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

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Questions:

Generic 5

5 x 5 = 25

The Balance sheet of Thapar on 1^st January 2011 was as follows:

Liabilities	Amount Rs.	Assets	Amount Rs.
Trade payables	15,000	Plant & Machinery	30,000
Expenses payable	1,500	Furniture & Fixture	3,000
Capital	50,000	Inventories	13,000
		Trade receivables	14,000
		Cash at Bank	6,500
	66,500		66,500

During 2011, his Profit and loss account revealed a net profit of Rs.15,300. This was after allowing for the following:
(a) Interest on Capital @ 6% p.a.
(b) Depreciation on Plant and Machinery @ 10% and on Furniture and Fixtures @ 5%.
(c) A provision for doubtful debts @ 5% of the trade receivables as at 3pt December 2011.
But while preparing the Profit and loss account he had forgotten to provide for
(1) outstanding expenses totalling Rs.1,800 and
(2) Prepaid insurance to the extent of Rs.200.
His current assets and liabilities on 31^st December, 2011 were; Inventories Rs.14,500; Trade receivables Rs.20,000; cash at Bank Rs.10,530 and Trade payable Rs.11,400.
During the year he withdrew Rs.6,000 for domestic use, Draw up his balance sheet at the end of the year.

Trial balance of Anuradha agencies as on 31-03-2012.

Debit balances	Amount Rs.	Credit balances	Amount Rs.
Drawings	1,800	Capital	80,000
Buildings	15,000	General reserve	20,000
Furniture & Fittings	7,500	Loan from Hari @ 6%	15,000
Computer	25,000	Sales	1,00,000
Interest on loan	900	Commission received	7,500
Loose tools	6,100	Sundry creditors	10,000
Purchases	75,000
Stock on 1-4-2011	25,000
General expenses	15,000
Freight inward	2,000
Freight outward	1,000
Sundry debtors	28,000
Bank	20,200
Goodwill	10,000
	2,32,500		2,32,500

Adjustments:
(i) Closing stock is Rs.32,000
(ii) Depreciate computer @ 10%; buildings @5%; furniture and fittings @ 10%
(iii) Provide for bad and doubtful debts @ 5% and for-discount on debtors @ 2%
(iv) Provide interest on drawings @ 6% and on capital @ 8%
Prepare final accounts for the said period after giving effect to the adjustments.

From the under mentioned trial balance of Mr. Saleem as on 31-03-2018. Prepare trading and profit and loss account and balance sheet as on the date.

Trial Balance
Debit balances	Amount Rs.	Credit balances	Amount Rs.
Cash in hand	1,500	Capital	80,000
Purchases	1,20,000	Bank loan @ 4%	20,000
Opening stock	40,000	Bills payable	25,000
Sundry debtors	60,000	Sundry creditors	25,000
Plant and Machinery	50,000	Sales	2,00,000
Furniture	20,000	Provision for bad and
Bills receivable	15,000	doubtful debts	1,500
Rent and taxes	10,000	Interest	1,000
Wages	16,000
Salaries	20,000
	3,52,500		3,52,500

Additional Information Supplied :
(i) Closing stock Rs.50,000
(ii) Provide for outstanding liabilities
Rent and taxes Rs.2,000
Wages Rs.3,000
Salaries Rs.4,000
(iii) Depreciation on plant and machinery @ 5% and on furniture @ 10%.
(iv) Provide 4% interest on bank loan.
(v) Write off bad debts Rs.2,000

The following is the Trial balance extracted from the books of Mr. Mohan as on 31-12-2017. Prepare Trading and Profit and loss account and Balance sheet on 31-12-2017.

Debit balances	Amount Rs.	Credit balances	Amount Rs.
Buildings	30,000	Capital	40,000
Machinery	31,400	Purchase return	2,000
Furniture	2,000	Sales	2,80,000
Motor Car	16,000	Sundry creditors	9,600
Purchases	1,88,000	Discount received	1,000
Sales returns	1,000	Provision for bad and
Sundry debtors	30,000'	and doubtful debts	600
General expenses	1,600
Cash at bank	9,400
Rates and Taxes	1,200
Bad debts	400
Insurance premium	800
Discount allowed	1,400
Opening stock	20,000
	3,33,200		3,33,200

Adjustments:
(i) Outstanding rates and taxes Rs.1,600
(ii) Insurance premium prepaid Rs.200
(iii) Maintain provision for bad and doubtful debts at 5% on debtors,
(iv) Depreciate Motor Car by 10%. Furniture by 4% and Buildings by 3%.
(v) Stock on 31-12-2017 Rs.20,000.

