Book Keeping & Accountancy (50) - March 2024 Solution
Complete solved paper for Maharashtra Board HSC Class 12 (Set J-897)
Q. 1. Attempt all of the following subquestions:
(A) Find the odd one : (5)
- (1) Subscribed Capital, Called up Capital, Paid up Capital, Equity Shares.
Ans: Equity Shares - (2) Building, Bills Payable, Furniture, Machinery.
Ans: Bills Payable - (3) Retaining of Bill, Noting of Bill, Discounting of Bill, Endorsing of Bill.
Ans: Noting of Bill - (4) Audit Fees, Insurance, Medical Expenses, Sundry Receipts.
Ans: Sundry Receipts - (5) General Reserve, Creditors, Investments, Capital.
Ans: Investments
HSC Accounts Board Papers with Solution
Book Keeping and Accountancy
- Accounts - March 2025 - English Medium Download Answer Key
- Accounts - March 2025 - Marathi Medium Download Answer Key
- Accounts - March 2025 - Hindi Medium Download Answer Key
- Accounts - March 2024 English Medium Download Answer Key
- Accounts - March 2024 - Marathi Medium Download Answer Key
- Accounts - March 2024 - Hindi Medium Download Answer Key
- Accounts - July 2023 - English Medium Download Answer Key
- Accounts - March 2022 View
- Accounts - March 2020 View
- Accounts - March 2014 View
- Accounts - October 2014 View
- Accounts - March 2015 View
- Accounts - July 2015 View
- Accounts - March 2016 View
- Accounts - July 2016 View
- Accounts - July 2017 View
- Accounts - March 2017 View
- Accounts - March 2018 View
- Accounts - July 2018 View
- Accounts - March 2019 View
(B) Do you agree or disagree with the following statements : (5)
- (1) ‘Not for Profit’ concerns do not prepare Balance Sheet.
Ans: Disagree - (2) Current Account always shows a debit balance.
Ans: Disagree - (3) A Bill of Exchange is a conditional order.
Ans: Disagree - (4) Retiring partner is entitled to share in Reserve Fund and Accumulated Profit.
Ans: Agree - (5) On dissolution, Cash or Bank account is closed automatically.
Ans: Agree
(C) Select the most appropriate alternative... : (5)
- (1) In case of dissolution, assets and liabilities are transferred to _____ Account.
Ans: (c) Realisation - (2) In the absence of an agreement, interest on loan advance by the partner to the firm is allowed at the rate of _____.
Ans: (b) 6% - (3) If an asset is taken over by the partner, _____ account is debited.
Ans: (b) Capital - (4) The balance of Capital Account of a retired partner is transferred to his _____ Account, if it is not paid.
Ans: (a) Loan - (5) Income and Expenditure Account is a _____ Account.
Ans: (d) Nominal
(D) Write a word / term / phrase... : (5)
- (1) Tally software is classified into this category.
Ans: Mercantile / Accounting Software - (2) Partnership Agreement in written form.
Ans: Partnership Deed - (3) An asset which can be converted into cash immediately.
Ans: Liquid Asset / Quick Asset - (4) A person who represents the deceased partner.
Ans: Legal Heir / Executor / Legal Representative - (5) The debit balance of Income and Expenditure Account.
Ans: Deficit
Q. 2. Admission of Partner (AOP)
Journal Entries in the books of the firm.
