Final account | OLD IS GOLD SOLUTION| grade -12

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Solution of old gold of account grade 12 Final account

Part-1 (2076 Set B- 2072 Set C)

2076 Set B Q. No. 14

Trading and profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	50000	By closing stock	80000
To purchase 200000 (-) return 5000	195000	By sales 1510000 (-) return 10000	1500000
To carriage inward	30000
To wages	35000
To gross profit	1270000
	1580000		1580000
To salaries 150000 (+) O/S 30000	180000	By gross profit	1270000
		By reserve for bad debt.	15000
		By comm. 50000 (-) unearned commission 10000	40000
To stationary	45000
To discount	5000
To rent	25000
To insurance	20000
To bad debt	2500
To net profit	1047500
	1580000		1580000

Profit and Loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	80000	By opening balance	155000
To Closing balance c/d	1122500	By net profit	1047500
	1580000		1580000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid Up capital		Fixed assets
Share capital	800000	Land and building	1500000
Reserve and surplus		Plant and machinery	500000
P/L appropriation a/c	1122500	Investment
General reserve	20000	Investment	200000
Debenture	55000	Current liabilities
Current liabilities		Bank balance	15000
Creditors	55000	Debtors 50000 (-) Bad debt 2500	47500
O/S salaries	30000	Closing stock	80000
Unearned commission	10000
Provision
Proposed dividend	80000
	1580000		1580000

2076 Set C Q. No. 14

Trading and Profit and Loss a/c

Particular	Amt.	Particular	Amt.
To opening stock		By closing stock	1500000
To purchase 280000 (-) return 8000	272000	By Sales	560000
To purchase 280000 (-) return 8000	272000
To carriage	8000
To gross profit	80000
	1580000		1580000
To sundry expenses	80000	By gross profit	310000
To rent	320000	By other income	848000
To salaries 560000 (+) O/S salary 2500	585000
To insurance 40000 (-) prepaid 30000	10000
To depⁿ on furniture	16000
To depⁿ on machinery	88000
To interest	40000
To net profit	19000
	1158000		1580000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To balance c/d	51000	By opening stock	32000
		By net profit	19000
	51000		51000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	400000	Machinery 880000 (-) depn. 88000	792000
Reserve and surplus		Machinery 880000 (-) depn. 88000	792000
P/L app.	51000	Furniture 160000 (-) Depⁿ16000	144000
Reserve fund	240000	Current assets
Secure loan		Closing stock	150000
10% debenture 400000 (+) interest 40000	440000	Debtors	120000
		Cash	80000
		Loan and advance
Current liabilities		Prepaid insurance	30000
Creditors	160000
Outstanding salary	25000
	1316000		1316000

2075 GIE Q. No. 14

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock		By closing stock	1500000
To purchase 200000 (-) Return 20000		By sales	560000
To purchase 200000 (-) Return 20000	180000
To carriage	3500
To wages	33000
To gross profit	228500
	465000		465000
To salaries	30000	By gross profit	228500
To selling expenses To rent	10000 30000	By provision for bad debt	1500
To selling expenses To rent	10000 30000
To interest on debenture 8000 (+) O/S interest 4000	12000
To Bad debt	7000
To dep. on office Equipment	30000
Bad debt 3000 (+) provision for bad debt 6000	9000
To net profit	102000
	230000		230000

Profit and Loss appropriation a/c

Particular	Amt.	Particular	Amt.
To transfer to general reserve	15000	By opening stock	140000
To proposed dividend	20000
To balance c/d	207000	By Net profit	102000
	230000		230000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	200000	Office equipment 300000 (-) depn. 30000	270000
Reserve and surplus		Office equipment 300000 (-) depn. 30000	270000
P/L app.	207000	Investment
Transfer to reserve	15000	Investment	60000
Secure loan		Current assets
12% debenture 100000 (+) interest 4000	104000	Closing stock	150000
12% debenture 100000 (+) interest 4000	104000	Debtors 50000 (-) bad debt 3000 (-) provision 6000	41000
Current liabilities
Creditor	10000
Provision		Cash	40000
Proposed dividend Provision for tax	20000 5000
	561000		561000

2075 Set A Q. No. 14

Trading and Profit and Loss a/c

Particular	Amt.	Assets	Amt.
To opening stock	10000	By closing stock	1500000
To purchase 70000		By sales	560000
(-) return 1500	68500
To wages 20000 (+) O/S 2000	22000
To gross profit	714000
	171900		171900
To salaries	15000	By gross profit	71400
To rent	8000	By commission	1000
To insurance	6000
To depⁿ on furniture	5000
To provision for bad debts	500
To net profit	37900
	72400		72400
Profit and loss appropriation a/c
Particular	Amt.	Particular	Amt.
To proposed dividend	10000	By opening balance	13600
To closing balance c/d	415000	By net profit	37900
	51000		51000

