discount Interest Furniture |
1,60,000 4,00,000 4,000 26,000 2,000 16,000 1,00,000 1,40,000 4,50,000 30,000 80,000 40,000 17,200 20,000 30,000 |
Sundry creditors Bank Loan Sales Bills Payable Commission Capital |
1,50,000 87,200 8,40,000 40,000 10,000 5,20,000 |
|
|
16,47,200 |
|
16,47,200 |
From
the following additional information, you are required to prepare a Trading and
Profit & Loss A/c for the year ended 31st March, 2017 and a
Balance Sheet as on that date: 3+4+5=12
a) Closing Stock as on 31st
March 2017 Rs. 1, 20,000.
b) Depreciation machinery by 10% and
furniture by 5%
c) Create a reserve of 5% on sundry
debtors for doubtful debts
d) Write off ¼ th of the advertisement
Solution
Trading
and Profit & Loss A/c
For the
year ended on 31st March, 2017
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Opening Stock To
Purchase To
Fuel To
Wages & Salaries To
Gross Profit c/d |
1,60,000 4,00,000 30,000 80,000 2,90,000 |
By
Sales By
Closing Stock |
8,40,000 1,20,000 |
|
|
9,60,000 |
|
9,60,000 |
|
To
Bad debts To
Depreciation on Machinery To
Advertisement To
Reserve on doubtful debts To
Rent & Taxes To
Discount To
Commission To
Depreciation on Furniture To
Net Profit |
2,000 13,200 4,000 5,000 40,000 17,200 20,000 1,500 1,97,100 |
By
Gross Profit b/d By
Interest A/c |
2,90,000 10,000 |
|
|
3,00,000 |
|
3,00,000 |
Balance
Sheet
As on 31st
March, 2014
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry
Creditors Bank
Loan Bills
Payable Capital: 5,20,000 Add:
Profit 1,97,100 |
1,50,000 87,200 40,000 7,17,100 |
Bills
Receivable Cash
in Hand Machinery 1,32,000 Less:
Depreciation @ 10% (13,200) Advertisement Sundry
Debtors 1,00,000 Less:
Reserve @ 5% (5,000) Goodwill
Land
& Building Furniture 30,000 Less:
Depreciation @ 5% (1,500) Closing
Stock |
4,000 26,000 1,18,800 12,000 95,000 1,40,000 4,50,000 28,500 1,20,000 |
|
|
9,94,300 |
|
9,94,300 |
Final Accounts Solved Questions 2018 (November) – Semester Exam
(b) Following is the Trial Balance of
M/s Khushbu and Neha, a partnership firm, as on 31st March, 2018.
Prepare a Trading and Profit & Loss A/c for the year ended 31st March,
2018 and a Balance Sheet as on that date: 4+5+5=14
Trial
Balance
|
Dr.
Balances |
Amount |
Cr.
Balances |
Amount |
|
Drawings:- Khushbu Neha |
2,000 3,500 |
Capital A/Cs : Khushbu Neha |
35,000 25,000 |
|
Land and Building |
36,000 |
Sales |
92,500 |
|
Machinery |
18,000 |
Returns Outward |
1,300 |
|
Salaries and
Wages |
3,700 |
Bad Debts Reserve |
800 |
|
Motor car |
10,500 |
General Reserve |
3,000 |
|
Trade Expenses |
1,900 |
Creditors |
23,000 |
|
Carriage Inward |
400 |
Commission |
1,500 |
|
Royalty |
1,800 |
||
|
Purchases |
45,300 |
||
|
Returns Inward |
45,300 |
||
|
Debtors |
24,600 |
||
|
Discount |
1,000 |
||
|
Insurance |
1,200 |
||
|
Opening Stock |
23,800 |
||
|
Advertisement |
3,000 |
||
|
Cash at Bank |
2,900 |
||
|
1,82,100 |
1,82,100 |
Adjustments:
a) Closing Stock (31st March,
2018)-Rs.36, 000
b) Stock worth Rs. 3,000 uninsured has been
destroyed by fire
c) Depreciate machinery by 15% and motor car by 10%
d) Of the debtors, Rs. 600 was bad and should be
written off and Reserve for Doubtful Debts should be maintained at 5%
e) Khushbu and Neha divide profits and losses
equally
Solution Try Yourself
Final Accounts Solved Questions 2018 (November) – Semester Exam
(Old Course)
Full
Marks: 80
Pass
Marks: 32
Time:
3 hours
(b) Sima and Rima share profits and losses equally.
