Page 1 Super 7 Ques 1 From the following trail balance of Ram Kumar, you are required to prepare Trading & Profit & Loss A/c fo r the year ended on 31 st March, 2013 and a Balance Sheet as at that date. Name of Accounts Dr (?) Cr. (?) Capital 50,000 Drawings 10,000 Debtors & Creditors 24,000 16,000 6% Loan 10,000 Interest on Loan 300 Cash 3,000 Provision for Bad Debts 1,000 Wages 6,000 Stock on 1.4.2012 16,700 Computer 10,000 Bank 7,500 Furniture 20,000 Carriage Outward 4,500 Carriage Inward 5,000 Salaries 12,000 Rent 8,000 Bad Debts 600 Purchases and Sales 60,000 1,16,000 Returns 2,000 1,000 Advertising 4,500 Discount 2,600 Insurance Premium 2,000 B/R & B/P 10,000 8,000 Commission 1,500 2,06,100 2,06,100 Adjustments: (1) Depreciate furniture by 5% and Computer by 10%. (2) Salaries outstanding by ?1,200. (3) Insurance Premium is paid for the year ending 30 th June, 2013. (4) Wages have been paid upto 30 th June, 2013. (5) Provision for Bad Debts is to be maintained at 5% on debtors. (6) Stock on 31 st March, 2013 was valued at ?19,400. Page 2 Super 7 Ques 1 From the following trail balance of Ram Kumar, you are required to prepare Trading & Profit & Loss A/c fo r the year ended on 31 st March, 2013 and a Balance Sheet as at that date. Name of Accounts Dr (?) Cr. (?) Capital 50,000 Drawings 10,000 Debtors & Creditors 24,000 16,000 6% Loan 10,000 Interest on Loan 300 Cash 3,000 Provision for Bad Debts 1,000 Wages 6,000 Stock on 1.4.2012 16,700 Computer 10,000 Bank 7,500 Furniture 20,000 Carriage Outward 4,500 Carriage Inward 5,000 Salaries 12,000 Rent 8,000 Bad Debts 600 Purchases and Sales 60,000 1,16,000 Returns 2,000 1,000 Advertising 4,500 Discount 2,600 Insurance Premium 2,000 B/R & B/P 10,000 8,000 Commission 1,500 2,06,100 2,06,100 Adjustments: (1) Depreciate furniture by 5% and Computer by 10%. (2) Salaries outstanding by ?1,200. (3) Insurance Premium is paid for the year ending 30 th June, 2013. (4) Wages have been paid upto 30 th June, 2013. (5) Provision for Bad Debts is to be maintained at 5% on debtors. (6) Stock on 31 st March, 2013 was valued at ?19,400. Ques 2 The following is the Trial Balance of Ram Krishan Vyas as at 31st March, 2010. Prepare Trading and Profit & Loss Account and Balance Sheet after making the following adjustments :- — (i) Value of Closing Stock ?29,638. (ii) Depreciate Plant and Machinery 10%. Furniture 5% and Horses and Carts ? 1,000. Also write off Goodwill by ?3,000. (iii) Provide 5% for Doubtful Debts on Debtors. (iv) Prepaid expenses : Insurance ?300 and taxes ?190. (v) 3/5th of insurance & taxes; rent and general expenses to be charged to factory and the balance to the office. (vi) Advertising is to be written off over three years. Commission to Manager at 10% on net profit after charging such commission Particulars ? Particulars ? Plat and Machinery Manufacturing Wages Salaries Furniture Freight on Purchase's Freight on Sales Building Manufacturing Expenses Fuel and Power Electricity (Factory) Insurance & Taxes Goodwill Rent Debtors Stable Expenses Opening Stock Horses and Carts Purchases Sales Returns General Expenses Bad-Debts Interest & Bank Charges Advertising Bank Balance Cash 19,720 34,965 10,135 9,480 1,980 2,150 25,000 9,455 1,276 986 4,175 30,000 2,400 78,140 2,473 34.170 .5.165 97.165 3.170 8.000 1.485 475 4.500 7.540 145 Capital Creditors Bank Loan Purchases Return Sales Provision for Bad-Debts 80,000 50,160 10,000 1,140 2,46,850 6,000 3,94,150 3,94,150 Page 3 Super 7 Ques 1 From the following trail balance of Ram Kumar, you are required to prepare Trading & Profit & Loss A/c fo r the year ended on 31 st March, 2013 and a Balance Sheet as at that date. Name of Accounts Dr (?) Cr. (?) Capital 50,000 Drawings 10,000 Debtors & Creditors 24,000 16,000 6% Loan 10,000 Interest on Loan 300 Cash 3,000 Provision for Bad Debts 1,000 Wages 6,000 Stock on 1.4.2012 16,700 Computer 10,000 Bank 7,500 Furniture 20,000 Carriage Outward 4,500 Carriage Inward 5,000 Salaries 12,000 Rent 8,000 Bad Debts 600 Purchases and Sales 60,000 1,16,000 Returns 2,000 1,000 Advertising 4,500 Discount 2,600 Insurance Premium 2,000 B/R & B/P 10,000 8,000 Commission 1,500 2,06,100 2,06,100 Adjustments: (1) Depreciate furniture by 5% and Computer by 10%. (2) Salaries outstanding by ?1,200. (3) Insurance Premium is paid for the year ending 30 th June, 2013. (4) Wages have been paid upto 30 th June, 2013. (5) Provision for Bad Debts is to be maintained at 5% on debtors. (6) Stock on 31 st March, 2013 was valued at ?19,400. Ques 2 The following is the Trial Balance of Ram Krishan Vyas as at 31st March, 2010. Prepare Trading and Profit & Loss Account and Balance Sheet after making the following adjustments :- — (i) Value of Closing Stock ?29,638. (ii) Depreciate Plant and Machinery 10%. Furniture 5% and Horses and Carts ? 1,000. Also write off Goodwill by ?3,000. (iii) Provide 5% for Doubtful Debts on Debtors. (iv) Prepaid expenses : Insurance ?300 and taxes ?190. (v) 3/5th of insurance & taxes; rent and general expenses to be charged to factory and the balance to the office. (vi) Advertising is to be written off over three years. Commission to Manager at 10% on net profit after charging such commission Particulars ? Particulars ? Plat and Machinery Manufacturing Wages Salaries Furniture Freight on Purchase's Freight on Sales Building Manufacturing Expenses Fuel and Power Electricity (Factory) Insurance & Taxes Goodwill Rent Debtors Stable Expenses Opening Stock Horses and Carts Purchases Sales Returns General Expenses Bad-Debts Interest & Bank Charges Advertising Bank Balance Cash 19,720 34,965 10,135 9,480 1,980 2,150 25,000 9,455 1,276 986 4,175 30,000 2,400 78,140 2,473 34.170 .5.165 97.165 3.170 8.000 1.485 475 4.500 7.540 145 Capital Creditors Bank Loan Purchases Return Sales Provision for Bad-Debts 80,000 50,160 10,000 1,140 2,46,850 6,000 3,94,150 3,94,150 Ques 3 From the following Trial Balance of Sh. Govinda, prepare a Trading and Profit & Loss A/c for the year ended on 31st March, 2012 and a Balance Sheet as at that date : Dr. Balance ? Cr. Balance ? Material Consumed Carriage Wages Power and Fuel Trade Expenses Bad Debts Returns Fire Insurance Rates & Taxes Cash in Hand Stock on 31st March, 2012 Plant & Machinery Furniture Loose Tools Interest on Kapil’s Loan Debtors Salaries Bank Charges Coal, Gas and Water B/R 1,50,000 8,200 36,100 5,400 14,500 1,800 5,000 3,000 5,200 1,600 46,500 80,000 18,000 16,000 600 54,000 20,000 300 2,200 4,000 Govinda’s Capital A/c Sales Loan from Kapil @12% (Taken on 1-7-2011) Bank Outstanding Wages Trade Expenses accrued but not paid Discount Creditors Apprentice Premium B/P Provision for Doubtful Debts 1,80,000 2,40,000 10,000 8,200 3,400 2,000 600 12,400 4,500 3,700 7,600 4,72,400 4,72,400 Adjustments :— 1. Carry forward the following unexpired amounts : (a) Fire Insurance ?500 (b) Rates & Taxes ?1,200 (c) Apprentice Premium ?1,500 2. Wages include ?5,000 spent on installation of a new machine on 1st April. 2011. 3. Depreciation is to be charged on Plant and Machinery at 10% and Furniture at 20%. Loose Tools are revalued at ?12,000. 4. Make a provision of ?4,000 for Doubtful debts on Debtors. 