- Downloaded from http://www.CAcracker.com, the document provides information on various accounting transactions and financial statements.
- It includes questions related to purchase of machinery, depreciation calculation, revenue recognition, preparation of receipts and payments account.
- The document seeks preparation of journal entries, capital accounts, cash flow statement, balance sheet and answers to other accounting problems.
2. t2)
YGK
ThcmachinewaspnrchasedarI 52,?8,000.Sal* Td wascndgedar4%on
dE iovoice. a 18,590tnnsponadonchdgs werc incused to bnng de
nacninero rbefactory.An Anhitect wrs ensasedara ft€ oI I tO,O0r)lo
supe.vism{hi.ery iosrallationarthcfa oryp!€nises.Atso,payn€nrunder
theinloice wasdu€in 3 nontbs,Howevcr,tn€Compey @de rhepaymenr
in 2"dmontLTIE companyolelarcso, BankOverdrai@I I%,
Ascui.in rheamountarwlicn theasselshouldbecapitlliredu.rlerAs I0.
(b) NamadaLld. purchasedanexistingbortlinsunit fro'n KaveriLrd. Krv(i s
Ltd. followenstr.ight linenethodof chtrgirg deprciarionon machiDeryof
thesoldloilwh€!€as Nmada Ltd. folo*ed wrntendowhvatuenerhodin
ns otherunns.The di@los of Nmada Ltd. wanl lo continueb chsse
dcpreciationfrr rhe acqoir€dDnirin StraisntLinc Methodwhich n nor
-isEnr wlm rhe wDv n€thod lolloved in other units. DGctrs $e
co emionof rhedir€ctonwiln rerercncetorheAccountingSland&d6.
Fu$e( duing rhey€a. Ndnada Ld. sr npa mw ptet oncoasralland.In
v'e* or thc @rosile clinate, the Companyfelt rhal its macbinelife is
reducingfaster.C;r theCospantch&geahigls r{e of deprcciadon?
(c) A Lld. dtered into a &.tracr wi$ B Lld. io despaichsoodsvaluing
i 25.000sverymonthfor 4 nonthsupoorcceiprof entie paymenl.B Lld.
accordinelymadethepaynentof I 100,000&d A Lid. sldled despatchins
rhegoods.In lhid nonlh, dueto a naruratcalamiry,B Ltd.rcqn.st d A Lrd.
nol to desparchgoodsuntil turrhd noticethoughA Ld. is noldingthe
rcnaining eoodsworth i 50100 rady for despatch.A Ltd. accounted
t 50,000assd6 andtmsf€!@dh€ baldce to Adtu* R€ceivedagaiffr
Sal€s.Coment uponther.eatnentof baldce amountwirhrefe€nc€to rhe
prornionsof AccounringShnddrdo.
(d) A Ltd, is dalgan.tjry with B Lld. Iey re mdecidedon thenerhodoi
a@olning to be fouowed.You e requn€dio advi@rhendagedent of
B Ltd,onth€nettod of accowting$at cm h€adoptedudd AS 14.
i
YGK
3. (3)
YGK
Ranjeelwee patuersshtring
March.2013QueresbiErnld
,.n
3t-
Furnituic,F luLe& f irririEs
2,!0,00
8.50.000
6,20,000
3J0,000
2.25,000
1,13,000
10,00,000
4,6s,000
2,30,100
1,32.200
r,06,700
nd& Buil,linEbeappr(iJEdby 20"1.
Pltur& Ma.hin€rybedepreciaredby l0%.
Provnionfor BadDebtsbemadeequalto 4% of TradeDebt's.
u]1'lo*stana;c
-r"s till dnountingto { l5ooberecordedin thebooksor
f Co.dwill of $e nd bev4luedar{ :].0O,OOOandQuercshis capitataccount
7,be
dednedwilhhh shm olgoodwitlsithourraisirysoodwillaccount.
g,f nnu oru. *ount au"toQuercshibeimnediarelypaiAb himbyseansoi a
chcque dd the bald@ be treatd as a loa. bearins int€rcst @ l2% Fer
21,78,00021,78,000
YGK P,l.o,
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4. (4)
YGK
Alier Quqeshi's rcrirenenr,pathal dd Rdjeet adnit€d Swany asr .ew pdljer
eith eff€ctfton t,'Airit, 2013.partai, Ra.j€erbd Ssey asrceoro shde prcfts
r tnerato of 2 : 1 : I resFedively.Swdy broughtpatenrsvaruedar. 20,000and
{ 3,80,000io cashinctudingpaynentfor hh sbaeolgoodsill asvaluedbyrheold
ft'n. The enrireanount ol I 4,oO,O0Owascrcditedio SwMy,s capjtal Account,
Adjusl'rent wercftade tu theapilal acounr for Swdny,s shm of g@dwil.
(r) Pas joumal entdesfor aI rheabovertusactions wi&our ey nffiation, and
(b) Prepe€rhecapitataccountof at fie parllq.
L Assrs a.d Liabitili€sof Mr.
31-3-2012
?
31.3.2013
I
2,50000
1,10,000
13,200
?5,000
?0,000
80.000
50,000
1,00,000
r,00,000
60,000
11,200
60,000
90,000
50,000
Mr. A' decidedtoprovidedepreciationonbuitdinsby 2.5%od tueitue by
l0S lor Lheosiodcndedon Jt l-,:0tr. d. .A.. phh4ed e_erteryior
124,000for hisdaughterin Deenber 2012_He soldhis cd on Jir,3_2013
4r:t. in,rnr ot{40n00.iEhned.nlnebuines.
YCK
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5. {""
(5)
a. YCK M'rks
(i) PEpdestaterentof affaisason3l-3-2012& 31'32013.
(ii) Calcnlaretheprcfitreeilcdby'A' duringtheyedendedll 3-2013.
Sury! Iid has prcvided yon the lo owing pdiculds. Prepre CashFloN
fron Op.rati.g Aclivities by IndireclMerhodin accordancevilh AS 3 :
Profit & LossAccout of SnryaLtil.
for rh€yea.€od€il31"Nlarch,2013
I I
86,?00
35,000
1,25_000
72,000
87,000
8.08,900
11,01,600
10,000
3
1.00000
TOTAL 11,14,600 AOTAL 12,14,600
Additioral in&motion :
3r-3-,/ll2 l1-l-2011
1,20,000
7,500
23,735
1,18,r75
15,325
tl,715
1,60,000
75.000
8?,525
1,25,000
t2.415
29,325
35,340
YGK P.T.O.