Group ‘A’
|
Answers
|
(1)
Fixed Asset
(2)
Statement of Affairs
(3)
Co-venturers’
Liabilities
(4)
Dishonour of Bill
(5)
Active Partner
|
- Plant & Machinery
- Single Entry System
- Unlimited
- Noting Charges
- Takes
Active Part in the Partnership
|
Date
|
Particulars
|
JF
|
Amt Rs.
|
Date
|
Particulars
|
JF
|
Amt Rs.
|
1-1-04
|
To Cash / Bank A/c
|
By Depreciation A/c
By Balance c/d
|
1,000
39,000
|
||||
40,000
|
31-3-04
31-3-04
|
||||||
40,000
|
40,000
|
||||||
1-4-04
1-10-04
|
To balance b/d
To Cash / Bank A/c
|
39,000
24,000
|
31-3-05
31-3-05
|
By Depreciation A/c
(4000 + 1200)
By Balance c/d
|
5,200
57,800
|
||
63,000
|
63,000
|
||||||
1-4-05
31-3-06
|
To balance b/d
To Cash / Bank
|
57,800
20,000
|
31-12-05
31-12-05
31-12-05
31-3-06
31-3-06
|
By Cash / Bank A/c
By Profit & Loss A/c
By Depreciation A/c
By Depreciation A/c
By Balance c/d
|
31,500
500
3,000
2,400
40,400
|
||
77,800
|
77,800
|
||||||
1-4-06
|
To balance b/d
|
40,400
|
|||||
40,400
|
40,400
|
Date
|
Particulars
|
JF
|
Amt Rs.
|
Date
|
Particulars
|
JF
|
Amt Rs.
|
31-3-04
|
To Furniture A/c
|
1,000
|
31-3-04
|
By Profit & Loss A/c
|
1,000
|
||
1,000
|
1,000
|
||||||
31-3-05
|
To Furniture A/c
|
5,200
|
31-3-05
|
By Profit & Loss A/c
|
5,200
|
||
5,200
|
5,200
|
||||||
31-12-05
|
To Furniture A/c
To Furniture A/c
|
3,000
2,400
|
31-3-06
|
By Profit & Loss A/c
|
5,400
|
||
5,400
|
5,400
|
Year
|
Profit / Loss Amount
|
2001 – 2002
2002 – 2003
2003 – 2004
2004 – 2005
2005 – 2006
|
Rs. 14,500
Profit
Rs.
9,000 Loss
Rs. 16,700
Profit
Rs.
9,500 Profit
Rs. 13,300
Profit
|
Date
|
Particulars
|
LF
|
Debit (Rs.)
|
Credit (Rs.)
|
? 1
|
Rupa A/c………………………………Dr.
To
Sales A/c
(Being goods sold)
|
24,000
|
24,000
|
|
2
|
Cash A/c………………………………Dr.
To
Rupa A/c
(Being cash received from Rupa)
|
10,000
|
10,000
|
|
3
|
Bills Receivable A/c…………………Dr.
To
Rupa A/c
(Being bill drawn and accepted due after 4
months)
|
14,000
|
14,000
|
|
4
|
Bank A/c………………………………Dr.
Discount A/c…………………………Dr.
To
Bills Receivable A/c
(Being bill discounted with bank @ 10% after one
month)
|
13650
350
|
14,000
|
|
5
|
Rupa A/c……………………………….Dr.
To
Bank A/c
(Being bill dishonoured and incurred noting
charges)
|
14,200
|
14,200
|
|
6
|
Cash / Bank A/c……………………..Dr.
To
Rupa A/c
(Being part payment received along with noting
charges)
|
7,200
|
7,200
|
|
7
|
Rupa A/c………………………………..Dr.
To
Interest A/c
(Being interest received)
|
100
|
100
|
|
8
|
Bills Receivable A/c…………………..Dr.
To
Rupa A/c
(Being new bill drawn and accepted due after 2
months along with interest)
|
7,100
|
7,100
|
|
90,600
|
90,600
|
Date
|
Particulars
|
LF
|
Debit (Rs.)
|
Credit (Rs.)
|
a
|
Sawan A/c……………………………..Dr.
To
Sandhya A/c
(Being endorsed bill dishonoured and incurred
noting charges)
|
16,300
|
16,300
|
|
b (i)
|
Nalini A/c……………………………….Dr.
