Worksheet Exam Based Problems and Answers
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Bad debts on debtors or credit sales |
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Amortization/write off on Intangible assets |
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Bad debts account |
Dr |
Amortization/ write off account |
Dr |
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To Debtors (B/R, A/R) account |
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To Intangible assets account |
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(Being – bad debts on debtors) |
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(Being – intangible/fictitious assets write off) |
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Provision for bad debts |
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Advance income received |
Dr |
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Provision for bad debts account |
Dr |
Income^ (by name) account |
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To Debtors (B/R, A/R) account |
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To Advance income^ account |
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(Being – provision for bad debts on debtors) |
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(Being – income received in advance) |
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Bad debts received which was written off |
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Expenses expired from advance |
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Cash/bank account |
Dr |
Expenses expired account |
Dr |
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To Bad debt (recovered) account |
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To Advance expenses account |
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(Being – bad debts received from debtors) |
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(Being – expenses expired from advance) |
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Depreciation charged on assets |
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Goods lost by fire or theft |
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Depreciation account |
Dr |
Insurance claim account |
Dr |
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To Assets (by name) account |
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Profit and loss account |
Dr |
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(Being – depreciation charged on assets) |
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To Purchase account |
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(Being – goods destroyed by fire) |
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Appreciation on assets |
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Closing stock |
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Assets (by name) account |
Dr |
Closing stock account |
Dr |
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To Appreciation account |
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To Trading account |
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(Being – appreciation on assets) |
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(Being – closing stock recorded) |
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Expenses outstanding, payable or due |
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Proposed dividend |
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Expenses* (by name) account |
Dr |
P&L appropriation account |
Dr |
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To Outstanding expenses* account |
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To Proposed dividend account |
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(Being – expenses due, payable, outstanding) |
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(Being – proposed dividend payable) |
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Prepaid/advance expenses paid |
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Provision for tax |
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Prepaid expenses# account |
Dr |
P&L account |
Dr |
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To Expenses# |
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To Provision for tax account |
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(Being – expenses paid in advance) |
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(Being – tax payable) |
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Accrued income (income earned but not received) |
Transfer to reserve and fund |
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Accrued Income+ account |
Dr |
P&L appropriation account |
Dr |
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To Income+ account |
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To General/capital reserve |
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(Being – income earned but not received) |
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(Being – transferred to reserve and fund) |
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PROBLEMS AND ANSWERS |
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 1
The trial balance of ABC Company Ltd as on 31st December is given below:
Particulars |
Amount Dr |
Particulars |
Amount Cr |
Cash in hand |
40,000 |
Share capital |
3,00,000 |
Debtors |
60,000 |
Revenue |
8,00,000 |
Fixed assets |
7,00,000 |
10% Bank loan |
2,50,000 |
Office expenses |
2,00,000 |
Creditors |
50,000 |
Salaries |
2,50,000 |
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Other expenses |
1,50,000 |
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|
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14,00,000 |
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14,00,000 |
Additional information:
a. Provide depreciation @ 10% p.a. on fixed assets
b. Salaries payable Rs 10,000
c. Prepaid office expenses Rs 15,000.
d. Closing stock valued Rs 80,000
Required: Journal entries for adjustment and worksheet
[Answer: Adjustment = Rs 2,00,000; Adjusted TB = Rs 15,15,000;
Net profit = Rs 1,90,000; Balance sheet = Rs 8,25,000]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 2
The Trial Balance of A Company as on 31st Dec 2019 is given below:
Particulars |
Debit |
Particulars |
Credit |
Cash balance |
50,000 |
Share capital |
5,00,000 |
Debtors |
2,50,000 |
Sales |
10,00,000 |
Fixed assets |
10,00,000 |
Bank loan |
2,50,000 |
Administrative expense |
50,000 |
Creditors |
1,50,000 |
Salaries paid |
1,50,000 |
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Purchase |
4,00,000 |
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|
|
19,00,000 |
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19,00,000 |
Additional information:
a. 10% depreciation is to be provided on fixes assets.
b. Administrative expenses payable Rs 20,000.
c. Bad debts Rs 10,000 and reserve for bad debt 5%.
