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 |