From the following Trial Balance of their business as on 31st March,
2018 and a Balance Sheet as on that date: 3+4+5=12
|
Particulars |
Dr. Balances |
Cr. Balances |
|
Capital:- Sima Rima Current
A/c:- Sima Rima Land and
Building (at cost) Machinery
(at cost) Purchases
(adjusted) Sales
Returns Salaries Wages Rent and
Taxes Cash at
Bank Furniture Accumulated
Depreciation Debtors Creditors Sales Closing
Stock |
- - 12,000 6,000 60,000 45,000 5,00,000 10,000 60,000 72,000 28,000 15,000 25,000 - 3,44,000 - - 65,000 |
15,000 15,000 - - - - - - - - - - - 12,000 - 4,00,000 8,00,000 - |
Adjustment: In the accumulated depreciation, Land
and Building-Rs.5, 000; Machinery-Rs. 6,000 and Furniture-Rs. 1,000 have been
included
Solution
Trading
and Profit & Loss A/c
For
the year ended on 31st March, 2018
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Purchase To
Wages To
Gross Profit c/d |
5,00,000 72,000 2,18,000 |
By
Sales 8,00,000 Less:
Return (10,000) |
7,90,000 |
|
|
7,90,000 |
|
7,90,000 |
|
To
Salaries To
Rent & Taxes To
Net Profit |
60,000 28,000 1,30,000 |
By
Gross Profit b/d |
2,18,000 |
|
|
2,18,000 |
|
2,18,000 |
P/L
Appropriation A/c
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Share of Profit : Sima
- 1,30,000 x 1/2 Rima
- 1,30,000 x 1/2 |
65,000 65,000 |
By
Net Profit |
1,30,000 |
|
|
1,30,000 |
|
1,30,000 |
Partners
Current A/c
|
Particulars |
Sima |
Rima |
Particulars |
Sima |
Rima |
|
To
Balance b/d To
Balance c/d |
12,000 53,000 |
6,000 59,000 |
By
Share of Profit |
65,000 |
65,000 |
|
|
65,000 |
65,000 |
|
65,000 |
65,000 |
Partners’
Capital A/c
|
Particulars |
Sima |
Rima |
Particulars |
Sima |
Rima |
|
To
Balance c/d |
15,000 |
15,000 |
By
Balance b/d |
15,000 |
15,000 |
|
|
15,000 |
15,000 |
|
15,000 |
15,000 |
Balance
Sheet
As
on 31st March, 2018
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry
Creditors Partner’s
Capital: Sima Rima Current:
Sima Rima |
4,00,000 15,000 15,000 53,000 59,000 |
Land
& Building 60,000 Less:
Depreciation (5,000) Machinery 45,000 Less:
Depreciation (6,000) Furniture 25,000 Less:
Depreciation (1,000) Cash
at Bank Sundry
Debtors Closing
Stock |
55,000 39,000 24,000 15,000 3,44,000 65,000 |
|
|
5,42,000 |
|
5,42,000 |
Final Accounts Solved Questions 2019 (November) – Semester Exam
(b)
Following is the Trial Balance of Ajay and Bijay as on 31st March,
2019:
|
Dr. Balances |
Rs. |
Cr. Balances |
Rs. |
|
Opening
Stock Purchases Bills
Receivable Cash in
Hand Bad Debts Plant and
Machinery Advertisement Sundry
Debtors Goodwill Land and
Building Fuel Wages and
Salaries Rent and
Taxes Discount Commission Furniture |
1,60,000 4,00,000 4,000 26,000 2,000 1,32,000 16,000 1,00,000 1,40,000 4,50,000 30,000 80,000 40,000 17,200 20,000 30,000 |
Sundry
Creditors Bank Loan Sales Bills
Payable Interest Capital: Ajay Bijay |
1,50,000 87,200 8,40,000 40,000 10,000 3,20,000 2,00,000 |
From the following additional information, you are
required to prepare Trading and Profit & Loss A/c for the year ended 31st March,
2019 and a Balance Sheet as on that date: 4+5+5=14
1) Closing
Stock as on 31st March, 2019 – Rs. 1, 20,000.