In the books of the Firm
Journal Entries
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| 2020 April 1 |
General Reserve A/c ... Dr. To Seeta’s Capital A/c To Geeta’s Capital A/c (Being General Reserve distributed to old partners) |
3,750 | 2,250 1,500 |
|
| April 1 | Cash/Bank A/c ... Dr. To Reeta’s Capital A/c (Being capital brought by new partner) |
15,000 | 15,000 |
|
| April 1 | Cash/Bank A/c ... Dr. To Goodwill A/c (Being goodwill brought by new partner) |
7,500 | 7,500 |
|
| April 1 | Goodwill A/c ... Dr. To Seeta’s Capital A/c To Geeta’s Capital A/c (Being goodwill distributed to old partners) |
7,500 | 4,500 3,000 |
|
| April 1 | Furniture A/c ... Dr. Building A/c ... Dr. To Revaluation A/c (Being Assets value increased due to Revaluation) |
975 4,500 |
5,475 |
|
| April 1 | Revaluation A/c ... Dr. To R.D.D. A/c (Being R.D.D. value increased due to revaluation) |
300 | 300 |
|
| April 1 | Revaluation A/c ... Dr. To Stock A/c To Machinery A/c (Being Assets value decreased due to revaluation) |
2,175 | 1,800 375 |
|
| April 1 | Seeta’s Capital A/c ... Dr. Geeta’s Capital A/c ... Dr. To Cash/Bank A/c (Being half goodwill withdrawn by old partners) |
2,250 1,500 |
3,750 |
|
| April 1 | Revaluation A/c ... Dr. To Seeta’s Capital A/c To Geeta’s Capital A/c (Being profit on revaluation transferred to Partners Capital A/c) |
3,000 | 1,800 1,200 |
|
| TOTAL | 48,450 | 48,450 |
Working Notes
1. Revaluation Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| To R.D.D. A/c | 300 | By Furniture A/c | 975 |
| To Stock A/c | 1,800 | By Building A/c | 4,500 |
| To Machinery A/c | 375 | ||
| To Profit on Revaluation t/f to Capital: | |||
| Seeta (3/5) | 1,800 | ||
| Geeta (2/5) | 1,200 | ||
| Total | 5,475 | Total | 5,475 |
2. Partners' Capital Accounts
| Particulars | Seeta | Geeta | Reeta | Particulars | Seeta | Geeta | Reeta |
|---|---|---|---|---|---|---|---|
| To Cash/Bank A/c | 2,250 | 1,500 | - | By Balance b/d | 22,500 | 18,000 | - |
| To Balance c/d | 28,800 | 22,200 | 15,000 | By General Reserve | 2,250 | 1,500 | - |
| By Cash/Bank A/c | - | - | 15,000 | ||||
| By Goodwill A/c | 4,500 | 3,000 | - | ||||
| By Revaluation A/c | 1,800 | 1,200 | - | ||||
| Total | 31,050 | 23,700 | 15,000 | Total | 31,050 | 23,700 | 15,000 |
3. Cash / Bank Account
| Particulars | Amount (₹) | Particulars | Amount (₹) |
|---|---|---|---|
| To Balance b/d | 11,250 | By Seeta's Capital | 2,250 |
| To Reeta's Capital | 15,000 | By Geeta's Capital | 1,500 |
| To Goodwill | 7,500 | By Balance c/d | 30,000 |
| Total | 33,750 | Total | 33,750 |
4. Balance Sheet as on 1st April 2020
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Capital Accounts: | Bank | 30,000 | |
| Seeta | 28,800 | Bills Receivable | 5,700 |
| Geeta | 22,200 | Debtors (31,200 - 1,500) | 29,700 |
| Reeta | 15,000 | Stock (18,000 - 1,800) | 16,200 |
| Creditors | 18,750 | Furniture (7,050 + 975) | 8,025 |
| Bills Payable | 15,000 | Machinery (7,500 - 375) | 7,125 |
| Bank Loan | 24,000 | Building (22,500 + 4,500) | 27,000 |
| Total | 1,23,750 | Total | 1,23,750 |
OR - Q. 2. Retirement of Partner
Shivshakti Traders (Raj, Rahul, Nitin 5:2:3). Rahul retired on 1st April 2020.
Profit and Loss Adjustment Account
Dr.Cr.
| Particulars | Amt (₹) | Particulars | Amt (₹) | |
|---|---|---|---|---|
| To Plant & Machinery A/c (10%) | 4,800 | By Building A/c (Appreciation) | 6,000 | |
| To R.D.D. A/c (Increased to 1,500) | 300 | By Stock A/c (Appreciation) | 11,400 | |
| To Profit on Revaluation t/f to Capital: Raj (5/10) Rahul (2/10) Nitin (3/10) |
6,150 2,460 3,690 |
|||
| Total | 17,400 | Total | 17,400 |
Partners’ Capital Accounts
Dr.Cr.