Required: Journal entries for adjustments and worksheet
[Answer: Adjustment = Rs 1,42,000; Adjusted TB = Rs 19,20,000;
Net profit = Rs 2,58,000; Balance sheet = Rs 11,78,000]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 3
The trial balance of XYZ Company Ltd as on 31st December is given below:
Particulars |
Dr Amount |
Particulars |
Cr Amount |
Purchase |
2,95,000 |
Share capital |
2,50,000 |
Wages |
20,000 |
Sales |
4,00,000 |
Carriage |
5,000 |
Creditors |
50,000 |
Salary |
30,000 |
|
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Fixed assets |
3,00,000 |
|
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Debtors |
40,000 |
|
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Insurance |
10,000 |
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|
|
7,00,000 |
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7,00,000 |
Additional information:
a. Depreciation on fixes assets by 10%
b. Wages outstanding Rs 5,000
c. Insurance prepaid Rs 2,000
d. Bad debts Rs 3,000
Required: Journal entries for adjustments and worksheet
[Answer: Adjustment = Rs 40,000; Adjusted TB = Rs 7,05,000;
Net profit = Rs 4,000; Balance sheet = Rs 3,09,000]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 4
The trial balance of KP Company Ltd as on 31st December:
Particulars |
Debit Rs |
Particulars |
Credit Rs |
Machinery |
1,50,000 |
Share capital |
1,80,000 |
Debtors |
50,000 |
Sales revenue |
1,18,000 |
Loan to Madan |
60,000 |
Creditors |
14,500 |
Salaries |
40,000 |
P&L appropriation account |
12,000 |
Advertisement |
10,000 |
Advance rent |
6,000 |
Interim dividend |
7,000 |
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Prepaid insurance |
6,000 |
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Depreciation |
7,500 |
|
|
|
3,30,500 |
|
3,30,500 |
Additional information:
a. Prepaid insurance expired by Rs 3,000.
b. The entire amount of advance rent received is earned.
c. Proposed dividend 15%.
d. Discount on creditors Rs 500.
Required: Journal entries for adjustments and twelve column worksheet
[Answer: Adjustment = Rs 36,500; Adjusted TB = Rs 3,57,500;
Net profit = Rs 64,000; Surplus = 42,000;
Balance sheet = Rs 2,63,000]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 5
QZ Company Ltd has following ledger balance on 31st December:
Account balance |
Amount |
Account balance |
Amount |
Revenue (sales) |
1,50,000 |
Wages |
10,000 |
Debtors |
50,000 |
Salaries |
30,000 |
Land and building |
2,50,000 |
Purchase |
40,000 |
Advertisement |
20,000 |
Insurance |
5,000 |
Furniture |
50,000 |
Cash |
30,000 |
Commission (Cr) |
5,000 |
Debentures |
80,000 |
Creditors |
50,000 |
Share capital |
2,00,000 |
Additional information:
a. Depreciation on furniture 10%.
b. Proposed dividend on shares 10%.
c. Closing stock valued Rs 20,000.
d. Appreciation on land Rs 50,000.
Required: Journal entry and worksheet
[Answer: Adjustment = Rs 95,000; Adjusted TB = Rs 5,75,000;
Net profit = Rs 65,000; Surplus = Rs 95,000;
Balance sheet = Rs 4,45,000]
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Click on the link for YouTube videos |
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Accounting for Share |
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Share in Nepali |
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Debentures |
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Final Accounts: Class 12 |
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Final Accounts in Nepali |
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Worksheet |
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Ratio Analysis (Accounting Ratio) |
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Fund Flow Statement |
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Cash Flow Statement |
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Theory Accounting Xii |
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Theory: Cost Accounting |
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Cost Accounting |
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LIFO−FIFO |
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Cost Sheet, Unit Costing |
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Cost Reconciliation Statement |
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Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 6
QZ Company Ltd has the following trial balance on 31st December:
Debit balance |
Amount |
Credit balance |
Amount |
Purchase |
4,00,000 |
Sales |
5,15,000 |
Fixed assets |
2,00,000 |
Creditors |
50,000 |
Debtors |
1,00,000 |
P&L account |
10,000 |
Salaries |
142,000 |
Reserve fund |
25,000 |
Cash |
3,000 |
Share capital |
2,50,000 |
Rent receivable |
5,000 |
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8,50,000 |
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8,50,000 |
Additional information:
a. Salary outstanding Rs 10,000.
b. Proposed dividend at 10%.
c. Appreciate fixed assets by Rs 20,000.
d. Goods lost by fire Rs 2,000.