2) Depreciation
machinery by 10% and furniture by 5%.
3) Create
a reserve of 5% on sundry debtors for doubtful debts.
4) Write-off
1/4th of advertising.
Solution
Trading
and Profit & Loss A/c
For the
year ended on 31st March, 2019
|
Particulars |
Amount |
Particulars |
Amount |
|
To
Opening Stock To
Purchase To
Fuel To
Wages & Salaries To
Gross Profit c/d |
1,60,000 4,00,000 30,000 80,000 2,90,000 |
By
Sales By
Closing Stock |
8,40,000 1,20,000 |
|
|
9,60,000 |
|
9,60,000 |
|
To
Bad debts To
Depreciation on Machinery To
Advertisement To
Reserve on doubtful debts To
Rent & Taxes To
Discount To
Commission To
Depreciation on Furniture To
Net Profit -
Ajay = 1,97,100/2=98,550 -
Bijay =1,97,100/2=98,550 |
2,000 13,200 4,000 5,000 40,000 17,200 20,000 1,500 1,97,100 |
By
Gross Profit b/d By
Interest A/c |
2,90,000 10,000 |
|
|
3,00,000 |
|
3,00,000 |
Balance
Sheet
As on 31st
March, 2011
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry
Creditors Bank
Loan Bills
Payable Capital:
Ajay
(3,20,000 + 98,550)= 418550 Bijay
(2,00,000 + 98,550)= 298550 |
1,50,000 87,200 40,000 7,17,100 |
Bills
Receivable Cash
in Hand Machinery 1,32,000 Less:
Depreciation @ 10% (13,200) Advertisement Sundry
Debtors 1,00,000 Less:
Reserve @ 5% (5,000) Goodwill
Land
& Building Furniture 30,000 Less:
Depreciation @ 5% (1,500) Closing
Stock |
4,000 26,000 1,18,800 12,000 95,000 1,40,000 4,50,000 28,500 1,20,000 |
|
|
9,94,300 |
|
9,94,300 |
Final Accounts Solved Questions 2019 (November) – Semester Exam
(Old Course)
Full
Marks: 80
Pass
Marks: 32
Time:
3 hours
(b) The
following is the Trial Balance of Ajay and Bijay, a partnership firm as on 31st March,
2019:
|
Dr.
Balances |
Rs. |
Cr.
Balances |
Rs. |
|
Opening
Stock Purchases
(adjusted) Machinery Salaries Wages Building Insurance Freight Conveyance Carriage
Inward Rent Returns
Inward Carriage
Outward Sundry
Debtors Bills
Receivable Cash in
Hand Drawings: Ajay Bijay Closing
Stock |
24,500 1,30,000 50,000 10,000 14,000 60,000 500 3,000 1,400 3,850 2,400 1,600 2,400 18,000 5,250 2,300 3,600 4,200 38,000 |
General
Reserve Reserve
for Doubtful Debts Sales Sundry
Creditors Bills
Payable Commission Capital: Ajay Bijay |
38,000 500 2,35,000 33,700 17,350 450 30,000 20,000 |
|
3,75,000 |
3,75,000 |
Prepare a Trading and Profit & Loss A/c for the
year ended 31st March, 2019 and a Balance Sheet as on that date
after considering the following information: 3+4+5=12
1) On 29.02.2019, a fire broke out in the godown
and goods worth Rs. 7,000 were destroyed. Goods being insured, the insurance
company admitted a claim for Rs. 6,000.
2) Reserve for Doubtful Debts is to be
maintained at 5% of Sundry Debtors.