| Particulars | Raj | Rahul | Nitin | Particulars | Raj | Rahul | Nitin |
|---|---|---|---|---|---|---|---|
| To Goodwill A/c (Written off) | 7,500 | - | 4,500 | By Balance b/d | 54,000 | 48,000 | 26,400 |
| To Rahul’s Loan A/c | - | 66,660 | - | By General Reserve | 10,500 | 4,200 | 6,300 |
| To Balance c/d | 63,150 | - | 31,890 | By P&L Adj A/c (Profit) | 6,150 | 2,460 | 3,690 |
| By Goodwill A/c (Raised) | - | 12,000 | - | ||||
| Total | 70,650 | 66,660 | 36,390 | Total | 70,650 | 66,660 | 36,390 |
Balance Sheet of New Firm as on 1st April 2020
| Liabilities | Amt (₹) | Amt (₹) | Assets | Amt (₹) | Amt (₹) |
|---|---|---|---|---|---|
| Capital Accounts: Raj Nitin |
63,150 31,890 |
95,040 | Building Add: Appreciation |
60,000 6,000 |
66,000 |
| Rahul’s Loan A/c | 66,660 | Plant & Machinery Less: Depreciation |
48,000 (4,800) |
43,200 | |
| Creditors | 30,000 | Stock | 42,000 | ||
| Bills Payable | 1,800 | Debtors Less: R.D.D. |
25,200 (1,500) |
23,700 | |
| Bank | 18,600 | ||||
| Total | 1,93,500 | Total | 1,93,500 |
Working Notes:
1. Stock: Book Value ₹30,600. Revalued at ₹42,000. Increase = ₹11,400.
2. R.D.D.: Old RDD ₹1,200. New RDD ₹1,500. Loss = ₹300.
3. Goodwill Treatment: Goodwill of retiring partner (Rahul) raised = ₹12,000. It is written back (written off) by continuing partners (Raj & Nitin) in new ratio 5:3.
Raj's Share of write-off: 12,000 × 5/8 = ₹7,500.
Nitin's Share of write-off: 12,000 × 3/8 = ₹4,500.
1. Stock: Book Value ₹30,600. Revalued at ₹42,000. Increase = ₹11,400.
2. R.D.D.: Old RDD ₹1,200. New RDD ₹1,500. Loss = ₹300.
3. Goodwill Treatment: Goodwill of retiring partner (Rahul) raised = ₹12,000. It is written back (written off) by continuing partners (Raj & Nitin) in new ratio 5:3.
Raj's Share of write-off: 12,000 × 5/8 = ₹7,500.
Nitin's Share of write-off: 12,000 × 3/8 = ₹4,500.
Q. 3. Dissolution of Partnership Firm
In the books of Firm
Partners: Lal, Bal and Pal (Ratio 2 : 2 : 1)
Realisation Account
Dr.Cr.
| Particulars | Amt (₹) | Particulars | Amt (₹) |
|---|---|---|---|
| To Sundry Assets A/c: Machinery 50,000 Investment 24,000 Debtors 55,000 Stock 20,000 |
1,49,000 |
By R.D.D. A/c | 3,000 |
| To Bank A/c (Dissolution Exp.) | 3,000 | By Sundry Liabilities A/c: Creditors 48,000 Bills Payable 14,000 |
62,000 |
| To Bank A/c (Liabilities Paid): Creditors 48,000 Bills Payable 14,000 |
62,000 |
By Bank A/c (Assets Realised): Machinery 45,000 Stock 18,000 Investment 21,000 Debtors 45,000 |
1,29,000 |
| To Profit on Realisation t/f to Capital A/c: Lal (2/5) Bal (2/5) Pal (1/5) |
1,600 1,600 800 4,000 |
By Bank A/c (Goodwill realised) | 24,000 |
| Total | 2,18,000 | Total | 2,18,000 |
Partners’ Capital Accounts
Dr.Cr.
| Particulars | Lal (₹) | Bal (₹) | Pal (₹) | Particulars | Lal (₹) | Bal (₹) | Pal (₹) |
|---|---|---|---|---|---|---|---|
| To Profit & Loss A/c (Loss) | 7,200 | 7,200 | 3,600 | By Balance b/d | 60,000 | 20,000 | 20,000 |
| To Bank A/c (Final Payment) | 56,800 | 16,800 | 18,400 | By General Reserve A/c | 2,400 | 2,400 | 1,200 |
| By Realisation A/c (Profit) | 1,600 | 1,600 | 800 | ||||
| Total | 64,000 | 24,000 | 22,000 | Total | 64,000 | 24,000 | 22,000 |
Bank Account
Dr.Cr.
