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1.What is an adjusting entry?
2. From the following information, find out total sales.
Opening Sundry debtors 1,00,000
Cash received from Sundry debtors 1,60,000
Discount allowed to Sundry debtors 4,000
Sales Return 10,000
Closing debtors 1,50,000
Cash Sales – Rs.76,000.
3. Give adjusting entry and transfer entry for Depreciation on machinery Rs.5,000.
4. Tmt. Selvi & Company purchased an asset for Rs. 50,000. Depreciation is to be provided annually according to the straight line method. The useful life of asset is 10 years and residual value is Rs.5000. You are required to find out the rate of depreciation.
5. J and K were partners sharing profits in the ratio of 3:2. J draws Rs.5,000 at the end of each quarter. K draws Rs.10,000 at the end of each half year. Calculate interest on their drawings at 10% p.a. for the year ending 31.3.2015.
6. Banu and Kala were sharing profits in the ratio of 4:3. Priya was admitted in the business as a partner with 3/7th share in the profits of the firm, which she takes 2/7th from Banu and 1/7th from Kala. Find out new profit ratio and the sacrificing ratio.
7. Z Ltd., forfeited 300 shares of Rs.10 each fully called up for nonpayment of final call money of Rs.4 per share. Out of these 250 shares were reissued for a total payment of Rs.2,000. Pass necessary journal entries.
8. Mr. Sugan kept his books by incomplete double entry. He started business with Rs.3,00,000 on 1.4.14. On 31.3.15 his position was as under.
Cash in hand 8,000 Outstanding expenses 8,000
Sundry Creditors 50,000 Plant 2,00,000
Cash at bank 20,000 Sundry Debtors 1,50,000
Bills payable 10,000 Stock 1,50,000
Furniture 40,000 Bills receivable 15,000
Additional capital Rs.10,000; and drawings Rs.5,000.
Ascertain the profit or loss made during the year 2014-15.
9. The Trial Balance on 31.3.2002, shows Sundry Debtors Rs.1,25,000. Bad debts Rs.8,000.
- Bad Debts to be written off Rs.5,000.
- Provide @ 5% Provision for bad and doubtful debts and
- Provide @ 2% Provision for discount on debtors.
Pass adjustment entries and also show how these items will appear in the final accounts.
10. Explain the accounting rules applicable in the absence of partnership deed.
11. A company purchased a machinery for Rs.80,000 on 1.4.2001. On 1st October 2002, another machinery was purchased for Rs.48,000. On 30th September 2003, the first machinery was sold for Rs.48,000. Depreciation is to be provided at 10% p.a. on straight line method. The accounts are closed on 31st March every year.
Prepare machinery account and depreciation account for 3 years. 50. From the following calculate Gross Profit Ratio, Net Profit Ratio and Operating Profit Ratio.
Sales 1,00,000 Loss on sale of investment 800
Gross Profit 30,000 Dividend received 400
Administration expenses 1,000 Net Profit 26,600
Selling expenses 2,000
12. Explain the causes of depreciation
13. The directors of Ashok Ltd. forfeited 3000 shares of Rs.10 each fully called up, for nonpayment of first call Rs.3 and final call Rs.2 per share.
Out of these 2000 shares were reissued at Rs. 7 each as fully paid. Give necessary journal entries and prepare ledger account for forfeiture and capital reserve account.
14. Ravi and Arun are partners in a firm sharing Profits and Losses in the ratio of 3:2. Their capitals on 1.4.03 were Rs.1,60,000 and Rs.1,20,000 respectively. Drawings of the partners during the year were Ravi Rs.12,000 and Arun Rs.8,000. Following details are also given:
a) Interest on Capital at and on drawings at 6% p.a.
b) Ravi and Arun to get a salary of Rs.10,000 p.a.
c) Ravi to get a commission of 10% on the net profit before charging such commission
The net profit of the firm for the year ended 31.3.04 before making of the above adjustments was Rs.60,000. Show the Profit and Loss Appropriation account and Capital Accounts of the partners.
