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7. lecture 18 final account practice question
- 1. Assignment No 6 Q2. Following is the Trial Balance extracted from the books of XYZ as on December 31st 2010. Particulars Debit Particulars Credit Plant and Machinery $20000 Capital $80000 Wages $34500 Creditor $44560 Salaries $15,850 Bank loan $15000 Furniture $10,000 Purchase Return $1740 Freight on purchase $1860 Sales $250850 Freight on Sales $2140 Provision for Bad Debts $2000 Building $24000 Manufacturing Expenses $9,500 Insurance & Taxes $4250 Goodwill $25000 General Expenses $8200 Factory Fuel & power $1280 Debtors $78200 Factory lights $950 Opening stock $34200 Motor car $12000 Purchase $102000 Sales return $3100 Bad Debts $1400 Interest and Bank Charges $400 Cash at bank $4200 Cash in hand $1120 Adjustments 1. Stock in hand on 31st December 2010 was valued at $30500 2. Depreciate plant & machinery by 10%; furniture by 5%; Motor car by $1000 3. Create provision for Bad Debts @ 5% on debtors 4. A commission of 1% on the gross profit is to be provided for work manager Q3. The followings is the Trial Balance of M/s ABC as on 31st March 2011. Prepare Trading and Profit and Loss Account for the Year ended 31st March 2011 and a Balance sheet as on date. Particulars Debit Credit Capital 100000 Building 15000 Drawings 18000 Furniture & Fitting 7500 Motor van 25000
- 2. Loan from Mr. A @ 12% 15000 Sales 100000 Interest paid on Mr. A’s Loan 900 Purchases 75000 Opening Stock 25000 Expenses 15000 Wages 2000 Insurance 1000 Commission 7500 Debtors & Creditors 28100 10000 Bank 20000 Adjustment 1. The closing Stock on 31st March 2011 $32000 2. Outstanding wages $500 3. Prepaid insurance $300 4. Commission received in advance $800. 5. Depreciate Building by 2.5%; Furniture by 10%; Motor van by 10% 6. Balance of interest due on the loan is also to be provided for. Q4.Trial Balance of M/s PQRS as on March 31st 2011 was as follows Particulars Debit Particulars Credit Cash 1000 Capital 22000 Bank 5000 Sales 125000 Wages 8000 Creditors 15000 Salaries 25000 Furniture 15000 Rent 13000 Debtor 15500 Bad Debts 4500 Purchases 75000 Adjustments 1. Rent for one month is paid in advance 2. Closing stock as on 31st March 2011 amounted to $10000 3. Wages Outstanding amounted to $500 4. Salaries include $5000 paid in advance to an employee 5. Furniture was to depreciated @10%p.a. 6. Debtors included bad debts $2500 Q5. The Following is Trial Balance of M/s KLMN ltd as on 31st March 2011 Particulars Debit Credit Capital 100000 Plant & Machinery 78000 Furniture 2000 Purchase and Sales 60000 127000 Returns 1000 750 Opening Stock 30000
- 3. Discount 425 800 Debtors & Creditors 45000 25000 Salaries 7550 Wages 10000 Carriage outward 1200 Provision for Bad and Doubtful Debts 525 Rent rates & taxes 10000 Advertisement exp 2000 Cash 6900 Adjustments 1. Closing Stocks $34220 2. Provision for doubtful debts is to be kept at $500 3. Depreciate plant and machinery @10%p.a 4. The proprietor has taken goods worth $5000 for personal use and additionally distributed goods worth $1000 as sample 5. Purchase of furniture $920 has been pass through purchase book