5. Accrued Income ?2,300. Page 4 Super 7 Ques 1 From the following trail balance of Ram Kumar, you are required to prepare Trading & Profit & Loss A/c fo r the year ended on 31 st March, 2013 and a Balance Sheet as at that date. Name of Accounts Dr (?) Cr. (?) Capital 50,000 Drawings 10,000 Debtors & Creditors 24,000 16,000 6% Loan 10,000 Interest on Loan 300 Cash 3,000 Provision for Bad Debts 1,000 Wages 6,000 Stock on 1.4.2012 16,700 Computer 10,000 Bank 7,500 Furniture 20,000 Carriage Outward 4,500 Carriage Inward 5,000 Salaries 12,000 Rent 8,000 Bad Debts 600 Purchases and Sales 60,000 1,16,000 Returns 2,000 1,000 Advertising 4,500 Discount 2,600 Insurance Premium 2,000 B/R & B/P 10,000 8,000 Commission 1,500 2,06,100 2,06,100 Adjustments: (1) Depreciate furniture by 5% and Computer by 10%. (2) Salaries outstanding by ?1,200. (3) Insurance Premium is paid for the year ending 30 th June, 2013. (4) Wages have been paid upto 30 th June, 2013. (5) Provision for Bad Debts is to be maintained at 5% on debtors. (6) Stock on 31 st March, 2013 was valued at ?19,400. Ques 2 The following is the Trial Balance of Ram Krishan Vyas as at 31st March, 2010. Prepare Trading and Profit & Loss Account and Balance Sheet after making the following adjustments :- — (i) Value of Closing Stock ?29,638. (ii) Depreciate Plant and Machinery 10%. Furniture 5% and Horses and Carts ? 1,000. Also write off Goodwill by ?3,000. (iii) Provide 5% for Doubtful Debts on Debtors. (iv) Prepaid expenses : Insurance ?300 and taxes ?190. (v) 3/5th of insurance & taxes; rent and general expenses to be charged to factory and the balance to the office. (vi) Advertising is to be written off over three years. Commission to Manager at 10% on net profit after charging such commission Particulars ? Particulars ? Plat and Machinery Manufacturing Wages Salaries Furniture Freight on Purchase's Freight on Sales Building Manufacturing Expenses Fuel and Power Electricity (Factory) Insurance & Taxes Goodwill Rent Debtors Stable Expenses Opening Stock Horses and Carts Purchases Sales Returns General Expenses Bad-Debts Interest & Bank Charges Advertising Bank Balance Cash 19,720 34,965 10,135 9,480 1,980 2,150 25,000 9,455 1,276 986 4,175 30,000 2,400 78,140 2,473 34.170 .5.165 97.165 3.170 8.000 1.485 475 4.500 7.540 145 Capital Creditors Bank Loan Purchases Return Sales Provision for Bad-Debts 80,000 50,160 10,000 1,140 2,46,850 6,000 3,94,150 3,94,150 Ques 3 From the following Trial Balance of Sh. Govinda, prepare a Trading and Profit & Loss A/c for the year ended on 31st March, 2012 and a Balance Sheet as at that date : Dr. Balance ? Cr. Balance ? Material Consumed Carriage Wages Power and Fuel Trade Expenses Bad Debts Returns Fire Insurance Rates & Taxes Cash in Hand Stock on 31st March, 2012 Plant & Machinery Furniture Loose Tools Interest on Kapil’s Loan Debtors Salaries Bank Charges Coal, Gas and Water B/R 1,50,000 8,200 36,100 5,400 14,500 1,800 5,000 3,000 5,200 1,600 46,500 80,000 18,000 16,000 600 54,000 20,000 300 2,200 4,000 Govinda’s Capital A/c Sales Loan from Kapil @12% (Taken on 1-7-2011) Bank Outstanding Wages Trade Expenses accrued but not paid Discount Creditors Apprentice Premium B/P Provision for Doubtful Debts 1,80,000 2,40,000 10,000 8,200 3,400 2,000 600 12,400 4,500 3,700 7,600 4,72,400 4,72,400 Adjustments :— 1. Carry forward the following unexpired amounts : (a) Fire Insurance ?500 (b) Rates & Taxes ?1,200 (c) Apprentice Premium ?1,500 2. Wages include ?5,000 spent on installation of a new machine on 1st April. 2011. 