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accounting past paper answers
I am solving past papers of Accounts.first i will provide you with partnership Q's.Afterwards other topics will also be provided.Plz notify me if you find any mistake in the solution.
2007 Q.5 journal Entries =====================DEBIT CREDIT 1.CASH 23000 --------SAEED'S CAPITAL 20000 ---------GOODWILL 3000 2. Goodwill 3000 --------Ahmad's Capital 2000 -------- Bilal's Capital 1000 3. Revaluation 840 -----------Building 400 -----------prov. for b/debts 440 4. stock 3000 -----------Revaluation a/c 3000 5. Revaluation a/c 2160 ----------Ahmad's Capital 1440 -----------Bilal's Capital 720 B. PARTNER'S CAPITAL ACCOUNT ------------------Ahmad'S CAPITAL A/C DEBIT CREDIT ---------------------------! b/d-------------15000 ---------------------------! Goodwill-------- 2000 c/d ----------------18440 ! Revaluation a/c-1440 ------- ------- ---------------------18440------------------ 18440 BILAL'S CAPITAL A\C DEBIT-----------------------------------------CREDIT ----------------------------! B/D --------------10000 ----------------------------! Goodwill-----------1000 c/d----------------- 11720! Revaluation----------720 ----------------------------- ----------------- ------ ---------------------11720 --------------------- 11720 You can also show c's capital account. C. Balance Sheet --------------------------------------------------------------------------- Ahmad's Capital***** 18440 ! Plant & machinery*******3600 bilal's Capital*******11720 ! Stock***************25000 C's capital*********20000 ! Debtors************* 15000 Bank o/d ********* 15000 ! less:- prov.b\debt ****** (440) Creditors********** 2000 ! Cash ***************24000 ****************--------- ******************** --------- ****************67160 ***********************67160 --------- --------- |
accounting past paper answers
friends i am posting ratio analysis answers here please check it and correct it if i am wrong
[B]2012[/B] part a (1) current assets = 200,000 (2) inventory = 60,000 (3)net sales = 360,000 (4) gross profit = 72000 part b (1)working capital = 500,000 (2)current ratio = 3 (3)quick ratio = 2.4 (4) inventory turnover ratio = 4 times (5)accounts receivable turnover = 5 times (6) gross profit percentage = 70.41% (7) net profit percentage = 37.53% (8)operating expenses rate = 62.47% |
[B]paper 2011[/B]
(1) Inventory turnover ratio = 5times (2) Accounts receivable turnover = 9 times (3) total operating expenses = 65% (4) gross profit percentage = 35% (5) return on average stock holders equity = 0.2 (6) return on average assets = 0.088 |
solve the following question..
Paper II 2012 Q.2 Following information related to AADIL manufacturing company for the year ended December 31, 2007: Direct material (beginning) Rs.50,000 Direct material purchased 300,000 Direct material (ending) 20,000 Direct labor ? Factory overhead (70% of conversion cost) 140,000 Work in process (ending) ? Work in process (beginning-30% more than its ending) ? Cost of goods manufactured is 8/15 of sales ? Sales revenue (1000 units) 1,500,000 Finished goods (beginning)(25 units) 30,000 Finished goods (ending)(60 units) 80,000 Administrative & general expenses 210,000 Marketing & selling expenses 20,000 REQUIRED: (20) 1. Calculate all missing figures. 2. Prepare statement of cost of goods sold. 3. Income statement for the year ended December 31, 2007. 4. Units manufactured. 5. Per unit cost of goods manufactured. 6. Gross profit per unit sold. |
cost of goods sold. = 750,000
Income statement for the year ended December 31, 2007. RS 520,000 Units manufactured. = 1035units per unit cost of goods manufactured = RS 772.94 gross profit per unit = Rs750 direct labour= Rs60,000 cost of goods mft = 800,000 unable to calculate WIP opening and ending Inventory now tell me your answer |
[B]Depreciation (2012)[/B] Kindly somebody solve this question.....