Required: Journal entry and worksheet
[Answer: Adjustment = Rs 57,000; Adjusted TB = Rs 905,000;
Net loss = Rs 17,000; Deficit = Rs 32,000;
Balance sheet = Rs 360,000]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 7
The trial balance of ABC Company Limited on 31st March is given below:
Particulars |
Debit Rs |
Particulars |
Credit Rs |
Building |
25,00,000 |
Sales |
71,00,000 |
Equipment |
5,00,000 |
Creditors |
2,00,000 |
Debtors |
4,00,000 |
House rent payable |
10,000 |
Purchase |
50,00,000 |
Share capital |
20,00,000 |
Salary |
11,00,000 |
P&L account |
4,00,000 |
Goodwill |
1,00,000 |
Provision for taxation last year |
90,000 |
House rent |
60,000 |
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Tax paid of last year |
40,000 |
|
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Miscellaneous expenses |
1,00,000 |
|
|
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98,00,000 |
|
98,00,000 |
Additional information:
a. Bad debts Rs 5,000
b. Proposed dividend at 10%
c. Depreciation on equipment at 10%.
d. Transfer to general reserve Rs 45,000.
e. Provision for taxation for the current year is Rs 145,000
Required: Journal entry for adjustment and worksheet
[Answer: Adjustment = Rs 3,00,000; Adjusted TB = Rs 1,00,45,000;
Net profit = Rs 6,40,000; Surplus = Rs 8,45,000;
Balance sheet = Rs 34,45,000]
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Click on link for YouTube videos: |
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Accounting Equation |
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Basic Journal Entries in Nepali |
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Basic Journal Entries |
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Journal Entry and Ledger |
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Ledger |
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Subsidiary Book |
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Cash Book |
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Trial Balance & Adjusted Trial Balance |
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Bank Reconciliation Statement (BRS) |
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Depreciation |
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Final Accounts: Class 11 |
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Adjustment in Final Accounts |
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Capital and Revenue |
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Single Entry System |
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Non-Trading Concern |
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Government Accounting |
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Goswara Voucher (Journal Voucher) |
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Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 8
The trial balance of SVS Company Limited on 31st December is given below:
Particulars |
Debit Rs |
Particulars |
Credit Rs |
Opening stock |
40,000 |
Share capital |
1,00,000 |
Purchase |
2,00,000 |
Sales |
3,00,000 |
Wages |
20,000 |
P&L Appn account |
50,000 |
Salaries |
30,000 |
Creditors |
30,000 |
Rent |
24,000 |
Sundry income |
20,000 |
Cash |
36,000 |
|
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Debtors |
50,000 |
|
|
Machinery |
1,00,000 |
|
|
|
5,00,000 |
|
5,00,000 |
Additional information:
a. Wages outstanding Rs 5,000.
b. Depreciation on machinery by 10%
c. Proposed dividend @ 10%
d. Closing stock was valued Rs 50,000.
e. Accrued income amounting Rs 2,300.
f. Discount on debtors 3% and creditor 2% omitted to record.
Required: Journal entry and worksheet
[Answer: Adjustment = Rs 75,000; Adjusted TB = Rs 567,300;
Net profit = Rs 42,200; Surplus = Rs 82,200; Balance sheet = Rs 226,800]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 9
The trial balance of Metro Company Ltd as on 31st December is given below:
Particulars |
Amount Dr |
Particulars |
Amount Cr |
Opening stock |
40,000 |
Share capital |
1,50,000 |
Purchase |
1,80,000 |
Sales |
3,50,000 |
Wages and salaries |
70,000 |
General reserve |
50,000 |
Interim dividend |
5,000 |
Account payable |
20,000 |
Rent |
19,000 |
Commission |
28,000 |
Cash and bank |
36,000 |
Interest on investment |
2,000 |
Account receivable |
1,00,000 |
|
|
10% Investment |
40,000 |
|
|
Calls in arrears |
10,000 |
|
|
Fixed assets |
1,00,000 |
|
|
|
6,00,000 |
|
6,00,000 |
Additional information:
a. Outstanding rent Rs 1,000.
