Q1.
(a) Calculate gross profit and cost of goods sold from the following information: Net Sales ₨ 8, 00,000 Gross Profit is 40% on Sales.
(b) Calculate gross profit and cost of goods from the following information: Net Sales ₨ 12,00,000 Gross Profit 33 1/3% on Sales.
Q2.
Calculate Closing Stock from the following:
a.
Particulars | ₨ | Particulars | ₨ |
Opening Stock | 38,000 | Sales | 3,60,000 |
Purchases | 3,40,000 | Returns Inwards | 5,000 |
Return Outwards | 4,000 | Gross Loss | 20,000 |
Freight Inwards | 26,000 |
b. ₨
Opening stock 20,000
Cash sales 60,000
Credit Sales 40,000
Purchase 70,000
Rate of Gross profit on 33 1/3%.
Q3.
Calculate gross profit when
Total Purchases during the year are ₨ 8,00,000
Return Outward ₨ 20,000
Direct expenses ₨ 60,000
2/3 of the goods are sold for ₨ 6,10,000.
Q4.
From the following balances prepare a Trading, Profit & Loss account and Balance sheet
Particulars | ₨ | Particulars | ₨ |
Carriage on goods Purchased | 8,000 | Cash in hand | 2,500 |
Carriage on Goods sold | 3,500 | Banker’s A/c (cr.) | 30,000 |
Manufacturing Expenses | 42,000 | Motor Car | 60,000 |
Advertisement | 7,000 | Drawings | 8,000 |
Freight and Octroi | 4,400 | Audit fees | 2,700 |
Lighting | 6,000 | Plant | 1,53,900 |
Customer’s a/c | 80,000 | Repairs to plant | 2,200 |
Supplier’s a/c | 61,000 | Stock at the end | 76,000 |
Duty and clearing charges | 5,200 | Purchases Less Returns | 1,60,000 |
Postage and Telegram | 800 | Commission on Purchases | 2,000 |
Fire Insurance Premium | 3,600 | Incidental Trade exp. | 3,200 |
Patents | 12,000 | Investments | 30,000 |
Income Tax | 24,000 | Interest on Investments | 4,500 |
Office expense | 7,200 | Capital A/c | 1,00,000 |
Sales Less Returns | 5,20,000 | ||
Rent | 12,000 | ||
Discount Paid | 2,700 | ||
Discount on purchases | 3,400 |
Q5.
From the following balances prepare Final accounts as at 31st March, 2012:
Particulars | ₨ | Particulars | ₨ |
Opening Stock | 15,310 | Capital | 2,50,000 |
Purchases | 82,400 | Drawings | 48,000 |
Sales | 2,56,000 | Sundry debtors | 57,000 |
Returns (Dr.) | 4,000 | Sundry Creditors | 14,000 |
Returns (Cr.) | 2,400 | Depreciation | 4,200 |
Factory Rent | 18,000 | Charity | 500 |
Custom Duty | 11,500 | Cash Balance | 4,460 |
Coal, Gas and Power | 6,000 | Bank Balance | 4,000 |
Wages,& salary | 36,600 | Bank Charges | 180 |
Discount (Dr.) | 7,500 | Establishment Expenses | 3,600 |
Commission (Cr.) | 1,200 | Plant | 42,000 |
Bad-debts | 5,850 | Leasehold Building | 1,50,000 |
Bad-debts Recovered | 2,000 | Goodwill | 20,000 |
Apprentice Premium | 4,800 | Patents | 10,000 |
Productive expenses | 2,600 | Trade Marks | 5,000 |
Unproductive Expenses | 5,000 | Loan Cr. | 25,000 |
Carriage | 8,700 | Interest on loan | 3,000 |
The value of Closing stock on 31st March, 2012 was ₨ 25,400.
Q6.
From the following balances of the Ledger of Sh. Akhileshwar prepare Trading and Profit & Loss Account and Balance Sheet:
Dr. ₨ | Cr. ₨ | |
Stock on 1-4-2011 | 30,000 | |
Stock on 31-3-2012 | 46,200 | |
Purchas and Sales | 2,30,000 | 3,45,000 |
Returns | 12,500 | 15,200 |
Commission on Purchases | 1,200 | |
Freight, Octroi and Carriage | 26,000 | |
Wages and Salary | 10,800 | |
Fire Insurance Premium | 820 | |
Business Premises | 40,000 |
Sundry Debtors | 26,100 | |
Sundry Creditors | 26,700 | |
Goodwill | 8,000 | |
Patents | 8,400 | |
Coal, gas and Power | 7,600 | |
Printing and stationery | 2,100 | |
Postage and Telegram | 710 | |
Travelling Expenses | 4,250 | |
Drawings | 7,200 | |
Depreciation | 1,000 |
General Expenses | 8,350 | |
Capital | ||
Investments | 89,760 | |
Interest on Investments | 8,000 | |
Custom duty on Imported Goods | 800 | |
Cash in Hand | 4,500 | |
Banker’s Account | 2,570 | |
Commission | 5,200 | |
Loan on Mortgage | 4,600 | 4,400 |
Interest on Loan | 30,000 |
B/P | 3,000 | |
B/R | 2,280 | |
Income tax | 4,540 | |
Horse and Carts | 3,000 | |
Discount on Purchases | 20,300 | |
5,21,750 | 5,21,750 |
Q7.
From the following balances prepare Final Accounts as at 31st March 2010:
Particulars | ₨ | Particulars | ₨ |
Stock 1-4-2009 | 23,500 | Freight In | 1,100 |
Purchases | 46,800 | Freight Out | 3,000 |
Sales | 1,30,000 | Rent (Factory 1/3, Office 2/3) | 7,500 |
Productive expenses | 27,000 | Legal expenses | 800 |
Unproductive Expenses | 5,800 | Miscellaneous Receipts | 500 |
Trade expenses | 1,200 | Sundry debtors | 30,000 |
Returns In | 6,600 | Sundry creditors | 16,100 |
Returns Out | 2,800 | Donation | 600 |
Loose Tools | 7,200 | Bad debts | 4,750 |
Trade Marks | 5,000 | Bad debts recovered | 4,000 |
Discount Cr. | 2,100 | Bank charges | 2,800 |
Salaries | 9,600 | Loan on Mortgage | 20,000 |
Fixed Deposit with Punjab National Bank | 10,000 | Interest on Loan | 2,400 |
Cash in hand | 1,300 | ||
Motor Vehicles | 50,000 | ||
Leasehold Land | 60,000 | ||
Capital | 1,37,450 | ||
Life Insurance Premium | 6,000 |
Value of Closing Stock was ₨36,500 on 31st March, 2010.
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