FINAL ACCOUNTS WITHOUT ADJUSTMENTS

Question 1:

From the following balances, prepare Trading and Profit and Loss Account and Balance
Sheet:
 
Debit Balances
Debit Balances: ₹ ₹
(Contd.):
Machinery 3,50,000 Rent 45,000
Debtors 2,70,000 Sundry Expenses 20,000
Drawings 90,000 Carriage 15,000
Purchases 9,50,000 Credit Balances:  
Wages 5,00,000 Capital 10,00,000
Bank 1,50,000 Creditors 1,40,000
Opening Stock 2,00,000 Sales 14,50,000

Stock was valued at ₹ 30,000.

Question 2:

The following are the balances as on 31st March, 2019 extracted from the books of
Dass:
 

  ₹   ₹
Sales 9,20,000 Postage and Courier 6,200
Purchases 6,83,000 Miscellaneous Expenses 9,000
Returns Inward 13,000 Bad Debts 4,000
Returns Outward 22,000 Debtors 2,20,000
Stock on 1st April, 1,76,000 Creditors 1,28,000
2018
Carriage Inwards 24,000 Loan from Sahil 50,000
Rent 22,000 Capital 5,25,000
Discount 37,500 Drawings 19,100
Printing 7,200 Business Premises 3,90,000
Insurance 5,000 Office Furniture 15,000
Travelling 14,000    
Expenses

The stock on 31st March, 2019 was valued at ₹ 2,40,000.

You are required to prepare Trading Account, Profit and Loss Account and
Balance Sheet as at 31st March, 2019.
Question 3:

From the following balances of Anand, prepare Trading Account, Profit and Loss
Account, and Balance Sheet as at 31st March, 2019:
 
Debit Balances
Credit Balances: ₹ ₹
(Contd.):
Capital 3,60,000 Postage 2,730
Creditors 87,200 Bad Debts 2,870
Bills Payable 25,270 Interest 12,950
Sales 7,81,820 Insurance 4,170
Bad Debts 1,750 Machinery 1,00,000
Recovered
Loan 1,20,000 Stock (Opening) 99,450
Debit Balances:   Purchases 6,20,920
Debtors 38,850 Wages 43,000
Salaries 40,000 Building 2,37,800
Discount 10,000 Selling Expenses 1,750
    Fixtures and Fittings 1,61,550

Value of goods on hand (31st March, 2019) was ₹ 1,43,000.

Question 4:

Trial Balance of Chatter Sen on 31st March, 2019 revealed the following balances:
 

Debit Balances: ₹ Debit Balances (Contd.): ₹

Plant and Machinery 90,000 Rent 2,000
Purchases 58,000 Advertisement 2,000
Sales Return 1,000 Cash at Bank 6,900
Opening Stock 40,000 Credit Balances:  
Discount Allowed 350 Capital A/c 1,10,000
Bank Charges 75 Sales 1,27,000
Sundry Debtors 45,000 Purchases Return 1,275
Salaries 6,800 Discount Received 800
Wages 10,000 Loan 5,000
Freight In 750 Sundry Creditors 20,000
Freight Out 1,200    

Stock on 31st March, 2019 was valued at ₹ 35,000.

Prepare Trading and Profit and Loss Account for the year ended 31st
March, 2019 and Balance Sheet as at the date.

Question 5:
From the following balances, as on 31st March, 2019, prepare Trading and Profit and
Loss Account and Balance Sheet:
 

  ₹   ₹
Capital Account 1,00,000 Returns Outward 5,000
Plant and Machinery 40,000 Rent 4,000
Sundry Debtors 24,000 Sales 1,64,000
Sundry Creditors 12,000 Manufacturing Expenses 8,000
Life Insurance Premium 12,000 Trade Expenses 7,000
Purchases 1,05,000 Bad Debts 2,000
Wages 50,000 Carriage 1,500
Bank 10,000 Bills Payable 7,000
Repairs 500 Returns Inward 4,000
Stock (1st April, 2018) 20,000    

Closing Stock on 31st March, 2019 was valued at ₹ 14,500.

FINAL ACCOUNTS WITH ADJUSTMENTS

Question 1:

Following are the balances extracted from the books of Manish on 31st March, 2019:
 

  ₹   ₹
Capital 1,90,000 Cash at Bank 26,000
Drawing 7,000 Salaries 8,000
Plant and 1,20,000 Repairs 1,900
Machinery
Delivery 26,000 Stock on 1st April, 2018 16,000
Vehicle
Sundry 36,000 Rent 4,500
Debtors
Sundry 26,000 Manufacturing Expenses 1,500
Creditors
Purchases 20,000 Bills Payable 23,500
Sales 42,000 Bad Debts 5,000
Wages 8,000 Carriage 1,600

Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st
March, 2019 after following adjustments are made:
(i) Closing Stock was ₹ 16,000.
(ii) Depreciate Plant and Machinery @ 10% and Delivery Vehicle @ 15%.
(iii) Unpaid Rent amounted to ₹ 500.
Question 2:

Prepare Trading and Profit and Loss Account and Balance Sheet from the following
balances, relating to the year ended 31st March, 2019:
 

  ₹   ₹
Capital 1,00,000 Wages 50,000
Creditors 12,000 Bank 10,000
Returns 5,000 Repairs 500
Outward
Sales 1,64,000 Stock on 1st April, 2018 20,000
Bills Payable 5,000 Rent 4,000
Plant and 40,000 Manufacturing Expenses 8,000
Machinery
Sundry 24,000 Trade Expenses 7,000
Debtors
Drawings 10,000 Bad Debts 2,000
Purchases 1,05,000 Carriage 1,500
Returns 3,000 Fuel and Power 1,000
Inward

Additional Information:
(i) Closing Stock was valued at ₹ 14,500.
(ii) Depreciate Plant and Machinery by ₹ 4,000.
(iii) Write off Bad Debts ₹ 5,000.
(iv) ₹ 400 is due for repairs.

