Account 6 Marks Question

From the following Trial Balance extracted from the books of S. Sujan Singh, prepare a Trading and Profit & Loss Account for the year ended 31st March, 2016 and a Balance Sheet as at that date:

Adjustments:

1. Carry forward the following unexpired amounts:-

(i)	Fire Insurance	₹ 125
(ii)	Rates and Taxes	₹ 240

2. Transfer to Building Account ₹ 3,000 from purchases and ₹ 2,000 from wages, representing cost of material and labour spent on additions to Building made during the year.
3. Charge Depreciation on Land and Buildings at 2.5% and on Plant & Machinery at 10%.
4. Make a Provision of 5% on Sundry Debtors for Bad-debts.
5. Charge 5% Interest on Capital but not on Drawings.
6. The value of Stock as on 31st March, 2016 was ₹ 29,390.

From the following Trial Balance and other information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date:

Stock on 31st March, 2019 was ₹ 1,24,500. Rent was unpaid to the extent of ₹ 850 and ₹ 1,500 were outstanding for General Expenses; ₹ 4,000 are to be written off as bad debts out of the above debtors; and 5% is to be provided for doubtful debts. Depreciate Plant and Machinery by 10% and Premises by 2%.
Manager is entitled to a commission of 5% on net profit after charging his commission.

From the following balances, prepare Final Accounts of Mr. Bal Gopal:

Adjustments:

1. Stock on 31st March, 2018 was ₹ 10,000 and stationery unused at the end was ₹ 400.
2. Rent of Premises Sublet received in advance ₹ 100.
3. Provision for Doubtful Debts is to be created @ 10% on Debtors.
4. Provision for discount on Debtors is to be created @ 2%.
5. Stock of the Value of ₹ 4,000 was destroyed by fire on 25th March, 2018. Stock was purchased paying IGST @ 12%. A Claim of ₹ 3,000 has been admitted by Insurance Co.
6. Bank Loan has been taken at 12% p.a. interest.

Trial Balance of a business as at 31st March, 2019 is given below:

Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date after taking into account the following adjustments:

1. Closing Stock was valued at ₹ 7,000.
2. Outstanding liabilities for wages were ₹ 600 and salaries ₹ 1,400.
3. Depreciation is to be provided @ 5% p.a. on fixed assets.
4. Included in Plant and Machinery is a machine purchased for ₹ 10,000 on 1st October, 2018.
5. Insurance premium paid in advance ₹ 200.

Prepare a trading and profit and loss account of M/s Green Club Ltd. for the year ending March 31, 2017. from the following figures taken from his trial balance :
Adjustments:

1. Depreciation charged on machinery @ 5% p.a.
2. Further bad debts ₹ 1,500, discount on debtors @ 5% and make a provision on debtors @ 6%.
3. Wages prepaid ₹ 1,000.
4. Interest on investment @ 5% p.a.
5. Closing stock 10,000

Following are balances from the trial balance of Ritesh Traders as at 31st March 2019:

Prepare Trading and Profit & Loss Account for the year ended 31st March 2019 and Balance Sheet as at that date after taking into account the following adjustments:

1. Closing Stock was valued at ₹ 19,000.
2. Depreciation to be provided on Land and Building @ 5% p.a. and on Plant & Machinery @ 10% p.a.
3. Write off ₹ 2,000 as Bad debt.
4. Insurance was prepaid ₹ 700.
5. Create provision for doubtful debts @ 5% on debtors.
6. Wages include ₹ 4,800 for installation of a new machinery.

From the following balances extracted from the books of Raga Ltd. prepare a trading and profit and loss account for the year ended March 31, 2017 and a balance sheet as on that date.

​​​​​​The additional information is as under :

1. Closing stock was valued at the end of the year ₹ 20,000.
2. Depreciation on plant and machinery charged at 5% and land and building at 10%.
3. Discount on debtors at 3%.
4. Make a provision at 5% on debtors for doubtful debts.
5. Salary outstanding was ₹100 and Wages prepaid was ₹ 40.
6. The manager is entitled a commission of 5% on net profit after charging such commission

From the following balances extracted from the books of Sharma, prepare the Trading and Profit & Loss Account for the year ended 31st March 2019 and Balance Sheet as at that date after taking into consideration the adjustments given below:

Adjustments:

1. Closing Stock was valued at ₹ 61,700.
2. Depreciate Furniture and Machinery @10% p.a. and Sale Van @20% p.a.
3. Outstanding Rent amounted to ₹ 900.
4. Bad Debts ₹ 200.
5. Make a provision for Doubtful Debts @5% on Debtors.
6. Charge one-fourth of salaries and wages to the Trading Account.
7. A new machinery was purchased on credit and installed on 31st December 2018 costing ₹ 15,000. No entry for the same has yet been passed in the books.