15. Mr.X maintains his books under incomplete double entry, you are required to prepare Trading and Profit and Loss A/c. and Balance Sheet as on 31.3.15.
Stock 5,00,000 2,50,000
Sundry Debtors 12,50,000 17,50,000
Furniture 50,000 50,000
Cash 1,25,000 2,00,000
Sundry Creditors 7,50,000 8,75,000
Discount received 75,000 Discount Allowed 50,000
Sundry Expenses 1,50,000 Cash paid to creditors 22,50,000
Cash received from debtors 26,75,000 Drawings 2,00,000
Sales return 75,000 Purchase return 25,000
Charge depreciation on furniture at 5% p.a.
16. A and B were partners, sharing profits in the ratio of 3:2. They admit C as a new Partner for 1/3 share on April 1st 2000 under the following terms:
a) C has to bring Rs.25,000 as Capital.
b) Goodwill is valued at Rs.26,000.
c) Land and Building be appreciated by 40%
d) Depreciate plant and machinery by 10%.
e) The provision for bad and doubtful debts was to be increased by Rs.800.
f) A liability of Rs.1,000 included in creditors is not necessary.
Balance Sheet as on 1.4.2000
Liabilities Rs. Assets Rs.
Sundry Creditors 29,000 Goodwill 10,000
Bills Payable 6,000 Land & Buildings 25,000
Capital: Plant & Machinery 30,000
A Rs. 50,000 Stock 15,000
B Rs. 35,000 85,000 Sundry Debtors Rs. 20,000
General Reserve 16,000
(-) Provision for Doubtful debts Rs. 1,000 19,000
Profit & Loss A/c. 28,000
Pass journal entries. Prepare revaluation account, capital account and new Balance Sheet.
17. From the following Trial Balance, prepare Final Accounts for the year ending 31.3.2002. Trial Balance as on 31.3.2015
|Debit Rs||Credit Rs|
|Furniture 30,000||Capital 2,00,000|
|Cash 8,000||Commission 14,000|
|Opening Stock 1,00,000||Sales 6,00,000|
|Purchases 3,20,000||Creditors 1,00,000|
|Investments at 10% 20,000||Interest 1,500|
|Bad debts 12,000|
|Carriage inwards 20,000|
|Insurance Premium 12,000|
|General Expenses 27,500|
- Closing Stock was valued at Rs.80,000.
- Accrued Interest on investment Rs.500.
- Commission received in advance Rs.4,000.
- Depreciate Furniture at 5% p.a.
- Provide Interest on Capital at 6% p.a. 14
18. Prepare cash budget for the month of June, July and August 2015 from the following information:
a) Cash Sales for June Rs.20,000; July Rs.30,000 and August Rs.40,000.
b) Wages payable Rs.6,000 every month.
c) Interest receivable Rs.500 in the month of August.
d) Purchase of furniture for Rs.16,000 in July.
e) Cash purchase for June Rs.10,000; July Rs.9,000; and August Rs.14,000.
19. A Ltd. issued 20,000 shares Rs.100 each at Rs.120 payable as follows:
On application Rs. 25 On First Call Rs.20
On allotment Rs. 45 (including Premium) On Second Call Rs.30
The company’s shares were fully subscribed. Both the calls were made and all the money were duly received.
Pass journal entries. Prepare necessary ledger accounts and Balance Sheet.
20. From the following Balance Sheet calculate current ratio, liquid ratio, debt-equity ratio and proprietary ratio
Balance Sheet of XYZ Ltd. as on 31.3.15
Liabilities Rs Assets Rs.
Share Capital 40,000 Goodwill 24,000
Reserves 20,000 Fixed Assets 56,000
Loans 32,000 Stock 16,000
Creditors 20,000 Debtors 8,000
Overdraft 8,000 Bills receivable 4,000
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