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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Extracts of Trial Balance as at 31st March, 2017:
Adjustments:
→Adjustments:
- $\frac{3}{4}\text{th}$ of Dewan's bill is irrecoverable.
- Create a provision of 6% on Sundry Debtors.
What are the advantages of Tally?
From the following information supplied by Mr. D.H., prepare his Bank Reconciliation Statement as on 31st March, 2019:
| ₹ | ||
| (i) | Bank overdraft as per Pass Book. | 33,000 |
| (ii) | Cheques issued but not presented for payment. | 17,500 |
| (iii) | Cheques deposited but not collected. | 21,000 |
| (iv) | Cheques recorded in the Cash Book but not sent to the bank for collection. | 4,000 |
| (v) | Payment received from customers directly by the bank. | 7,000 |
| (vi) | Bank charges debited in the Pass Book. | 40 |
| (vii) | Premium of Life Insurance Policy of Mr. D.H. paid by the bank on standing instructions. | 360 |
| (viii) | A bill for ₹ 6,000 dishonoured on 30th March, 2019 and bank paid Noting charges ₹ 20. This bill was discounted on 30th January, 2019. |
The Capital of Sh. Madhusudan on $1^{st}$ April, $2016$ was ₹ $5,00,000$ and on $31^{st}$ March, $2017$ was ₹ $4,80,000$. He has informed you that he withdrew from the business ₹ $8,000$ per month for his private use. He paid ₹ $20,000$ for his income-tax and the installment of the loan of his personal house at the rate of ₹ $15,000$ per month from the business. He had also sold his shares of Reliance Company costing ₹ $1,00,000$ at a profit of $20\%$ and invested half of this amount in the business. Calculate the profit or loss of the business.
→Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results of his business on 31st March, 2019 and for that following information is available:
During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional capital. Calculate his profits on 31st March, 2019 and prepare the Statement of Affairs as on that date.
During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional capital. Calculate his profits on 31st March, 2019 and prepare the Statement of Affairs as on that date.
Siya maintains her books of account from Incomplete Records. Her books provide the following information:
She withdraws ₹ 500 per month for personal expenses. She sold her Investments ₹ 16,000 at $5 \%$ premium and introduced the amount into a business.
You are required to prepare a Statement of Profit or Loss for the year ending $31^{\text {st }}$ March 2023.
→| Particulars | 1^(st ") April 2022 (₹) | 31^(st ") March2023 (₹) |
| Cash | 1,200 | 4,000 |
| Debtors | 16,800 | 27,200 |
| Stock | 22,400 | 24,400 |
| Investments | ________ | 8,000 |
| Furniture | 7,500 | 8,000 |
| Creditors | 14,900 | 11,600 |
She withdraws ₹ 500 per month for personal expenses. She sold her Investments ₹ 16,000 at $5 \%$ premium and introduced the amount into a business.
You are required to prepare a Statement of Profit or Loss for the year ending $31^{\text {st }}$ March 2023.
Following is the Trial Balance of Mr. Gautam as at 31st March, 2017:
You are required to prepare Final Accounts after taking into account the following adjustments:
→You are required to prepare Final Accounts after taking into account the following adjustments:
- Closing Stock on 31st March, 2017 was ₹ 60,000.
- Depreciate Plant and Machinery at 5%, Loose Tools at 15% and Furniture and fixtures at 5%.
- Provide $2\frac{1}{2}\%$ for discount on Sundry Debtors and also provide 5% for Bad and Doubtful Debts on Sundry Debtors.
- Only three quarter's rent has been paid, the last quarter's rent being outstanding.
- Interest earned but not received ₹ 600.
- Write off $\frac{1}{4}\text{th}$ of Advertisement expenses.
Fill in the missing information in the following Rectifying Journal Entries:
The bookkeeper of a firm found that his Trial Balance was out (excess credit) by ₹ 742. He placed the amount in a Suspense Account and subsequently found the following errors:
- A discount of ₹ 178 was allowed to Ramesh but in his account only ₹ 100 is recorded.
- The total of the Purchases Book was ₹ 1,000 short.
- A sale of ₹ 375 to Kohli was entered in the Sales Book as ₹ 735.
- From the Purchases Book, Bose’s Account was debited with ₹ 175.
- Cash ₹ 250 received from Maitra against debt previously written off was credited to his account.
- Purchase of office furniture worth ₹ 750 on credit from Delhi Furnitures was entered in the Purchases Book.
- While carrying forward the total of the Sales Book from one page to another the amount of ₹ 11,358 was written as ₹ 11,538.
- The proprietor took goods of the value of ₹ 150 for his domestic consumption. No record of it has been made in the books.
- Repairs bill of ₹ 410 for the proprietor’s personal car, has been paid by the firm and debited to the Repairs Account.
- A sale to Kassim of ₹ 700 has been entered in the Purchases Book.
- Rectify the errors by means of suitable Journal entries and show the Suspense Account.
From the following balances taken from the books of Hari & Co., prepare Trading and Profit and Loss Account for the year ended $31^{st}$ March, $2019$ and Balance Sheet as at that date:
Closing Stock was valued at ₹ $1,82,100$.
→Closing Stock was valued at ₹ $1,82,100$.