| Particulars | Amt (₹) | Particulars | Amt (₹) |
|---|---|---|---|
| To Balance b/d | 4,000 | By Realisation A/c (Exp.) | 3,000 |
| To Realisation A/c (Sundry Assets) | 1,29,000 | By Realisation A/c (Liabilities) | 62,000 |
| To Realisation A/c (Goodwill) | 24,000 | By Lal's Capital A/c | 56,800 |
| By Bal's Capital A/c | 16,800 | ||
| By Pal's Capital A/c | 18,400 | ||
| Total | 1,57,000 | Total | 1,57,000 |
Working Notes:
-
Distribution of General Reserve (Liability Side):
Total Amount = ₹ 6,000 (Ratio 2:2:1)
Lal = 6,000 × 2/5 = ₹ 2,400
Bal = 6,000 × 2/5 = ₹ 2,400
Pal = 6,000 × 1/5 = ₹ 1,200 -
Distribution of Profit & Loss A/c (Asset Side - Loss):
Total Amount = ₹ 18,000 (Ratio 2:2:1)
Lal = 18,000 × 2/5 = ₹ 7,200
Bal = 18,000 × 2/5 = ₹ 7,200
Pal = 18,000 × 1/5 = ₹ 3,600 -
Calculation of Realisation Profit/Loss:
Total Credit (Income/Liabilities) = ₹ 2,18,000
Total Debit (Expenses/Assets) = ₹ 2,14,000
Profit = 2,18,000 - 2,14,000 = ₹ 4,000 (Distributed 1600:1600:800)
OR - Q. 3. Bills of Exchange Journal Entries
Journal Entries in the books of Mr. Arvind
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| (A) | Bank A/c ... Dr. Bank Charges A/c ... Dr. To Bill sent for Collection A/c (Being Sam's acceptance honoured and bank charges paid) |
29,800 200 |
30,000 |
|
| (B) | Neena’s A/c ... Dr. To Arun’s A/c (Being Neena’s acceptance endorsed to Arun dishonoured and noting charges paid by Arun) |
25,400 | 25,400 |
|
| (C) | Jay’s A/c ... Dr. To Bank A/c (Being Jay’s discounted bill dishonoured and noting charges paid by bank) |
35,500 | 35,500 |
|
| (D) | Sagar’s A/c ... Dr. To Sales A/c (Being goods sold on credit) |
20,000 | 20,000 |
|
| Bills Receivable A/c ... Dr. To Sagar’s A/c (Being bill drawn and accepted by Sagar) |
20,000 | 20,000 |
||
| (E) | Cash / Bank A/c ... Dr. Rebate / Discount A/c ... Dr. To Bills Receivable A/c (Being Neeta retired her acceptance before due date) |
16,000 500 |
16,500 |
Q. 4. Issue of Shares
Mohini Company Limited (22,000 shares subscribed)
In the books of Mohini Co. Ltd.
Journal Entries
| Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|
| Bank A/c ... Dr. To Equity Share Application A/c (Being application money on 22,000 shares @ ₹20 received) |
4,40,000 | 4,40,000 |
|
| Equity Share Application A/c ... Dr. To Equity Share Capital A/c (Being application money transferred to Share Capital) |
4,40,000 | 4,40,000 |
|
| Equity Share Allotment A/c ... Dr. To Equity Share Capital A/c (Being allotment money on 22,000 shares @ ₹30 due) |
6,60,000 | 6,60,000 |
|
| Bank A/c ... Dr. To Equity Share Allotment A/c (Being allotment money received) |
6,60,000 | 6,60,000 |
|
| Equity Share First Call A/c ... Dr. To Equity Share Capital A/c (Being first call money on 22,000 shares @ ₹20 due) |
4,40,000 | 4,40,000 |
|
| Bank A/c ... Dr. To Equity Share First Call A/c (Being first call money received) |
4,40,000 | 4,40,000 |
|
| Equity Share Second & Final Call A/c ... Dr. To Equity Share Capital A/c (Being final call money on 22,000 shares @ ₹30 due) |
6,60,000 | 6,60,000 |
|
| Bank A/c ... Dr. To Equity Share Second & Final Call A/c (Being final call money received) |
6,60,000 | 6,60,000 |
OR - Q. 4. Features of Computerized Accounting System
- Speed: Computerized accounting systems process data and generate reports much faster than manual systems.
- Accuracy: The possibility of errors is minimized as calculations are automated.
- Reliability: Standardized processes ensure consistent and reliable financial information.
- Scalability: The system can easily handle growing volumes of data as the business expands.
- Security: Data can be password-protected and backed up to prevent loss or unauthorized access.
- Automated Document Production: Invoices, credit notes, and purchase orders can be generated automatically.
Q. 5. Death of Partner
Suresh, Naresh, Paresh (Equal Partners). Suresh died on 30th June 2019.
