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Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:   Cr. (Rs.)   Dr. (Rs.)   10,000   46,000   1,50,200   3,400   22,660   600   38,600   840   1,640   280   3,300   4,000   200 29,000   Drawings   Stack on 01/01/2019   Purchases and Purchases Returns   Cash in Hand   Bank Balance   Freehold Premises   Trade Expenses Printing, stationery and Advertising   Professional Charges   Commission Received   Investments as on 1" Jan. @ 10% Interest on above   Sundry Debtors and Creditors Wages   Salaries Capital   Income Tax Discount allowed and received   Sales Returns and Sales   Bills Receivable /Bills Payable   Office furniture   Rent, Rates and Insurance Bad Debts Provisions   Total Adjustments:   36,000   25,000   14,000   1,14,000   1,600   6,300   550 3.200   4,600   2,08,950   10,000   3,050   4,000   670 3.71,320   3,71,320   (a) Provide for wages Rs. 5,000.   (b) Write Off 5% depreciation on freehold premises and 10% on office furniture.   (c) Insurance to the extent of Rs. 200 relates to 2021.   (d) Stock on 31.12.2020 is Rs. 5,20,00 (e) Charge interest on capital 5% and on drawings Rs. 300.   (1) Further bad debts are Rs. 1.000.   (g) Provide for doubtful debts @ 5% on sundry debtors   (h) Make provisions for discount on debtors and reserve for discount on creditors @2%.

Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:   Cr. (Rs.)   Dr. (Rs.)   10,000   46,000   1,50,200   3,400   22,660   600   38,600   840   1,640   280   3,300   4,000   200 29,000   Drawings   Stack on 01/01/2019   Purchases and Purchases Returns   Cash in Hand   Bank Balance   Freehold Premises   Trade Expenses Printing, stationery and Advertising   Professional Charges   Commission Received   Investments as on 1" Jan. @ 10% Interest on above   Sundry Debtors and Creditors Wages   Salaries Capital   Income Tax Discount allowed and received   Sales Returns and Sales   Bills Receivable /Bills Payable   Office furniture   Rent, Rates and Insurance Bad Debts Provisions   Total Adjustments:   36,000   25,000   14,000   1,14,000   1,600   6,300   550 3.200   4,600   2,08,950   10,000   3,050   4,000   670 3.71,320   3,71,320   (a) Provide for wages Rs. 5,000.   (b) Write Off 5% depreciation on freehold premises and 10% on office furniture.   (c) Insurance to the extent of Rs. 200 relates to 2021.   (d) Stock on 31.12.2020 is Rs. 5,20,00 (e) Charge interest on capital 5% and on drawings Rs. 300.   (1) Further bad debts are Rs. 1.000.   (g) Provide for doubtful debts @ 5% on sundry debtors   (h) Make provisions for discount on debtors and reserve for discount on creditors @2%.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 104.4C
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Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:

 

Cr. (Rs.)

 

Dr. (Rs.)

 

10,000

 

46,000

 

1,50,200

 

3,400

 

22,660

 

600

 

38,600

 

840

 

1,640

 

280

 

3,300

 

4,000

 

200 29,000

 

Drawings

 

Stack on 01/01/2019

 

Purchases and Purchases Returns

 

Cash in Hand

 

Bank Balance

 

Freehold Premises

 

Trade Expenses Printing, stationery and Advertising

 

Professional Charges

 

Commission Received

 

Investments as on 1" Jan. @ 10% Interest on above

 

Sundry Debtors and Creditors Wages

 

Salaries Capital

 

Income Tax Discount allowed and received

 

Sales Returns and Sales

 

Bills Receivable /Bills Payable

 

Office furniture

 

Rent, Rates and Insurance Bad Debts Provisions

 

Total Adjustments:

 

36,000

 

25,000

 

14,000

 

1,14,000

 

1,600

 

6,300

 

550 3.200

 

4,600

 

2,08,950

 

10,000

 

3,050

 

4,000

 

670 3.71,320

 

3,71,320

 

(a) Provide for wages Rs. 5,000.

 

(b) Write Off 5% depreciation on freehold premises and 10% on office furniture.

 

(c) Insurance to the extent of Rs. 200 relates to 2021.

 

(d) Stock on 31.12.2020 is Rs. 5,20,00 (e) Charge interest on capital 5% and on drawings Rs. 300.

 

(1) Further bad debts are Rs. 1.000.