3. Depreciation is to be charged on Plant and Machinery at 10% and Furniture at 20%. Loose Tools are revalued at ?12,000. 4. Make a provision of ?4,000 for Doubtful debts on Debtors. 5. Accrued Income ?2,300. Ques 4 Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2012 from the following Balances of Mr. SardariLal : Particulars ? Particulars ? Capital Account Creditors—Trade Creditors Expenses Rent Received Purchases Returns Sales Bad-Debts Provision on 1 st April, 2011 Advertising Development Goodwill Plant and Machine Traveller’s Samples Stock on 1-4-2011 Debtors Cash at Bank Cash in hand 41,000 30.000 6,800 600 4,000 2,89,600 600 8,000 5,000 20,000 2,700 32.000 14,600 2,000 110 Drawings Purchases Carriage Inwards Wages Power Rent and Insurance Salaries Discount Received General Charges Sales Returns Traveller’s Commission Traveller’s Salaries Discount Allowed 5,000 1,71,000 1,500 23,000 9,000 19,900 34,400 1,800 8,600 600 2,890 9,100 5,000 Adjustments :— The Closing stock was ?23,000 but there has been a loss by fire on 20th March, 2012, to the extent of ?20,000, not covered by insurance. Depreciate Plant and Machinery by 10% and Traveller's Samples by 33 1 3 %. Increase the Bad-debts Provision to ?2,000. Write 20% off Advertising Development Account. Annual premium on insurance expiring 1st June, 2012 was?1,200. Provide for Manager’s commission @ 5% on Net Profits after charging such Commission. Ques 5 The following balances were extracted from the books of Mr. Din Dayal as at 31st March, 2014 : Particulars ? Particulars ? Stock at the beginning Rent Salary Bad-Debts Provision for Doubtful Debts Travelling Expenses Insurance Premium Proprietor's Withdrawals Telephone Charges Printing and Advertising Commission (Cr.) Rent from Sublet Land and Building Furniture Cash 41,000 9,600 20,000 400 3,000 1,400 1,800 4,000 7,300 5,000 6,000 4.800 1,40,000 10,000 2,900 Purchases Sales Returns (Dr.) Returns (Cr.) Carriage Inward Carriage Outward Capital Loan (Cr.) Sales Tax Collected Debtors Creditors Investments Interest on Investments 2,20,000 2,80,000 6,000 2,000 3,500 500 1,75,000 20,000 3,000 40,000 24,00 5,000 600 Prepare Trading and Profit & Loss Account for the year and a Balance Sheet as at 31st March, 2014, after taking into account the following : (1) Stock was valued at ?75,000 on 31st March, 2014. You are informed that a fire occurred on 28th March, 2014 in the godown and snick of the value of ?10,000 was destroyed. Insurance Company admitted a claim of 75%. (2) One-third of the commission received is in respect of work to be done next year. (3) Create a provision of 5% for Doubtful Debts. (4) 50% of Printing and Advertising is to be carried forward as a charge in the following year. (5) ?900 is due for interest on loan. (6) Provide for Manager's Commission at 10% on Net Profit before charging such commission. Page 5 Super 7 Ques 1 From the following trail balance of Ram Kumar, you are required to prepare Trading & Profit & Loss A/c fo r the year ended on 31 st March, 2013 and a Balance Sheet as at that date. Name of Accounts Dr (?) Cr. (?) Capital 50,000 Drawings 10,000 Debtors & Creditors 24,000 16,000 6% Loan 10,000 Interest on Loan 300 Cash 3,000 Provision for Bad Debts 1,000 Wages 6,000 Stock on 1.4.2012 16,700 Computer 10,000 Bank 7,500 Furniture 20,000 Carriage Outward 4,500 Carriage Inward 5,000 Salaries 12,000 Rent 8,000 Bad Debts 600 Purchases and Sales 60,000 1,16,000 Returns 2,000 1,000 Advertising 4,500 Discount 2,600 Insurance Premium 2,000 B/R & B/P 10,000 8,000 Commission 1,500 2,06,100 2,06,100 