Q.1. Mr. Manoj has shared the following information with you in the form of a Trial Balance. You are required to prepare Final Accounts for Mr. Manoj in horizontal format (i.e., the T format) for the year ending 31.03.2024.
|
Trial Balance as on 31.03.2024 |
||
|
Capital |
|
8,70,000 |
|
Purchases and Sales |
6,05,000 |
12,10,000 |
|
Opening Inventory |
72,000 |
|
|
Trade receivables and Trade payables |
90,000 |
1,70,000 |
|
14% Bank Loan |
|
2,00,000 |
|
Overdrafts |
|
1,12,000 |
|
Salaries |
2,70,000 |
|
|
Advertisements |
1,10,000 |
|
|
Other Expenses |
60,000 |
|
|
Returns |
40,000 |
30,000 |
|
Furniture |
4,50,000 |
|
|
Building |
8,90,000 |
|
|
Cash in Hand |
5,000 |
|
|
|
25,92,000 |
25,92,000 |
Addition information:
The closing inventory as on 31.03.2024 was valued at Rs. 1,00,000.
Q.2. Prepare cash flow statement for X Ltd. from the following information provided for the year:
|
Liabilities |
01.01.2023 |
31.12.2023 |
Assets |
01.01.2023 |
31.12.2023 |
|
Share Capital |
1,25,000 |
1,53,000 |
Cash |
10,000 |
7,000 |
|
Creditors |
40,000 |
44,000 |
Debtors |
30,000 |
50,000 |
|
Loan from X |
25,000 |
- |
Stock |
40,000 |
25,000 |
|
Loan from bank |
40,000 |
50,000 |
Machinery |
80,000 |
55,000 |
|
|
|
|
Land |
35,000 |
50,000 |
|
|
|
|
Building |
35,000 |
60,000 |
|
|
2,30,000 |
2,47,000 |
|
2,30,000 |
2,47,000 |
During the year 2023, a machine costing Rs. 10,000 and accumulated depreciation Rs. 3,000 was sold for Rs. 5,000.
Q.3 (a) The following balances appear in the trial balance of a firm as on 31.03.2024:
|
Provision for bad and doubtful debts (as on April 1st 2023) |
2,500 |
|
Debtors |
50,000 |
|
Bad Debts |
4,000 |
The firm has proposed to maintain a provision of 10% on debtors for bad and doubtful debts. You are required to give the treatment of the above adjustment in the financial statements of the firm.
Q.3 (b) Match the accounting concept with the description of the concept that is given in the description column:
|
Concept |
Description of the Concept |
||
|
A |
Business Entity |
A |
Every transaction or event has two aspects |
|
B |
Money Measurement |
B |
Financial statements are prepared on the assumption that the business entity will continue to exist for an indefinite period of time. |
|
C |
Cost |
C |
Books of account record only those transactions that can be measured in terms of money. |
|
D |
Going Concern |
D |
The value of an asset shown in the balance sheet is not its current market value but is the price paid for its acquisition |
|
E |
Dual-aspect |
E |
The business enterprise and its owners are independent entities |
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