[B]Q. 9. The non current asset section of Aadil & Co. at December 31, 2005 is as under:-[/B] Land Rs. 1,000,000 Office equipment Rs. 5,000,000 Less: accumulated depreciation 250,000 4,750,000 Machinery Rs. 600,000 Less: accumulated depreciation 120,000 480,000 Total non current asset 6,230,000 [B]OTHER INFORMATION:[/B] All assets were purchased on January 2, 2004 The firm depreciates all assets on a straight line basis with no residual value and with the following lives: Office equipment 40 years Machinery 10 years [B]The following transactions occurred during 2006:[/B] Apr. 01. A new additional equipment was purchased for Rs. 1,000,000 and machinery at a cost of Rs. 50,000. All items were paid for in cash. Jul. 15. Repairs of Rs. 5,000 were made for cash on machinery. Sep. 30. Machinery with a cost of Rs. 100,000 and accumulated depreciation of Rs. 20,000 (as of 31st December, 2005) was sold for Rs. 82,000 cash. Dec. 31. Machinery with a cost of Rs. 50,000 and accumulated depreciation of Rs. 10,000 (as of 31st December, 2005) was traded in for new machinery. The firm received a trade-in allowance of Rs. 32,000. The list price of the new machinery is Rs. 85,000. [B]REQUIRED: Make all the required Journal entries. Show all necessary computations.[/B] |
[QUOTE=zahra raza;543728]cost of goods sold. = 750,000
Income statement for the year ended December 31, 2007. RS 520,000 Units manufactured. = 1035units per unit cost of goods manufactured = RS 772.94 gross profit per unit = Rs750 direct labour= Rs60,000 cost of goods mft = 800,000 unable to calculate WIP opening and ending Inventory now tell me your answer[/QUOTE] answer with format of paper 2 cost section Q#2 raw material opening = 50000 Add) purchases = 300000 stock available for use = 350000 less) ending material = 20000 STOCK CONSUMED = [ 330,000] add) direct labor = 60,000 PRIME COST = [ 390,000 ] add) FOH = 140,000 MANUFACTURING COST [ 530,000 ] add) opening WIP = 270,000 COST OF GOODS TO BE MANUFACTURED = [ 800,000 ] less) closing wip = 189,000 COST OF GOODS MANUFACTURES = [ 611,000 ] add) finished goods opening = 30,000 COST OF GOODS AVAILABLE FOR USE = [ 641,000 ] less) finished goods closing = 80,000 COST OF GOODS SOLD =[ 561,000 ] I/S for the year sales = 1500,000 CGS = (561,000) Gross profit = 939,000 admin expense = ( 210,000 ) marketing expense = ( 20,000 ) Net profit = 709,000 units manufactures = 1035 units thats it :) |
[QUOTE=seher bano;543735][B]Depreciation (2012)[/B] Kindly somebody solve this question.....
[B]Q. 9. The non current asset section of Aadil & Co. at December 31, 2005 is as under:-[/B] Land Rs. 1,000,000 Office equipment Rs. 5,000,000 Less: accumulated depreciation 250,000 4,750,000 Machinery Rs. 600,000 Less: accumulated depreciation 120,000 480,000 Total non current asset 6,230,000 [B]OTHER INFORMATION:[/B] All assets were purchased on January 2, 2004 The firm depreciates all assets on a straight line basis with no residual value and with the following lives: Office equipment 40 years Machinery 10 years [B]The following transactions occurred during 2006:[/B] Apr. 01. A new additional equipment was purchased for Rs. 1,000,000 and machinery at a cost of Rs. 50,000. All items were paid for in cash. Jul. 15. Repairs of Rs. 5,000 were made for cash on machinery. Sep. 30. Machinery with a cost of Rs. 100,000 and accumulated depreciation of Rs. 20,000 (as of 31st December, 2005) was sold for Rs. 82,000 cash. Dec. 31. Machinery with a cost of Rs. 50,000 and accumulated depreciation of Rs. 10,000 (as of 31st December, 2005) was traded in for new machinery. The firm received a trade-in allowance of Rs. 32,000. The list price of the new machinery is Rs. 85,000. [B]REQUIRED: Make all the required Journal entries. Show all necessary computations.[/B][/QUOTE] Journal entries Dr Cr Apr 1: Off: equipments 1000000 Dr Cash 1000000 Cr Machinery 50000 Dr Cash 50000 Cr Jul 15 Repairs exp:5000 Dr Cash 5000 Cr Sept 30 Cash 82000 Dr Acc: Dep 20000 Dr Machinery 100000 Cr Profit(I/S) 2000 Cr Dec 31 Machinery (new) 85000 Dr Acc Dep: (working 1)15000 Dr Loss in trade in (working 2) 3000 Dr Machinery(old) 50000 Cr Cash(working 3) 53000 Cr Computation Land Rs. 1,000,000(a) Office equipment(working 4) 6,000,000 Less: accumulated depreciation(working 5) 400,000 = 5,600,000(b) Machinery(w6) 585,000 Less: accumulated depreciation(w7) 145,000 = 440,000(c) Total non current asset(a+b+c) 7,040,000 Workings: W1 Acc: Dep @ 2005 add dep for year 2006 10000+5000=15000 W2 Old machinery less Acc: dep(w1)=net book value less trade in allowance = loss in trade 50000-15000=35000-32000=3000 W3 New machinery price less trade in allowance = cash paid 85000 32000 = 53000 W4 Old equipments + new equipments = office equipments 5000000+1000000=6000000 W5 Depreciate at straight line basis means divide equipments with their life So 6000000/40 years= 150000 is depreciation charges for the year 2006 Means The accumulated depreciation is 250000 till 2005 150000 of 2006 400000 is total acc: dep till 2006. W6 old machinery 600000(a) add: machine purchase on 1 April 50000(b) less: machine sold on 30 September 100000(c) less: machine sold on 31 December 50000(d) add machine purchase on 31 December 85000(e) total machinery (a+b-c-d+e) 585000 W7 Acc: dep for machine @ 2005 120000(a) Less dep of asset sold on September 20000(b) Less dep of asset sold on December 10000(c) Acc: dep @ 2005 after sold assets(a-b-c) 90000(d) Add: dep for the year 2006 (w8) 55000(e) Total Acc: dep till 2006 (d+e) 145000 W8 old machinery 600000(a) add: machine purchase on 1 April 50000(b) less: machine sold on 30 September 100000(c) less: machine sold on 31 December 50000(d) available for dep of 2006 are (a+b-c-d) 500000 nw 500000/10years so 50000 plus 5000(w1) =55000 seniors check please.. |
[B]Requirement 1,2,3[/B]
Adil compnay Income Statement Sales 1,500,000 Less: Cost of Goods Sold Direct Material-Opening 50,000 Add: Direct Material Purchased 300,000 Direct Material Available for use 350,000 Less: Direct Material-Ending (20,000) Direct Material Used 330,000 Add: Direct Labor (30% of Conversion) 60,000 Prime cost 390,000 Add: FOH Costs (70% of Conversion) 140,000 Total Manufacturing Cost 530,000 Add: Work in Process – Opening 1,170,000 Cost of goods put in to process 1,700,000 Less: Work in Process- ending (900,000) Cost of goods manufactured (8/15 of Sales) 800,000 Add: Finished Goods-Opening 30,000 Cost of goods available for sale 830,000 Less: Finished goods-Ending (80,000) (750,000) Gorss Profit 750,000 Less: [B]Operative Expenses[/B] Administrative and General Expenses 210,000 Marketing and selling 20,000 (230,000) [B]Net Income[/B] 520,000 [B]Requirement 4[/B] Units Sold 1000 Add: Finished goods ending 60 1060 Less: Finished goods opening (25) Units Manufactured 1035 [B]Requirement 5:[/B] Per unit cost of goods manufactured = 800,000 / 1035 = 772.94 [B]Requirment 6:[/B] G.P per unit sold = 750,000 / 1000 = 750 [B]Working for (W-I-P inventories)[/B] Let W_I_P ending inv = x, so according to question, opening inventory will be (x+.30x) (30% more then ending) [B]Now difference between Cost of goods manufactured and Total factory cost is 270,000 (800,000-530,000).[/B] So, Opening – ending = 270,000 (x + 0.30x) – x = 270,000 1.30x – x = 270,000 0.30x = 270,000 x = 270,000/0.30 x = 900,000 [B]So ending inventory is 900,000. Now follow the reverse process and you will get the opening inventory = 1,170,000[/B] [B][COLOR="Blue"]Now Proof of working:[/COLOR][/B] (X+0.30x) - x = 270,000 1170000 – 900000 = 270,000 270,000 = 270,000 Seniors please check it out. Zahra Raza I have given calculation of w-i-p inventories. Check it out. |
2012
Q#6 (A) George =Rs 90000 Stewart= Rs 45000 Thomas= Rs. 15000 Creditors of stewart only get Rs 45000 (B) Andrew get Rs 24000 Andrews loss = 1000 Carrol get Rs 8000 Carrols loss = 2000 Murrey get 8000 Murreys profit Rs 5000 Carrol is most vulnerable to loss plz aspirants check am i right..? |
[QUOTE=zahra raza;541674]friends i am posting ratio analysis answers here please check it and correct it if i am wrong
[B]2012[/B] part a (1) current assets = 200,000 (2) inventory = 60,000 (3)net sales = 360,000 (4) gross profit = 72000 part b (1)working capital = 500,000 (2)current ratio = 3 (3)quick ratio = 2.4 (4) inventory turnover ratio = 4 times (5)accounts receivable turnover = 5 times (6) gross profit percentage = 70.41% (7) net profit percentage = 37.53% (8)operating expenses rate = 62.47%[/QUOTE] operating expnses ratio is 32.87% operating ratio is 62.87% plz check |
[QUOTE=Rohail Khan;544450]Journal entries Dr Cr
Apr 1: Off: equipments 1000000 Dr Cash 1000000 Cr Machinery 50000 Dr Cash 50000 Cr Jul 15 Repairs exp:5000 Dr Cash 5000 Cr Sept 30 Cash 82000 Dr Acc: Dep 20000 Dr Machinery 100000 Cr Profit(I/S) 2000 Cr Dec 31 Machinery (new) 85000 Dr Acc Dep: (working 1)15000 Dr Loss in trade in (working 2) 3000 Dr Machinery(old) 50000 Cr Cash(working 3) 53000 Cr Computation Land Rs. 1,000,000(a) Office equipment(working 4) 6,000,000 Less: accumulated depreciation(working 5) 400,000 = 5,600,000(b) Machinery(w6) 585,000 Less: accumulated depreciation(w7) 145,000 = 440,000(c) Total non current asset(a+b+c) 7,040,000 Workings: W1 Acc: Dep @ 2005 add dep for year 2006 10000+5000=15000 W2 Old machinery less Acc: dep(w1)=net book value less trade in allowance = loss in trade 