Computerised Accounting System — Account STD 11 Commerce — Question

A company whose accounting year is a financial year, purchased on 1st July, 2015 machinery costing ₹ 30,000.
It purchased further machinery on 1st January, 2016 costing ₹ 20,000 and on 1st October, 2016 costing ₹ 10,000.
On 1st April, 2017, one-third of the machinery installed on 1st July, 2015 became obsolete and was sold for ₹ 3,000.
Show how Machinery Account would appear in the books of the company. It being given that machinery was depreciated by Fixed Instalment Method at 10% p.a. What would be the value of Machinery Account on 1st April, 2018?

The following Trial Balance was extraced from the books of Mr. Gupta as at 31st March, 2019:

Adjustments:

1. Goods costing ₹ 20,000 were purchased and included into stock but no entry was passed to record the purchase.
2. Loan from Mr. Yadav was taken on 1st June, 2018.
3. Sundry Debtors include an amount of ₹ 2,000 due from a customer who has become insolvent and nothing is recoverable from his estate.
4. Create a provision of 5% for Doubtful Debts and 2% for discount on Debtors.
5. Three months lighting and heating bill due but not paid ₹ 3,000.
6. Rent is paid for 11 months but is received for 13 months.
7. Stock amounted to ₹ 90,000 on 31st March, 2019.

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2019 and a Balance Sheet as at that date.

From the following Trial Balance of shradha as on 31st March, 2019, prepare Trading and profit and Loss Account and balance Sheet:

adjustmnet:

1. Closing Stock ₹ 64,000.
2. wages outstanding ₹ 2,400.
3. Bad Debts ₹ 600.
4. Provision for Doubtful debts to be 5%.
5. Rent is paid for 11 months.
6. Insurance premium is paid per annum, ended 31st May, 2019.
7. Loen from the bank was taken on 1st October, 2018.
8. Provide depreciation on Machinery @ 10% and on Furniture @ 5%.

X bought a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight. ₹ 1,000 for brokerage of the middleman, ₹ 3,500 for installation and ₹ 500 for an iron pad. The machine is depreciated @ 10% p.a. on Written Down Value basis. After three years, the machine was sold to Y for ₹ 30,500 and ₹ 500 was paid as commission to the broker through whom the sale was effected. Find out the profit and loss on sale of machine.

Give rectifying Journal entries for the following errors:

1. Sales of goods to Madan ₹ 6,000 were entered in the Sales Book as ₹ 600.
2. Credit purchase of ₹ 1,500 from Ajay has been wrongly passed through the Sales Book.
3. Repairs to building ₹ 300 were debited to Building Account.
4. ₹ 2,050 paid to Rohit is posted to the debit of Mohit’s Account as ₹ 5,020.
5. Purchases Return Book is overcasted by ₹ 400.

‘Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader’? Do you agree? Explain.

Give journal entries to rectify the following errors assuming that suspense account had been opened.

1. Goods distributed as free sample ₹ 5,000 were not recorded in the books.
2. Goods withdrawn for personal use by the proprietor ₹ 2,000 were not recorded in the books.
3. Bill receivable received from a debtor ₹ 6,000 was not posted to his account.
4. Total of Returns inwards book ₹ 1,200 was posted to Returns outwards account.
5. Discount allowed to Reema ₹ 700 on receiving cash from her was recorded in the books as ₹ 70.

Following balances are taken from the books of Niranjan. Prepare Trading and Profit and Loss Account and Balance Sheet for the year ended 31st March, 2019:
(iamge)
Adjustments:

1. Closing Stock ₹ 7,50,000.
2. Depreciate Machinery by 10% and Furniture by 20%.
3. Wages ₹ 50,000 and salaries ₹ 20,000 are outstanding.
4. Write off ₹ 50,000 as further Bad Debts and create 5% Provision for Doubtful Debts. Also, create a reserve for discount on Debtors @ 2%.
5. Investments were made on 1st July, 2018 and no interest has been received so far.