The Trial balance shows on 31-03-2012 Sundry debtors 1,25,000.
Adjustments:
(i) Bad debts to.be written off Rs. 5,000
(it) Provide @ 5% provision for bad and doubtful debts and
(iii) Provide @ 2% provision for Discount on debtors.
Pass entries and show how these items will appear in the Final accounts.

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Answers Key:

Generic 5

5 x 5 = 25

Dr. Profit and loss account Cr.
Particulars	Amount Rs.	particulars	Amount Rs.
To outstanding expenses	1,800	By Balance b/d	15,300
To Net profit	13,700	By Prepaid Insurance	200
	15,500		15,500

Balance Sheet of Thapar as on 31^st December 2011
Liabilities	Amount Rs.	Amount Rs.	Assets	Amount Rs.	Amount Rs.
Capital	50,000		Cash at Bank		10,350
Add: Net Profit	13,700		Trade receivables	20,000
	63,700		Less: Provision for doubtful
Add: Interest on Capital	3,000		debts	1,000	19,000
	66,700		Plant and Machinery	30,000
Less: Drawings	6,000	60,700	Less: Depreciation	3,000	27,000
Outstanding expenses		1,800	Furniture and Fixtures	3,000
Trade payables		11,400	Less: Depreciation	150	2,850
			Inventories		14,500
			Prepaid Insurance		200
		73,900			73,900

Dr. Trading and profit ad loss account of Anuradha agencies for the year ended 31^st March 2012 Cr.
Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.
To Opening stock		25,000	By Sales	1,00,000
To Purchases		75,000	By Closing stock	32,000
To Freight inward		2,000
To Gross profit c/d		30,000
(Transferred to profit and loss account)
		1,32,000		1,32,000
To Interest on loan		900	By Gross profit b/d	30,000
To General expenses		15,000	(Transferred from trading account)
To Freight outward		1,000
To Provision for bad and doubtful debt @ 5%			By Commission received	7,500
		1,400	By Interest on Drawings	108
To Provision for discount on debtors 2%		532	[1800 x \(\frac{6}{100}\)]
To Interest on Capital		6,400
[80,000 x \(\frac{8}{100}\)]
To Depreciation on
Computer [25,000 x \(\frac{10}{100}\)]	2,500
Building [15,000 x \(\frac{5}{100}\)]	750
Furniture and fittings [75,000 x \(\frac{10}{100}\)]	750	4,000
To Net profit (To be transferred to capital account)
		37,608		37,608

Balance Sheet of Ms. Anuradha agencies as on 31st March 2012
Liabilities	Amount Rs.	Amount Rs.	Assets	Amount Rs.	Amount Rs.
Capital	80,000		Cash at Bank		20,200
Add: Net profit	8,376		Sundry debtors	28,000
	88,376		Less: Provision for bad and
Add: Interest on Capital			doubtful debts @ 5%	1,400
@ 8%	6,400			26,600
	94,776		Less.: Provision for discount
Less: Drawings	1,800		on debtors @ 2%	532	26,068
	92,976		Buildings	15,000
Less: Interest on drawings			Less: Depreciation @ 5%	750	14,250
@ 6%	108	92,868	Furniture and fittings	7,500
Sundry creditors		10,000	Less: Depreciation @ 10%	750	6,750
Loan from Hari @ 6%		15,000	Computer	25,000
General reserve		20,000	Less: Depreciation @ 10%	2,500	22,500
			Loose Tools		6,100
			Goodwill		10,000
			Closing stock		32,000
		1,37,868			1,37,868

Dr. Trading and profit ad loss account of Mr. Saleem for the year ended 31st March.2018 Cr.
Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.
To Opening stock		40,000	By Sales	2,00,000
To Purchases		1,20,000	By Closing stock	50,000
To Wages	16,000
Add: Outstanding	3,000	19,000
To Gross profit c/d		71,000
(Transferred to profit and loss account)
		2,50,000		2,50,000
To Rent and taxes	10,000		By Gross profit b/d	71,000
Add: Outstanding	2,000	12,000	(Transferred from trading account)
To Salary	20,000
Add: Outstanding	4,000	24,000	By Interest	1,000
To Depreciation on plant & machinery @ 5%	2,500
Furniture @ 10%	2,000	4,500
To Bad debts written off	2,000
Less: Old provision	1,500	500
To Interest on bank loan \(\left[ 20,000\times \frac { 4 }{ 100 } \right] \)		800
To Net profit		30,200
(To be transferred to capital account)
		72,000		72,000

