|
(ii) Cost of investment which
were sold was Rs 12000
(iii)50% of the entrance Fees
are to be capitalised.
(iv) Loan from Mr .Wood was
taken on 1st Oct .1996. interest at 8% p.a is payable
thereon.
(v) On 31st March 1996 , book value
of furniture was Rs 8000. New furniture was
purchased on 30th June 1996. Depriciation is to be
provided at 5% p.a
You are required to
prepare:-
(a) Income and expenditure accounts
of the club for the year ended 31st March 1997.
(b)
Balance sheet as on that day.
Q3. The
following information is available from costing
records of a Mini Steel Plant engaged in the production
of steel:-
| |
Rs |
Rs |
| Stock Records |
31-12-96 |
31-12-97 |
| minerals |
1000000 |
400000 |
| Primary Packing Material |
80000 |
30000 |
| Semi-processed ore |
700000 |
200000 |
| Finished ingots |
600000 |
150000 |
| Secondary Packing Materials |
40000 |
20000 |
| Additional Information |
|
Rs
(31-12-97) |
| cold rolling mill expenses |
|
60000 |
| Drawing Office expenses |
|
22000 |
| Productive labour |
|
800000 |
| Discount received |
|
7500 |
| Insurance of minerals |
|
27000 |
| Special moulds for casting taken on hire
|
|
100000 |
| Discount Allowed |
|
1650 |
| Interest on capital |
|
2000 |
| Capitive power plant expenses |
|
17000 |
| Gas turbine running costs |
|
35000 |
| Water treatement plant expenses |
|
65000 |
| Purchase of Minerals |
|
1200000 |
| leasehold Office building at cost (50
years lease) |
|
2500000 |
The steel
produced is sold at a profit of 205 on the selling
price.
From the above information you are
required to prepare a cost sheet for the year
ended 31th Dec
1997. |
Q4a. On 31th
December 1990 ,P retaired from active partnership and
his share of the following was ascertained on the date
of retirement:-
| Goodwill |
20000 |
| Interest on
Capital |
500 |
| Salary |
1500 |
| Drawings |
20000 |
| Interest on Drawings
|
2000 |
| Share of
profit |
25000 |
| Capital |
75000 |
The amount due to P was kept
with the firm as a loan bearing interest @10% p.a and
was to be paid to P by annual instalment of Rs.
50000 each , interest being calculated @10% p.a on the
unpaid balances. The first instalment was paid on 31th
dec 1991.
You are required to prepare P's
Capital accounts due to him was
made.
Q4b.K and L
are partners in a firm .For the half year ended 30th
September 1997 ,they drew in lieu of profits the
following amounts :-
Amounts drawn by
K
Date
Amount (Rs)
1-4-97..........................................................................................1000
10-6-97........................................................................................1500
15-9-97........................................................................................1300
Amounts drawn by L
Date..........................................................................................
Amount (Rs)
20-5-97.........................................................................................1200
5-8-97..........................................................................................
1600
25-8-97.........................................................................................1100
They
are to be charged interest thereon @ 5% p.a for the
period 1st April 1997 to 30th September 1997 on
the amounts drawn by them .
Calculate the amount of
interest of K and L by means of the Average Due
Date method .
(Calculations to the nearest
paise)
| 
