Ashmita Old is Gold Solution | Final Account | Part-2

Copy

Ashmita Old is Gold complete Final account solution of Account

Class 12 management

Part-2 (2072 Set D - 2066 Supp.)

Part-1 (2076 Set B - 2072 Set E) Click here

2072 Set D Q. No. 14

Trading and Profit and Loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	100000	By closing stock	250000
To purchase	400000		600000
To carriage	100000
To wages 80000 (+) O/S wages 10000	90000
To gross profit	250000
	850000		850000
To salaries	50000	By gross profit	250000
To discount	10000	By commission	20000
To insurance 15000 (-) prepaid 5000	10000
To rent	20000
To provision for tax	20000
To outstanding interest	20000
To net profit	140000
	270000		270000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	20000	By opening balance	50000
To closing balance	170000	By net profit	140000
	190000		190000

Balance Sheet

Assets

Amt.

Liabilities

Amt.

Paid-up capital

Share capital

400000

Fixed assets

Machinery

500000

Reserve and surplus

P/L appropriation a/c

Reserve fund

170000

100000

Investment

50000

Secured loan

10% debenture 200000

(+) O/S interest 20000

220000

Current assets

Debtors

Closing stock

Cash balance

140000

250000

70000

Current liabilities

Creditors

O/S wages

75000

10000

Loan and advance

Prepaid insurance

5000

Provision

Provision for tax

Proposed dividend

20000

1015000

2072 Set E Q. No. 14

Trading and profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	100000	By Closing stock	100000
To purchase	500000	By sales	1000000
To wages	100000
To carriage	15000
To custom duty	5000
To Gross profit	380000
	1100000		1100000
To salaries	150000	By gross profit	380000
To Rent	60000	By interest of investment	15000
To Bad debts	5000	By unearned commission earn	5000
To interest on debenture	20000
To bad debts	2500
To written of preliminary expenses	10000
To Depⁿon fixed assets	40000
To net profit	112500
	400000		400000

Balance sheet

Particular

Amt.

Particular

Amt.

Paid-up capital

Share capital

300000

Fixed assets

Fixed assets 4000000

(-) Depⁿ 40000

360000

Reserve and surplus

P/L appropriation a/c

152500

Investment

150000

Secured loan

10% debenture

200000

Current assets

Debtors 50000

(-) Bad debts 2500

47500

Closing stock

Cash balance

100000

55000

Current liabilities

Creditors

O/S wages

20000

10000

Miscellaneous

Preliminary expenses 10000

(-) Written off 10000

Provision

Proposed dividend

30000

712500

2071 Supp. Q. No. 14

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	100000	By Closing stock	400000
To purchase	1000000	By sales	1200000
To wages	100000
To carriage inward	5000
To Gross profit	395000
	1600000		1160000
To salaries 40000 (+) O/S salaries 25000	65000	By gross profit	395000
To Rent	30000
To sundry expenses	30000
To provision for Bad debts	5000
Depⁿon Machinery	20000
Depⁿon Furniture	5000
To net profit	240000
	395000		395000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	45000	By opening balance	100000
To transfer to general reserve	10000	By opening balance	100000
To closing balance	285000	By net profit	240000
	340000		340000

Balance sheet

Particular

Amt.

Particular

Amt.

Paid-up capital

Share capital

3000000

Fixed assets

Machinery 200000

(-) Depⁿ 20000

180000

Furniture 50000

(-) Depⁿ 5000

45000

Reserve and surplus

P/L appropriation a/c

285000

Investment

50000

Secured loan

10% debenture

200000

Current assets

Debtors 100000

(-) Provision for bad debt 5000

95000

Current liabilities

Creditors

O/S wages

20000

10000

Bills receivable

Closing stock

Cash at bank

35000

400000

80000

Provision

Proposed dividend

30000

712500

885000

2071 Set D. Q. No. 14

Profit and loss a/c

Particular	Amt.	Particular	Amt.
To salaries and wages	50000	By gross profit	250000
To Director’s fees	2000	By interest on investment 3500 (+) Accrued interest 1500	5000
To interest on debenture 2500 (+) O/S interest 500	3000
To audit fee	3250
To sundry expenses	80000
To discount on shares	2000
To Depⁿon fixed assets	16750
To tax liability	40000
To Net profit
	255000		255000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	50000	By opening balance	5000
To closing balance	15000	To net profit	60000
	65000		65000

