Final Accounts Questions

Prepare final accounts from the following trial balance and other adjustments. adjustments. particulars

Debit

Credit

Machinery furniture capital Purchases and sales Return stock Discount Debtors and creditors Salaries wages Carriage outwards Provisions for bad bedts Rent Advertisement Cash

78000 2000 60000

100000 127000

1000 30000 425 45000

750 800 25000

7550 10000 1200

-

-

525

10000 2000 6900 254075

254075

Adjustments 1.Closing stock-34220

2.provision for bad debts is to be kept at Rs.500 3.allow interest on capital at 10% p.a 4.depreciate machinery by 10% and furniture by 5% 5.outstanding salary Rs.550

Question 2. From the following trial balances and other adjustments prepare final accounts as on 31-12-08 particulars Drawings and capital purchases stock Plant and machinery Trade expenses Carriage inwards Carriage outwards discount Factory rent insurance Debtors and creditors Office rent Bad debts provisions stationery General expenses advertising Bills receivables and bills payable salaries wages furniture

Debit 6000 225000 45000 75000 10000 2500 1500 350 1500 700 60000 3000 600 2800 15000 3000

credit 75000 420750 15000 200 2000

18000 20000 7500

-

Coal and gas cash

1000 14500 512950

512950

Adjustments: 1.Closing stock amounted to Rs.35000 2.Plant and machinery depreciated by 10%and furniture at 5% 3.Bad debts reserve to be raised to 2.5%on debtors 4.outstanding factory rent Rs.300 and office rent Rs.600 5.Insurance included Rs.100 in respect of 2008 Question 3. Following trial balances was extracted from the books of shri V.Balakrishna as on 31 march 2015 particulars Plant and machinery Manufacturing wages salaries furniture Freight on purchases Freight on sales buildings Manufacturing expenses Insurance and tax goodwill General expenses Factory fuel and power Sundry debtors Factory lighting

debit 20000 34500 15850 10000 1860 2140 24000 9500

credit -

4250 25000 8200 1280

-

78200 950

--

Opening stock Motor car Purchases Sales return Bad debts Interest and bank charges Cash at bank Cash in hand Capital account Sundry creditors Bank loan Purchases return Sales Provisions for bad debts

34200 12000 102000 3100 1400 400

-

4200 1120 -

80000 44560 15000 1740 250850 2000

Prepare trading and profit and loss account for the year ended 31st march,2015 and the balance sheet as on that date taking into consideration the following information: 1.stock in hand on 31st march,2015was valued at Rs.30500 2.depreciate plant and machinery by 10%,furniture by 5%,and motor car by Rs.1000 3.bring provision for bad debts to5% on sundry debtors 4.A commission of 1% on the gross profit is to be provided for works manager. 5.A commission of 2% on net profit(after charging the works managers commission)is to be credited to the general manager. Question 4.

Following information is given to you from the books of a manufacturer in respect of the year ended 31st march,2015 particulars Stock of raw material(1-4-14 Freight inward Freight outward Wages-direct

Amount 25000

Wages-indirect

14000

8500 6000 18000

Sales

418000

Stationery

1500

Travelling expenses

5000

Salaries(H.O)

26000

Factory exp Interest on loan paid Returns-inward Return-outward Power and fuel Coal consumed Work-inprogres(1-4-14) Work-in

26000 1800 5000 3500 8000 9000 7000 4000

Particulars Electricity and telephone Selling expense Miscellaneous expenses Stock of raw material(31-32015) Stock of finished good Opening Closing Provisions for doubtful debt Depreciation on plant Depreciation on office furniture and equipment Repairs to plant and machinery Scrap sales Purchases of raw material

Amount 6000 6000 14000 22000

30000 40000 8500 4000 3000

4650 3700 250000

progress(31-32015) Bank interest received

2600

Adjustments 1.finished goods worth Rs.5000 were distributed as free samples 2.A loan was obtained on 1 st October,2014for 50000 carrying interest at 10%p.a 3.bad debts to be written off Rs.750 and provision for doubtful debts to be maintained at Rs.7000 4.electricity and telephone to be apportioned as factory 3/5th and office 2/5th. 5.A fire occurred destroying finished goods worth Rs.15000.insurance company admitted a claim of Rs.12000 not yet received. 6.stock of stationery in hand(31-3-2014)Rs.150 You are required to prepare Manufacturing account and trading account and profit and loss account for the year ended 31st march,2015.