 

(g) Provide for doubtful debts @ 5% on sundry debtors

 

(h) Make provisions for discount on debtors and reserve for discount on creditors @2%.

4G+ 8:12 AM | 0.0KB/s Vo LTE 99% Rishabh Ttn SIGNMENT Course Cod4 minutes ago 04 Accounting for Managers МMPC-004/TMA 2021-22 Course Title Assignement Code : Coverage All Blocks Note: Attempt all questions and submit this assignment to the coordinator of your study centre. Last date of submission for July 2021 Session is 30“ November 2021 and for January 2022 Session is 30" April 2022. Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the ended 31" December, 2020 and Balance Sheet as on that date: year Dr. (Rs.) Cr. (Rs.) Drawings Stock on O1/01/2019 Purchases and Purchases Returns 10,000 46,000 1,50,200 3,400 22,660 38,600 600 Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received 840 1,640 280 3,300 Investments as on 1" Jan. @ 10% Interest on above 4,000 200 29,000 Sundry Debtors and Creditors Wages Salaries 36,000 25,000 14,000 Capital Income Tax Discount allowed and received Sales Returns and Sales 1,14,000 1,600 6,300 S50 4,600 2,08,950 10,000 Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions 3,200 3,050 4,000 670 Total 3,71,320 3,71,320 Adjustments: (a) Provide for wages Rs. 5,000. (b) Write Off S% depreciation on freehold premises and 10% on office furniture. (c) Insurance to the extent of Rs. 200 relates to 2021. (d) Stock on 31.12.2020 is Rs. 5,20,00. (e) Charge interest on capital 5% and on drawings Rs. 300. (f) Further bad debts are Rs. 1,000. (g) Provide for doubtful debts e 5% on sundry debtors. (h) Make provisions for discount on debtors and reserve for discount on creditors @2%. Q2. What is activity based costing (ABC)? How product costs are determined in ABC? Discuss the benefits of ABC. Q3. What is variance? Explain the need for variance control and discuss the importance of variance control in operational and management control. Q4. From the following information presented by a firm for the year ended 31" December, prepare the Balance Sheet: Sales to Net Worth Current Liabilities to Net Worth Total Debts to Net Worth Fixed Assets to Net Worth Current Ratio Sales to Stock 5 Times 50% 60% 60% 2. 1OTimes
Transcribed Image Text:4G+ 8:12 AM | 0.0KB/s Vo LTE 99% Rishabh Ttn SIGNMENT Course Cod4 minutes ago 04 Accounting for Managers МMPC-004/TMA 2021-22 Course Title Assignement Code : Coverage All Blocks Note: Attempt all questions and submit this assignment to the coordinator of your study centre. Last date of submission for July 2021 Session is 30“ November 2021 and for January 2022 Session is 30" April 2022. Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the ended 31" December, 2020 and Balance Sheet as on that date: year Dr. (Rs.) Cr. (Rs.) Drawings Stock on O1/01/2019 Purchases and Purchases Returns 10,000 46,000 1,50,200 3,400 22,660 38,600 600 Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received 840 1,640 280 3,300 Investments as on 1" Jan. @ 10% Interest on above 4,000 200 29,000 Sundry Debtors and Creditors Wages Salaries 36,000 25,000 14,000 Capital Income Tax Discount allowed and received Sales Returns and Sales 1,14,000 1,600 6,300 S50 4,600 2,08,950 10,000 Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions 3,200 3,050 4,000 670 Total 3,71,320 3,71,320 Adjustments: (a) Provide for wages Rs. 5,000. (b) Write Off S% depreciation on freehold premises and 10% on office furniture. (c) Insurance to the extent of Rs. 200 relates to 2021. (d) Stock on 31.12.2020 is Rs. 5,20,00. (e) Charge interest on capital 5% and on drawings Rs. 300. (f) Further bad debts are Rs. 1,000. (g) Provide for doubtful debts e 5% on sundry debtors. (h) Make provisions for discount on debtors and reserve for discount on creditors @2%. Q2. What is activity based costing (ABC)? How product costs are determined in ABC? Discuss the benefits of ABC. Q3. What is variance? Explain the need for variance control and discuss the importance of variance control in operational and management control. Q4. From the following information presented by a firm for the year ended 31" December, prepare the Balance Sheet: Sales to Net Worth Current Liabilities to Net Worth Total Debts to Net Worth Fixed Assets to Net Worth Current Ratio Sales to Stock 5 Times 50% 60% 60% 2. 1OTimes
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