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Accounts 1997
(I.S.C)
You are on questions 5 to
9
PRINCIPLES OF
ACCOUNT |
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Q5. Bale
and Yale are equal partners of a firm , the balance sheet of which
is given below as on 31-3-1995 , the date on which they
decide to dissolve the partnership .
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Balance sheet as on
31-3-1995 |
| Liabilities |
Amount |
Assets |
Amount |
Capital
Accounts:
Bale 50000
Yale 40000 |
90000 |
Building |
45000 |
| General
Reserve |
8000 |
Machinery |
15000 |
| Bale's Loan |
3000 |
Furniture |
12000 |
| Creditors |
14000 |
Debtors |
8000 |
| |
|
Stock |
24000 |
| |
|
Bank |
11000
|
| |
115000
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|
115000
| |
(i) The assets
realised were as follows:-
|
| Stock |
Rs
22000 |
| Debtors |
Rs 7500 |
| Machinery |
Rs
16000 |
| Buliding |
Rs
35000 | |
(ii) Yale took over
the furniture at Rs 9000
(iii) Bale agreed to accept
Rs 2500 in full settlement of his loan account.
(iv)
Dissolution expenses amounted to Rs 2500
Prepare :
a)
realisation Account
b) Capital Accounts of
Partners
c)Bale's Loan Account
d) Bank Account
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Q6. Mr Simpleton ,
a retailer, does not keep any books of accounts , but does operate a
business bank account .A summary of the bank statements for
the year ended 31-3-1996 is given below :- |
| Particulars |
Amount |
Particulars |
Amount |
| Opening bal |
2640 |
Cash paid to
Creditors |
37250 |
| Cash received from
debtors |
48500 |
Salaries |
5500 |
| Closing bal |
2210 |
Rent |
1800 |
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|
General
Expenses |
3500 |
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|
Advertisement |
300 |
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|
Drawing |
5000
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53350 |
|
53350
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| His assets and
liabilities on 31st March 1995 and 1996 were :- |
| Particulars |
31-3-95 |
31-3-96 |
| Fixed assets at
cost |
10400 |
10400 |
| Stock |
5240 |
6300 |
| Debtors |
6500 |
6800 |
| Rent prepaid |
300 |
600 |
| Creditors |
4600 |
4700 |
| Outstanding
advertisement bill |
100 |
150 | |
Fixed
Assets should be depreciated at 10% of cost price .
Prepare the Trading and Profit and loss Account of Mr.
Simpleton for the year ended 31-3-1996 and a balance sheet as at
that date .
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Q7. The following
figures were extracted from the books of a manufacturer at 31st
March 1995.
|
| Stock at
1-4-1994 |
Rs |
| Raw
materials |
32000 |
| Work in
progess |
20000 |
| Finished
goods |
48000 |
| Purchase of Raw
Materials |
110000 |
| Carriage
Inwards |
2400 |
| Direct Wages |
56000 |
| Supervisiory
Wages |
56000 |
| Rent and
Rates |
9200 |
| Heating and
Lighting |
14000 |
| Office Salaries
|
12800 |
| Plant and Machinery at
Cost |
136000 |
| Sales |
281200 |
| Stock at
31-3-1995:- |
Rs
:- |
| Raw
Materials |
40000 |
| Work in
progess |
38000 |
| Finished
goods |
28800 | |
The following
information is relevant :-
(i) Rent and Rates are to be
aportionaed 75% to the factory and 25% to office.
(ii)
Heating and lighting exp. are to be allocated 80% to the
factory and 20% to office.
(iii) Plant and Machinery is to be
depreciated at 5% on the straigth line method.
You are
required to prepare a detailed Cost statement showing
(a)
Prime cost
b)Works Cost
c)Cost of production
d) Cost of
Finished Goods
e)The profit.
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Q8 Better Prospects
Ltd. issued 30000 shares of Rs 10 each at a premium of Rs 2 per
share, payable as follows:-
Rs 2 on application
Rs 5 on
allotment (including premium)
Rs 5 on first and final call
All
shares were applied for and allotted . All moneys were
received with the expection of first and final call on
500 shares which were forfeited .300 of these
shares were re-issued as fully paid @ Rs 8 per share
.
a) Give the Journal Entries in the books of the company
in respect of the above transactions.
b)Show the balance
Sheet.
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Q9(a) Sri Mayank has
draw the following bills of exchange on Sri Sanjay.
| Bill
No |
Date of
Bill |
Period of
Bill |
Amount .
Rs. |
| 1 |
15.1.91 |
3
months |
35000/- |
| 2 |
17.2.91 |
2 months |
57500/- |
| 3 |
13-3-91 |
1 months |
7500/- |
| 4 |
19-3-91 |
2
months |
50000/- | |
| Find the Average
due date. |
| Q9(b) Pullu ,Tullu ,
Gullu , & Chhota are the four partners sharing profit as
4:3:2:1. They earned a profit of Rs 180000 for the year ended
31.12.96 .As per the deed they are to charge a commision @ 20% of
the profits after charging such commission which they will share
as 2:3:2:3.
Prepare Profit & loss Appropriation
Account showing the distribution of profits and the share of each
partner.
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