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Questions:

Generic 5

10 x 5 = 50

On 1^st January 2015, a second hand machine was purchased for Rs. 58,000 and Rs. 2,000 was spent on its repairs. On 1^stJuly 2017, it was sold for Rs. 28,600. Prepare the machinery account for the years 2011 to 2013 under written down value method by assuming the rate of depreciation as 10% p.a. and the accounts are closed on 31^st December every year.

From the following information, prepare profit and loss account for the year ending 31st December 2016.

Particulars	Rs	Particulars	Rs
Gross loss	60,000	Printing and stationery (office)	2,000
Promotional expenses	5,000	Legal charges	5,000
Distribution expenses	15,000	Bad debts	1,000
Commission paid	7,000	Depreciation	2,000
Interest on loan paid	5,000	Rent received	4,000
Packing charges (on sales)	4,000	Loss by fire not covered by insurance	3,000
Dividend received	3,000

The accountant of a firm located the following errors before preparing the trial balance. Rectify them.
(a) Machinery purchased for Rs.3,000 was debited to purchases account.
(b) Interest received Rs.200 was credited to commission account.
(c) An amount of Rs.1,000 paid to Tamilselvan as salary was debited to his personal account.
(d) Old furniture sold for Rs.300 was credited to sales account.
(e) Goods worth Rs.800 purchased from Soundarapandian on credit was not recorded in the books of accounts.

Identify the following items into capital or revenue.
i) Audit fees paid Rs.10,000.
ii) Labour welfare expenses Rs.5,000.
iii) Rs.2,000 paid for servicing the company vehicle.
iv) Repair to furniture purchased second hand Rs.3,000.
v) Rent paid for the factory Rs.12,000

From the following information, prepare bank reconciliation statement as on 31^st December, 2017 to find out the balance as per bank statement.

Particulars	Rs
(i) Bank overdraft as per cash book	20,000
(ii) Cheques deposited but not yet credited	4,000
(iii) Cheque issued but not yet presented for payment	1,000
(iv) Rent collected by the bank as per standing instruction	500
(v) Interest on overdraft debited by bank	2,000
(vi) Amount wrongly debited by bank	300
(vii) Cheque issued on 30^th December 2017 dishonoured by the bank	5,000
(viii) A customer's cheque deposited in the bank dishonoured by bank not recorded in the book	2,000

Enter the following transactions in a single column cash book of Ramalingam for month of July, 2017.

	Particulars	Rs
July 1	Cash in hand	32,000
5	Received from Keerthana	5,000
6	Paid packing charges in cash	300
7	Cash purchases	12,400
8	Sold goods for cash	2,600
10	Paid salary to manager in cash	7,000
11	Paid to Bala	3,000
12	Purchased goods from Bose	2,500
24	Cash deposited into bank through CDM	4,000
27	Withdraw cash from bank	2,000
31	Paid office rent in cash	6,000

Prepare Purchases book and Sales book in the books of Santhosh Textiles Ltd., from the following transactions given for April 2017.

2017 April 1	Purchased goods from Prasad, Kancheepuram on credit
	100 meters Silk @ Rs. 450 per meter
	75 meters Velvet @ Rs. 180 per meter
April 10	Sold goods to Rathinam, Chennai on credit
	60 meters Silk @ Rs. 490 per meter
	50 meters Velvet @ Rs. 210 per meter
April 18	Nathan & Sons purchased from us on credit
	100 meters Silk @ Rs. 510 per meter
April 20	Purchased goods from Hari Ram & Sons, Madurai on credit
	50 rolls kada cloth @ Rs. 730 per roll
	80 rolls cotton cloth @ Rs. 650 per roll
April 24	Purchased from Mohan, Karur for cash
	Shirting cloth @ Rs. 7,000
	Sarees @ Rs. 25,000

Show the direct ledger postings for the following transactions:

2017 June		Rs.
1	Raja commenced business with cash	50,000
6	Sold goods for cash	8,000
8	Sold goods to Devi on credit	9,000
15	Goods purchased for cash	4,000
20	Goods purchased from Shanthi on credit	5,000

From the following balances of Rohini, prepare the trial balance as on 31.03.2018.

	Rs		Rs
Capital	60,000	Sales	82,000
Discount received	3,250	Lighting	800
Purchases	58,000	Drawings	5,250
Plant and machinery	40,000	Car expenses	1,200
Advertising expenses	5,000	Motor car	35,000

10.

