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Exam 1 - Final Accounts

The document provides a trial balance and additional information to prepare trading, profit and loss account and balance sheet for the year ended 31 March 2023. It includes details of capital, various expenses, purchases, sales, assets, liabilities, stock and additional notes.

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caphoenix mvpa
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43 views

Exam 1 - Final Accounts

The document provides a trial balance and additional information to prepare trading, profit and loss account and balance sheet for the year ended 31 March 2023. It includes details of capital, various expenses, purchases, sales, assets, liabilities, stock and additional notes.

Uploaded by

caphoenix mvpa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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EXAM 1

PRINCIPLES OF ACCOUNTING
1. From the following trial balance and information, Prepare Trading and Profit and
Loss Account & Balance sheet for the year ended 31st March 2023.

Particulars Amount Amount


Capital 1,00,000
Drawings 12,000
Land & Building 90,000
Plant and Machinery 20,000
Furniture 5,000
Sales 1,40,000
Return Outward 40,00
Debtors 18,400
Loan from Anand on 01.07.22 @6% p.a 30,000
Purchases 80,000
Return Inward 5,000
Carriage Outward 10,000
Sundry Expenses 600
Printing and Stationary 500
Insurance expenses 1000
Provision for bad and doubtful debts 1,000
Provision for discount on debtors 380
Bad debts 400
Profit of textile Department 10,000
Stock of general goods on 01.04.22 21,300
Salaries& Wages 18,500
Creditors 12,000
Trade Expenses 800
Stock of textile goods on 31.3.23 8,000
Cash at bank 4,600
Cash in hand 1,280
2,97,380 2,97,380

Additional Information:
(i) Stock of general goods on 31.03.2023 valued at 27,300
(ii) Fire occurred on 23rd March 2023 and Rs, 10000 worth general goods were
destroyed. The insurance company accepted claim for Rs. 6000 only and paid
the claim money on 10th April 2023.
(iii) Bad debts amounting to Rs.400 are to be written off. Provision for bad and
doubtful debts is to be made at 5% and 2% on debtors. Make a provision of
2% on creditors for discount.
(iv) Received Rs 6,000 worth of goods on 27th March 2023 but the invoice of
purchase was not recorded in purchase book.
(v) Rishabh took away goods worth Rs. 2000 for personal use but no record was
made thereof.
(vi) Charge depreciation at 296 on land and Building, Rs 2,096 on Plant and
Machinery and Rs. 596 on Furniture.
(10 Marks)

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