Balance Sheet of Mr.Saleem as on 31st March 2018
Liabilities	Amount Rs.	Amount Rs.	Assets	Amount Rs.	Amount Rs.
Capital	80,000		Cash in hand		1,500
Add: Net profit	30,200	1,10,200	Bills receivable		15,000
Sundry creditors		25,000	Sundry debtors	60,000
Bills payable		25,000	Less: Bad debts written off	2,000	58,000
Bank loan @ 4%	20,000		Plant and Machinery	50,000
Add: Outstanding interest	800	20,800	Less: Depreciation @ 5%	2,500	47,500
Outstanding liabilities:			Furniture	20,000
Rent and taxes	2,000		Less: Depreciation @ 10%	2,000	18,000
Wages	3,000		Closing stock		50,000
Salaries	4,000	9,000
		1,90,000			1,90,000

Dr. Trading and profit ad loss account for the year ended 31^st December 2017 Cr.
Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.	Amount Rs.
To Opening stock		20,000	By Sales	2,80,000
To Purchases	1,88,000		Less: Sales returns	1,000	2,79,000
Less: Purchase returns	2,000	1,86,000	By Closing stock		20,000
To Gross profit c/d (Transferred to profit and loss account)		93,000
		2,99,000			2,99,000
To General expenses		1,600	By Gross profit b/d		93,000
To Rates and taxes	1,200		(Transferred from trading
Add: Outstanding	1,600	2,800	account A/c
To Bad debts	400		By Discount received		1,000
Add: New provision for bad and doubtful debt \(\left[ 30,000\times \frac { 5 }{ 100 } \right] \)	1,500
	1,900
Less: Old provision for bad and doubtful debts	600	1,300
To Insurance premium	800
Less: prepaid	200	600
To Discount allowed		1,400
To Depreciation on Motor Carby 10%	1,600
Furniture by 4%	80
Buildings by 3%	900	2,580
To Net profit (To be transferred to capital account)		83,720
		94,000			94,000

Balance Sheet as on 31^st December 2017
Liabilities	Amount	Amoun	Assets	Amount Rs.	Amount Rs.
Capital	40,000		Buildings	30,000
Add: Net profit	83,720	1,23,720	Less: Depreciation on @ 3%	900	29,100
Sundry creditors		9,600	Machinery		31,400
Outstanding			Furniture	2,000
rates and taxes		1,600	Less: Depreciation 4%	80	1,920
			Motor Car	16,000
			Less: Depreciation	1,600	14,400
			Cash at bank		9,400
			Sundry debtors	30,000
			Less: 5% new provision for doubtful debtors	1,500	28,500
			Prepaid Insurance		200
			Closing stock		20,000
		1,34,920			1,34,920

Adjusting and Transfer Entries
Date	Particulars		Debit Rs.	Credit Rs.
2012 Mar 31	Bad debts A/c	Dr.	5,000
	To Sundry debtors A/c (Adjusting entry made)			5,000
,,	Profit and loss A/c	Dr	5,000
	To Bad debts A/c (Bad debts transferred o profit and loss A/c)			5,000
,,	Profit and Loss A/c	Dr	6,000
	To Provision for bad and doubtful debts A/c (Provision for bad and doubtful debts-1,20,000 x \(\frac{5}{100}\))			6,000
,,	Profit and Loss A/c	Dr.	2,280
	To Provision for discount on debtors A/c (Provision for discount on debtors -1,14,000 x \(\frac{2}{100}\)			2,280

Dr Profit ad Loss Account for the year ended 31^st March 2012 Cr.
Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.	Amount Rs.
To Bad debts A/c		5,000
To provision for bad and doubtful debts A/c		6,000
To provision for discount on debtors A/c		2;280

Balance Sheet as on 31st March 2012
Assets	Amount Rs.	Amount Rs.
Sundry debtors	50,000
Less: Bad debts written off	5,000
	1,20,000
Less: Provision for bad and doubtful debts	6,000
	1,14,000
Less: Provision for discount on debtors	2,280
		1,11,720