b. Create general reserve of Rs 8,000.
c. Commission includes Rs 5,000 received in advance.
d. Dividend proposed @ 10% share capital including interim dividend.
e. Transfer Rs 12,000 to sinking fund
f. Goods purchased on credit of Rs 20,000 ommited to record. .
Required: Journal entries for adjustments and worksheet
[Answer: Adjustment = Rs 57,000; Adjusted TB = Rs 652,000;
Net profit = Rs 47,000; Surplus = Rs 13,000; Balance sheet = Rs 288,000]
*Net dividend [Rs 150,000 – 10,000] @ 10% − 5,000 interim dividend] = Rs 9,000
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 10
The trial balance of MJ Company Ltd as on 31st December is given below:
Particulars . |
Amount Dr |
Particulars |
Amount Cr |
Purchase |
2,95,000 |
Equity shares @ Rs 100 |
1,50,000 |
Purchase expenses |
20,000 |
8% Preference shares @ Rs 100 |
1,00,000 |
Bad debts |
5,000 |
Sales |
4,00,000 |
Office expenses |
30,000 |
Creditors |
30,000 |
Equipment |
2,00,000 |
Net profit last year |
20,000 |
Land |
1,00,000 |
|
|
Debtors |
40,000 |
|
|
Insurance |
10,000 |
|
|
|
7,00,000 |
|
7,00,000 |
Additional information:
a. Depreciation on equipment 10% p.a.
b. Appreciation on land by Rs 30,000.
c. Office expenses to be paid Rs 5,000
d. Insurance includes Rs 2,000 paid in advance
e. Maintain bad debts Rs 4,000 and provision for doubtful debts 5%.
e. BOD proposed dividend Rs 6 per share
f. Provistion for tax is 25%
Required: Journal entries for adjustments and worksheet
[Answer: Adjustment = Rs 79,800; Adjusted TB = Rs 752,000;
Tax = 10,300; Net profit = Rs 30,900; Balance sheet = Rs 346,200]
*Tax (430,000 – 388,800) = 41,200 @ 25% = 10,300
*NP 41,200 @ 75% = 30,900
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = Birr = Currency of your country
PROBLEM: 11
The trial balance of XYZ Company Ltd as on 31st December is given below:
Particulars . |
Debit Rs |
Particulars |
Credit Rs |
Purchase |
1,95,000 |
Share capital |
2,50,000 |
Direct expenses |
20,000 |
Sales |
3,50,000 |
Office expenses |
70,000 |
5% Debentures |
50,000 |
Selling expenses |
25,000 |
Creditors |
50,000 |
Fixed assets |
1,50,000 |
Advance commission |
10,000 |
8% Investment |
1,00,000 |
Accumulated depreciation |
60,000 |
Preliminary expenses |
50,000 |
|
|
Debtors |
1,40,000 |
|
|
Prepaid insurance |
10,000 |
|
|
Tax paid last year |
10,000 |
|
|
|
7,70,000 |
|
7,70,000 |
Additional information:
a. Preliminary expenses written off by Rs 10,000.
b. Discount on creditors Rs 5,000.
c. Prepaid insurance expired by Rs 8,000.
d. Goods destroyed by fire Rs 10,000 but insurance company accepted claim only Rs 7,000.
e. Goods worth Rs 2,100 distributed as charity.
f. Entire advance commission earned during the year.
g. BOD proposed dividend to sharelders at 16%.
h. Depreciation charged on fixed assets at 20% p.a. under SLM on original cost.
Required: Journal entries for adjustments and worksheet
[Answer: Adjustment = Rs 125,600; Adjusted TB = Rs 850,500;
Net profit = Rs 15,500; Deficit = 34,500; Balance sheet = Rs 477,500]
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