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  • Assignment I - Journal Q.1 Journalize the following relating to April 2009:

    Particulars Rs.

    1. R. started business with 1,00,000

    2. He purchased furniture for 20,000

    3. Paid salary to his clerk 1,000

    4. Paid rent 5,000

    5. Received interest 2,000

    Q.2 Journalize transactions of M/s X & Co. for the month of March 2009 on the

    basis of double entry system:

    1. X introduced cash Rs. 4,00,000.

    2. Cash deposited in the Citibank Rs. 2,00,000.

    3. Cash loan of Rs. 50,000 taken from Y.

    4. Salaries paid for the month of March 2009, Rs. 30,000 and Rs. 10,000 is still

    payable for the month of March 2009.

    5. Furniture purchased Rs. 50,000.

    Q.3 Journalize the following transactions.

    1. December 1, 2008, Ajit started-business with cash Rs. 4,00,000.

    2: December 3, he paid into the bank Rs. 20,000.

    3. December 5, he purchased goods for cash Rs. 1,50,000.

    4. December 8, he sold goods for cash Rs. 60,000.

    5. December 10, he purchased furniture and paid by cheque Rs. 50,000.

    6. December 12, he sold goods to Arvind Rs. 40,000.

    7. December 14, he purchased goods from Amrit Rs. 1,00,000.

    8. December 15, he returned goods to Amrit Rs. 50,000.

    9. December 16, he received from Arvind Rs. 39,600 in full settlement.

    10. December 18, he withdrew goods for personal use Rs. 10,000.

    11. December 20, he withdrew cash from business for personal use Rs. 20,000.

    12. December 24, he paid telephone charges Rs. 10,000.

    13. December 26, cash paid to Amrit in full settlement Rs. 49,000.

    14. December 31, paid for stationery Rs. 2,000, rent Rs. 5,000 and salaries to staff

    Rs. 20,000.

    15. December 31, goods distributed by way of free samples Rs. 10,000.

  • 16. December 31, wages paid for erection of Machinery Rs. 80,000.

    17. Personal income tax liability of X of Rs. 17,000 was paid out of petty cash of

    business. 18. Purchase of goods from Naveen of the list price of Rs. 20,000. He allowed 10%

    trade discount, Rs. 500 cash discount was also allowed for quick payment.

    Q 4 Transactions of Ramesh for April are given below. Journalize them.

    2009 Rs.

    April 1 Ramesh started business with 1,00,000

    April 2 Paid into bank 70,000

    April 3 Bought goods for cash 5,000

    April 5 Drew cash from bank for credit 1,000

    April 13 Sold to Krishna goods on credit 1,500

    April 20 Bought from Shyam goods on credit 2,250

    April 24 Received from Krishna 1,450

    Allowed him discount 50

    April 28 Paid Shyam cash 2,150

    Discount allowed 100

    April 30 Cash sales for the month 8,000

    Paid Rent 500

    Paid Salary 1,000

  • Assignment II - Ledger Q. 1 Prepare the Stationery Account of a firm for the year ended December 31, 2008:

    2008 Particulars Rs.

    January 1 Stock in hand 480

    April 5 Purchase of stationery by cheque 800

    November 15 Purchase of stationery on credit from Five Star Stationery Mart 1,280

    December 31 Stock in hand 240

    Q.2 Prepare a ledger from the following transactions in the books of a trader

    Debit Balance on January 1, 2008:

    Cash in Hand Rs. 8,000, Cash at Bank Rs. 25,000, Stock of Goods Rs. 20,000, Building Rs.

    10,000. Sundry Debtors: Vijay Rs. 2,000 and Madhu Rs. 2,000.

    Credit Balances on January 1, 2008:

    Sundry Creditors: Anand Rs. 5,000.

    Following were further transactions in the month of January 2008:

    January 1 Purchased goods worth Rs. 5,000 for cash less 20% trade discount and 5%

    cash discount.

    January 4 Received Rs. 1,980 from Vijay and allowed him Rs. 20 as discount.

    January 8 Purchased plant from Mukesh for Rs. 5,000 and paid Rs. 100 as cartage for

    bringing the plant to the factory and another Rs. 200 as installation charges.

    January 12 Sold goods to Rahim on credit Rs. 600.

    January 15 Rahim became insolvent and could pay only 50 paise in a rupee.

    January 18 Sold goods to Ram for cash Rs. 1,000.

    Q. 3 The following data is given by Mr. S, the owner, with a request to compile only the two

    personal accounts of Mr. H and Mr. R, in his ledger, for the month of April 2008.

    1 Mr. S owes Mr. R Rs. 15,000; Mr. H owes Mr. S Rs. 20,000.

    4 Mr. R sold goods worth Rs. 60,000 @ 10% trade discount to Mr. S.

    5 Mr. S sold to Mr. H goods prices at Rs.30,000.

    17 Record purchase of Rs. 25,000 net from R, which were sold to H at profit of Rs. 15,000.

    18 Mr. S rejected 10% of Mr. Rs goods of 4th April.

    19 Mr. S issued a cash memo for Rs. 10,000 to Mr. H who came personally for this

    consignment of goods, urgently needed by him.

