Model Problems on ------Final Accounts

Sr Problems
No
.
Q.1

Remark

From the following T/B extracted from the books of M/s

Jayshree Traders, prepare Trading and P&L A/C for the
year ended 31.03.2014 and prepare a B/S as on date.
The Stock on 31.03.14 was valued at Rs.5000.
Trial Balance
As on 31.03.14

Name of the Account

Stock as on 01.04.13
Purchases and Sales
Wages
Carriage Inward
Import Duty on Purchases
Returns
Discount Allowed and Received
Salaries
Advertisement
Rent and Taxes
Interest
Prov for Bad and Doubtful Debts
General Expenses
Printing and Staionery and Postage
Proprietors Capital and Drawings
A/C
Cash in Hand
Bills Receivable and Payable
Sundry Debtors and Creditors
Balalnce with Bank of Baroda
Furniture and Fixtures
Building

Debit [Rs.]
80,000
2,75,200
8,000
2,500
2,000
3,750
200
15,000
2,500
2,000
0
0
1,450
900
12,500
100
2,000
20,000
4,700
4,000
18,000

Credit[Rs.]
-3,80,000
---2,000
300
---300
1,500
--61,300
-1400
8,000
----

Total

4,54,800

4,54,800

Ans:
G.PRs.15,55
0
N.Loss
Rs.9,100
B/S
Rs.49,35
0.

You are given the following further information:--i)Interest of Rs.150 was due from bank but it was not received.
ii)It was decided to increase Reserve for bad and doubtful to
Rs.2800 after writing off Rs.500 as bad debts during the year.
iii)Provide depreciation @5% p.a on building and @10% p.a on
furniture and fixture.
iv)A bill of Rs.250 for printing of Advertisement in newspaper
remained unpaid at the end of the year.

Sr Problems

Remark

No
.
Q.2

Following were the balances extracted from the books of

Woodland Enterprise as on 31.03.2014:----Trial Balance
As on 31.03.14
Name of the Account

Debit [Rs.]

Credit[Rs.]

Cash in Hand
Cash at Bank
Purchases
Returns Inward and Returns
Outward
Wages
Fuel and Power
Carriage on Sales
Carriage on Purchases
Op Stock
Building
Freehold Land
Machinery
Salaries
Patents
General Expenses
Insurance
Drawings and Capital Account
Sundry Debtors and Sundry
Creditors
Sales
Rent

540
2,630
40,675
680
8,480
4,730
3,200
2,040
5,760
32,000
10,000
20,000
15,000
7,500
3,000
600
5,245
14,500
98,780
-----

------500
------------------------62,000
6,300
---9,000

Total

You are given the following further information.You are

required to prepare the Trading and P& L A/C for the year
ending 31.03.14 and B/S of the firm as on 31.12.14:--i)Stock in hand as on 31.03.14 was Rs.6,800.
ii)Machinery to be depreciated @10% and patents
@20%.
iii)Salaries for the month of March 2014 amounting to
Rs.1500 were O/S.
iv)Insurance includes a premium of Rs.170 on a policy
expiring on 30.09.2014.
v)Further bad debts are Rs.725.Create a provision of 5%
on Debtors.

Ans:
G.PRs.43,7
15
N.P
Rs.25,5
86
B/S
Rs.90,1
41.

vi)Rent receivable Rs.1,000.

Sr Problems
No
.

Remark

Q.3 Trial balance of Mr. Gopal Das as on 31, March 2013

was as follows:
PARTICULARS
Purchase/Sales
Provision for Doubtful debts
Sundry Debtors/Sundry Creditors
Bills Payable
Opening Stock
Wages
Salaries
Furniture
Postage
Rent and Fuel
Trade Expenses
Bad Debts
Loan to Ram@10% (1.12.2012)
Cash in Hand and Bank
Trade Expenses Accrued but not
paid
Drawings/Capital
Outstanding wages

DEBIT

CREDIT

8,12,525 12,62,000
26,000
2,51,000 1,52,630
19,750
1,33,625
1,15,685
27,875
36,250
21,130
6750
29,155
2625
15,000
50,000
3500
22,260
50,000
10,000
15,23,88 15,23,880
0

Prepare Trading and Profit & loss a/c for the year ended
on 31.03.2013 and Balance sheet as at that date after
taking into consideration the following information:
1. Stock on 31.03.2013 was Rs. 62,750.
2. Depreciation on Furniture is to be charged @ 10%.
3. Provision for doubtful debt is to be maintained 5% on
sundry debtors.
4. Sundry debtors include an item Rs. 2500 due from a
customer who has become insolvent.
5. Goods of the value of Rs.7500 have been destroyed by
fire and insurance company admitted a claim for Rs.
5000.
6. Received Rs.6000 worth of goods on 27th march, 2013
but the invoice of purchases was not recorded in

Ans:
G.PRs.2,63,6
65
N.P
Rs.1,88,3
30
B/S
Rs.4,01,9
50

purchase book.