Profit & Loss Adjustment Account
Dr.Cr.
| Particulars | Amt (₹) | Particulars | Amt (₹) |
|---|---|---|---|
| To Land and Building A/c (10%) | 20,000 | By Furniture A/c | 20,000 |
| To R.D.D. A/c (5% on 1.5L) | 7,500 | By Partners' Capital A/c (Loss): Suresh Naresh Paresh |
2,500 2,500 2,500 |
| Total | 27,500 | Total | 27,500 |
Partners’ Capital Accounts
Dr.Cr.
| Particulars | Suresh | Naresh | Paresh | Particulars | Suresh | Naresh | Paresh |
|---|---|---|---|---|---|---|---|
| To P&L Adj A/c (Loss) | 2,500 | 2,500 | 2,500 | By Balance b/d | 2,50,000 | 1,00,000 | 1,00,000 |
| To Suresh’s Executor Loan A/c | 2,55,000 | - | - | By Profit Suspense A/c | 7,500 | - | - |
| To Balance c/d | - | 97,500 | 97,500 | ||||
| Total | 2,57,500 | 1,00,000 | 1,00,000 | Total | 2,57,500 | 1,00,000 | 1,00,000 |
Balance Sheet of New Firm as on 1st July 2019
| Liabilities | Amt (₹) | Assets | Amt (₹) |
|---|---|---|---|
| Capital Accounts: Naresh Paresh |
97,500 97,500 |
Land and Building Less: Depr (10%) |
2,00,000 (20,000) 1,80,000 |
| Suresh’s Executor Loan | 2,55,000 | Furniture Add: Appreciation |
1,50,000 20,000 1,70,000 |
| Sundry Creditors | 1,50,000 | Debtors Less: RDD |
1,50,000 (7,500) 1,42,500 |
| Cash | 1,00,000 | ||
| Profit & Loss Suspense A/c | 7,500 | ||
| Total | 6,00,000 | Total | 6,00,000 |
Working Note: Profit up to date of death
Average Profit = ₹90,000
Period (April 1 to June 30) = 3 months.
Suresh's Share = 1/3 (Equal partners).
Profit = 90,000 × (3/12) × (1/3) = ₹7,500.
Average Profit = ₹90,000
Period (April 1 to June 30) = 3 months.
Suresh's Share = 1/3 (Equal partners).
Profit = 90,000 × (3/12) × (1/3) = ₹7,500.
OR - Q. 5. Analysis of Financial Statement (AOFS)
Vertical Income Statement based on the provided Trading and Profit & Loss Account.
Vertical Income Statement
for the year ended 31st March, 2020
| Sr. No. | Particulars | Amount (₹) | Amount (₹) |
|---|---|---|---|
| 1. | Sales | 6,00,000 | |
| 2. | Less: Cost of Goods Sold | ||
| Opening Stock | 50,000 | ||
| Add: Purchases | 4,50,000 | ||
| Add: Carriage | 20,000 | ||
| Add: Direct expenses | 30,000 | ||
| Add: Wages | 50,000 | ||
| 6,00,000 | |||
| Less: Closing Stock | (1,50,000) | (4,50,000) | |
| 3. | Gross Profit | 1,50,000 | |
| 4. | Less: Operating Expenses | ||
| Office Expenses | 62,500 | ||
| Finance Expenses | 15,000 | ||
| Selling Expenses | 50,000 | ||
| 5. | Total Operating Expenses | (1,27,500) | |
| 6. | Net Profit | 22,500 |
Q. 6. Not for Profit Concern
Dr. Anish Korgaonkar (Started practice on 1st April 2019)
Income and Expenditure Account
for the year ended 31st March 2020
Dr.Cr.