Solution
Trading and Profit & Loss A/c
For the Year Ended on 31st March,
2019
|
Particulars |
Amount |
Particulars |
Amount |
|
To Opening
Stock To
Purchases 1,30,000 Less: Loss by
fire 7,000 To Wages To Freight To Carriage
Inwards To Gross Profit
c/d |
24,500 1,23,000 14,000 3,000 3,850 65,050 |
By Sales 2,35,000 Less:
Returns 1,600 |
2,33,400 |
|
|
2,34,000 |
|
2,34,000 |
|
To Loss by fire To Salary To Insurance To Conveyance To Carriage
Outwards To Reserve for
D/D To Rent To Interest on
Ajay Loan To Net Profit - Ajay = 47,160/2 = 23,580 - Bijay = 47,160/2
= 23,580 |
1,000 10,000 500 1,400 2,400 900 2400 240 47,160 |
By Gross Profit
b/d By Provision
for d/d By Bad debts
recovered |
65,050 500 450 |
|
|
66,000 |
|
66,000 |
Partner’s Capital A/c
|
Particulars |
Ajay |
Bijay |
Particulars |
Ajay |
Bijay |
|
To Drawings To Balance c/d |
3,600 49,980 |
4,200 39,380 |
By Balance b/d By Share of
Profit |
30,000 23,580 |
20,000 23,580 |
|
|
53,580 |
43,580 |
|
53,580 |
43,580 |
Balance
Sheet
As on 31st
March, 2015
|
Liabilities |
Amount |
Assets |
Amount |
|
General Reserve Sundry
Creditors Ajay’s
Loan 8,000 Add: Interest
on Ajay’s Loan @
6% 240 Bills Payable Capital: Ajay Bijay |
38,000 33,700 8,240 9,350 49,980 39,380 |
Insurance Claim Machinery Buildings Sundry
Debtors 18,000 Less: Reserve
for d/d 900 Bills
Receivable Cash in hand Closing Stock |
6,000 50,000 60,000 17,100 5,250 2,300 38,000 |
|
|
1,78,650 |
|
1,78,650 |
2020 (Held
in 2021 – CBCS Pattern Non Hons)
5. Following are the balances of Mr. Ranjit as on 30th June,
2020:
|
Dr. Balances |
Rs. |
Cr. Balances |
Rs. |
|
Cash in hand Cash at Bank Patent Salaries Purchase Returns Inward Wages Fuel and Power Carriage on Sales Carriage on Purchases Stock (1st July,
2019) Buildings Freehold Land Machinery Investment Sundry Debtors General Expenses Insurance Drawings |
1,080 5,260 15,000 30,000 81,350 1,360 16,960 9,460 6,400 4,080 11,520 44,000 20,000 40,000 20,000 29,000 6,000 1,200 10,490 |
Sales Returns Outward Capital Sundry Creditors Rent |
1,97,560 1,000 1,24,000 12,600 18,000 |
|
|
3,53,160 |
|
3,53,160 |
Taking into account the
following adjustments, prepare the Trading and Profit & Loss A/c and
Balance Sheet as on 30th June, 2020: 14
1)
Stock on hand on 30th
June, 2020 is Rs. 13,600.
2)
Depreciate machinery by
10% and patent by 20%.
3)
Salaries for the month
of June 2020 amounting to Rs. 3,000 were unpaid.
4)
Insurance includes a
premium of Rs. 340 on a policy expiring on 31st December, 2020.
5)
Bad debts are Rs. 1,450.
6)
Rent received in
advance—Rs. 2,000.
7)
Interest on investment
of Rs. 4,000 is accrued.
Solution Try Yourself
2020 held
in 2021 hons
(b) Following is the Trial Balance of M/s. Kasturi Agencies as on
31st March, 2020. Prepare Trading and Profit & Loss Account for the year
ended 31st March, 2020 and a Balance Sheet as on that date: 3+3+4=10
|
Particulars |
Dr. Rs. |
Cr. Rs. |
|
Capital Drawings Buildings Furniture and Fittings Motor Van Loan from Hari @ 12% Interest
(1 – 4 – 2019) Interest Paid on above Sales Purchases Opening Stock Establishment Expenses Wages Insurance Commission Received in advance Sundry Debtors Sundry Creditors Bank Balance Interest Received |
18,000 15,000 7,500 25,000 900 75,000 25,000 15,000 2,000 1,000 28,100 20,000 |
1,00,000 15,000 1,00,000 4,500 10,000 3,000 |
|
|
2,32,500 |
2,32,500 |
Adjustments:
1)
Closing Stock was valued
as on 31st March, 2020—Rs. 32,000.
2)
Outstanding Wages—Rs.
500.
3)
Prepaid Insurance—Rs.
300.
4)
Depreciate Furniture and
Fittings @ 10% and Motor Van @ 20%.
5)
Charge interest on
Capital @ 10%.
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