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    C.A. Foundation Final Accounts For Sole Proprietorship Questions

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    gpgaming1693
    The document provides details of the trial balance and adjustments for Sh. Devki Sharan for the year ended 31 March 2023. It asks to prepare: 1) Trading and profit and loss account for the year 2) Balance sheet as at 31 March 2023 Key adjustments include closing stock valuation, depreciation of furniture and computer, provision for doubtful debts, bad debts write off, and commission for general manager.

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    C.A. Foundation Final Accounts For Sole Proprietorship Questions

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    gpgaming1693
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    The document provides details of the trial balance and adjustments for Sh. Devki Sharan for the year ended 31 March 2023. It asks to prepare: 1) Trading and profit and loss account for the year 2) Balance sheet as at 31 March 2023 Key adjustments include closing stock valuation, depreciation of furniture and computer, provision for doubtful debts, bad debts write off, and commission for general manager.

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    C.A. foundation final accounts for sole proprietorship questions

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    The document provides details of the trial balance and adjustments for Sh. Devki Sharan for the year ended 31 March 2023. It asks to prepare: 1) Trading and profit and loss account for the year 2) Balance sheet as at 31 March 2023 Key adjustments include closing stock valuation, depreciation of furniture and computer, provision for doubtful debts, bad debts write off, and commission for general manager.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    792 views2 pages

    C.A. Foundation Final Accounts For Sole Proprietorship Questions

    Uploaded by

    gpgaming1693
    The document provides details of the trial balance and adjustments for Sh. Devki Sharan for the year ended 31 March 2023. It asks to prepare: 1) Trading and profit and loss account for the year 2) Balance sheet as at 31 March 2023 Key adjustments include closing stock valuation, depreciation of furniture and computer, provision for doubtful debts, bad debts write off, and commission for general manager.

    Copyright:

    © All Rights Reserved
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    of 2

    Jaju’s Professional Academy

    CA Foundation
    Marks: 30 Final Accounts Time: 1 hr 15 mins

    Q.1. Following is the Trial Balance of Sh. Devki Sharan as on 31st March, 2023: (15 marks)

    Head of Accounts Debit Rs. Head of Accounts Credit Rs.


    Opening Stock 60,000 Sales 6,20,000
    Purchases 3,00,000 Interest earned 8,000
    Cash in Hand 35,000 Trading Commission 25,000
    Bank Balance 75,000 Cash Discount 12,000
    Sundry Debtors 2,20,000 Outstanding Wages 10,000
    Direct Expenses 20,000 Provision for Doubtful Debts 20,000
    Wages 50,000 Bad Debts Received
    Salaries 35,000 Capital 5,000
    Investments @ 10% 1,20,000 Sundry Creditors 5,20,000
    Trade Charges 5,000 1,80,000
    Advertisement 60,000
    General Expenses 10,000
    Furniture
    (Including furniture costing Rs.
    1,00,000 purchased on 1st Jan. 2023)
    Personal Expenses of Sh. Devki Sharan 4,00,000

    10,000
    14,00,000 14,00,000
    st
    Prepare Trading and Profit and Loss Account for the year ended 31 March, 2023 and a Balance
    Sheet as at that date, taking into consideration the adjustments given below:
    (i) An asset was sold at its book value of Rs. 20,000 and cash was used by the proprietor to purchase a
    Computer for his personal use. However Rs. 20,000 stood added to Cash Account.
    (ii) Purchases include a Computer costing Rs. 30,000 purchased on 1st November 2022.
    (iii) An advance of Rs. 40,000 to a supplier was wrongly included in Sundry Debtors.
    (iv) Advertisement cost is to be allocated over five years.
    (v) Depreciate Furniture at 10% p.a.; Computer at 20% p.a.
    (vi) Write off bad debts Rs. 10,000 and create a provision of 5% for doubtful debts.
    (vii) Bank balance as per Pass Book was Rs. 74,200. The difference was on account of bank charges
    debited by the bank
    (viii) Closing stock was valued at Rs. 1,00,000 (Realisable Value Rs. 80,000). Goods costing Rs. 10,000
    were destroyed by fire on 5th April, 2023.
    (ix) General Manager is to be allowed a Commission of 5% on Net Profit after charging his Commission.
    Q.2. From the following extracts, prepare Manufacturing Account, Trading Account, Profit and Loss
    Account for the year ended 31st March, 2016 and the Balance Sheet as on 31st March, 2016.
    (15 marks)

    Particulars Rs. Particulars Rs.


    Stock (At 1.4.2015) Machinery (WDV on 31.3.2016) 17,000
    Raw Materials 13,000 Drawings 3,000
    Work-in-Progress 8,000 Advertisement 1,800
    Finished Goods 19,00 Debtors 18,500
    Capital A/c (including Rs. 15,000 Office Salaries 3,820
    introduced on 1.4.2015) 90,000 Factory Insurance 1,070
    Balance with Bank Lighting (including Rs. 1,200 for
    Cash in hand 13,500 office) 1,960
    Sales 810 Carriage Outward 550
    Purchase of Raw Material 1,12,000 Interest received 450
    Return Inward 79,000 Depreciation :
    Wages 390 Machinery 3,000
    Direct Expenses 8,500 Office Furniture 800
    Rent (including Rs. 2,500/ for 2,300 Office Furniture (W. D. V 31.3.2016)
    Factory Premises) Printing and Stationary 7,200
    Power Expenses 3,000 Miscellaneous Expenses 300
    Investments 1,200 Discount received 600
    10,100 Bad Debts 250
    Creditors 300
    16,000
    Adjustments:
    1) Additional Bad debts of Rs. 500 are to be written off and R. D. D to be charged on Debtors at 5%.
    2) Machinery and Office Furniture and depreciated at wrong rates. Actual depreciation rate should
    be Machinery at the rate of 10% and Office Furniture at the rate of 15%.
    3) Closing Stocks are :
    Raw Materials Rs. 2,000, W.I.P. Rs. 16,330, Finished Goods Rs. 28,000

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