To
Bills Receivable A/c
(Being bill dishonoured)
|
6,000
|
6,000
|
|
(ii)
|
Nalini A/c……………………………….Dr.
To
Interest A/c
(Being interest due)
|
120
|
120
|
|
(iii)
|
Cash A/c………………………………..Dr.
To
Nalini A/c
(Being part payment received)
|
2,000
|
2,000
|
|
(iv)
|
Bills Receivable A/c…………………..Dr.
To
Nalini A/c
(Being new bill drawn and accepted along with
interest due after 3 months)
|
4,120
|
4,120
|
|
c
|
Cash / Bank A/c……………………..Dr.
Discount A/c…………………………..Dr.
To
Bills Receivable A/c
(Being bill retired)
|
9,950
50
|
10,000
|
|
d
|
Meenakshi A/c…………………………Dr.
To
Bank for collection A/c
(Being bill sent to bank for collection
dishonoured)
|
8,000
|
8,000
|
|
46540
|
46540
|
Particulars
|
Rs.
|
Particulars
|
Rs.
|
||
To Joint Bank A/c
(Purchase)
To Ramakant A/c
Purchase
Insurance
Freight
To Shrimant A/c
(Repairs)
To Profit A/c
Shrimant
Ramakant
|
450000
15000
6000
108000
216000
|
21,00,000
471000
15000
324000
|
By Joint Bank A/c
By Joint Bank A/c
|
23,10,000
600000
|
|
2910000
|
2910000
|
Particulars
|
Shrimant
|
Ramakant
|
Particulars
|
Shrimant
|
Ramakant
|
To Joint Bank A/c
|
873000
|
2187000
|
By Joint Bank A/c
By Joint Venture A/c
By Joint Venture A/c
By Joint Venture A/c
|
750000
15000
108000
|
1500000
471000
216000
|
873000
|
2187000
|
873000
|
2187000
|
Particulars
|
Rs.
|
Particulars
|
Rs.
|
To Shrimant A/c
To Ramakant A/c
To Joint Venture A/c
To Joint Venture A/c
|
750000
1500000
2310000
600000
|
By Joint Venture A/c
By Shrimant A/c
By Ramakant A/c
|
2100000
873000
2187000
|
5160000
|
5160000
|
Particulars
|
31-03-2003 (Rs.)
|
31-03-2004 (Rs.)
|
Cash
|
5,000
|
6,000
|
Bank
|
15,000
|
18,000
|
Debtors
|
10,000
|
8,000
|
Stock
|
8,000
|
12,000
|
Furniture
|
12,000
|
12,000
|
Creditors
|
2,000
|
6,000
|
Bills
Payable
|
2,000
|
-
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital
Creditors
Bills Payable
|
46,000
2,000
2,000
|
Cash
Bank
Debtors
Stock
Furniture
|
5,000
15,000
10,000
8,000
12,000
|
||
50,000
|
50,000
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital
Creditors
|
61,900
6,000
|
Cash
Bank
Debtors
Less: New R.D.D.
Stock
Scooters (1-10-03)
Less: Depreciation
Furniture
Less: Depreciation
|
8,000
400
15,000
1,500
12,000
1,200
|
6,000
18,000
7,600
12,000
13,500
10,800
|
|
67,900
|
67,900
|
Particulars
|
Rs.
|
Rs.
|
Closing capital balance as
on 31-3-04
Add: Drawings
Less: (1) Further capital
introduced
(2) Interest on capital
Less: Opening capital
balance as on 31-3-2003
|
4,000
4,600
|
61900
20000
81900
8600
73300
46000
|
Profit
|
27300
|
Receipts
|
Amt. (Rs.)
|
Payments
|
Amt. (Rs.)
|
To
Balance b/d
|
4,160
|
By
Salaries
|
5,500
|
To
Subscription:
|
By Entertainment
Exp.
|
2,580
|
|
2003-04 16,000
|
By
Lighting
|
1,000
|
|
2004-05 412
|
16,412
|
By
General Expenses
|
1,536
|
To
Donation
|
2,000
|
By Taxes
|
500
|
To
Receipt from Entertainment
|
3,644
|
By
Investments
|
12,000
|
To
Interest on Investment
|
324
|
By
Printing & Stationery
|
944
|
To
Entrance Fees
|
4,500
|
By
Expenses of 2002-03
|
2,400
|
To Price
Fund
|
3,000
|
By Fixed
Deposit
|
4,000
|
By Bank
Balance
|
3,000
|
||
By
Balance c/d
|
580
|
||
34,040
|
34,040
|
Expenditure
|
Rs.
|
Rs.
|
Income
|
Rs.
|
Rs.
|
To Entertainment Exp.