Balance sheet

Particular	Amt.	Particular	Amt.
Paid-up capital Share capital	250000	Fixed assets Building 150000 Furniture 2500 Vehicle 15000 (-) Depⁿ on equipment 16750	150750
Reserve and surplus P/L appropriation a/c	13000		150750
Secured loan 6% debenture 50000 (+) interest 1000	51000	Investment Investment 115000 (+) Accrued interest 1500	116500
Current liabilities Creditors	27500		116500
Current liabilities Creditors	27500	Current assets Sundry Debtors Closing stock Cash at bank	70000 100000 43750
Provision Proposed dividend	50000
Provision for	40000
	712500		786500

2071 Set D.Q. No. 14

Profit and loss a/c

Particular	Amt.	Particular	Amt.
To salaries and wages	50000	By gross profit	250000
To salaries and wages	50000	By interest on investment 3500 (+) accrued interest 1500	5000
To Director’s fees	2000
To interest on debenture 2500 (+) O/s interest 500	3000
To audit fee	3250
To sundry expenses	80000
To discount on shares	2000
To Depⁿon Fixed assets	16750
To provision for tax	40000
To Net profit	58000
	255000		255000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To Proposed dividend	50000	By opening balance	5000
To closing balance	13000	By net profit	58000
	63000		63000

Balance sheet

Particular

Amt.

Particular

Amt.

Paid-up capital

Share capital

250000

Fixed assets

Vehicle 15000

Furniture 2500

Building 150000

(-) Depⁿ16750

150750

Reserve and surplus

P/L appropriation a/c

13000

Secure loan

6% Debenture 50000

(+) O/S interest 500

50500

Investment

Investment 150000

(+) accrued interest 1500

116500

Current liabilities

Sundry Creditors

27500

Current assets

Cash at bank

Sundry debtors

Closing stock

43750

70000

100000

Provision

Proposed dividend

50000

Provision for tax

Tax liabilities

50000

40000

481000

2070 Supp. Q. No. 14

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	40000	By Closing stock	70000
To purchase	440000	By sales	687000
To wages 60000 (+) O/S wages 8000	68000
To carriage	10000
To Gross profit	199000
	757000		757000
To salaries 40000 (+) O/S salaries 25000	65000	By gross profit	199000
To salaries 40000 (+) O/S salaries 25000	65000	Provision for bad debt	4000
To General expenses	55000
To Rent	40000
To salaries 80000 (-) Prepaid salary 2000	78000
To debenture interest 2000 (+) O/S interest 3000	5000
To Bad debts	6000
To provision for Bad debts	5000
To net profit	51000
	203000		203000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	52000	By opening balance	42000
To closing balance	41000	By net profit	51000
	93000		93000

Balance sheet

Particular	Amt.	Particular	Amt.
Paid-up capital Share capital	350000	Fixed assets Machinery	130000
		Goodwill	20000
		Building and premises	200000
Reserve and surplus P/L appropriation a/c	41000	Current assets Debtors 100000 (-) Provision for bad debt 5000	95000
Secured loan 5% debenture 100000 (+) O/S interest 3000	103000		95000
		Cash balance	50000
		Closing stock	70000
Current liabilities Creditors	50000	Loan and advance Prepaid salaries	2000
O/S wages	8000
Provision Proposed dividend	52000
	6040000		567000

2070 Set C Q. No. 14

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	60000	By sales 1150000	1150000
To purchase 600000 (-) Return 5000	595000	By sales 1150000	1150000
To wages and salaries	100000
To Gross profit	395000
	1150000		1150000
To Carriage outward	20000	By gross profit	395000
To discount	5000	By Provision for bad debt	5000
To stationaries	25000	By commission 12000 (-) Commission received in advance 2000	10000
To communication expenses	20000
To miscellaneous	40000
To Depⁿ on equipment	60000
To provision for bad debts	2000
To outstanding interest on debenture	7000
To net profit	257900
	410000		410000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	25000	By opening balance	90000
To closing balance	322900	By net profit	257900
	347900		347900

Balance sheet

Particular

Amt.