50000-15000=35000-32000=3000 W3 New machinery price less trade in allowance = cash paid 85000 32000 = 53000 W4 Old equipments + new equipments = office equipments 5000000+1000000=6000000 W5 Depreciate at straight line basis means divide equipments with their life So 6000000/40 years= 150000 is depreciation charges for the year 2006 Means The accumulated depreciation is 250000 till 2005 150000 of 2006 400000 is total acc: dep till 2006. W6 old machinery 600000(a) add: machine purchase on 1 April 50000(b) less: machine sold on 30 September 100000(c) less: machine sold on 31 December 50000(d) add machine purchase on 31 December 85000(e) total machinery (a+b-c-d+e) 585000 W7 Acc: dep for machine @ 2005 120000(a) Less dep of asset sold on September 20000(b) Less dep of asset sold on December 10000(c) Acc: dep @ 2005 after sold assets(a-b-c) 90000(d) Add: dep for the year 2006 (w8) 55000(e) Total Acc: dep till 2006 (d+e) 145000 W8 old machinery 600000(a) add: machine purchase on 1 April 50000(b) less: machine sold on 30 September 100000(c) less: machine sold on 31 December 50000(d) available for dep of 2006 are (a+b-c-d) 500000 nw 500000/10years so 50000 plus 5000(w1) =55000 seniors check please..[/QUOTE] in sep 30 entry i think accumulated depreciation will be 27500(20000 upto 31 dec 2005+7500 current year 9 month depriciation) plz members check this question |
[QUOTE=haadiya;545768]in sep 30 entry i think accumulated depreciation will be 27500(20000 upto 31 dec 2005+7500 current year 9 month depriciation)
plz members check this question[/QUOTE] ya sure..apki baat sahi hai par jaldi me maine assumption likhna bhol gaya k i assume that in the year of disposal if any asset dispose in last month than that assets dep: is taken to the account..if disposal occur during the year so dep exp should not taken into account.. agr apki baat ko mana jae tou phr april me jo office equipment aur machinery purchase ki hai uski b hum ko complete year k bajae sirf 9 months ka Dep: exp account for krna parega.. marks ko samne rkhte hi assumption use kr k calculations ko simplfy kia hai. Assumption ye tha k jis year me purchase kro us me full depreciation expense account for karo aur jis me dispose off kro us me account for nh kro. par last me jo disposal hua h usne pora year economic benefit die hain so usko depreciate kia mene.. this is my suggestion.. what you say.. me solve this question with both method..one i post and second you point out.. and thanks for checking. |
[QUOTE=Rohail Khan;545922]ya sure..apki baat sahi hai par jaldi me maine assumption likhna bhol gaya k i assume that in the year of disposal if any asset dispose in last month than that assets dep: is taken to the account..if disposal occur during the year so dep exp should not taken into account..
agr apki baat ko mana jae tou phr april me jo office equipment aur machinery purchase ki hai uski b hum ko complete year k bajae sirf 9 months ka Dep: exp account for krna parega.. marks ko samne rkhte hi assumption use kr k calculations ko simplfy kia hai. Assumption ye tha k jis year me purchase kro us me full depreciation expense account for karo aur jis me dispose off kro us me account for nh kro. par last me jo disposal hua h usne pora year economic benefit die hain so usko depreciate kia mene.. this is my suggestion.. what you say.. me solve this question with both method..one i post and second you point out.. and thanks for checking.[/QUOTE] may be you r right but i think to be on safe side assumption ki bajye jaisa hai usy waisy solve karain to its better...:) |
[QUOTE=seher bano;546276]I am confused about the depreciation. Some time we have to take the whole year into account while depreciating. on the other hand, sometimes we use specific months and dates??? Why??[/QUOTE]
because it is wrong to charge those months depreciation expense in which asset is not available. For example we purchase a asset in july @ Rs:20000 with a life of 10years depreciate on straight line method. so the depreciation expense for the year is Rs 2000( 20000/10years) but the asset is only available for 6 months.. and it is wrong to charge whole years depreciation against the economic bebefits of only 6 months.. so the depreciation charge to this year is 1000(2000/12months*6monts) but practically some companies have different polices.. for example a company have the policy not to charge depreciation in the purchasing year and charge full year's depreciation in the year of disposal.. or vice versa. |
question-9,2012 depriciation
ENTRIES
