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Accountacy and Auditing Paper 2013 Accountacy and Auditing Paper 2013

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  #11  
Old Friday, March 22, 2013
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SECTION-A
Q.2. The following information is available:
Trial Balance as at December 31, 2012.
Particulars Debit Rs. Credit Rs.
Capital 6400,000
Drawings 1813800
Good Will 3618200
Land & Building 2400000
Plant & Machinery 1600000
Loose Tools 120000
Bill Receivables 145800
Bill Payable 1352000
Creditors 3068840
Purchase Return 106000
Sales 8720000
Stock 1st Jan 2011 1677800
Purchases 2050800
Wages 858000
Carriage outward 22160
Carriage Inward 55000
Coal & gases 234160
Salaries 1414560
Rent, Rates & Taxes 113000
Discount 60520
Cash at Bank 1016840
Cash in Hand 18600
Sundry Debtors 1800000
Repairs & maintenance 74600
Printing & stationery 20600
Bad Debts 48520
Advertisement 140840
Sales Returns 85000
Furniture 48000
General Expenses 210040
19646840 19646840

The following adjustments are to be made :
Closing stock as on December 31,2011 was Rs 1400000
Depreciation is to be provided on the following assets :
----plant & machinery 10%
----loose tools 10%
----furniture 10%
----land & building 2.5%
Provide for the following payables :
----Wages –Rs 60000
----Advertisement – Rs 20000
----Salaries – Rs 120000
----Repair & maintenance – Rs 15000
Provide 5% on the debtors against bad debts and 2%against discounts.
Required: - Provide Trading, Profit & Loss Account a Balance sheet as at December 31, 2011 from to the above data.
Can somebody(if knows exactly) tell me what should have been the treatment with Good will and coal and gases in this question. I don,t know but I have included these head in Balance sheet assets side. was it so?
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  #12  
Old Friday, March 22, 2013
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Koi bata sakta hai k finish good kese nikalna hai...or baki jo mey nay bold kia uski treatment kese hogi..?
C.G.M divided by units manufactured that is the cost per unit and than that cost paer unit multiplied by 550 units ending finished goods inventory.
unit sold = 5500+unit ending 550=6050-opening500=5550unit manufactured
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Can somebody(if knows exactly) tell me what should have been the treatment with Good will and coal and gases in this question. I don,t know but I have included these head in Balance sheet assets side. was it so?
Goodwill will b included in balance sheet under the head of intangible assets while coal and gases is direct expense and will b shown on debit side of trading account.
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Goodwill will b included in balance sheet under the head of intangible assets while coal and gases is direct expense and will b shown on debit side of trading account.
i solve this question in paper & my balance sheet was exactly balance
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Old Friday, March 22, 2013
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Can somebody(if knows exactly) tell me what should have been the treatment with Good will and coal and gases in this question. I don,t know but I have included these head in Balance sheet assets side. was it so?
1.Goodwill is an asset ans should been placed on debit side of the balance sheet
2.Coal & gases are expenses and should not have been placed on asset side of the balance sheet.
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Old Friday, March 22, 2013
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hey guys i hv degre of bachelours in commerce so tht sallybus n those books are enough 4 this subjct's prepration in css.........
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  #17  
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1.Goodwill is an asset ans should been placed on debit side of the balance sheet
2.Coal & gases are expenses and should not have been placed on asset side of the balance sheet.
per mein ne to coal and gases reserves samja or asset mein daal dia...meri balance sheet bhi thik aii...ab mera question pura galat hogaya kiya??koi marks ni miley gay kiya?
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  #18  
Old Friday, March 22, 2013
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per mein ne to coal and gases reserves samja or asset mein daal dia...meri balance sheet bhi thik aii...ab mera question pura galat hogaya kiya??koi marks ni miley gay kiya?
Categorically, No. You would get step wise marks and probably lose some of the marks due to mistake.
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Old Friday, March 22, 2013
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coal and gas will be charged as expense in profit and loss account not trading account. secondLy few marks are deducted for such mistakes otherwise marks are awarded for following performa of trading profit n loss account and baLance sheet.
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coal and gas will be charged as expense in profit and loss account not trading account. secondLy few marks are deducted for such mistakes otherwise marks are awarded for following performa of trading profit n loss account and baLance sheet.
Bro, coal and gas is direct expense i.e related to the manufacturing process that's why it would b included in trading account. In profit and loss account, all the indirect expenses are included.

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hey guys i hv degre of bachelours in commerce so tht sallybus n those books are enough 4 this subjct's prepration in css.........
Yes. B.com level preparation is enough for CSS Accounting papers. U can go ahead with those books and syllabus.
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