Prepare accounting equation for the following transactions.
(a) Murugan commenced business with cash Rs.80,000
(b) Purchased goods for cash Rs.30,000
(c) Paid salaries by cash Rs.5,000
(d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
(e) Introduced additional capital of Rs.10,000

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Answers Key:

Generic 5

10 x 5 = 50

Calculation of Profit or Loss on Sale of Machinery
Date	Particulars	Amount Rs.
2015 Jan 01	Cost Price (58,000 + 2,000)	60,000
2015 Dec 31	Less: Depreciation\([60,000\times\frac{10}{100}]\)	6,000
		54,000
2016 Dec 31	Less: .Depreciation\([54,000\times\frac{10}{100}]\)	5,400
		48,600
2017 July 01	Less: Depreciation\([48,600\times\frac{10}{100}\times\frac{6}{12}]\)	2,430
	Book Value of the Machinery	46,170
	Sales	28,600
	Loss on sale	17,570

Dr. Machinery Account Cr.
Date	Particulars	Amount Rs.	Date	Particulars	Amount Rs.
2015 Jan 01	To Bank A/c	60,000	2015 Dec 31	By Depreciation A/c	6,000
			2015 Dec 31	By Balance c/d	54,000
		60,000			60,000
2016 Jan 01	To Balance b/d	54,000	2016 Dec 31	By Depreciation A/c	5,400
			2016 Dec 31	By Balance c/d	48,600
		54,000			54,000
2016 Jan 01	To Balance b/d	48,600	2017 Dec 31	By Depreciation A/c	2,430
			2017 Dec 31	By Bank A/c	28,600
			2017 Dec 31	By Profit & LossA/c	17,570
		48,600			48,600

Dr. Profit and Loss A/c for the year ending 31.12.2016 Cr.
Particulars	Rs.	Particulars	Rs.
To Gross loss	60,000	By Dividend received	3,000
To Promotional expenses	5,000	By Rent received	4,000
To Distribution expenses	15,000	By Net Loss	1,02,000
To Commission paid	7,000	(Transferred to capital account)
To Interest on loan paid	5,000
To Packing charges	4,000
To Printing and Stationery	2,000
To Legal charges	5,000
To Bad debts	1,000
To Loss by fire	3,000
To Depreciation	2,000
	1,09,000		1,09,000

Journal Entries
S.No.	Particulars		Debit Rs	Credit Rs
(a)	Machinery A/c	Dr.	3,000
	To Purchases A/c			3,000
	(Correction of wrong debit to purchases A/c for Machinery purchased)
(b)	Commission A/c	Dr.	200
	To Interest A/c			200
	(Correction of wrong credit to commission A/c for interest received)
(c)	Salary A/c	Dr.	1,000
	To Tamil Selvan A/c			1,000
	(Salary paid to Tamil Selvan was debited to his personal account is now corrected)
(d)	Sales A/c	Dr.	300
	To Furniture A/c			300
	(Being sale of furniture costing Rs 5,000 was credited to sales A/c, now rectified)
(e)	Purchases A/c	Dr.	800
	To Soundarapandian A/c			800
	(Being goods purchased frdm Soundarapandian were not received in the books of accounts, now rectified)

S.No.	Transactions	Classification
i)	Audit fees paid Rs.10,000.	Revenue expenditure
ii)	Labour welfare expenses Rs.5,000.	Revenue expenditure
iii)	Rs.2,000 paid for servicing the company vehicle	Revenue expenditure
iv)	Repair to furniture purchased second hand Rs.3,000.	Capital expenditure
v)	Rent paid for the factory	Revenue expenditure

Particulars	Amount Rs	Amount Rs
Bank overdraft as per cash book		20,000
Add: Cheque deposited but not yet credited	4,000
Interest on overdraft	2,000
Amount wrongly debited by bank	300
Cheque deposited but dishonoured	2,000	8,300
		28,300
Less: Cheques issued but not yet credited	1,000
Rent collected by bank	500
Cheque issued but dishonoured	5,000	6,500
Overdraft as per bank statement		21,800

Dr. In the Books of Ramalingam Cash Book (Single column) Cr.
Date	Receipts	Amount Rs	Date	Payments	Amount Rs
2017 July			2017 July
1	To Balance c/d	32,000	6	By Packing Charges A/c	300
5	To Keerthana A/c	5,000	7	By Purchases A/c	12,400
8	To Sales A/c	2,600	10	By Salary A/c	7,000
27	To Bank A/c	2,000	11	By Bala A/c	3,000
			24	By Bank A/c	4,000
			31	By Office rent A/c	6,000
			31	By Balance c/d	8,900
		41,600			41,600
Aug 1	To Balance b/d	8,900