jan1,2004: land 1000000 equipment 5000000 machinery 600000 bank 66,000,00 31DEC,2004 depriciation 185000 accu:depriciation 185000 (12500+60000) 31DEC,2005: dep 185000 accu:dep 185000 Apri6,2006: Equipment 1000,000 machinery 50,000 Bank 1050,000 July15,2006: Repait A/c 5000 cash a/c 5000 Continued......... |
[QUOTE=mhz99;651796]Profit and loss account is to be prepared in statement form or t account form
Also tell about balance sheet[/QUOTE] Well you can prepare profit and loss account in either of the two, In Pakistan T form is in practice though. [QUOTE=wikki khan;651813]@mhz bro do u have solved accounting papers?[/QUOTE] I am solving the past papers. I will post the answers of past papers questions of depreciation, profit and loss account, and then so on... |
[SIZE="5"][COLOR="Blue"][B]Depreciation[/B][/COLOR][/SIZE]
[B][COLOR="Purple"]Paper 2003 Q No. 3[/COLOR][/B] Answers: 1 (a) straight line method, Balance b/d as on Jan, 2003: Rs. 238750 (b) Diminishing Balance Method, Balance b/d as on Jan, 2003: Rs. 172800 2 Diminishing Balance Method is appropriate for the company. 3 As above. [B][COLOR="Purple"]Paper 2005 Q No. 3 [/COLOR][/B] Answers: Balance B/d of machine A/c as on jan, 2005: Rs. 78301 [B][COLOR="Purple"]Paper 2006 Q No. 5 [/COLOR][/B] Theoretical Question... [B][COLOR="Purple"]Paper 2011 Q No. 9 [/COLOR][/B] Answers: (a) Cash(dr)................................19500 Accumulated Depreciation(dr).....8000 Loss on Sale(dr)......................2500 Tractor A/c (cr)......................................30,000 _______________________________________________________________ (b) New Truck a/c (Dr).....................34000 Accumulated Depreciation(Dr)......12000 Cash(Cr)....................................16000 Old Tractor(Cr)............................30,000 ___________________________________________________________ (c) Removing Service Charges(Dr)..............10,000 Tractor a/c(Cr)......................................................10,000 [B][COLOR="Purple"]Paper 2012 Q No. 9[/COLOR][/B] Answers: Land a/c (Dr)........ ......10,00,000 Office Equipment(Dr.).....50,00,000 Machine A/c..... (Dr.).....600,000 Cash(Cr.)......................6600,000 _______________________________ Dec, 31,2004) Depreciation Exp(Dr.)..........185000 Accumulated Depreciation office Equipment(Cr.)......125000 Accumu Dep (Machine)(Cr)..................................60,000 _____________________________ Profit and Loss a/c(Dr.)..........185000 Depreciation Expense(Cr).................185000 _________________________________ Dec, 31, 2005) Depreciation Exp(Dr.)..........185000 Accumulated Depreciation office Equipment(Cr.)......125000 Accumu Dep (Machine)(Cr)..................................60,000 _____________________________ Profit and Loss a/c(Dr.)..........185000 Depreciation Expense(Cr).................185000 _________________________________ April,1) Equipment a/c (Dr.)..........10,00,000 Machinery a/c (dr.)...........50000 Cash(Cr).....................1050000 _____________________________ July, 15) Repair Expense a/c(Dr.)..........5000 Cash(Cr)............................5000 _________________________________ Sep, 30) Cash(Dr.)................................82000 Accumulated Depreciation (dr)....27500 Machinery a/c(Cr)............100,000 Gain on Sale(cr)...............9500 _____________________________ Dec,31 New Truck a/c(Dr.)...........................117000 Accumulated Depreciation(Dr)....10000 Loss on Exchange(dr)................8000 Cash(cr).................85000 Old Machine(cr).......50000 _________________________________ [B][COLOR="Purple"] Paper 2013 Q No. 8 [/COLOR][/B] Theoretical... [COLOR="RoyalBlue"][B]Rectifications are welcome...[/B][/COLOR] |
2005(q3)
B/d 78246 |
final account questions
Q.no5. 2002. Trading p&l acc. 15,700,000. Balance sheet. 15,200,000
q.no5.2003. Trad. P&l acc. 149360. Balc. Sheet. 211495 q.no5.2005. Trad. P&l acc. 135000. Baln sheet. 348852 q. No.5.2004. Trad p&l. Acc. 35762. Bal sheet. 141017 q.no3.2007. Trad p&l. Acc. 149800. Bal sheet. 451910 |
[QUOTE]q.no3.2007. Trad p&l. Acc. 149800. Bal sheet. 451910[/QUOTE]:(
My Profit is 65880 and balance sheet total is 452220 |
Q3,2007
P & L 71051 pelwasaha what is ur bad debt amount? |
Q. 3. 2007
B.D. new provision. 4310
+ B.D. 2190- old 2500 = 4000. |
Q. 3. 2007
net profit. 65570. chk again plz.
other indirect expenses: salaries. 20780 T S&C 32760 O.E. 3220 LOAN. 4250 CARG. 3420 RENT. 2710 DEP. 250 12840 B.D. N.P 4310+2190-2500=4000. If there is my mistake. correct it plz |
non profit organisation
paper 2004. Eagle club opening balance sheet. 70850.
income & exp. acc. 35283 balance sheet. 91133 paper 2008. rec& pay. acc. 35200 opng. blns sheet. 60750 banc sheet 31.dec.2006. 81450 |
[B]Can somebody solve this question for me as I am unable to balance my balance sheet.
