B.COM(H) & B.

COM for SEMESTER -1 - FINANCIAL ACCOUNTING

SPECIMEN PRACTICAL EXAM
Academic Session: 2022 — 2023
Paper Code: 2412081103 for B.Com (Hons) & 2412091103 for B.Com
Company Details: The company is based in Delhi and Company name should be saved by
Student Examination Roll Number. Fill the company name by your name address email phone
number etc..8

Balance Sheet as at 31-3-2022

Liabilities Amount Assets Amount

(In
Capital Land & Building
General Reserve Plant & Machinety
Profit & Loss A/c Investment (Face Value: 150,000
Debentures (Secured) Stock

Sund1Y Creditors Sundry Debtors

Provision for Tax 250,000 GST Input Tax Credit 50,000

Outstanding Salary' 50,000 Prepaid Insurance 1 ,800
State Bank of India

Cash in Hand 48,200

Total Total
Details of Stock on 31/03/2022. GST Applicable for Shirts and Trousers is 12%.
Name of the Items Group Category Quantity Rate Value
(In Pcs)
ABC Shift Cotton Shift Cotton 400 350

ABC Shift Wollen Shiit Wollen 300 400

ABC Shift Tenycot Shirt Tenycot 75 200 15,000

xyz Trouser Cotton Trouser Cotton 200 450 90,000
XYZ Trouser Wollen Trouser Wollen 250 500

xyz Trouser Tenycot Trouser Tenycot 40 250 10,000

Total
Lists of the Company's Debtors and Creditors as of 31/03/2022 are as follows:
Sundry Debtors Amount Sundry Creditors Amount
 B Ltd. of Delhi 80,000 M Ltd. of Delhi

G Ltd. of Delhi 50,000 S Ltd. of Punjab 60,000

V Ltd. ofDe1hi 70,000 A Ltd. of Delhi 80,000
R Ltd. of Haryana 40,000 D Ltd. of Delhi 40,000
C (Customer in Delhi) 10,000 E of Delhi 20,000
Total Total

All transactions related to Receipts and Payments have been done through Bank.

Record the following transactions that took place during the financial year 2022 — 2023.
Narrations are not required.
S.No. Transactions
01. Purchase from M Ltd. of Delhi vides invoice no: 27 dated 01 04 2022, 300 pcs of
ABC Shift Cotton @ 360 per pcs amounting to 1,08,000.

02. Sale to G Ltd. of Delhi on 01 05 2022, 200 pcs of ABC Shins Wollen @ 1,000 per
pcs amounting to 2,00,000.

03. Sale to R Ltd. of Hmyana on 01 06 2022, 100 pcs of XYZ Trousers Cotton @ 2, 100
per pcs amounting to 2, 10,000.

04. Paid to M Ltd. on 01/07 2022 in full settlement (including GST) for the
transaction at S. No. I above.
05. Received Rs. 2,30,000- - from R Ltd. on 01 07 2022 in full settlement (including
GST) for their transactions at S. No. 3 above.
06. Purchase from E of Delhi who is an registered dealer vide invoice no: 57 dated 01
08 2022, 100 pcs of ABC Shirt Wollen@ 410 per pcs amounting to 41,000.

07. G Ltd. to whom sales were made on 01/05 2022 at S.No 2 above, retumed 15 pcs of
ABC Shins Wollen vide debit note no: 7 dated 01 09 2022.
08. Sale to C of Delhi who is a customer on 01 10 2022— 10 pcs of ABC Shilts Tenycot
@ 1 680- - per pcs amounting to 15,000.

09. Purchased Land and Building (GST Exempted) from ABC Ltd. of Delhi for
on 01 12 2022.
 10. To pay ABC Ltd., the company borrowed from the bank, an unsecured loan of Rs.
10,00 000 @ 12 % p.a. and issued a fully paid 10% Debentures (Secured) fornthe
balance on 01/01/2023.

S.No. Transactions
11. Sold all the investments on 01 02 2022. 60% of Investments have been sold at a
profit of 50 % of Face Value and the remaining investments had been sold at a profit
of 20 % of book value.
12.

Paid on 31/03 2023

(i) Electricity (GST Exempt)
20,000
(ii) Telephone Expenses
16,520
(iii) Salaries (including Outstanding at the beginning)
(iv) Interest on 10% Debentures
(v) Tax of last year
(vi) Insurance Premium from 1 st May 2022 to 30th April 2023

28,320

13. Rent received for the current financial year is

14. Outstanding salaries as of 31 03 2023 is 10,000

Adjustments: Charge Depreciation for the period 1/4/2022 to 31/03 2023 on Land & building
@5 % p.a. and on Plant & Machinery @ 20% p.a. Outstanding Provision for Tax as of
31/03/2023 is 80,000. Inventories is to be valued by the automatic and default method provided
at Tally.
Note: Transaction in respect ofthe final settlement of Input & Output GST Tax is Not Required.

You are required to create a folder on your system by the name of your Examination
Roll Number and record the above transactions and prepare and save the following in
the above folder:
(A) Backup of Tally Data.
(B) DayBook for the financial year 2022 — 2023.
(C) Trial Balance for the financial year 2022 — 2023.
(D) Profit & Loss A/c for the financial year 2022 2023.
(E) Balance Sheet as of 31/03/2023.
(F) GSTR 3B Report for the financial year 2022-2023.