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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Book Back 5 Mark Questions with Solution Part - II

Published on: 09/06/2021

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Questions:

Generic 5

5 x 5 = 25

The following balances were extracted from the books of Thomas as on 31^st March, 2018

Particulars	Rs.	Particulars	Rs.
Purchases	75,000	Capital	60,000
Returns inward	2,000	Creditors	30,000
Opening stock	10,000	Sales	1,20,000
Freight inwards	4,000	Returns outward	1,000
Wages	2,000
Investments	10,000
Bank charges	1,000
Land	30,000
Machinery	30,000
Building	25,000
Cash at bank	18,000
Cash in hand	4,000
	2,11,000		2,11,000

Additional information:
(a) Closing stock Rs. 9,000
(b) Provide depreciation @ 10% on machinery
(c) Interest accrued on investment Rs. 2,000
Prepare trading account, profit and loss account and balance sheet.

From the following balances as on 31st December, 2017, prepare profit and loss account.

Particulars	Rs	Particulars	Rs
Gross profit	50,000	Rent received	2,000
Salaries	18,000	Discount received	3,000
Office rent paid	12,000	Carriage outwards	2,500
Advertisement	8,000	Fire insurance premium	6,500

Adjustments:
(a) Rent accrued but not yet received Rs. 500
(b) Fire insurance premium prepaid to the extent of Rs. 1,500
(c) Provide manager’s commission at 10% on profits before charging such commission.

Prepare trading account from the following ledger balances presented by P. Sen as on 31st March 2016.

Particulars	Rs.	Particulars	Rs.
Stock (1-4-2015)	10,000	Sales	3,00,000
Purchases	1,60,000	Returns inward	16,000
Wages	30,000	Returns outward	10,000
Carriage inwards	10,000	Gas and Fuel	8,000
Freight inwards	8,000

Additional information:
(a) Stock on 31st March, 2016 Rs. 20,000
(b) Outstanding wages amounted to Rs. 4,000
(c) Gas and fuel was paid in advance for Rs. 1,000.

Abstracts from the trial balance as on 31st December, 2016:

Particulars	Debit Rs.	Credit Rs.
Sundry debtors	1,04,000
Bad debts	5,000
Provision for bad and doubtful debts		2,000

Adjustments:
(i) Additional bad debts amounted to Rs. 4,000.
(ii) Create a provision for bad and doubtful debts @ 5% on sundry debtors.
Pass necessary adjusting entries and show how the different items appear in final accounts.

Abstracts from the trial balance as on 31^stMarch, 2016:

Particulars	Debit Rs.
Sundry debtors	52,000
Bad debts	1,000

Adjustments:
(i) Additional bad debts Rs. 2,000
(ii) Create 5% provision for bad and doubtful debts
You are required to pass necessary adjusting entries and show how these items will appear in final accounts.

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Answers Key:

Generic 5

5 x 5 = 25

In the books of Thomas
Dr. Trading and Profit and Loss Accounts for the year ended 31^st March, 20198 Cr.

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening stock		10,000	By Sales	1,20,000
To Purchases	75,000		Less: Returns inward	2,000	1,18,000
Less: Returns outward	1,000	74,000
To Freight inwards		4,000	By Closing stock		9,000
To Wages		2,000
To Gross profit c/d		37,000
		1,27,000			1,27,000
To Depreciation on machinery		3,000	By Gross Profit b/d		37,000
To Bank charges		1,000	By Accrued interest on investment		2,000
To Net profit (transferred to capital a/c)		35,000
		39,000			39,000

Balance Sheet as on 31^st March, 2018
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
Capital	60,000		Land		30,000
Add: Net profit	35,000	95,000	Building		25,000
Creditors		30,000	Machinery	30,000
			Less: Depreciation	3,000	27,000
			Investment	10,000
			Add: Accrued interest	2,000	12,000
			Stock-in-trade		9,000
			Cash at bank		18,000
			Cash in hand		4,000
		1,25,000			1,25,000

Dr. Profit and Loss Account for the year ended 31st December 2017 Cr.
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Salaries		18,000	By Gross profit b/d		50,000
To Office rent		12,000	By Rent received	2,000
To Advertisement		8,000	Add: Rent accrued	500	2,500
To Carriage outwards		2,500	By Discount received		3,000
To Fire insurance premium	6,500
Less: Prepaid	1,500	5,000
To Manager’s commission		1,000
To Net profit (transferred to capital account		9,000
		55,500			55,500

Working note:
Manager’s Commission = Net profit before charging commission × \(\frac{Rate \ of \ commission}{100}\)
Net profit = 55,500 – (18,000 + 12,000 + 8,000 + 2,500 + 5,000) = Rs. 10,000
Manager’s commission = 10,000 × \(\frac{10}{100}=\) 1,000

**Dr. Trading for the year ended 31st March 2016**
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening Stock		10,000	By Sales	3,00,000
To Purchases	1,60,000		Less: Returns inward	16,000	2,84,000
Less: Returns outward	10,000	1,50,000	By Closing Stock		20,000
To Wages	30,000
Add: Outstanding	4,000	34,000
To Carriage inwards		10,000
To Freight inwards		8,000
To Gas and fuel	8,000
Less: Prepaid	1,000	7,000
To Gross profit c/d		85,000
		3,04,000			3,04,000

**Working note:**
Particulars	Debit Rs.
Sundry debtors	1,04,000
Less: Additional bad debts	4,000
	1,00,000

Provision for bad and doubtful debts = Rs. 1,00,000 x 5/100 = Rs. 5,000

**Adjusting entry**
Date	Particulars		Debit Rs.	Credit Rs.
2016 Dec. 31	Bad debts A/c	Dr.	4,000
	To Sundry debtors A/c (Bad debts written off)			4,000
Dec. 31	Provision for bad and doubtful debts A/c	Dr.	9,000
	To Bad debts A/c (Bad debts transferred to provision for bad and doubtful debts account (5000 + 4000))			9,000
Dec. 31	Profit and Loss A/c	Dr	12,000
	To Provision for bad and doubtful debts A/c (Provision for bad and doubtful debts created) (9,000 + 5,000 - 2,000 = 12,000)			12,000

**Dr. Profit and loss account for the year ended 31st December 2016 Cr.**
Particulars	Rs.	Rs.
To Provision for bad and doubtful debts (closing)	5,000
Add: Bad debts	5,000
Add: Additional bad debts	4,000
	14,000
Less: Provision for bad and doubtful debts (Opening)	2,000	12,000

**Balance Sheet as on 31st December, 2016**
Assets	Rs.	Rs.
Sundry debtors	1,04,000
Less: Additional bad debts	4,000
	1,00,000
Less: Provision for bad and doubtful debts (closing)	5,000	95,000

Particulars	Rs.
Sundry debtors	52,000
Less: Additional Bad debts	2,000
	50,000

Provision for bad and doubtful debts = Rs 50,000 \(\times\) 5/100 = Rs. 2,500
Adjusting entry

Date	Particulars	Debit Rs.	Credit Rs.
2016	Bad debts A/c Dr.	2,000
March 31	To Sundry debtors A/c		2,000
	(Bad debts written off)
March 31	Profit and Loss A/c Dr.	2,500
	To Provision for bad and doubtful debts A/c		2,500
	(Provision for bad and doubtful debts created)