Adjustments: (1) Depreciate furniture by 5% and Computer by 10%. (2) Salaries outstanding by ?1,200. (3) Insurance Premium is paid for the year ending 30 th June, 2013. (4) Wages have been paid upto 30 th June, 2013. (5) Provision for Bad Debts is to be maintained at 5% on debtors. (6) Stock on 31 st March, 2013 was valued at ?19,400. Ques 2 The following is the Trial Balance of Ram Krishan Vyas as at 31st March, 2010. Prepare Trading and Profit & Loss Account and Balance Sheet after making the following adjustments :- — (i) Value of Closing Stock ?29,638. (ii) Depreciate Plant and Machinery 10%. Furniture 5% and Horses and Carts ? 1,000. Also write off Goodwill by ?3,000. (iii) Provide 5% for Doubtful Debts on Debtors. (iv) Prepaid expenses : Insurance ?300 and taxes ?190. (v) 3/5th of insurance & taxes; rent and general expenses to be charged to factory and the balance to the office. (vi) Advertising is to be written off over three years. Commission to Manager at 10% on net profit after charging such commission Particulars ? Particulars ? Plat and Machinery Manufacturing Wages Salaries Furniture Freight on Purchase's Freight on Sales Building Manufacturing Expenses Fuel and Power Electricity (Factory) Insurance & Taxes Goodwill Rent Debtors Stable Expenses Opening Stock Horses and Carts Purchases Sales Returns General Expenses Bad-Debts Interest & Bank Charges Advertising Bank Balance Cash 19,720 34,965 10,135 9,480 1,980 2,150 25,000 9,455 1,276 986 4,175 30,000 2,400 78,140 2,473 34.170 .5.165 97.165 3.170 8.000 1.485 475 4.500 7.540 145 Capital Creditors Bank Loan Purchases Return Sales Provision for Bad-Debts 80,000 50,160 10,000 1,140 2,46,850 6,000 3,94,150 3,94,150 Ques 3 From the following Trial Balance of Sh. Govinda, prepare a Trading and Profit & Loss A/c for the year ended on 31st March, 2012 and a Balance Sheet as at that date : Dr. Balance ? Cr. Balance ? Material Consumed Carriage Wages Power and Fuel Trade Expenses Bad Debts Returns Fire Insurance Rates & Taxes Cash in Hand Stock on 31st March, 2012 Plant & Machinery Furniture Loose Tools Interest on Kapil’s Loan Debtors Salaries Bank Charges Coal, Gas and Water B/R 1,50,000 8,200 36,100 5,400 14,500 1,800 5,000 3,000 5,200 1,600 46,500 80,000 18,000 16,000 600 54,000 20,000 300 2,200 4,000 Govinda’s Capital A/c Sales Loan from Kapil @12% (Taken on 1-7-2011) Bank Outstanding Wages Trade Expenses accrued but not paid Discount Creditors Apprentice Premium B/P Provision for Doubtful Debts 1,80,000 2,40,000 10,000 8,200 3,400 2,000 600 12,400 4,500 3,700 7,600 4,72,400 4,72,400 Adjustments :— 1. Carry forward the following unexpired amounts : (a) Fire Insurance ?500 (b) Rates & Taxes ?1,200 (c) Apprentice Premium ?1,500 2. Wages include ?5,000 spent on installation of a new machine on 1st April. 2011. 3. Depreciation is to be charged on Plant and Machinery at 10% and Furniture at 20%. Loose Tools are revalued at ?12,000. 4. Make a provision of ?4,000 for Doubtful debts on Debtors. 5. Accrued Income ?2,300. Ques 4 Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2012 from the following Balances of Mr. SardariLal : Particulars ? Particulars ? Capital Account Creditors—Trade Creditors Expenses Rent Received Purchases Returns Sales Bad-Debts Provision on 1 st April, 2011 Advertising Development Goodwill Plant and Machine Traveller’s Samples Stock on 1-4-2011 Debtors Cash at Bank Cash in hand 41,000 30.000 6,800 600 4,000 2,89,600 600 8,000 5,000 20,000 2,700 32.000 14,600 2,000 110 Drawings Purchases Carriage Inwards Wages Power Rent and Insurance Salaries