To Salaries
Add: Outstanding
To Lighting
To General Expenses
To Taxes
To Printing & Stationery
To Depreciation
Building
Furniture
To Surplus
|
5,500
1,000
1,200
460
|
2,580
6,500
1,000
1,536
500
944
1,660
11198
|
By Donation
By Receipt from Entertainment
By Interest on Investment
Add: Interest
By Entrance Fees
Less: Capitalised
By Surplus
|
324
150
4,500
2,700
|
2,000
3,644
474
1,800
18,000
|
25,918
|
25,918
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital Fund
Add: Entrance Fees
Add: Surplus
Price Fund
Outstanding Salary
Subscription paid in advance
|
66,360
2,700
69,060
11198
|
80258
3000
1000
412
|
Building
Less: Depreciation
Furniture
Less: Depreciation
Investments
Add: Interest
Fixed Deposit
Bank Balance
Cash
Subscription receivable
|
60,000
1,200
4,600
460
12,000
150
|
58,800
4,140
12,150
4,000
3,000
580
2,000
|
84670
|
84670
|
Particulars
|
Amt. (Rs.)
|
Particulars
|
Amt. (Rs.)
|
Opening
Stock
|
45,000
|
Capital
A/c
|
|
Purchases
|
2,25,000
|
Kamlesh
|
25,000
|
Plant and
Machinery
|
75,000
|
Mahajan
|
20,000
|
Carriage
|
16,800
|
Sales
|
4,50,000
|
Factory
Rent
|
1,500
|
Discount
Received
|
750
|
Insurance
|
1,050
|
Sundry
Creditors
|
15,000
|
Sundry Debtors
|
60,000
|
Bad debts
Reserve
|
200
|
Office
Rent
|
3,000
|
Bills
Payable
|
2,000
|
Printing
& Stationery
|
600
|
||
Advertisement
|
15,000
|
||
Bills
Receivable
|
3,000
|
||
Drawings: Kamlesh
|
3,500
|
||
Mahajan
|
2,500
|
||
Salaries
|
18,000
|
||
Wages
|
20,000
|
||
Furniture
|
7,500
|
||
Royalty
|
1,000
|
||
Cash at
Bank
|
14,500
|
||
5,12,950
|
5,12,950
|
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs.
|
To
Opening Stock
To
Purchases
To
Carriage
To
Factory Rent
Add:
Outstanding
To Wages
To
Royalty
To Gross
Profit c/d
|
1,500
300
|
45,000
2,25,000
16,800
1,800
20,000
1,000
1,75,400
|
By Sales
By Closing
Stock
|
4,50,000
35,000
|
|
4,85,000
|
4,85,000
|
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs.
|
To Insurance
Less: Prepaid
To Office Rent
Add: Outstanding
To Printing & Stationery
To Advertisement
To Salaries
To Bad Debts
Add: New Bad Debts
Add: New R.D.D.
Less: Old R.D.D.
To Depreciation
Plant & Machinery
Furniture
To Interest on Capital
Kamlesh
Mahajan
To Net Profit
Kamlesh
Mahajan
|
1,050
100
3,000
600
-
-
-
1,500
1,500
200
4,500
750
1,500
1,200
64,375
64,375
|
950
3,600
600
15,000
18,000
1,300
5,250
2,700
1,28,750
|
By Gross Profit b/d
By Discount Received
|
1,75,400
750
|
|
1,76,150
|
1,76,150
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital
Kamlesh
Mahajan
Sundry
Creditors
Bills
Payable
Outstanding
Expenses
Factory
Rent
Office
Rent
|
87,375
83,075
300
600
|
1,70,450
15,000
2,000
900
|
Plant
& Machinery
Less:
Depreciation
Sundry
Debtors
Less: New
R.D.D.
