PARTNERSHIP ACCOUNTS &
FINAL ACCOUNTS OF SOLE PROPRIETORSHIP
TIME ALLOWED;4 HOURS TOTAL MARK
ALL QUESTIONS COMPULSORY
From the following Trial Balance and additional information,
(1s Co, a Proprietary Firm, for the year ended 31s March. prepare the Financial Statements of Kr
Morks) Trial Balance as on 31 March (in Rs. 000s)
Dr.
Capital of Krishna
Opening Stock 17
940
Machinery and Furniture 1200
|Investments in Government Bonds
Drawings 500
250
Purchases
Sales 4040
63
Wages
|office Salaries 520
nsurance 280
Stationery 36
23
|Office Rent
300
Advertisement &Marketing 30
Sundry Debtors 2050
Sundry Creditors
JAdvances from Customers 167
Cash and Bank Balances 42
21
Total 10190 10190
|Physical Stock inHand at the end of the year = Rs. 9,20,000
Ioealas include Rs. 50,000 on apprOval basiS, Tor wnich Conrirmatton is still awaited from
sold at 25%% profit on cost.
customers T
goods were
transit
. Purchases made but goods in
to the tune of Rs. 30,000. No entry has been passed for
purchases in the books. th
be charged at 10%
4 Depreciation on Machinery and Furniture to Dots
rB Provision for Bad and
DoutbtfulDebts to be created at 2% on
Insurance = Rs 600n
Wages accrued =Rs. 20,000. Prepaid
6
lnvestments, at 10% is accrued, and not
7. Interest
Income on considered in the books yet
Commission at 10% of the Net Profits after charging
entitled to such commission.
8. Manager is end of the year aRs 3On
Stationery Items at the
9. Stock of
, 10 Goods worth Rs. 60,000 have been distributed as free sarnpies, for which ro entry ras beer pasSs
the books.
A1. Goods worth Rs. 1,00.000 have been withdrawn by Proprietor for his persona use
12. There was a fire in godown during the year, and goods valued at Rs. 4 00 000 have beer esti3ie
lost However, the Insurance Claim isSued aClaim Acceptance Letter for Rs 2.50 000ony
2> Hari Co gives the following Manufacturing Alc and related Notes You are requred to prepare the Revs
Manufacturing AC
ks)Particulars Rs 000s Partculars Rs 0
To Materiais Consumed 900 By Net Factory Cost of producton
|Opening Stock of Raw Materials 3400 transferred to TradingAjc (ba fg)
Add: Purchases of Raw Materiais 4 300 By NRV/ Saie Value of By-Products
Sub-Total
(3001
Less: Closing Stock of Raw Materials 4 000
Net balance = Materials Consumed
To Direct Manufacturing Wages 800
To Direct Expenses, if any 300
Sub-Total Prime Cost 5.100
To Production Overheads 90d
Sub-Total Gross Factory Cost 6 000
Add Opening Stock of IP 750
Less Closing Stock of WIP
(2501
Total
6500Total
6 50
Notes
.
Purchase of Machinery Rs 300000 had been wrongiy
is depreciated at 10% by the Firm included in Raw Materia Purchase Ac Mache
. Wages include Rs.
1.00,000 paid to Labour at Office. whHCh has no
" Direct Expenses and connecton with Producton Actvity
Producton Overheads inciude the foliowing items -
Direct Expenses Rs Producton OH
000s Rs 0
Hire Charges for Machinery
300Electricity Cnarges (of which 25% relates to Office 40
Deivery Charges to Customers 20Depreciaton on Machinery
Royalty on Production 18Lubricants,
MaintenanceConsurmables and Machinery
Technica! Support Fees 70indirect Labour and Other Production
Production) Overheads
Totai 300Total
FINAL ACCOUNTS OF SOLE PROPRIETORSHIP
TIME ALLOWED;4 HOURS TOTAL MARK
ALL QUESTIONS COMPULSORY
From the following Trial Balance and additional information,
(1s Co, a Proprietary Firm, for the year ended 31s March. prepare the Financial Statements of Kr
Morks) Trial Balance as on 31 March (in Rs. 000s)
Dr.
Capital of Krishna
Opening Stock 17
940
Machinery and Furniture 1200
|Investments in Government Bonds
Drawings 500
250
Purchases
Sales 4040
63
Wages
|office Salaries 520
nsurance 280
Stationery 36
23
|Office Rent
300
Advertisement &Marketing 30
Sundry Debtors 2050
Sundry Creditors
JAdvances from Customers 167
Cash and Bank Balances 42
21
Total 10190 10190
|Physical Stock inHand at the end of the year = Rs. 9,20,000
Ioealas include Rs. 50,000 on apprOval basiS, Tor wnich Conrirmatton is still awaited from
sold at 25%% profit on cost.
customers T
goods were
transit
. Purchases made but goods in
to the tune of Rs. 30,000. No entry has been passed for
purchases in the books. th
be charged at 10%
4 Depreciation on Machinery and Furniture to Dots
rB Provision for Bad and
DoutbtfulDebts to be created at 2% on
Insurance = Rs 600n
Wages accrued =Rs. 20,000. Prepaid
6
lnvestments, at 10% is accrued, and not
7. Interest
Income on considered in the books yet
Commission at 10% of the Net Profits after charging
entitled to such commission.
8. Manager is end of the year aRs 3On
Stationery Items at the
9. Stock of
, 10 Goods worth Rs. 60,000 have been distributed as free sarnpies, for which ro entry ras beer pasSs
the books.
A1. Goods worth Rs. 1,00.000 have been withdrawn by Proprietor for his persona use
12. There was a fire in godown during the year, and goods valued at Rs. 4 00 000 have beer esti3ie
lost However, the Insurance Claim isSued aClaim Acceptance Letter for Rs 2.50 000ony
2> Hari Co gives the following Manufacturing Alc and related Notes You are requred to prepare the Revs
Manufacturing AC
ks)Particulars Rs 000s Partculars Rs 0
To Materiais Consumed 900 By Net Factory Cost of producton
|Opening Stock of Raw Materials 3400 transferred to TradingAjc (ba fg)
Add: Purchases of Raw Materiais 4 300 By NRV/ Saie Value of By-Products
Sub-Total
(3001
Less: Closing Stock of Raw Materials 4 000
Net balance = Materials Consumed
To Direct Manufacturing Wages 800
To Direct Expenses, if any 300
Sub-Total Prime Cost 5.100
To Production Overheads 90d
Sub-Total Gross Factory Cost 6 000
Add Opening Stock of IP 750
Less Closing Stock of WIP
(2501
Total
6500Total
6 50
Notes
.
Purchase of Machinery Rs 300000 had been wrongiy
is depreciated at 10% by the Firm included in Raw Materia Purchase Ac Mache
. Wages include Rs.
1.00,000 paid to Labour at Office. whHCh has no
" Direct Expenses and connecton with Producton Actvity
Producton Overheads inciude the foliowing items -
Direct Expenses Rs Producton OH
000s Rs 0
Hire Charges for Machinery
300Electricity Cnarges (of which 25% relates to Office 40
Deivery Charges to Customers 20Depreciaton on Machinery
Royalty on Production 18Lubricants,
MaintenanceConsurmables and Machinery
Technica! Support Fees 70indirect Labour and Other Production
Production) Overheads
Totai 300Total