Balance sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	100000	Furniture 50000 (-) depn. 5000	45000
Reserve and surplus		Furniture 50000 (-) depn. 5000	45000
P/l app.	41500	Machinery	100000
Reserve fund	16000	Current assets
Current liabilities Creditors	9000	Cl. Stock	18000
O/S wages	2000	Debtors 10000 (-) provision for bad debt 500	9500
Provision
Proposed dividend	10000
		cash	9500
	178500		178500

2075 Set B Q. No. 14

Trading and P/L a/c

Particular	Amt.	Particular	Amt.
To opening stock To purchase	20000 430000	By closing stock By sales	65000 870000
To carriage inward	3000
To Wages	25000
To gross profit	457000
	935000		935000
To salaries	50000	By gross profit	457000
To salaries	50000	Discount received	10000
To rent 60000 (+) payable 12000	72000	Interest income	6000
To rent 60000 (+) payable 12000	72000	Provision for bad debts	4000
To administrative expn.	38000
To selling expenses	32000
To interest	10000
To depⁿ on furniture	15000
To depⁿ on machinery	12800
To net profit	247200
	477000		477000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To tax paid for last year	3000	By opening balance	170000
To proposed dividend	50000	By net profit	247200
To transfer to general reserve	20000
To closing balance	344200
	417200		417200

Balance Sheet

Liabilities	Amt.	Assets	Amt
Paid-up capital		Fixed assets
Share capital	300000	Machinery 128000
Reserve and surplus		(-) depn. 12800	115200
P/l app. a/c	344200	Building	300000
General reserve	20000	Furniture 150000
Secure loan		(-) depn 15000	135000
Debenture	100000	Investment
Current liabilities		Investment Current assets	210000
Creditors	54000	Investment Current assets	210000
Outstanding rent	12000	Closing stock	65000
Provision		Debtors	640000
Proposed dividend	50000	Cash	15000
	880200		880200

2074 Supp. Q. No. 14

Trading and P/L a/c

Particular	Amt.	Particular	Amt.
To opening stock	80000	By closing stock	250000
To purchase	540000	By sales	610000
To wages 60000 (+) Outstanding wages 10000	70000
To carriage	10000
To gross profit	160000
	860000		860000
To salaries	75000	By gross profit	160000
To rent	45000	By net loss	10000
To insurance 20000 (-) prepaid 5000	15000
To bad debts	5000
To interest on debenture 5000 (+) O/s 5000	10000
To depⁿon machinery	20000
	170000		170000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To net loss	10000	By opening balance	75000
To proposed dividend	40000
To closing balance	25000
	75000		75000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	400000	Machinery 200000 (-) Depⁿ 20000	180000
Reserve and surplus		Machinery 200000 (-) Depⁿ 20000	180000
P/ l app.	25000	Goodwill	40000
Secure loan		Current assets
10% debenture 100000	105000	Debtors	100000
(+) o/s interest 5000		Cash	30000
Current liabilities		Closing stock	250000
Creditors	25000	Loan and advance
Wages due	10000	Pre-paid insurance	5000
Provision
Proposed dividend	40000
	605000

2074 Set A Q. No. 14

Trading and P/L a/c

Particular	Amt.	Particular	Amt.
To opening stock	100000	By closing stock	1500000
To purchase 700000 (-) return 5000	695000	By Sales	560000
To wages (+) O/S wages	160000
To gross profit	704000
	1659000		1659000
To salary	200000	By gross profit	704000
To rent	80000
To insurance	10000
To Depⁿ on machinery	50000
To provision for bad debt	5000
To net profit	359000
	704000		704000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	100000	To opening balance	126000
To closing balance c/d	385000	To net profit	359000
	485000		485000

Balance sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	1000000	Machinery 500000 (-) depn. 50000	450000
Reserve and surplus		Machinery 500000 (-) depn. 50000	450000
P/L app.	385000	Land and building	1000000
Reserve fund	150000	Investment
Current liabilities		Investment	50000
Advance commission	20000	Current assets
Creditors	100000	Closing stock	120000
Outstanding wages	25000	Debtors 100000
Provision		(-) provision for bad debt 5000	950000
Proposed dividend	10000	Cash	50000
	1765000		1765000