[/B] My solved figures are: [B]G.P: Rs. 97900 N.P: Rs. 16540 P/L A/c Balance: Rs.100400 B.S: Total Assests: Rs. 216700 Total Liabilities: Rs. 218200 Hence 218200-216700= Rs. 1500 ka difference araha hai[/B]... [B]please solve this question. [/B] 1. The following trial balance is extracted from the books of a merchant on December 31, 2000: (CSS 2001) PARTICULAR …….…….…….… DEBIT……... CREDIT Furniture …….…….… ….……… …. 6,400 ……..... X Motor vehicles …….… ….………….. 62,500 …….....X Buildings …….……. ….…………… 75,000 …….... X Capital account …… .…….………..... X …….. 125,000 Bad debts …….… ….…….…………. 1,250 ……..... X Provision for bad debts …….………...... X …….... 2000 Sundry debtors and creditors …. .. 38,000 …… 25,000 Stock on January 1, 2000 … ….….. 34,600 …….... X Purchases and sales …….……. …….. 54,750 …… 154,500 Bank overdraft …….…….………...… X …....… 25,500 Sales and purchases returns ………. 2000 …...… 1,250 Advertising …….…… …….……….. 4,500 ….....… X Mark up (on overdraft) …….……….. 1,180 ….....… X Commission …….……. ….……....… X ….....… 3,750 Cash …….…….… .…….…….…….. 6,500 …....… X Taxes and insurance …….… .……… 12,500 …...… X General expenses …….…… ………. 7,820 …......… X Salaries …….…….……. .…….……. 33,000 ....….… X TOTAL ………………… ………... 340,000 …. 340,000 The following adjustments are to be made: (a) Stock in hand on December 31, 2000 was Rs. 32,000 (b) Depreciate building at the rate of 5% Furniture % Fittings @ 10% and motor vehicles @ 20% (c) Rs. 850 is due for mark up on bank overdraft (d) Salaries Rs. 3000 and taxes Rs. 12000 are outstanding (e) Insurance amounting to Rs. 1000 is prepaid (f) One third commission received in respect of the work to be done next year (g) Write off a further sum of Rs. 1000 as bad debt and provision for bad debts to be made equal to 10%% on sundry debtors [B]Required: Prepare a Trading and Profit & Loss account for the year ended December 31, 2000 and balance sheet as on that date.[/B] |
Attempt this question again after making following corrections:
[QUOTE]1. The following trial balance is extracted from the books of a merchant on December 31, 2000: (CSS 2001) PARTICULAR . . . DEBIT ... CREDIT Furniture . . . . 6,400 ..... X Motor vehicles . . .. 62,500 .....X Buildings . . . 75,000 .... X Capital account . . ..... X .. 125,000 Bad debts . . . . 1,250 ..... X Provision for bad debts . ...... X .... 2000 Sundry debtors and creditors . .. 38,000 25,000 Stock on January 1, 2000 . .. 34,600 .... X Purchases and sales . . .. 54,750 154,500 [COLOR="Purple"][SIZE="3"]Bank overdraft . . ... X .... 25,500[/SIZE][/COLOR] Sales and purchases returns . 2000 ... 1,250 Advertising . . .. 4,500 ..... X Mark up (on overdraft) . .. 1,180 ..... X Commission . . . .... X ..... 3,750 Cash . . . . . .. 6,500 .... X Taxes and insurance . . 12,500 ... X General expenses . . 7,820 ...... X Salaries . . . . . . 33,000 .... . X TOTAL ... 340,000 . 340,000 The following adjustments are to be made: (a) Stock in hand on December 31, 2000 was Rs. 32,000 (b) Depreciate building at the rate of 5% Furniture % Fittings @ 10% and motor vehicles @ 20% (c) Rs. 850 is due for mark up on bank overdraft (d) Salaries Rs. 3000 and [COLOR="DarkOrchid"][SIZE="3"]taxes Rs. 12000 are outstanding[/SIZE][/COLOR] (e) Insurance amounting to Rs. 1000 is prepaid (f) One third commission received in respect of the work to be done next year (g) Write off a further sum of Rs. 1000 as bad debt and provision for bad debts to be made equal to 10%% on sundry debtors [/QUOTE] Bank overdraft= 28500 Taxes=1200 |
[QUOTE=KinzaShoaib;659813]Attempt this question again after making following corrections:
Bank overdraft= 28500 Taxes=1200[/QUOTE] nahi abhi bhi ghalat araha hai B.S. Wese me pass sirf 2006-2008 tak k paper original nahi hai baqi sab original hain. |
Final Accounts
[U][B]Paper 2013[/B][/U]
Gross Profit = 5205240 Net Profit = 2584400 Balance Sheet = 11806440 [B][U]Paper 2010[/U][/B] Gross Profit = 83530 Net Profit = 25305 Balance Sheet = 207180 [B][U]Paper 2009[/U][/B] Gross Profit = 6200 Net Profit = 1361 Balance Sheet = 16174 [B][U]Paper 2008[/U][/B] Gross Profit = 50334 Net Loss = 9365 Balance Sheet = 537365 [B][U]Paper 2007[/U][/B] Gross Profit = 153000 Net Profit = 65570 Balance Sheet = 451910 [B][U]Paper 2006[/U][/B] [I][COLOR="Blue"][SIZE="2"]I Do not find original paper on net[/SIZE][/COLOR][/I]:( ... [B][U]Paper 2005[/U][/B] Gross Profit = 133800 Net Profit = 65052 Balance Sheet = 347052 [B][U]Paper 2004[/U][/B] Gross Profit = 35212 Net Profit = 22735 Balance Sheet = 141167 [B][U]Paper 2003[/U][/B] Gross Profit = 144940 Net Profit = 34624 Balance Sheet = 221020 [B][U]Paper 2001[/U][/B] Gross Profit = 96400 Net Profit = 14910 Balance Sheet = 199710 |
Q3, 2007
@palwashaa
app na plant and mach ki depriciation b find nahi ki or app na loan q profit and loss account mai dala hai? |
Few confusions
Is this necessary to categorized Balance sheet's Assets and Liabilities in Current and fixed?? If yes, then Provision for Tax, Proposed Dividend, Unclaimed Dividend, Reserve for depreciation are current or long term liabilities??