Bills
Receivable
Furniture
Less:
Depreciation
Cash at
Bank
Closing
Stock
Prepaid
Insurance
|
75,000
4,500
60,000
1,500
7,500
750
|
70,500
58,500
3,000
6,750
14,500
35,000
100
|
1,88,350
|
1,88,350
|
Particulars
|
Kamlesh
|
Mahajan
|
Particulars
|
Kamlesh
|
Mahajan
|
To Drawings
To Balance c/d
|
3,500
87,375
|
2,500
83,075
|
By Balance b/d
By Interest on Capital
By Net Profit b/d
|
25,000
1,500
64,375
|
20,000
1,200
64,375
|
90,875
|
85,575
|
90,875
|
85,575
|
OMTEX CLASSES
|
I ST PRELIMINARY EXAMINATION
|
BOOK KEEPING & ACCOUNTANCY
|
GROUP: A
|
TIME: - 3 HRS
|
DATE: - 16.11.2010
|
DAY - TUESDAY
|
MARKS: -100
|
- What is Balance Sheet?
- Who is co – venture?
- What is Super Profit?
- What is Endorsement of Bill?
- What is Good will of the firm?
- Reputation of a firm expressed in terms of money.
- Payment of expenses before they have become due.
- Payment of bill of exchange before its due date at rebate.
- The person on whom the bill of exchange is drawn.
- The account that is credited when depreciation is charged.
A
|
B (Answers)
| ||
1.
2.
3.
4.
5.
|
Depreciation
Dishonour of bill
Joint Venture
Goodwill
Co – Ventures
|
1.
2.
3.
4.
5.
|
Wear and tear
Notary Public
Temporary partnership
Intangible Asset
Temporary Partners
|
- Debit Balance in Profit and Loss Account shows _______________
- Net profit
- Gross profit
- Net loss
- Gross loss
- A bill of exchange must be accepted by ___________________
- A drawer
- A payee
- An endorsee
- A drawee
- At the end of the financial year balance of Depreciation account is transferred to _______________
- Depreciation account
- Asset account
- Trading account
- Profit and loss account.
- In the absence of partnership deed the partners share the profit and loss of the firm _____________
- In the ratio of capital
- Equally
- As per rights in management
- On the basis of experience.
- ____________ has to ultimately bear the noting charges.
- Drawer
- Drawee
- Endorser
- Bank
- Under fixed capital method for each partner two accounts are maintained.
- Under fixed instalment method depreciation is charged on the diminishing value of the asset.
- Interest on partner’s drawings is debited to Profit and loss appropriation account.
Date
|
Particulars
|
J
F
|
Amount
|
Date
|
Particulars
|
J
F
|
Amount
|
1.4.1996
|
To cash / bank a/c
[machinery purchased]
|
55000
|
31.3.1997
|
By Depreciation a/c
|
8000
| ||
1.4.1996
|
To cash / bank a/c
[fixation and erection]
|
5000
| |||||
1.10.1996
|
To cash / bank a/c
[marhinery purchased]
|
40000
|
31.3.1997
|
By Balance c/d
|
92000
| ||
100000
|
100000
| ||||||
1.4.1997
|
To balance b/d
|
92000
|
31.3.1998
|
By depreciation a/c
|
10000
| ||
31.3.1998
|
By balance c/d
|
82000
| |||||
92000
|
92000
| ||||||
1.4.1998
|
To balance b/d
|
82000
|
1.10.1998
|
By depreciation a/c
|
3000
| ||
1.10.1998
|
By cash/ bank a/c
[Machinery sold]
|
43000
| |||||
1.10.1998
|
By profit / loss a/c
[ loss on machinery sold]
|
2000
| |||||
31.3.1999
|
By depreciation a/c
|
4500
| |||||
31.3.1999
|
By balance c/d
|
49500
| |||||
102000
|
102000
| ||||||
1.4.1999
|
To balance b/d
|
49500
|
Date
|
Particulars
|
J
F
|
Amount
|
Date
|
Particulars
|
J
F
|
Amount
|
31.3.1997
|
To machinery a/c
|
8000
|
31.3.1997
|
By profit & loss a/c
|
8000
| ||
8000
|
8000
| ||||||
31.3.1998
|
To Machinery a/c
|
10000
|
31.3.1998
|
By profit & loss a/c
|
10000
| ||
10000
|
10000
| ||||||
1.10.1998
|
To Machinery a/c
|
3000
| |||||
31.3.1999
|
To Machinery a/c
|
4500
|
31.3.1999
|
By profit & loss a/c
(balancing figure)
|
7500
| ||
7500
|
7500
|
Date
|
Particulars
|
L
F
|
Debit
|
Credit
|
? 1
|
Ravindra’s A/c………Dr.
To Sales A/c
(Being the goods are sold)
|
6000
|
6000
| |
2
|
Bills Receivable A/c ……… Dr.