From the following Trial Balance of Sh. Swamy Narain, prepare Trading and Profit & Loss Account for the year ended 31st March 2018 and a Balance Sheet as at that date:

Adjustments:

1. Stock on 31 March, 2018 was valued at ₹ 60,000.
2. A new machine was installed during the year costing ₹ 2,00,000 but it was not recorded in the books. Wages paid for its installation ₹ 10,000 have been debited to Wages Account.
3. An advance of ₹ 10,000 given alongwith purchase order was wrongly recorded in purchases.
4. General expenses include ₹ 20,000 paid for Wages.
5. Wages include a sum of ₹ 50,000 spent on the erection of a Scooter Stand for employees.
6. Advance for Furniture is for furniture at proprietor's residence.
7. Depreciate Furniture at 15%, Plant & Machinery at 20% and Building at 10%.
8. Carry forward 2/3 of Advertisement Expenses as unexpired.
9. A B/R of ₹ 20,000 was discounted with bank on 15 Nov. 2017, but not yet matured.

From the following balances, prepare Trading, Profit and Loss A/c and a Balance Sheet as at 31st March 2018:

Take the following adjustments into account:

1. General expenses include ₹ 5,000 chargeable to Furniture purchased on 1st October 2017.
2. Create a provision of 5% on debtors for Bad and Doubtful Debts after treating ₹ 30,000 as a Bad-debt.
3. Depreciation on Furniture and Fittings for the year is to be at the rate of 10% per annum.
4. Closing Stock was ₹ 40,000, but there was a loss by fire on 20th March to the extent of ₹ 8,000. Insurance Company admitted the claim in full.
5.  

1. Goods costing ₹ 2,500 were used by the proprietor.
2. Goods costing ₹ 1,500 were distributed as free samples.

Goods were purchased paying CGST and SGST @ 6% each.

From the following Trial Balance extracted from the books of Sh. Pawan Kumar, prepare a Trading Account, Profit & Loss Account for the year ended 31st March, 2019 and a Balance Sheet as at that date:

Adjustments:

1. Plant and Machinery includes a new machinery purchased on 1st October, 2018 for ₹ 2,00,000.
2. Depreciate Plant and Machinery by 10% p.a. and Horses and Carts by 20% p.a.
3. Salaries for the month of February and March 2019 are outstanding.
4. Goods worth ₹ 15,000 were sold and despatched on 27th March but no entry was passed to this effect.
5. Make a provision for Doubtful Debts at 5% on Debtors.

From the following Trial Balance extracted from the books of Mr. Karuna Sagar, prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2019 and a Balance Sheet as at that date:

Informations:

1. Goods Costing ₹ 2,000 were taken away by the proprietor for his personal use and goods costing ₹ 1,500 were given away as charity.
2. Expenses for wages, rent and salaries are uniform throughout the year and those for March have not been paid.
3. Provide 10% depreciation on Furniture and 20% on Motor Car.
4. Provide for Manager's Commission at 10% on Net Profit after charging such Commission.

The following is the trial balance of Mr. Amar Chand as at 31st March, 2016:

Taking into account the following adjustments, prepare Trading and Profit & Loss Account and the Balance Sheet as at 31st March, 2016:

1. Stock on 31st March, 2016 was valued at ₹ 46,000.
2. Depreciate Furniture at 15% p.a. and Sales Van at 20% p.a.
3. A sum of ₹ 200 is due for repairs.
4. Write off ₹ 2,000 as further bad-debts and create a provision for doubtful debts @ 5% on Debtors. Also provide 2% for discount on Debtors.
5. Rent is paid at the rate of ₹ 1,000 per month.
6. Allow 8% interest on Capital and charge ₹ 1,500 as interest on Drawings.

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.

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.

From the following information prepare financial Statements of M/s Raj & Bros, for the year ending March 31, 2017.

