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Published on: 13/05/2022
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1.
Calculate the missing information:
| Particulars | Rs. |
|---|---|
| Closing capital | 32,000 |
| Drawings | 4,800 |
| Additional capital | 8,000 |
| Profit made during the year | 9,600 |
2.
From the following find out credit sales.
| Particulars | Rs. |
|---|---|
| Opening sundry debtors | 50,000 |
| Cash received from sundry debtors | 80,000 |
| Discount allowed to sundry debtors | 2,000 |
| Sales returns | 5,000 |
| Closing sundry debtors | 75,000 |
3.
From the following details, find out credit purchases:
| Particulars | Rs. |
|---|---|
| Opening sundry creditors | 75,000 |
| Closing sundry creditors | 90,000 |
| Cash paid to sundry creditors | 22,500 |
| Discount received | 15,000 |
| Purchase returns | 7,500 |
4.
M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31st December 2017.
| Particulars | 31.12.2016 Rs. |
31.12.2017 Rs. |
|---|---|---|
| Cash in hand | 6,000 | 24,000 |
| Bank overdraft | 30,000 | - |
| Stock | 50,000 | 80,000 |
| Sundry creditors | 26,000 | 40,000 |
| Sundry debtors | 60,000 | 1,40,000 |
| Bills payable | 6,000 | 12,000 |
| Furniture | 40,000 | 60,000 |
| Bills receivable | 8,000 | 28,000 |
| Machinery | 50,000 | 1,00,000 |
| Investment | 30,000 | 80,000 |
Drawings Rs. 10,000 per month for personal use, additional capital introduced during the year Rs. 2,00,000. A bad debts Rs. 2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs. 700, depreciation charged on furniture @ 10% per annum.
5.
From the following details of vijay who maintains incomplete records, prepare trading and profit and loss account for the year ended 31st March 2018 and a Balance sheet as on the date.
| Particulars | As on 1.4.2017 Rs. |
As on 31.3.2018 Rs. |
|---|---|---|
| Sundry Creditors | 37,500 | 43,750 |
| Furniture | 2,500 | 2,500 |
| Cash | 6,250 | 10,000 |
| Sundry debtors | 62,500 | 87,500 |
| Stock | 25,000 | 12,500 |
Other details:
| Rs. | |
|---|---|
| Drawings | 10,000 |
| Discount received | 3,750 |
| Discount allowed | 2,500 |
| Cash received from sundry debtors | 1,35,000 |
| Cash paid to creditors | 1,12,500 |
| Sales returns | 3,750 |
| Purchase returns | 1,250 |
| Sundry expenses paid | 8,750 |
1.
| Particulars | Rs. |
|---|---|
| Closing capital | 32,000 |
| Add: Drawings | 4,800 |
| 36,800 | |
| Less: Additional capital | 8,000 |
| Adjusted closing capital | 28,800 |
| Less: Opening capital [B/F] | 19,200 |
| Profit made during the year | 9,600 |
2.
| Particulars | Rs. | Particulars | Rs. |
|---|---|---|---|
| To Balance b/d | 50,000 | By Cash received | 80,000 |
| (opening debtors) | By Discount allowed | 2,000 | |
| To Credit sales (B/F) | 1,12,000 | By Sales returns | 5,000 |
| By Balance c/d | 75,000 | ||
| 1,62,000 | 1,62,000 |
3.
| Particulars | Rs. | Particulars | Rs. |
|---|---|---|---|
| To Cash paid | 22,500 | By Balance b/d | 75,000 |
| To Discount received | 15,000 | By Credit purchase (B/F) | 60,000 |
| To Purchase return | 7,500 | ||
| To Balance c/d | 90,000 | ||
| 1,35,000 | 1,35,000 |
4.