2074 Set B Q. No. 14

Trading and P/L a/c

Particular	Amt.	Particular	Amt.
To opening stock	40000	By closing stock	30000
To purchase 400000 (-) return 6000	394000	By Sales	670000
To wages	100000
To carriage	5000
To gross profit	161000
	700000		700000
To interest on debenture 5000 (+) o/s interest 5000	10000	By gross profit	161000
	10000
To rent and tax	15000
To increase in bad debt	3000
To Depⁿon building	40000
To Depⁿ on machinery	25000
To net profit	22000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To transfer to General Reserve	50000	By opening stock	218000
To proposed dividend	40000	By net profit	22000
To income tax paid for last year	15000
To closing balance c/d	135000
	240000		240000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	400000	Machinery 250000 (-) Depⁿ 25000	225000
Reserve and surplus		Machinery 250000 (-) Depⁿ 25000	225000
P/ l app.	135000	Building 400000 (-) Depⁿ 40000	360000
General reserve	50000	Building 400000 (-) Depⁿ 40000	360000
Secure loan		Furniture	40000
10% debenture 100000 (+) Outstanding interest 5000	105000	Current assets
10% debenture 100000 (+) Outstanding interest 5000	105000	Sundry debtors	60000
Current liabilities		Cash	30000
Sundry creditors	10000	Closing stock	30000
Provision
Proposed dividend	40000
	740000		740000

2073 Supp. Q. No. 14

Trading and P/L a/c

Particular	Amt.	Particular	Amt.
To purchase 400000 (-) return 10000	390000	By closing stock	150000
To Wages 100000 (+) outstanding wages 30000	130000	By Sales	700000
To carriage	10000
To gross profit	320000
	850000		850000
To salaries	700000	By gross profit	310000
To rent	400000	By commission	160000
To sundry expenses	100000
To prepaid insurance expired	40000
To Depⁿon furniture	20000
To outstanding interest	50000
To net profit	700000
	1380000		1380000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	40000	By opening balance	40000
To closing balance c/d	60000	By net profit	70000
	110000		110000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	500000	Furniture 200000 (-) Depⁿ 20000	180000
Reserve and surplus		Furniture 200000 (-) Depⁿ 20000	180000
P/ l app.	70000	Machinery & equipment	1100000
General reserve	300000	Current assets
Secure loan		Closing stock	150000
10% debenture 500000 (+) O/S interest 50000	550000	Cash and bank	100000
10% debenture 500000 (+) O/S interest 50000	550000	Debtors	10000
Current liabilities		Loan and advance
Sundry creditors	200000	Pre-paid insurance 50000 (-) Expire Prepaid insurance 40000	10000
O/S wages	30000		10000
Provision
Proposed dividend	40000
	1690000		1690000

2073 Set C Q. No. 14

Trading and P/L a/c

Particular	Amt.	Particular	Amt.
To opening stock	100000	By closing stock	1500000
To purchase 500000 (-) return 5000	495000	By Sales	560000
To wages 40000 (+) O/S wages 10000	50000
To gross profit	375000
	1020000		1020000
To carriage outward	5000	By gross profit	375000
To Discount	15000	By commission 15000 (-) Commission received in advance 3000	12000
To insurance	25000		12000
To rent	40000
To salaries	60000
To provision for tax	20000
To Depⁿon machinery	30000
To O/S interest	10000
To net profit	182000
	387000		387000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	20000	By opening balance	60000
To closing balance c/d	222000	By net profit	182000
	242000		242000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	200000	Machinery 300000 (-) Depⁿ 30000	270000
Reserve and surplus		Furniture	100000
P/ l app.	222000	Current assets
P/ l app.	222000	Closing stock Cash	120000 55000
General reserve	10000	Debtors	100000
Secure loan
10% debenture 100000 (+) O/s interest 10000	110000
Current liabilities
Sundry creditors	50000
Advance commission	3000
O/S wages	10000
Provision
Proposed dividend	20000
Provision for tax	20000
	645000		645000