To Ravindra’s A/c
(Being the bill is drawn)
|
6000
|
6000
| |
3
|
Cash/ Bank A/c ……… Dr.
Discount A/c ………… Dr.
To Bills Receivable A/c
(being the bill is discounted)
|
5900
100
|
6000
| |
4
|
Ravindra’s A/c ……… Dr
To Cash/Bank A/c
(being the bill is dishonored)
|
6000
|
6000
| |
5
|
Cash/ bank a/c………… Dr
To Ravindra’s A/c
(being the part payment is made)
|
3000
|
3000
| |
6
|
Ravindra’s A/c ……… Dr.
To Interest a/c
(being the interest is charged on balance amount)
|
60
|
60
| |
7
|
Bills Receivable A/c ………… Dr.
To Ravindra’s A/c
(being the new bill is drawn along with interest)
|
3060
|
3060
| |
8
|
Bank for collection A/c ……… Dr.
To Bills Receivable a/c
(being the bill is send to bank for collection)
|
3060
|
3060
| |
9
|
Cash/ bank a/c ……… Dr.
To Bank for collection a/c
(being the sent to bank for collection bill is honored)
|
3060
|
3060
|
Date
|
Particulars
|
L
F
|
Debit
|
Credit
|
a
|
Jyoti’s A/c ……… Dr.
To Bhavna’s
(being the endorsed bill is dishonored along with noting charges)
|
3750
|
3750
| |
b i.
|
Anil’s A/c ……… Dr.
To Bills Receivable a/c
(being the bill is dishonored)
|
3400
|
3400
| |
ii.
|
Cash / bank a/c ……… Dr.
To Anil’s a/c
(being the part payment is made)
|
900
|
900
| |
iii.
|
Anil’s A/c ……… Dr.
To Interest A/c
(being the interest is charged on balance amount)
|
50
|
50
| |
iv.
|
Bills receivable a/c ……… Dr.
To Anil’s A/c
(being the new bill is drawn along with interest)
|
2550
|
2550
| |
c
|
Cash/ bank a/c ……… Dr.
Rebate’s A/c ……… Dr.
To Bill’s Receivable A/c
(being the bill is retired)
|
3850
150
|
4000
| |
d
|
Arun’s A/c ………… Dr.
To Cash/ bank A/c
(bein the discounted bill is dishonored along with noting charges)
|
7100
|
7100
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Goods a/c
To cash/bank a/c
To Abhijeet’s a/c
To Abhijeet’s a/c
To Abhijeet’s a/c
To profit on joint venture transferred to
Profit / loss A/c
Abhijeet’s A/c
|
6880
1720
|
25000
2700
7000
400
2300
8600
|
By Abhijeet’s A/c
|
46000
| |
46000
|
46000
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Joint venture a/c
|
46000
|
By Joint venture a/c
By Joint venture a/c
By Joint venture a/c
By Joint venture a/c
(profit)
By cash/ bank a/c
(balancing figure)
|
7000
400
2300
1720
34580
| ||
46000
|
46000
|
Particulars
|
31.3.2006
|
31.3.2007
|
Cash at bank
Sundry debtors
Stock in trade
Furniture
Machinery
Bills payable
Sundry creditors
|
5000
25000
30000
20000
50000
5000
15000
|
32000
40000
50000
20000
50000
5000
20000
|
Liabilities
|
Amount
|
Assets
|
Amount
|
Bills payable
Sundry creditors
Capital at the beginning of the year
|
5000
15000
110000
|
Machinery
Furniture
Stock in trade
Sundry debtors
Cash at bank
|
50000
20000
30000
25000
5000
|
130000
|
130000
|
Liabilities
|
Amount
|
Assets
|
Amount
|
Bills payable
Sundry creditors
Capital at the end of the year
|
5000
20000
167000
|
Machinery
Furniture
Stock in trade
Sundry debtors
Cash at bank
|
50000
20000
50000
40000
32000
|
192000
|
192000
|
Particulars
|
Amount
|
Capital at the end of the year
|
167000
|
Add: Drawings
|
15000
|
Less: Additional capital introduced
|
182000
25000
|
Less: Capital at the beginning of the year
|
157000
110000
|
GROSS PROFIT
Less: Depreciation
On Machinery = (50000)(10/100)(12/12) = 5000
On Furniture = (20000)(10/100)(12/12)=2000
|
47000
7000
|
NET PROFIT
|
40000
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Join bank a/c
Materials
