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    MBA-Final Accounts

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    kanika
    The document provides information and instructions for four accounting problems involving the preparation of final accounts, including trading and profit & loss statements and balance sheets, for different individuals and companies based on their respective trial balances and additional information provided. The accounting problems involve extracting balances, considering various adjustments, and preparing the required financial statements.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    MBA-Final Accounts

    Uploaded by

    kanika
    47 views4 pages
    The document provides information and instructions for four accounting problems involving the preparation of final accounts, including trading and profit & loss statements and balance sheets, for different individuals and companies based on their respective trial balances and additional information provided. The accounting problems involve extracting balances, considering various adjustments, and preparing the required financial statements.

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    Final Accounts problem

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    The document provides information and instructions for four accounting problems involving the preparation of final accounts, including trading and profit & loss statements and balance sheets, for different individuals and companies based on their respective trial balances and additional information provided. The accounting problems involve extracting balances, considering various adjustments, and preparing the required financial statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    47 views4 pages

    MBA-Final Accounts

    Uploaded by

    kanika
    The document provides information and instructions for four accounting problems involving the preparation of final accounts, including trading and profit & loss statements and balance sheets, for different individuals and companies based on their respective trial balances and additional information provided. The accounting problems involve extracting balances, considering various adjustments, and preparing the required financial statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    AMITY UNIVERSITY HARYANA

    AMITY BUSINESS SCHOOL

    MBA-ACCOUNTING FOR MANAGEMENT

    FINAL ACCOUNTS PREPARATION-QUESTION BANK

    --------------------------------------------------------------------------------------------------------------------------------------

    1.The following balances were extracted from the books of Rajaram on 31-12-2012.
    Rs Rs
    capital account 9,000 purchases 15,000
    furniture 800 carriage outwards 200
    creditors 1,600 salaries 2,000
    premises 13,000 sales 18,000
    bad debts 80 rent received 800
    cash 40 discount allowed 180
    drawings 900 loan 4,000
    overdraft at bank 905 reserve for bad debts 100
    debtors 1,500 expenses 705

    adjustments:
    a)make provision for bad debts@3%
    b)salary due Rs 200
    c)stock on 31-12-2012 Rs 3,500
    d)write off 10% from furniture for depreciation
    e)due from tenants rent Rs 100

    2.From the following Trial Balance of Mr.Avinash as at 31st December


    2012,
    prepare the final accounts after considering the necessary
    adjustments.
    capital account 30,000
    drawing account 2,600
    plant and machinery 12,000
    stock 1-1-2012 5,000
    purchases 35,000
    sales 50,000
    returns inwards 2,000
    returns outwards 1,000
    sundry debtors 8,000
    sundry creditors 6,000
    carriage inwards 500
    carriage outwards 500
    wages 3,000
    salaries 2,000
    factory rent 200
    office rent 500
    insurance 500
    discount received 600
    discount allowed 300
    furniture 2,000
    bad debts 400
    commission 300
    buildings 8,000
    bills payable 2,000
    cash in hand 200
    cash at bank 600
    bills receivable 6,000
    89,600 89,600
    adjustments:
    a)closing stock Rs 20,000
    b)prepaid insurance Rs 200
    c)interest on capitalat 5%
    d)office rent oustanding Rs 400
    e)depreciation on plant and machinery at
    10% and furniture at 10%

    3.The following balances are extracted from the books of Bharat& Co, on 31st
    March, 2015.

    Opening stock 500 Commission (Cr) 200


    Bills receivable 2,250 Returns outward 250
    Purchases 19,500 Trade expenses 100
    Wages 1,400 Office Fixtures 500
    Insurance 550 Cash in hand 250
    Sundry Debtors 15,000 Cash at Bank 2,375
    Carriage inward 400 Rent 550
    Commission (Dr) 400 Carriage outward 725
    Interest on capital 350 Sales 25,000
    Stationery 225 Bills payable 1,500
    Returns inward 650 Creditors 9,825
        Capital 8,950

    Closing stock was valued at Rs 12,500


    prepare i) trading and profit and loss account for the year
    ended 31-12-2015
    ii) Balance sheet as on 31-03-2015

    4.The trial balance of Mr.Sun as on 31st March 2013, was as follows:


    particulars Dr(Rs) Cr(Rs)
    purchases/sales 16,25,050 25,24,000
    provision for doubtful debts 52,000
    sundry debtors/creditors 5,02,000 3,05,260
    bills payable 39,500
    opening stock 2,67,250
    wages 2,31,370
    salaries 55,750
    furniture 72,500
    postage 42,260
    power and fuel 13,500
    trade expenses 58,310
    bad debts 5,250
    loan to Ram@10%(Dec1,2012) 30,000
    cash in hand and at bank 1,00,000
    trade expenses accrued but not paid 7,000
    drawings/capital 44,250 1,00,000
    outstanding wages 20,000
    30,47,760 30,47,760
    Required:
    Prepare trading and profit and loss account for the year ending
    31st March, 2013 and the
    balance sheet as on that date afer taking into consideration the following information:
    a)depreciation on furniture is to be charged @10%
    b)sundry debotrs include as item of Rs 5,000 due from a customer who has become
    insolvent.
    c)provision for doubtful debts is to be maintained @5% on sundry debtors
    d)goods of value of Rs 15,000 have been destroyed by fire and insurance company
    admitted a claim for Rs 10,000
    e)closing stock was Rs 1,25,500

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