    22 Mr. H cleared half his total dues to Mr. S, enjoying a % cash discount (of the payment

    received, Rs. 20,000 was by cheque).

    26 Rs total dues (less Rs. 10,000 held back) were cleared by cheque, enjoying a cash discount of Rs. 1,000 on the payment made.

    29 Close Hs Account to record the fact that all but Rs. 5,000 was cleared by him, by a cheque, because he was declared bankrupt.

    30 Balance Rs Account.

  • Assignment III Trial Balance Q. 1 Given below is a ledger extract relating to the business of X and Co. as on March 31, 2009.

    You are required to prepare the Trial Balance.

    Cash Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Capital A/c 10,000 By Furniture A/c 3,000

    To Rams A/c 25,000 By Salaries A/c 2,500

    To Cash Sales 500 By Shyams A/c 21,000

    By Cash Purchases 1,000

    By Capital A/c 500

    By Balance c/d 7,500

    35,500 35,500

    Furniture Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Cash A/c 3,000 By Balance c/d 3,000

    3,000 3,000

    Salaries Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Cash A/c 2,500 By Balance c/d 2,500

    2,500 2,500

    Shyams Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Cash A/c 21,000 By Purchases A/c

    (Credit Purchases)

    25,000

    To Purchase Returns A/c 500

    To Balance c/d 3,500 -

    25,000 25,000

    Purchases Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Cash A/c (Cash Purchases) 1,000 By Balance c/d 26,000

    To Sundries as per Purchases 25,000 -

  • Book (Credit Purchases)

    26,000 26,000

    Purchases Returns Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Balance c/d 500 By Sundries as per Purchases

    Return Book

    500

    500 500

    Rams Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Sales A/c (Credit Sales) 30,000 By Sales Returns A/c 100

    By Cash A/c 25,000

    By Balance c/d 4,900

    30,000 30,000

    Sales Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Balance c/d 30,500 By Cash A/c (Cash Sales) 500

    By Sundries as per Sales Book

    (Credit sales) 30,000

    30,500 30,500

    Sales Returns Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Sundries as per Sales

    Return Book 100

    By Balance c/d 100

    100 100

    Capital Account

    Dr. Cr.

    Particulars Rs. Particulars Rs.

    To Cash A/c 500 By Cash A/c 10,000

    To Balance c/d 9,500 -

    10,000 10,000

  • Q.2 From the following ledger balances, prepare a trial balance of Anuradha Traders as on

    March 31, 2009:

    Account Head Rs.

    Capital 1,00,000

    Sales 1,66,000

    Purchases 1,50,000

    Sales return 1,000

    Discount allowed 2,000

    Expenses 10,000

    Debtors 75,000

    Creditors 25,000

    Investments 15,000

    Cash at bank and in hand 37,000

    Interest received on investments 1,500

    Insurance paid 2,500

    Q.3 One of your clients, X has asked you to finalize his accounts for the year ended March 31,

    2009. Till date, he himself has recorded the transactions in books of accounts. As a basis for

    audit, X furnished you with the following statement.

    Dr. Balance Cr. Balance

    Xs Capital 1,556

    Xs Drawings 564

    Leasehold premises 750

    Sales 2,750

    Due from customers 530

    Purchases 1,259

    Purchases return 264

    Loan from bank 256

    Creditors 528

    Trade expenses 700

    Cash at bank 226

    Bills payable 100

    Salaries and wages 600

    Stock (1.4.2008) 264

    Rent and rates 463

    Sales return 98

    5,454 5,454

    The closing stock on March 31, 2009 was valued at Rs. 574. X claims that he has recorded every

    transaction correctly as the trial balance is tallied. Check the accuracy of the above trial balance.

  • Assignment IV Final Accounts

    Q.1 From the following information, prepare a Trading Account of M/s. ABC Traders for the

    year ended March 31, 2009: Rs.

    Opening Stock 1,00,000

    Purchases 6,72,000

    Carriage Inwards 30,000

    Wages 50,000

    Sales 11,00,000

    Returns inward 1,00,000

    Returns outward 72,000

    Closing stock 2,00,000

    Q.2 Revenue expenses and gross profit balances of M/s ABC Traders for the year ended on

    March 31, 2009 were as follows:

    Gross Profit Rs. 4,20,000, Salaries Rs. 1,10,000, Discount (Cr.), Rs. 18,000, Discount (Dr.) Rs.

    19,000, Bad Debts Rs. 17,000, Depreciation Rs. 65,000, Legal Charges Rs. 25,000, Consultancy

    Fees Rs. 32,000, Audit Fees Rs. 1,000, Electricity Charges Rs. 17,000, Te