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Statement of profit or loss and statement of financial position based on NFRS
Define account masters.
Trading Account
Income Statement and Classified Balance Sheet
The Balance Sheet and income statement of A Ltd. are given below:
Balance Sheet
Liabilities | 5th Year (Rs.) | 6th Year (Rs.) | Assets | 5th Year (Rs.) | 6th Year (Rs.) |
|---|---|---|---|---|---|
Share capital | 200,000 | 300,000 | Furniture | 200,000 | 260,000 |
Debenture | 150,000 | 130,000 | Land | 130,000 | 145,000 |
Creditors | 140,000 | 150,000 | Stock | 180,000 | 200,000 |
Bank overdraft | 120,000 | 110,000 | Debtors | 130,000 | 120,000 |
Retained earnings | 140,000 | 160,000 | Cash | 110,000 | 125,000 |
Total | 750,000 | 850,000 | Total | 750,000 | 850,000 |
Income Statement for the year ending 6th year
Items | Rs. |
|---|---|
Sales | 7,800,000 |
Less: Cost of goods sold | 6,700,000 |
Gross margin | 1,100,000 |
Less: Operating expenses | 1,040,000 |
Depreciation | 20,000 |
Premium on redemption of debenture | 1,000 |
Loss on sale of furniture (Book value Rs. 20,000) | 5,000 |
Total expenses | 1,066,000 |
Net income | 34,000 |
Other Information
a. Sale of furniture for Rs. 15,000 and purchase of furniture for Rs. 100,000
b. Dividend paid during the year: Rs. 14,000
Required:
Prepare a Cash Flow Statement using indirect method.
Mention any two disadvantages of time rate system of wages payment.
Write the meaning of contract costing.
If annual consumption is 7,000 units and number of orders is 5 times, find out the Economic Order Quantity (EOQ).
The following information is available of a manufacturing company:
Details | Units | Unit Cost (Rs.) |
|---|---|---|
Beginning Balance | 2000 | 100 |
March 02 | 3000 | 110 |
June 10 | 4000 | 120 |
August 15 | 2500 | 130 |
December 22 | 1500 | 150 |
During the year, inventory issued (sales) = 10,000 units
Required:
Calculate cost of goods sold and cost of closing stock under weighted average method using periodic inventory system.
Give the meaning of cost accounting and mention any three objectives of cost accounting.
Profit and Loss Account
Write in brief the uses of computer in accounting.
Give the meaning of purchase order.
Mention any two important documents of a company.
Write the meaning of called up capital.
List out any two limitations of financial statements.
Write the meaning of semi-variable overhead.
Find out the cash collection for sales, if sales is Rs. 600,000 during the year and increase in debtors by Rs. 40,000.
Write about centralized store
Prepare adjustment entry for depreciation on furniture .