Particular

Amt.

Paid-up capital

Share capital

500000

Fixed assets

Land and building

600000

Equipment 300000

(-) Depⁿ 30000

270000

Reserve and surplus

P/L appropriation a/c

322900

Current assets

Cash

10000

Secured loan

7% debenture 100000

(+) O/S interest 7000

107000

Debtors 100000

(-) Provision for bad debt 2000

980000

Closing stock

50000

Current liabilities

Creditors

68000

Commission receive in advance

2000

Provision

Proposed dividend

25000

1024900

2070 Set D Q. No. 14

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	50000	By sales	700000
To purchase	550000	By sales	700000
To Carriage	20000	Closing stock	130000
To Gross profit	190000	Closing stock	130000
	830000		830000
To house rent	120000	By gross profit	525000
To salary and wages 150000 (-) Salary paid on advance (prepaid salary) 10000	140000	By Provision for bad debt	5000
To Bad debts	3000
To traveling expenses	40000
To commission and discount	10000
To miscellaneous	25000
To Depⁿon equipment	20000
To outstanding interest on debenture	8000
To net profit	164000
	530000		530000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	20000	By opening balance	40000
To closing balance	184000	By net profit	164000
	204000		204000

Balance sheet

Particular	Amt.	Particular	Amt.
Paid-up capital Share capital	400000	Fixed assets Equipment 200000 (-) Depⁿ 20000	180000
Calls in advance	10000	Fixed assets Equipment 200000 (-) Depⁿ 20000	180000
Reserve and surplus P/L appropriation a/c	184000	Machinery	250000
Reserve and surplus P/L appropriation a/c	184000	Furniture	97000
Secured loan 8% debenture 100000 (+) O/S interest 8000	108000	Furniture	97000
	108000	Current assets Cash	60000
Current liabilities Creditors	50000	Debtors	100000
Current liabilities Creditors	50000	Closing stock	75000
Provision Proposed dividend	20000	Loan and advance Salary paid in advance	10000
	772000		777200

2069 Supp. Set A Q. No. 13

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	120000	By sales	700000
To purchase	500000	By sales	700000
To Carriage	20000	Closing stock	130000
To Gross profit	190000	Closing stock	130000
	830000		830000
To rent	10000	By gross profit	190000
To salaries	50000	By Discount	5000
To sundry expenses	20000
To Depⁿfurniture	4000
To Depⁿon plant	6000
To income tax paid	30000
To net profit	75000
	195000		195000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To dividend paid for last year	20000	By opening balance	20000
To proposed dividend	30000	By opening balance	20000
To closing balance	45000	By net profit	75000
	95000		95000

Balance sheet

Particular	Amt.	Particular	Amt.
Paid-up capital Share capital	200000	Fixed assets Furniture 40000 (-) Depⁿ 4000	36000
Reserve and surplus P/L appropriation a/c	45000	Machinery 60000 (-) Depⁿ 6000	54000
Reserve fund	30000
Current liabilities Bills payable	15000
Current liabilities Bills payable	15000	Current assets Cash at bank	60000
Creditors	30000	Current assets Cash at bank	60000
Creditors	30000	Debtors	90000
Provision Proposed dividend Provision for income tax	30000 30000	Bills receivable	10000
	30000 30000	Closing stock	130000
	380000		380000

2069 Supp. Set B Q. No. 14

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	60000	By sales By closing stock	350000 150000
To purchase 200000 (-) Return 10000	190000
To wages 25000 (+) O/S wages 5000	30000
To carriage	5000
To Gross profit	215000
	500000		500000
To salaries	40000	By gross profit	215000
To rent	20000
To insurance 7000 (-) Prepaid 2000	5000
To interest on loan 3000 (+) O/S loan 3000	6000
To Bad debts	4000
To Depⁿ on machinery	18000
To net profit	122000
	215000		215000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	10000	By opening balance	50000
To closing balance	162000	By net profit	122000
	172000		172000