| Expenditure | Amt (₹) | Amt (₹) | Income | Amt (₹) | Amt (₹) |
|---|---|---|---|---|---|
| To Drugs Less: Closing Stock |
14,000 (2,000) |
12,000 | By Visit Fees Add: Outstanding |
20,000 4,000 |
24,000 |
| To Salaries Add: Outstanding |
24,000 2,000 |
26,000 | By Receipts from Dispensary Add: Outstanding |
60,000 1,000 |
61,000 |
| To Rent Add: Outstanding |
12,000 1,000 |
13,000 | By Sundry Receipts | 10,000 | |
| To Conveyance (60%) | 4,800 | ||||
| To Stationery | 1,000 | ||||
| To Electrical Charges | 10,000 | ||||
| To Journals | 1,000 | ||||
| To Depreciation: Furniture (8% on 16k) Equipment (Given) |
1,280 1,000 |
2,280 | |||
| To Surplus (Excess of Income over Exp) | 24,920 | ||||
| Total | 95,000 | Total | 95,000 |
Balance Sheet as on 31st March 2020
| Liabilities | Amt (₹) | Amt (₹) | Assets | Amt (₹) | Amt (₹) |
|---|---|---|---|---|---|
| Capital Fund (Cash intro) Add: Surplus Less: Drawings (30k + 3.2k conv) |
50,000 24,920 (33,200) |
41,720 | Furniture Less: Depreciation |
16,000 (1,280) |
14,720 |
| Outstanding Expenses: Rent Salaries |
1,000 2,000 |
3,000 | Equipment Less: Depreciation |
20,000 (1,000) |
19,000 |
| Stock of Drugs | 2,000 | ||||
| Outstanding Income: Visit Fees Dispensary |
4,000 1,000 |
5,000 | |||
| Cash Balance | 4,000 | ||||
| Total | 44,720 | Total | 44,720 |
Note on Drawings: Cash Drawings ₹30,000 + 40% of Conveyance for domestic use (40% of 8,000 = ₹3,200). Total Drawings = ₹33,200.
Q. 7. Partnership Final Accounts
Mama and Kaka (Profit sharing equal)
Profit and Loss Account
for the year ended 31st March 2019
Dr.Cr.
| Particulars | Amt (₹) | Amt (₹) | Particulars | Amt (₹) | Amt (₹) |
|---|---|---|---|---|---|
| To Insurance Less: Prepaid |
30,000 (7,500) |
22,500 | By Gross Profit b/d | 69,000 | |
| To Salaries | 10,000 | By Interest Received | 3,000 | ||
| To Export Duty | 5,000 | ||||
| To Interest on Loan Add: Outstanding |
2,000 1,000 |
3,000 | |||
| To Bad Debts (New) Add: RDD (New 5%) |
2,000 2,500 |
4,500 | |||
| To Depreciation: Land & Building (Note 1) Furniture (5% on 80k) |
9,000 4,000 |
13,000 | |||
| To Net Profit t/f to Capital: Mama (1/2) Kaka (1/2) |
7,000 7,000 |
14,000 | |||
| Total | 72,000 | Total | 72,000 |
Balance Sheet as on 31st March 2019
| Liabilities | Amt (₹) | Amt (₹) | Assets | Amt (₹) | Amt (₹) |
|---|---|---|---|---|---|
| Capital Accounts: Mama (1L + 7k NP) Kaka (1L + 7k NP) |
1,07,000 1,07,000 |
2,14,000 | Land and Building Less: Depreciation |
1,00,000 (9,000) |
91,000 |
| 10% Bank Loan Add: Outstanding Interest |
60,000 1,000 |
61,000 | Furniture Less: Depreciation |
80,000 (4,000) |
76,000 |
| Bills Payable | 16,000 | Debtors Less: Bad Debts Less: RDD (5%) |
52,000 (2,000) (2,500) |
47,500 | |
| Prepaid Insurance | 7,500 | ||||
| Closing Stock | 69,000 | ||||
| Total | 2,91,000 | Total | 2,91,000 |
Working Notes:
1. Depreciation on Land & Building:
Opening Balance: ₹60,000 (1,00,000 Total - 40,000 Addition).
Depreciation on ₹60,000 for 1 year @ 10% = ₹6,000.
Depreciation on Addition ₹40,000 for 9 months (July to March) @ 10% = ₹3,000.
Total Depreciation = ₹9,000.
2. RDD Calculation:
Debtors: ₹52,000
Less: Bad Debts (New): ₹2,000
Balance for RDD: ₹50,000
RDD @ 5% on ₹50,000 = ₹2,500.
1. Depreciation on Land & Building:
Opening Balance: ₹60,000 (1,00,000 Total - 40,000 Addition).
Depreciation on ₹60,000 for 1 year @ 10% = ₹6,000.
Depreciation on Addition ₹40,000 for 9 months (July to March) @ 10% = ₹3,000.
Total Depreciation = ₹9,000.
2. RDD Calculation:
Debtors: ₹52,000
Less: Bad Debts (New): ₹2,000
Balance for RDD: ₹50,000
RDD @ 5% on ₹50,000 = ₹2,500.