Wages
Plant
Other charges
To Sanjay’s A/c
(Truck)
To Ajay’s A/c
(materials)
To Vijay’s A/c
(mixture)
To Debentures A/c
(discount on debenture)
To profit on joint venture transferred to
Sanjay
Ajay
Vijay
|
250000
77000
45000
11000
78000
52000
26000
|
383000
40000
55000
10000
10000
156000
|
By Joint Bank a/c
(contract price)
By Debentures a/c
(contract price)
By joint bank a/c
(truck sold)
By Sanjay’s A/c
(Materials taken over)
By Ajay’s A/c
(Mixer and plant)
|
400000
200000
22000
5000
27000
| |
654000
|
654000
|
Particulars
|
Sanjay
|
Ajay
|
Vijay
|
Particulars
|
Sanjay
|
Ajay
|
Vijay
|
To Joint venture a/c
To debenture a/c
To joint bank a/c
|
5000
413000
|
27000
280000
|
190000
|
By joint bank a/c
By joint venture A/c
By joint venture A/c
By joint Bank A/c
|
300000
40000
78000
|
200000
55000
52000
|
100000
10000
26000
54000
|
418000
|
307000
|
190000
|
418000
|
307000
|
190000
|
Particulars
|
Amount
|
Particulars
|
Amount
|
To Sanjay’s A/c
To Ajay’s A/c
To Vijay’s A/c
To joint venture A/c
To Joint Venture A/c
To Vijay’s A/c
|
300000
200000
100000
400000
22000
54000
|
By joint venture a/c
By Sanjay’s A/c
By Ajay’s A/c
|
383000
413000
280000
|
1076000
|
1076000
|
Particulars
|
Amount
|
Particulars
|
Amount
|
To Joint venture A/c
|
200000
|
By Vijay’s A/c
By Joint Venture A/c
(balancing figure)
|
190000
10000
|
200000
|
200000
|
Particulars
|
Amount
|
Particulars
|
Amount
|
Stock on 1-4-2005
Purchases
Drawings: Premlal
Sundarlal
Sales return
Wages : productive
Unproductive
Salaries
Rent, rates and insurance
Bad debts
Discount allowed
Machinery
Building
Sundry debtors
Cash
Government bonds
|
90000
225000
33000
30000
7200
10500
1800
18600
10200
1200
3900
45000
108600
153000
1000
2000
|
Sales
Purchase returns
Discount received
Sundry creditors
Capital : Premlal
Sundarlal
Bank overdraft
|
375000
3000
3000
90000
105000
135000
30000
|
741000
|
741000
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To opening stock
To purchases
(-)return
To productive wages
(+) outstanding
To Gross profit c/d
|
225000
(3000)
10500
600
|
90000
222000
11100
97200
|
By sales
(-) return
By goods distributed as free samples
By closing stock
|
375000
(7200)
|
367800
2500
50000
|
420300
|
420300
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Salaries
To unproductive wages
To rent, rates and insurance
(-) prepaid insurance
To bad debts
(+) FBD
(+)NRDD
(-) ORDD
To discount allowed
To advertisement
To depreciation:
Buildings
Machinery
To interest on bank over draft
To net profit c/d
Premlal
Sundarlal
|
10200
(400)
1200
NIL
7650
NIL
5430
4500
21660
21660
|
18600
1800
9800
8850
3900
2500
9930
1500
43320
|
By gross profit b/d
By discount received
|
97200
3000
| |
100200
|
100200
|
Particulars
|
Premlal
|
Sunderlal
|
Particulars
|
Premlal
|
Sunderlal
|
To drawings
To balance c/d
|
33000
93660
|
30000
126660
|
By balance b/d
By Net profit b/d
|
105000
21660
|
135000
21660
|
126660
|
156660
|
126660
|
156660
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital account
Premlal
Sunderlal
Sundry creditors
Bank overdraft
Add: interest
Outstanding productive wages
|
93660
126660
30000
1500
|
220320
90000
31500
600
|
Buildings
(-) Deprn@5%
Machinery
(-) Deprn@10%
Sundry Debtors
(-) N.R.D.D. @5%
Closing stock
Cash
Prepaid insurance
Government Bonds
|
108600
5430
45000
4500
153000
7650
|
103170
40500
145350
50000
1000
400
2000
|
342420
|
342420
|