Additional Information:

1. Depreciation on Plant and Machinery @ 10% p.a., a Machine has been purchased on July 01, 2016 for ₹ 12,000.
2. The manager is entitled to a commission of 10% of the net profit before charging such commission.
3. Closing stock in trade is valued at ₹ 6,000 (cost), ₹ 6,200 (Market Price).
4. Rent outstanding ₹ 5,000.

Prepare a Trading and Profit & Loss account for the year ending March 31, 2018, from the balances extracted of M/s Rahul Sons. Also prepare a balance sheet as at that date.

Adjustments:

1. Commission received in advance ₹ 1,000.
2. Rent receivable ₹ 2,000, subject to levy of CGST and SGST @ 9% each.
3. Salary outstanding ₹ 1,000 and insurance prepaid ₹ 800.
4. Further Bad-debts ₹ 1,000 and provision for Bad-debts @ 5% on debtors and provision for discount on debtors @ 2%.
5. Closing Stock ₹ 32,000.
6. Depreciation on Building @ 6% p.a.

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, extracted from the books of Raga Ltd., prepare a Profit and Loss Account for the year ended 31st March, 2019 and a Balance Sheet as at that date:

The additional informations are as under:

1. Closing stock was valued at the end of the year at ₹ 20,000.
2. Depreciation on Plant and Machinery charged at 5% and on Land and Building at 10%.
3. Make a provision for discount on debtors at 3%.
4. Make a provision at 5% on debtors for Bad-debts.
5. Salary outstanding was ₹ 100 and Wages prepaid were ₹ 40.
6. The manager is entitled to a Commission of 5% on Net Profit after charging such Commission.

From the following balances extracted from the book of M/s Manju Chawla n March 31, 2017. You are requested to prepare the trading and profit and loss account and a balance sheet as on this date.

Closing stock was ₹ 2,000.

1. Interest on drawings @ 7% and interest on capital @ 5%.
2. Land and Machinery is depreciated at 5%.
3. Interest on investment @ 6%.
4. Unexpired rent Rs.₹ 100.
5. Charge 5% depreciation on furniture.

From the following Trial Balance of Mr. Alok, prepare Trading and Profit & Loss Account for the year ending 31st March, 2019, and a Balance Sheet as at that date:

The following adjustments are to be made:

1. Stock in the shop on 31st March, 2019 was ₹ 64,480.
2. Half the amount of X's Bill is irrecoverable.
3. Create a provision of 5% on other debtors.
4. Wages include ₹ 600 for erection of new Machinery.
5. Depreciate Machinery by 5% and Furniture by 10%.
6. Commission includes ₹ 300 being Commission received in advance.

Following balances were extracted from the books of Vijay on 31st March, 2019:
Stock as on 31st March, 2019 was valued at ₹ 2,30,000.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date after giving effect to the following adjustments:

1. Write off further ₹ 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%.
2. Depreciate Machinery at 10%.
3. Provide ₹ 7,000 as outstanding interest on loan.

From the following balances extracted from the books of Karan and the additional information, prepare the trading and profit and loss account for the year ended 31st March, 2010 and also show the balance sheet as at that date:

Additional Information:

1. Closing stock on 31st March, 2010 is valued at ₹ 6,50,000. Goods worth ₹ 5,000 are reported to have been taken away by the proprietor for his personal use at home during the year.
2. Interest on investments ₹ 5,000 is yet to be received while ₹ 10,000 of the commission received is yet to be earned.
3. ₹ 5,000 of the fire insurance premium paid is in respect of the quarter ending 30th June, 2010.
4. Salaries ₹ 10,000 for March, 2010 and bank overdraft interest estimated at ₹ 20,000 are yet to be recorded as outstanding charges.
5. Depreciation is to be provided on land and buildings @ 5% per annum and on furniture and fittings @ 10% per annum.
6. Make a provision for doubtful debts @ 5% of trade debtors.

Prepare the trading and profit and loss account and balance sheet of M/s ontrol Device India on March 31, 2017 from the following balance as on that date.
Closing stock was valued ₹ 20,000.

1. Interest on capital @ 10%.
2. Interest on drawings @ 5%.
3. Wages outstanding ₹ 50.
4. Outstanding salary ₹ 20.
5. Provide a depreciation @ 5% on plant and machinery.
6. Make a 5% provision on debtors.