Question
Fill in the missing figures in the following:
✓
Answer
Working Notes:
- Total of Cr. side of Trading A/c will be put on the Dr. side and the balancing figure will be opening Stock.
- Figure of Outstanding Salaries will be taken from Liabilites side and will be added to /salaries on the Dr. side of P & L A/c.
- Figure of Depreciation will be taken from Assets side and will be shown on Dr. side of P & L A/c.
- Total of Cr. side of P & L A/c will be put on the Dr. side and balancing figure will be Net Profit. It will be added to capital on the Liabilities side.
- Balancing firgure on Liabilites side will be sundry Creditors.
- Balancing figure on Assets side will be Cash in hand.
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Mr. Asif Ali, a retail trader, who keeps Incomplete Records gives you the following information for the year $2018-19:$
The Assets and Liabilities were as follows:
Other Informations:
→The Assets and Liabilities were as follows:
Other Informations:
- Credit Sales during the year were $₹\ 35,100.$
- Sales returns $₹\ 800.$
- Credit Purchases during the year were $₹\ 30,000.$
- Discount allowed to Debtors $₹\ 300.$
- Discount received from Creditors $₹\ 130.$
- Make a provision for doubtful debts $@\ 5\%$ on Debtors.
- Also make a provision for discount $@\ 2\%$ on Debtors.
Briefly explain the set of SQL statements to produce the receipts side of a cash book for Model-I.
Aditya a retailer, has not maintained proper books of account but it has been possible to obtain the following details:
Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:
Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:
- Shop Fittings are to be depreciated by ₹ 780.
- Aditya has drawn ₹ 100 per week for his own use.
- Included in the Trade Debtors is an irrecoverable balance of ₹ 270.
- Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year.
From the following particulars taken out from the books of Subhash General Store, prepare Trading and Profit & Loss Account for the year ended 31st March, 2017 and Balance Sheet as at the date:
The following information is relevant:
The following information is relevant:
- Closing Stock ₹ 55,000. Stock valued at ₹ 10,000 was destroyed by fire on 18th March, 2017 but the Insurance Company admitted a claim of ₹ 6,800 only which was received in April, 2017.
- Stationery for ₹ 150 was consumed by the Proprietor.
- Goods costing ₹ 1,200 were given away as charity.
- A new Signboard costing ₹ 1,500 is included in Advertising.
- Rent is to be allocated 2/3rd to Factory and 1/3rd to Office.
- Depreciate machinery by 10% and Motor Car by 20%.
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From the following Trial Balance of Sh. Parveen Kumar, prepare Trading and Profit & Loss Account for the year ending 31st March, 2019 and a Balance Sheet as at that date:
Informations:
→Informations:
- Closing Stock was valued at ₹ 60,000. You are informed that goods valued ₹ 12,000 were sold and despactched on 29th March, 2019, but no entry was passed to this effect.
- Insurance Premium include ₹ 1,200 paid on 1st October, 2018 to run for one year from Oct. 1, 2018 to Sept. 30, 2019.
- Loan from Mr. Naresh was taken on 1st July, 2018. Interest has not been paid so far.
- Create provision for Doubtful Debts at 5% on Sundry Debtors after writing off ₹ 600 as Bad-debts during the year.
- A bill of ₹ 3,200 for advertisement in newspaper remained unpaid at the end of the year.
- Purchases include Furniture costing ₹ 5,000 purchased on 1st April, 2018.
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Following is the Trial Balance of Sh. Damodar Parshad as at 31st March, 2016:-
Prepare a Trading and Profit and Loss Account for the year ended on 31-3-2016 and the Balance Sheet as at that date. The Stock on 31st March, 2016 was ₹ 22,000.
Prepare a Trading and Profit and Loss Account for the year ended on 31-3-2016 and the Balance Sheet as at that date. The Stock on 31st March, 2016 was ₹ 22,000.Give Journal Entries for the following adjustments in final accounts:
Additional Information:
- Extract of Trial Balance as on 31st March, 2019
Additional Information:
- Additional Bad Debts ₹ 20,000.
- Maintain the provision for doubtful debts @ 5% on debtors.
- Goods costing ₹ 20,000 were distributed among staff members as free of cost. These goods were purchased paying IGST @ 12%.
- Two month's rent @ ₹ 15,000 per month is outstanding. Rent is subject to levy of 12% IGST.
- Included in general expenses is annual Insurance Premium of ₹ 10,000 paid for the year ending 30th June, 2019. IGST is levied @ 12%.
- Accrued commission ₹ 5,000. IGST is levied @ 12%.
Trial Balance of Mr. Joe shows the following balance as on $31^{st}$ March,$ 2019:$
Value of Closing Stock on $31^{st}$ March,$ 2019:$ was ₹ 50,000.
→Value of Closing Stock on $31^{st}$ March,$ 2019:$ was ₹ 50,000.
From the following balances, as on $31^{st}$ March,$ 2019:$, prepare Trading and Profit and Loss Account and Balance Sheet:
Closing Stock on $31^{st}$ March,$ 2019:$ was valued at ₹$ 14,500.$
→Closing Stock on $31^{st}$ March,$ 2019:$ was valued at ₹$ 14,500.$