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Bank overdraft | 30,000 | Cash in hand | 6,000 |
| Sundry creditors | 26,000 | Stock | 50,000 |
| Bills payable | 6,000 | Sundry Debtors | 60,000 |
| Capital (Balancing figure) | 1,82,000 | Furniture | 40,000 |
| Bills receivable | 8,000 | ||
| Machinery | 50,000 | ||
| Investment | 30,000 | ||
| 2,44,000 | 2,44,000 |
| Liabilities | Rs. | Assets | Rs. | Rs. |
|---|---|---|---|---|
| Sundry creditors | 40,000 | Cash in hand | 24,000 | |
| Bills payable | 12,000 | Stock | 80,000 | |
| Outstanding salary | 2,400 | Debtors | 1,40,000 | |
| Capital (Balancing figure) | 4,33,400 | Less: Bad debts | 2,000 | |
| 1,38,000 | ||||
| Less: Provision @5% | 6,900 | 1,31,100 | ||
| Furniture | 60,000 | |||
| Less: Depreciation @10% | 6,000 | 54,000 | ||
| Bills receivable | 28,000 | |||
| Prepaid insurance | 700 | |||
| Machinery | 1,00,000 | |||
| Less: Depreciation @10% | 10,000 | 90,000 | ||
| Investment | 80,000 | |||
| 4,87,800 | 4,87,800 |
| Particulars | Rs. |
|---|---|
| Capital at the end of the year | 4,33,400 |
| Add: Drawings during the year (10,000 x 12) | 1,20,000 |
| 5,53,400 | |
| Less: Additional capital introduced in the year | 2,00,000 |
| Adjusted closing capital | 3,53,400 |
| Less: Capital in the beginning of the year | 1,82,000 |
| Profit for the year 2017 | 1,71,400 |
5.
Calculation of opening capital
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Sundry creditors | 37,500 | Furniture | 2,500 |
| Opening capital (B/F) | 58,750 | Cash | 6,250 |
| Sundry Debtors | 62,500 | ||
| Stock | 25,000 | ||
| 96,250 | 96,250 |
| Liabilities | Rs. | Particulars | Rs. |
|---|---|---|---|
| To Balance b/d | 62,500 | By Cash received | 1,35,000 |
| To Credit Sales (B/F) | 1,66,250 | By Discount allowed | 2,500 |
| By Sales returns | 3,750 | ||
| By Balance c/d | 87,500 | ||
| 2,28,750 | 2,28,750 |
| Liabilities | Rs. | Particulars | Rs. |
|---|---|---|---|
| To Cash paid | 1,12,500 | By Balance b/d | 37,500 |
| To Discount received | 3,750 | By Credit purchases (B/F) | 1,23,750 |
| To Purchase returns | 1,250 | ||
| To Balance c/d | 43,750 | ||
| 1,61,250 | 1,61,250 |
| Particulars | Rs. | Rs. | Particulars | Rs. | Rs. |
|---|---|---|---|---|---|
| To Opening stock | 25,000 | By Sales | 1,66,250 | ||
| To Purchases | 1,23,750 | Less: Sales returns | 3,750 | 1,62,500 | |
| Less: Purchase returns | 1,250 | 1,22,500 | |||
| By Closing stock | 12,500 | ||||
| To Gross profit c/d | 27,500 | ||||
| 1,75,000 | 1,75,000 | ||||
| To Discount allowed | 2,500 | By Gross profits b/d | 27,500 | ||
| To Sundry expenses | 8,750 | By Discount received | 3,750 | ||
| To Depreciation | 125 | ||||
| To Net profit | 19,875 | ||||
| (Transferred to capital a/c) | 31,250 | 31,250 |
| Liabilities | Rs. | Rs. | Assets | Rs. | Rs. |
|---|---|---|---|---|---|
| Capital | 58,750 | Furniture | 2,500 | ||
| Add: Net profit | 19,875 | Less: Depreciation | 125 | 2,375 | |
| 78,625 | Cash | 10,000 | |||
| Less: Drawings | 10,000 | 68,625 | Sundry debtors | 87,500 | |
| Sundry creditors | 43,750 | Closing stock | 12,500 | ||
| 1,12,375 | 1,12,375 |
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