Financial Statements – With Adjustments — Account STD 11 Commerce — Question

From the following balances of the Ledger of Sh. Akhileshwar Singh, prepare Trading and Profit & Loss Account and Balance Sheet :-

R. Chetan, Kolkata has the following balances in his books on 1st March, 2019: Cash ₹ 15,400; Cash at Bank ₹ 82,500; Stock ₹ 1,92,500; Plant and Machinery ₹ 4,40,000. Sundry Debtors: Rajesh ₹ 27,500; James ₹ 13,750. Sundry Creditors: Rao ₹ 19,250, Samanta; ₹ 35,750; Capital ₹ 7,16,650. The following are the transactions for the month of March 2019:
Transactions marked with (*) are intra-state transactions subject to CGST and SGST @ 6% each. Transactions marked with (**) are inter-state transactions subject to IGST @ 12%. Record these transactions in his subsidiary books, post to the Ledger and prepare a Trial Balance as on 31st March, 2019.

Shruti maintains her books of account from Incomplete Records. Her books provide the following information:
She withdrew ₹ 500 per month for personal expenses. She sold her Investments of ₹ 16,000 at 5% premium and introduced the amount into business.
You are required to prepare a Statement of Profit or Loss for the year ending 31st March, 2016.

Write a note on relationship between Accounting Information System, Manufacturing Information System and Human Resource System.

Following Trial Balance has been extracted from the books of prased on 31st march. 2019: Additional information:

1. Outstanding Salaries were ₹ 45,000.
2. Depreciate Machinery at 10%.
3. Wages outstanding were ₹ 5,000.
4. Rent prepaid ₹ 10,000.
5. provide for interest on capital @ 5% per annum.
6. Stock on 31st March, 2019 ₹ 5,00,000.

Prepare trading and profit and loss account for the year ended 31st march. 2019 and Balance Sheet as at the date.

Give journal entries for the following adjustments in final accounts:

1. Salaries ₹ 5,000 are outstanding.
2. Insurance amounting to ₹ 2,000 is paid in advance.
3. ₹ 4,000 for rent have been received in advance.
4. Commission earned but not received ₹ 1,000.
5. Interest on capital ₹ 1,500.
6. Interest on Drawings ₹ 300.
7. Write off ₹ 2,000 as further bad-debts.
8. Closing Stock ₹ 3,000.

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:

1. 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.
2. Stationery for ₹ 150 was consumed by the Proprietor.
3. Goods costing ₹ 1,200 were given away as charity.
4. A new Signboard costing ₹ 1,500 is included in Advertising.
5. Rent is to be allocated 2/3rd to Factory and 1/3rd to Office.
6. Depreciate machinery by 10% and Motor Car by 20%.

From the following Trial Balance of Shubho, prepare final accounts for the year ended 31st March, 2019 and Balance Sheet as at that date:

The following adjustments be taken care of:

1. Depreciate Land and Building @ 6%, Plant and Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%.
2. Calculate Provision for Doubtful Debts at 2% on Sundry Debtors.
3. Insurance premium includes ₹ 250 Insurance Premium paid in advance.
4. Provide salary to Shubho ₹ 15,000 p.a.
5. Outstanding Salaries ₹ 11,500.
6. 10% of the final profit is to be transferred to General Reserve.

Prepare a trading and profit and loss account for the year ending March 31, 2017. from the balances extracted of M/s Rahul Sons. Also prepare a balance sheet at the end of the year.
Adjustments:

1. Commission received in advance ₹ 1,000.
2. Rent receivable ₹ 2,000
3. Salary outstanding ₹ 1,000 and insurance prepaid ₹ 800.
4. Further bad debts ₹ 1,000 and provision for doubtful debts @ 5% on debtors and discount on debtors @ 2%.
5. Closing stock ₹ 32,000.
6. Depreciation on building @ 6% p.a.

On 31st March, 2019, Bank Pass Book of Naresh & Co. showed an overdraft of ₹ 10,700. From the following particulars, prepare Bank Reconciliation Statement:

1. Cheques issued before 31st March, 2019 but presented for payment after that date amounted to ₹ 900.
2. Cheques paid into the bank but not collected and credited until 31st March, 2019 amounted to ₹ 2,200.
3. Interest on overdraft amounting to ₹ 1,200 did not appear in the Cash Book.
4. ₹ 5,000 being interest on investments collected by the bank and credited in the Pass Book were not shown in the Cash Book.
5. Bank charges of ₹ 50 were not entered in the Cash Book.
6. ₹ 800 in respect of dishonoured cheque were entered in the Pass Book but not in the Cash Book.