Discount Received General Charges Sales Returns Traveller’s Commission Traveller’s Salaries Discount Allowed 5,000 1,71,000 1,500 23,000 9,000 19,900 34,400 1,800 8,600 600 2,890 9,100 5,000 Adjustments :— The Closing stock was ?23,000 but there has been a loss by fire on 20th March, 2012, to the extent of ?20,000, not covered by insurance. Depreciate Plant and Machinery by 10% and Traveller's Samples by 33 1 3 %. Increase the Bad-debts Provision to ?2,000. Write 20% off Advertising Development Account. Annual premium on insurance expiring 1st June, 2012 was?1,200. Provide for Manager’s commission @ 5% on Net Profits after charging such Commission. Ques 5 The following balances were extracted from the books of Mr. Din Dayal as at 31st March, 2014 : Particulars ? Particulars ? Stock at the beginning Rent Salary Bad-Debts Provision for Doubtful Debts Travelling Expenses Insurance Premium Proprietor's Withdrawals Telephone Charges Printing and Advertising Commission (Cr.) Rent from Sublet Land and Building Furniture Cash 41,000 9,600 20,000 400 3,000 1,400 1,800 4,000 7,300 5,000 6,000 4.800 1,40,000 10,000 2,900 Purchases Sales Returns (Dr.) Returns (Cr.) Carriage Inward Carriage Outward Capital Loan (Cr.) Sales Tax Collected Debtors Creditors Investments Interest on Investments 2,20,000 2,80,000 6,000 2,000 3,500 500 1,75,000 20,000 3,000 40,000 24,00 5,000 600 Prepare Trading and Profit & Loss Account for the year and a Balance Sheet as at 31st March, 2014, after taking into account the following : (1) Stock was valued at ?75,000 on 31st March, 2014. You are informed that a fire occurred on 28th March, 2014 in the godown and snick of the value of ?10,000 was destroyed. Insurance Company admitted a claim of 75%. (2) One-third of the commission received is in respect of work to be done next year. (3) Create a provision of 5% for Doubtful Debts. (4) 50% of Printing and Advertising is to be carried forward as a charge in the following year. (5) ?900 is due for interest on loan. (6) Provide for Manager's Commission at 10% on Net Profit before charging such commission. Ques 6 On 31st March, 2012 the following Trial Balance of Sh. Ajay Oswal was taken out. Prepare Trading and Profit & Lo ss Account for the year and Balance Sheet at that date after making the following adjustments :— (i) Stock on 31st March, 2012 was valued ?26,000. (ii) General Manager is entitled to a Commission of 5% on Net Profits after charging such Commission. (iii) ?2,000 paid for Salary & Wages have been included in Sundry Debtors. (iv) Increase Bad-debts by ?800 and create provision for Doubtful Debts at 10%. (v) General Expenses include insurance premium paid up to 30th June, 2012 @?3,000 per annum. (vi) ?600 out of the Advertisement Expenses are to be carried forward to the next year. (vii) Charge one-fourth of 'Salaries and Wages' to Trading A/c. (viii) Accrued Income ?2,500. Dr.(?) Cr.(?) Capital Income Tax Stock on 1-4-2011 Return Inwards Carriage Inwards Deposit with PNB Return Outwards Carriage Outwards Loan to Mr. Malik @ 18% p.a. given on 1-7-2011 Interest on the above Rent Outstanding Rent Purchases Debtors Goodwill Land and Buildings Furniture Salaries & Wages Creditors Advertisement Expenses Provision for Doubtful Debts Bad-Debts Patents and Paterns Cash in hand Sales General Expenses 8,000 16,000 5,600 8,200 15,000 3,700 10,000 13,000 1,48,000 75,800 25,000 2,00,000 15,000 38,000 3,000 2,000 6,000 8,900 4,500 3,00,000 4,100 900 1,000 26,200 3,500 2,70,000 6,05,700 6,05,700Read More
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