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[QUOTE=Palwashaa;658955]Q.no5. 2002. Trading p&l acc. 15,700,000. Balance sheet. 15,200,000
q.no5.2003. Trad. P&l acc. 149360. Balc. Sheet. 211495 q.no5.2005. Trad. P&l acc. 135000. Baln sheet. 348852 q. No.5.2004. Trad p&l. Acc. 35762. Bal sheet. 141017 q.no3.2007. Trad p&l. Acc. 149800. Bal sheet. 451910[/QUOTE] [QUOTE=KinzaShoaib;659895][U][B]Paper 2013[/B][/U] Gross Profit = 5205240 Net Profit = 2584400 Balance Sheet = 11806440 [B][U]Paper 2010[/U][/B] Gross Profit = 83530 Net Profit = 25305 Balance Sheet = 207180 [B][U]Paper 2009[/U][/B] Gross Profit = 6200 Net Profit = 1361 Balance Sheet = 16174 [B][U]Paper 2008[/U][/B] Gross Profit = 50334 Net Loss = 9365 Balance Sheet = 537365 [B][U]Paper 2007[/U][/B] Gross Profit = 153000 Net Profit = 65570 Balance Sheet = 451910 [B][U]Paper 2006[/U][/B] [I][COLOR="Blue"][SIZE="2"]I Do not find original paper on net[/SIZE][/COLOR][/I]:( ... [B][U]Paper 2005[/U][/B] Gross Profit = 133800 Net Profit = 65052 Balance Sheet = 347052 [B][U]Paper 2004[/U][/B] Gross Profit = 35212 Net Profit = 22735 Balance Sheet = 141167 [B][U]Paper 2003[/U][/B] Gross Profit = 144940 Net Profit = 34624 Balance Sheet = 221020 [B][U]Paper 2001[/U][/B] Gross Profit = 96400 Net Profit = 14910 Balance Sheet = 199710[/QUOTE] [B]I could solve only the following question. For rest of the questions I need you people help. [/B] [U][B]Paper 2013[/B][/U] Gross Profit = 5205240 Net Profit = 2584400 Balance Sheet = 11806440 [B][U]Paper 2009[/U][/B] Gross Profit = 6200 Net Profit = 2362 Balance Sheet = 16275 [B][U]Paper 2007[/U][/B] Gross Profit = 153000 Net Profit = 65570 Balance Sheet = 451910 [B][U]Paper 2005[/U][/B] Gross Profit = 133800 Net Profit = 66852 Balance Sheet = 348852 [B][U]Paper 2004[/U][/B] Gross Profit = 35212 Net Profit = 22085 Balance Sheet = 141017 |
[QUOTE=KinzaShoaib;660003]Is this necessary to categorized Balance sheet's Assets and Liabilities in Current and fixed?? If yes, then Provision for Tax, Proposed Dividend, Unclaimed Dividend, Reserve for depreciation are current or long term liabilities??[/QUOTE]
Kindza, I have been told that Assets and liabilities should be classified. Provision for tax is a profit and loss item if it is not a partnership. In case of partnership, Tax is deducted from Capital. All kinds of dividends are directly deducted from Capital a/c. Reserve for depreciation is long term liability. However, accumulated depreciation can be written as current liability. |
Q. 3. 2007
it is not loan . it is interest on loan. and plant & mach ki dep. mention ha 12840. actually mainy full terms nai likhi, i thought question ma mention han sb.
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[QUOTE=Palwashaa;660074]it is not loan . it is interest on loan. and plant & mach ki dep. mention ha 12840. actually mainy full terms nai likhi, i thought question ma mention han sb.[/QUOTE]
Palwasha I think your balance sheet figure needs revaluation, because kinza and mine answer is same in Q.3,2007 |
[QUOTE]Paper 2005
Gross Profit = 133800 Net Profit = 65052 Balance Sheet = 347052 [/QUOTE] I rechecked my above solution and Yes Ammara your solution is right. Now, we have same solutions for 2013, 2007 and 2005. Let discuss the others. [U][B][COLOR="Magenta"]2004[/COLOR][/B][/U] [B]Profit and Loss Debit side[/B] Carriage 800 Establishmnt 2635 Taxes 883 Audit fee 400 General 3950 Travelling 325 Discount 620 Reserve for bad debt 1000 Depreciation 2564 [B]Profit and Loss Credit side[/B] G.P. 35212 Interest 340 Interest Accrued 210 Rent 150 Please point out my mistakes. |
[QUOTE=KinzaShoaib;660228]I rechecked my above solution and Yes Ammara your solution is right.