Balance sheet

Particular	Amt.	Particular	Amt.
Paid-up capital Share capital	100000	Fixed assets Goodwill	10000
Paid-up capital Share capital	100000	Machinery 180000 (-) Depⁿ 18000	162000
Reserve and surplus P/L appropriation a/c	162000	Current assets Cash	16000
Reserve and surplus P/L appropriation a/c	162000	Debtors	50000
Secured loan 10% loan 60000 (+) O/S interest 3000	63000	Debtors	50000
	63000	Closing stock	150000
Current liabilities Creditors	50000	Loan and advance Prepaid insurance	2000
Wages due	5000
Provision Proposed dividend	10000
	390000		390000

2069 (Set A) Q. No. 15

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	100000	By sales 2800000 (-) Return 20000 By closing stock	2780000 225000
To purchase	1500000
To wages	150000
To Gross profit	1255000
	3005000		3005000
To salary	550000	By gross profit	1255000
To house rent	150000	By appreciation on fixed assets	220000
To insurance	40000
To interest on debentures 30000 (+) O/S interest 10000	40000
To provision for bad debt	10000
To preliminary expenses written off	10000
To net profit	675000
	1475000		1475000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend	70000	By opening balance	240000
To closing balance	8450000	By net profit	8450000
	915000		915000

Balance sheet

Particular	Amt.	Particular	Amt.
Paid-up capital Share capital	14000000	Fixed assets Fixed assets 2200000 (+) Appreciation 220000	2420000
Reserve and surplus P/L appropriation a/c	845000	Current assets Debtors	200000
General reserve	150000	Bills receivable Cash and bank	10000 120000
Secured loan 10% debenture 400000 (+) O/S interest 10000	410000	Bills receivable Cash and bank	10000 120000
		Closing stock	225000
		Miscellaneous Preliminary expenses 30000 (-) Written off 10000	20000
Current liabilities Creditors	100000
Provision Proposed dividend	70000
	2975000		2975000

2069 (Set B) Q. No. 14

Trading and Profit and loss a/c

Particular	Amt.	Particular	Amt.
To opening stock	30000	By sales By closing stock	650000 50000
To purchase	350000
To wages 50000 (+) O/S wages 10000	60000
To carriage	20000
To Gross profit	240000
	700000		700000
To salaries	60000	By gross profit Provision for bad debts	240000 6000
To rent 20000 (-) prepaid 2000	18000
To General expenses	35000
To debenture interest 5000 (+) O/S loan 5000	10000
To Bad debts	5000
To provision for bad debts	4500
To net profit	113500
	246000		246000

Profit and loss appropriation a/c

Particular	Amt.	Particular	Amt.
To proposed dividend (400000-10000) of 10%	39000	By opening balance	34000
To transfer general reserve	20000	By net profit	113500
To closing balance	88500	By net profit	113500
	147500		147500

Balance sheet

Particular	Amt.	Particular	Amt.
Paid-up capital Share capital 400000 (-) Calls in arrears 10000	390000	Fixed assets Machinery	150000
		Land and building	300000
		Goodwill	50000
Reserve and surplus P/L appropriation a/c Transfer to general reserve	88500 20000	Goodwill	50000
	88500 20000	Current assets Debtors 90000 (-) Provision for bad debts 4500 Cash	85500 45000
Secure loan 10% Debenture 100000 (+) O/S interest 5000	105000		85500 45000
	105000	Closing stock	50000
Current liabilities Creditors Wages due	30000 10000	Loan and advance Prepaid loan	2000
Provision Proposed dividend	39000	Loan and advance Prepaid loan	2000
	682500		682500

Neupane Nirmal

Table of Content

Ashmita Old is Gold Solution | Final Account | Part-2

2072 Set D Q. No. 14

2072 Set E Q. No. 14

2071 Supp. Q. No. 14

2071 Set D. Q. No. 14

2071 Set D.Q. No. 14

2070 Supp. Q. No. 14

2070 Set C Q. No. 14

2070 Set D Q. No. 14

2069 Supp. Set B Q. No. 14

2069 (Set A) Q. No. 15

2069 (Set B) Q. No. 14

2 comments