Debit Balances Rs. Credit Balances RS.: Vijayam Junior College I Year Final Accounts Additional Problems

VIJAYAM JUNIOR COLLEGE
I YEAR FINAL ACCOUNTS ADDITIONAL PROBLEMS
1. From the following Trial Balance prepare trading and profit and loss account and Balance
Sheet as on 31-12-2017.
Debit balances Rs. Credit balances Rs.

Purchases 1,00,000 Capital 75,000
Stock (1-1-2017) 40,000 Returns 2,500
Machinery 50,000 Creditors 50,000
Returns 4,000 Bank overdraft 20,000
Debtors 60,000 Discount 2,000
Cash at Bank 25,000 Sales 2,25,000
Taxes 3,500
Wages 28,000
Carriage on purchases 3,000
Furniture 12,000
Rent 4,000
Bills receivable 45,000
3,74,500 3,74,500
Adjustments:
1. Closing stock Rs.42, 000 2. Outstanding Wages Rs.4, 500
3. Write off Rs.1, 000 as bad debts 4. Provide 5% depreciation on machinery
5. Charge 5% Interest on capital.
2. From the following trial balance as on 31-12-2013 prepare Trading, Profit and Loss a/c and Balance
Sheet.
Debit balance Rs. Credit Balance Rs.

Salaries 6,000 Capital 25,000
Purchases 26,000 Sales 47,000
Trade Expenses 1,000 Discount 200
Wages 7,800 Creditors 21,000
Carriage 400 Bills payable 6,800
Office expenses 500
Commission 600
Bad debts 1,200
Debtors 30,000
Furniture 3,000
Machinery 10,000
Insurance 400
Opening Stock 7,000
Cash in hand 500
Cash in bank 3,600
1,00,000 1,00,000
Adjustments:
(a) Closing Stock Rs.11, 000

(b) Outstanding wages Rs.2, 000
(c) Prepaid Insurance Rs.50
(d) Provide bad debts reserve at 5%
(e) Depreciation on machinery and furniture by 5%.
3. From the following Trial Balance of Sri Nidhi Stores, Hyderabad, Prepare Final Accounts for the
year ended 31-12-2015
Machinery 20,000 Sales 80,800
Opening Stock 8,000 Purchase returns 600
Salaries 6,000 Creditors 8,000
Purchases 50,600 Discount 600
Sales Returns 800 Capital 40,000
Carriage Inwards 1,600
Furniture 5,000
Debtors 20,000
Insurance and Taxes 1,200
Carriage outwards 2,500
Wages 4,000
Drawings 1,800
Bad debts 2,000
Cash in hand 800
Cash at Bank 5,700
1,30,000 1,30,000
Adjustments:
(1) Closing Stock Rs.32, 000
(2) Provide 5% reserve for doubtful debts on debtors.
(3) Outstanding salaries Rs.400
(4) Prepaid Insurance Rs.100
(5) Provide depreciation on Machinery 5% and Furniture 10%.
4. From the following Trial Balance of M/s. Alla Reddy & Co., Prepare Trading, Profit & Loss account for
the year ending 31-12-20016 and Balance Sheet as on that date:
Debit Balance Amount Credit Balance Amount
(Rs.) Rs.
Investments 40,300 Capital 50,000
Buildings 20,000 Sales 1,35,000
Purchases 1,05,000 Commission 1,000
Stock 50,000 Bank Loan 8,000
Debtors 10,000 Creditors 29,000
Salaries 4,400 Bills Payable 17,000
Rent 2,000
Factory Rent 1,250
Sundry Expenses 650
Sales expenses 700
Custom duties 400
Drawings 250
Premises 4,000
Maintenance expenses 900
Sanitary expenses 150
2,40,000 2,40,000
Adjustments:
(1) Closing Stock 60,000 (4) Bad Debts provision 2%
(2) Outstanding Rent 500 (5) Pre-paid Salaries 300
(3) Bad debts 500 (6) Interest on Capital 6%
5. From the following Trial Balance of Smt. Girija Stores, prepare final accounts for the year ending
31-12-2016.
Purchases 70,000 Sales 1,00,000
Sales returns 1,000 Capital 80,000
Carriage 500 Purchase returns 2,000
Salaries 1,500 Creditors 25,000
Rent 1,000 Commission 2,000
Insurance 500 Provision for bad debts 2,100
Debtors 20,000 Bills payable 5,000
Plant & Machinery 50,000
Furniture 9,000
Cash at Bank 20,000
Opening stock 25,000
Wages 1,100
Advertisement 500
2,16,100 2,16,100
Adjustments :
(a) Closing stock Rs.30,000 (d) Provide 5% reserve for bad debts on debtors.
(b) Outstanding salaries Rs.200 (e) Prepaid wages Rs.100.
(c) Depreciate machinery by 10% and furniture by 5%
6. From the following Trial Balance as on 31-3-14 of Sri Vamshi, prepare the Trading, Profit & Loss
a/c and Balance Sheet.
Debit Balance Rs. Credit Balance Rs.
Purchase 75,000 Capital 50,000
Returns Inwards 1,000 Sales 1,75,000
Carriage Inwards 1,200 Creditors 25,000
Rent, taxes 2,500 Returns Outwards 4,700
Stock 15,000 Interest 2,700
Sundry Debtors 40,000
Salaries 22,500
Wages 10,800
Plant & Machinery 50,000
Furniture 10,000
Cash at Bank 29,400
2,57,400 2,57,400
Adjustments:
1. Closing stock Rs.15, 000
2. Depreciation Plant & Machinery at 10%, Furniture at 15%.
3. Interest due but not received Rs.500
4. Bad debts is to be maintained at 2%
5. Outstanding rent Rs.300.
7. Prepare Trading, Profit and Loss Account for the year ended on 31 st March, 2018 and a
Balance Sheet on that date from the following Trial Balance of Suresh :
Trial Balance as on 31st March, 2018
Rs. Rs.
Purchases 50,000 Sales 1,00,000
Sales returns 2,000 Purchase returns 1,000
Rent and taxes 3,000 Creditors 5,000
Debtors 30,000 Bills payable 10,000
Salaries 20,000 Bank overdraft 9,000
Carriage 1,000 Mortgage loan 4,500
Wages 10,000 Capital 70,000
Machinery 30,000
Furniture 10,000
Drawings 5,000
Bad debts 4,000
Insurance 2,000
Fuel and Power 2,500
Cash in hand 10,000
Cash at Bank 20,000
1,99,500 1,99,500
Adjustments :
(1) Closing Stock Rs.25,000
(2) Provide reserve for doubtful debts at 5% on debtors.
(3) Charge depreciation on Machinery at 10%.
(4) Allow interest on capital at 5%.
(5) Out standing wages 500/-, salaries 1000/-.

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VIJAYAM JUNIOR COLLEGE

I YEAR FINAL ACCOUNTS ADDITIONAL PROBLEMS

Debit balances Rs. Credit balances Rs.

Debit balance Rs. Credit Balance Rs.

(a) Closing Stock Rs.11, 000

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