Now, we have same solutions for 2013, 2007 and 2005. Let discuss the others. [U][B][COLOR="Magenta"]2004[/COLOR][/B][/U] [B]Profit and Loss Debit side[/B] Carriage 800 Establishment 2635 Taxes 883 Audit fee 400 General 3950 Traveling 325 Discount 620 Reserve for bad debt 1000 Depreciation 2564 [B]Profit and Loss Credit side[/B] G.P. 35212 Interest 340 Interest Accrued 210 Rent 150 Please point out my mistakes.[/QUOTE] [B]Miss Kinza, here you go.[/B] [B][COLOR="Blue"]Profit and Loss Account (Cr)[/COLOR][/B] [B]G.P: Rs. 35212[/B] Insurance: Rs. 340 Interest: Rs. 210 [B][COLOR="Blue"]Profit and Loss Account (Dr.)[/COLOR][/B] Carriage on Sale................ 800 Provision for Bad debts........1000 Establishment + Salaries......2635 Tax & Insurance + Tax Expense -unexpired insurance.....1233 Audit fee.............400 General Charges.....3950 Discount......620 Travelling expense.....325 Depreciation Exp (Motor +Furniture).....2564 Rent Expense.....150 [B][COLOR="Blue"]N.Profit........22085[/COLOR][/B] |
[CODE]Ahmed Faisal[/CODE]
My two figures are different from you: 1. Taxes 2. Rent of Building I first charge Rent to debit side of Profit and Loss Account but then I find that this is the same question as Q#14 given in M.A. Ghani's Book and in Key Book rent is recorded as revenue in credit side of P&L Account. Moreover, if we logically examine the statement i.e. [QUOTE]Rent due for a portion of the Building[B][SIZE="4"] let[/SIZE][/B] Rs. 150[/QUOTE] then I think, It is justified to deal it as revenue. Building is also included in asset. Secondly, [QUOTE]The following balances appeared in the books of a merchant on 31st December, 2003. Building . . .70,000 Motor trucks . . .12,000 Furniture . . . ...1,640 Sundry debtors . .15,600 Sundry creditors . . .18,852 Stock . . . .15,040 Cash in hand . .. .. .988 Cash at bank . . .14,534 Bills receivable . .. .5,844 Bills payable . . .6,930 Purchases . . .. .85,522 Sales . . . ... .1,21,850 Capital . . .. .92,000 Carriage on purchase .. .1,291 Carriage on sales .. .. 800 Reserve for bad debts . .1,320 Establishment . . ....2,135 [COLOR="Purple"][SIZE="3"]Taxes & Insurance . .. .783[/SIZE][/COLOR] Interest (Cr.) . . .. .340 Bad Debts . . . .613 Audit fee . . .. .400 General charges . .... 3,950 Travelling expenses . .325 Discount (Dr.) . . . .620 Investments . ..8,922 Sales returns .. ... .285 Required: Prepare Trading and Profit and Loss account for the year ended 31st December 2003 and Balance Sheet as on that date. In doing so take the following matters into consideration. Stock on 31st December, 2003 amounted to Rs. 15,500. Depreciate Motor Trucks at 20 per cent and Furniture at 10 percent. Increase Bad Debts Reserve by Rs. 1000 Salaries Rs. 500 and [COLOR="Purple"][SIZE="3"][B]Taxes Rs. 150 are outstanding[/B][/SIZE][/COLOR] [COLOR="Purple"][B][SIZE="3"]Unexpired Insurance Rs. 50[/SIZE][/B][/COLOR] Interest accrued on Investments Rs. 210 Rent due for a portion of the Building let Rs. 150 A bill receivable for Rs. 500 was discounted in December 2003 but was not due till January next. [/QUOTE] I added outstanding taxes of Rs.150 and deducted unexpired Insurance of Rs.50 from Taxes and Insurance head amounted Rs. 783 ( 783+150-50=883) Now, correct me if I am wrong. |
[QUOTE=KinzaShoaib;660424][CODE]Ahmed Faisal[/CODE]
My two figures are different from you: 1. Taxes 2. Rent of Building I first charge Rent to debit side of Profit and Loss Account but then I find that this is the same question as Q#14 given in M.A. Ghani's Book and in Key Book rent is recorded as revenue in credit side of P&L Account. Moreover, if we logically examine the statement i.e. then I think, It is justified to deal it as revenue. Building is also included in asset. Secondly, I added outstanding taxes of Rs.150 and deducted unexpired Insurance of Rs.50 from Taxes and Insurance head amounted Rs. 783 ( 783+150-50=883) Now, correct me if I am wrong.[/QUOTE] Yes, you are absolutely right. Business has its own building in Assets, so paying rent seems unreasonable. It is, for sure, business revenue. Secondly, Yes Tax payable is Rs. 150. Now We have the following figures lets have a look... [B] Profit and Loss Account (Cr)[/B] G.P: Rs. 35212 Interest + Accrued Interest = Rs. 340 + Rs. 210 =550 Rent Revenue: Rs. 150 [B]Total: Rs. 35912[/B] [B]Profit and Loss Account (Dr.)[/B] Carriage on Sale................ 800 Provision for Bad debts........1000 Establishment + Salaries......2635 Tax & Insurance + Tax Expense -unexpired insurance : Rs. 783 + 150 -50= Rs. 883 Audit fee.............400 General Charges.....3950 Discount......620 Travelling expense.....325 Depreciation Exp (Motor +Furniture).....2564 [B]N.Profit........22585[/B] [B]B.S: Rs. 141167[/B] |
[B]Q.NO.1, Paper 2001 [/B]
G.Profit. 96400 N.Profit. 15010 P/L account bal. 98900 balance sheet. 199810 Kinza rechecked your question 2001. |
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