2073 Set D Q. No. 14

Trading and Profit and Loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	100000	By sales	1529000
To purchase 700000	695000
(-) return 5000	160000
To wages 150000	584000
(+) o/s wages 10000	100000
To gross profit	695000
	1539000		1539000
To salary	200000	By gross profit	310000
To house rent 80000		By other income	848000
(-) prepaid 10000	70000
To insurance	10000
To Depⁿ on machinery
To bad debt 5000
(-) provision for bad debt 4750	9750
To net profit	244250
	584000		584000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	100000	By opening balance	126000
To closing balance c/d	270250	By net profit	244250
	51000		51000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital	1000000	Fixed assets	450000
Share capital	270250	Machinery 500000	1000000
Reserve and surplus	150000	(-) Depⁿ 50000	50000
P/ l app.	50000	Building	50000
General reserve	3000	Current assets	90250
Current liabilities	10000	Closing stock	10000
Sundry creditors	20000	Cash	450000
Advance commission	20000	Debtors 100000	1000000
O/S wages	1000000	(-) bad debt 5000	50000
Provision	270250	(-) provision for bad debt 4750	50000
Proposed dividend	150000	Loan and advance	90250
Provision for tax	50000	Prepaid insurance	10000
	1650250		1650250

2072 Supp. Q. No. 14

Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	180000	By closing stock	200000
To purchase	300000	By sales	500000
To wages	70000
To carriage	15000
To gross profit	135000
	700000		700000
To Salary	20000	By gross profit	135000
To printing	5000	By interest on investment	10000
To rent	20000
To trade expenses	5000
To Bank charge	8000
To insurance 10000
(-) prepaid 2000	8000
To advertisement	10000
To interest on debenture 10000
(+) O/S interest 10000	20000
To Depⁿon machinery	15000
To bad debt	5000
To net profit	29000
	1380000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	20000	By opening balance	100000
To closing balance c/d	109000	By net profit	29000
	129000		129000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	400000	Machinery 150000
Reserve and surplus		(-) Depⁿ 15000	135000
P/ l app.	109000	Land and building	4000000
Current liabilities		Furniture	600000
Creditors	1980000	Investment
Provision		Investment	100000
Proposed dividend	20000	Current assets
Provision for tax	20000	Closing stock	200000
		Cash and bank	10000
		Debtors 35000
		(-) Bad debt 5000	30000
		Loan and advance
		Pre-paid insurance	2000
	1690000		1690000

2072 Set C Q. No. 14

Trading and P/L a/c

Particular	Amt.	Particular	Amt.
To opening stock	300000	By closing stock	200000
To purchase 600000 (-) return 1000	599000	By sales	1200000
To wages	40000
To gross profit	461000
	1400000		1400000
To Salary 160000 (+) outstanding 5000	165000	By gross profit	461000
To stationary	50000	By commission	2000
To telephone and electricity	120000	Appreciationon Building	15000
To discount	20000
To interest 3000 (+) O/S interest 2000	5000
To house rent	60000
To Depⁿ on machinery	10000
To bad debt	8000
To net profit	40000
	478000		478000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	60000	By opening balance	220000
To closing balance c/d	200000	By net profit	40000
	260000		260000

Balance Sheet

Liabilities	Amt.	Assets	Amt.
Paid-up capital		Fixed assets
Share capital	600000	Furniture	80000
		Equipment
		Land and building 300000 (+) appⁿ on building 15000	200000
Reserve and surplus			200000
Reserve and surplus		Plant & machinery 100000 (-) Depⁿ on machinery 10000	315000 90000
P/ l app.	200000
Secure loan
5% debenture 100000 (+) Outstanding interest 2000	102000	Current assets Closing stock	200000
		Cash in hand	50000
		Debtors 160000 (-) bad debt 8000	152000
Current liabilities
Creditors	120000
O/S salary	5000
Provision Proposed dividend	60000
	1087000		1087000

4 comments

Neupane Nirmal May 2, 2021 at 8:31 PM

Please share with your friends
1. Unknown April 11, 2022 at 9:06 PM
  
  Ok
mukesh August 29, 2021 at 9:26 PM

From 2075 set b q. No. 14
How is it possible to write 12000 for rent payable?
Please let me know.
1. Neupane Nirmal September 2, 2021 at 4:51 PM
  
  Outstanding rent is for two month
  Rent amount = 60000 (It is a rent of ten month because two month rent is due )
  One year rent = (60000 / 10) * 12
  = 72000
  2 month rent = 72000 - 60000
  = Rs.12000
  If you still have a doubt contact us through https://www.neupanenirmal.com.np/p/contact-us.html

Table of Content

Final account | OLD IS GOLD SOLUTION| grade -12

2076 Set B Q. No. 14

2076 Set C Q. No. 14

2075 GIE Q. No. 14

2075 Set A Q. No. 14

2075 Set B Q. No. 14

2074 Supp. Q. No. 14

2074 Set A Q. No. 14

2074 Set B Q. No. 14

2073 Supp. Q. No. 14

2073 Set C Q. No. 14

2073 Set D Q. No. 14

2072 Supp. Q. No. 14

2072 Set C Q. No. 14

4 comments