**In the Books of Purchases Book**
Date	Particulars	Inward Invoice No.	L.F.	Amount
Date	Particulars	Inward Invoice No.	L.F.	Details (Rs)	Total (Rs)
2017 April 1	Prasad
	100 meters silk @ Rs. 450			45,000
	75 meters velvet @ Rs. 180			13,500
April 20	Hari Ram & Sons
	50 rolls kada cloth @ Rs. 730			36,500
	80 rolls cotton cloth @ Rs. 650			52.000	88,500
	Purchases A/c Dr.				1,47,000

Note: The transaction of Cash sales on April 24 should not be recorded in this book.

**In the Books of Sales Book**
Date	Particulars	Outward Invoice No.	L.F	Amount
Date	Particulars	Outward Invoice No.	L.F	Details (Rs)	Total (Rs)
2017 April 10	Rathinam
	60 meters silk @ Rs. 490			29,400
	50 meters velvet @ Rs. 210			10,500
	Sales to Rathinam				39,000
April 18	Nathan & Sons
	100 meters silk @ Rs. 510				51,000
	Sales A/c Cr.				90,900

Dr. Ledger Account Cash Account Cr.
Date	Particulars	J.F.	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 June 1	To Raja Capital A/c		50,000	2017 June 15	By Purchases Alc		4,000
	To SalesAlc		8,000	31	By Balance c/d		54,000
			58,000				58,000
2017 July 1	To Balance bid		54,000

Dr. Raja Capital Account Cr.
Date	Particulars	J.F.	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 June 30	To Balance c/d		50,000	2017 June 1	By Cash A/c		50,000
			50,000				50,000
				2017 July 1	By Balance b/d		50,000

Dr. Sales Account Cr.
Date	Particulars	J.F.	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 June 30	To Balance c/d		17,000	2017 June 6	By Cash A/c		8,000
				8	By Devi A/c		9,000
			17,000				17,000
				2017 July 1	By Balance b/d		17,000

Dr. Devi Account Cr.
Date	Particulars	J.F.	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 June 8	To Sales A/c		9,000	2017 June 31	By Balance c/d		9,000
			9,000				9,000
2017 July 1	To Balance b/d		9,000

Dr. Purchases Account Cr.
Date	Particulars	J.F.	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 June 15	To Cash A/c		4,000	2017 June 30	By Balance c/d		9,000
20	To Shanthi A/c		5,000
			9,000				9,000
2017 July 1	To Balance b/d		9,000

Dr. Shanthi Account Cr.
Date	Particulars	J.F.	Amount Rs.	Date	Particulars	J.F.	Amount Rs.
2017 June 31	To Balance c/d		5,000	2017 June 20	By Purchases A/c		5,000
			5,000				5,000
				2017 July 1	By Balance b/d		5,000

In the books of Rohini Trial Balance as on 31.03.2016
S.No	Name of account	Debit balance Rs	Credit balance Rs
1.	Capital		60,000
2.	Discount received		3,250
3.	Purchases	58,000	10,000
4.	Plant and machinery	40,000
5.	Advertising expenses	5,000
6.	Sales		82,000
7.	Lighting	800
8.	Drawings	5,250
9.	Car expenses	1,200
10.	Motorcar	35,000	55,350
	Total	1,45,250	1,45,250

10.

S.No.	Transaction	Cash Rs.	Stock Rs.	Total Assets Rs.	=	Total Liabilities Rs.	Capital Rs.
a)	Started business with cash	+80,000					+80,000
	Balance	+80,000					+80,000
	Equation			+80,000	=	+80,000
b)	Cash purchases	-30,000	+30,000
	Balance	+50,000	+30,000				+80,000
	Equation			+80,000	=	+80,000
c)	Paid salaries by cash	-5,000					-5,000
	Balance	+45,000	+30,000				+75,000
	Equation			+75,000	=	+75,000
d)	Deposited money in CDM	-5,000	+5,000
	Balance	+40,000	+35,000				+75,000
	Equation			+75,000	=	+75,000
e)	Introduced additional capital	+10,000					+10,000
	Balance	+50,000	+35,000				+85,000
	Equation			+85,000	=	+85,000