Question 3:

Following Trial Balance has been extracted from the books of Prasad on 31st March,
2019:
 

Particulars Dr. (₹) Particulars Cr. (₹)

Machinery 4,00,000 Capital 9,00,000
Cash at Bank 1,00,000 Sales 16,00,000
Cash in Hand 50,000 Sundry Creditors 4,50,000
Wages 1,00,000 Interest Received 30,000
Purchases 8,00,000    
Stock on 1st 6,00,000    
April, 2018
Sundry 4,40,000    
Debtors
Bills 2,90,000    
 Receivable
Rent 45,000    
Commission 25,000    
General 80,000    
Expenses
Salaries 50,000    
  29,80,00   29,80,000
0
       

Additional Information:
(i) Outstanding salaries were ₹ 45,000.
(ii) Depreciate Machinery at 10%.
(iii) Wages outstanding were ₹ 5,000.
(iv) Rent prepaid ₹ 10,000.
(v) Provide for interest on capital @ 5% per annum.
(vi) Stock on 31st March, 2019 ₹ 8,00,000.
Prepare Trading and Profit and Loss Account for the year ended 31st
March, 2019 and Balance Sheet as at that date.

Question 4:

From the following Trial Balance of Shradha as on 31st March, 2019, prepare Trading
and Profit and Loss Account and Balance Sheet:
 
Debit Balances Credit Balances
Heads of Accounts
(₹) (₹)
Capital   … 80,000
Drawings   18,000 …
Sales   … 1,55,000
Purchases   82,600 …
Stock (1st April, 2018)   42,000 …
Returns Outward   … 1,600
Carriage Inwards   1,200 …
Wages   4,000 …
Power   6,000 …
Machinery   50,000 …
Furniture   14,000 …
Rent   22,000 …
Salary   15,000 …
Insurance   3,600 …
8% Bank Loan   … 25,000
Debtors   20,600 …
 Creditors   … 18,900
Cash in Hand   1,500 …
Total   2,80,500 2,80,500
       

Adjustments:
(i) Closing Stock ₹ 64,000.
(ii) Wages outstanding ₹ 2,400.
(iii) Bad Debts ₹ 600.
(iv) Provision for Doubtful Debts to be 5%.
(v) Rent is paid for 11 months.
(vi) Insurance premium is paid per annum, ended 31st May, 2019.
(vii) Loan from the bank was taken on 1st October, 2018.
(viii) Provide Depreciation on machinery @ 10% and on Furniture @ 5%.

Question 5:

Following are the balances extracted from the books of Narain on 31st March, 2019:
         
Amount Amount
Particulars Particulars 
(₹) (₹)
Narain's Capital 3,00,000 Sales 15,00,000
Narain's Drawings 50,000 Sales Return 20,000
Furniture and Fittings 26,000 Discounts (Dr.) 16,000
Bank Overdraft 42,000 Discounts (Cr.) 20,000
Creditors 1,38,000 Insurance 20,000
Business Premises 2,00,000 General Expenses 40,000
Stock on 1st April, 90,000
2,20,000 Salaries
2018
Debtors 1,80,000 Commission (Dr.) 22,000
Rent from Tenants 10,000 Carriage on Purchases 18,000
Purchases 11,00,000 Bad Debts Written off 8,000

Additional Information:
(i) Closing Stock as on 31st March, 2019 was ₹ 2,00,600, whereas its Net Realisable
Value (Market Value) was ₹ 2,05,000.
(ii) Depreciate: Business Premises by ₹ 3,000 and Furniture and Fittings by ₹ 2,500.
(iii) Make a provision of 5% on debtors for doubtful debts.
(iv) Carry forward ₹ 2,000 for unexpired insurance.
(v) Outstanding salary was ₹ 15,000.
Prepare Trading and Profit and Loss Account for the year and Balance Sheet as at that
date.
Question 6:
From the following Trial Balance of Mahesh, prepare his Final Accounts for the year
ended 31st March, 2019:
 
Debit Credit Bala
Heads of Accounts Balances nces
(₹) (₹)
Purchases   2,50,000 …
Sales   … 5,00,000
Returns Inward   12,000 ...
Returns Outward   … 10,000
Carriage   8,000 …
Wages   60,000 …
Miscellaneous   2,000 …
Expenses
Insurance   1,200 …
Repairs   8,000 …
Debtors   1,15,000 …
Creditors   … 1,00,000
Printing and   6,000 …
Stationery
Advertisement   15,000 …
Bills Receivable   4,000 …
Bills Payable   … 2,000
Opening Stock   30,000 …
Cash in Hand   12,000 …
Interest on Bank   2,800 …
Loan
Machinery   2,80,000 …
Furniture   34,000 …
Drawings   20,000 …
Commission   … 1,000
12% Bank Loan   … 30,000
Capital   … 2,40,000
Rent Received   … 5,000
Cash at Bank   28,000 …
Total   8,88,000 8,88,000
       

Additional Information:
(i) Closing Stock on 31st March, 2019 was ₹ 21,000.
(ii) Rent of ₹ 1,200 has been received in advance.
(iii) Outstanding liability for Miscellaneous expenses ₹ 12,000.
(iv) Commission earned during the year but not received was ₹ 2,100.
(v) Goods costing ₹ 2,000 were taken by the proprietor for his personal use
but entry was not passed in the books of account.