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Profit & Loss Appropriation Account
Profit & Loss Account
Write the meaning of cost accounting and explain it's any three limitations.
Following are the store related transactions for the month of Magh:
Opening inventory: 300 units @ Rs. 5 each
Magh 15: Purchase 500 units @ Rs. 6 each
Magh 25: Purchase 400 units @ Rs. 7 each
Sales during Magh: 900 units
Required:
Cost of closing inventory and cost of goods sold using LIFO method under periodic inventory system.
The time allowed to produce 30 units of output is 3 hours. A worker produces 500 units of output during the month. Wage rate per hour is Rs. 600.
Required:
Monthly wages of a worker
On comparison between cost accounting and financial accounting, following facts were located:
i) Profit as shown by financial accounting Rs. 80,000
ii) Office expenses over recorded in financial accounting by Rs. 15,000
iii) Depreciation over recorded in cost accounting by Rs. 5,000
iv) Income tax payment of Rs. 6,000 only recorded in financial accounting
Required:
Reconciliation statement of financial accounting and cost accounting
Explain the features of computerised accounting system.
Following figures are taken from 2021 and 2022 balance sheet of a company.
Liabilities | 2021 | 2022 | Assets | 2021 | 2022 |
|---|---|---|---|---|---|
Creditors | 29,000 | 32,000 | Debtors | 15,000 | 10,000 |
Expenses due | 2,000 | 3,000 | Stock | 30,000 | 20,000 |
Retained earnings | 89,000 | 62,000 | Cash | 25,000 | 30,000 |
Loan | 50,000 | 68,000 | Fixed Assets | 180,000 | 195,000 |
Share capital | 80,000 | 90,000 | |||
Total | 2,50,000 | 2,55,000 | Total | 2,50,000 | 2,55,000 |
Additional information:
i) Sales: Rs. 100,000
ii) Cost of goods sold: Rs. 80,000
iii) Operating expenses (Including interest expenses Rs. 4,000) is Rs. 26,000
iv) Fixed assets purchase: Rs. 29,000
v) Cash dividend: Rs. 7,000
Required:
Cash flow statement using direct method.
A company Ltd. issued 9,000 shares of Rs. 100 each at a premium of Rs. 10 per share to purchase the following assets:
Land and Building: Rs. 6,50,000
Office Equipment: Rs. 3,40,000
Required:
Entries for purchase of assets and issue of shares
Required:
(a) Profit or loss statement based on NFRS
(b) Statement of financial position based on NFRS
The trial balance of a company as on 31st December last year is given below.
Particulars | Dr. Rs. | Cr. Rs. |
|---|---|---|
Sales | - | 320,000 |
Purchase | 160,000 | - |
Opening stock | 20,000 | - |
Prepaid insurance | 12,000 | - |
Capital | - | 150,000 |
Creditors | - | 30,000 |
Debtors | 40,000 | - |
Salary | 96,000 | - |
Cash | 22,000 | - |
Fixed assets | 150,000 | - |
Total | 5,00,000 | 5,00,000 |
Additional information:
i) Prepaid insurance was expired: Rs. 8,000
ii) Depreciation charged on fixed assets: Rs. 12,000
Required:
Work sheet
Required:
Tender Sheet
Required:
Cost Sheet
Prepare adjustment entry of accrued commission Rs. 28,000.
Define computer software.
Write the meaning of allocation and apportionment of overhead with example.
Write the advantages of decentralized purchase.
Sangam Company had the following transaction during the month of June:
June 1: Beginning inventory — 500 units @ Rs. 10 each
June 6: Purchase — 700 units @ Rs. 11 each
June 18: Purchase — 400 units @ Rs. 12 each
Total sales during June — 1,050 units
Required:
Cost of ending inventory and cost of goods sold using weighted average method under periodic inventory system.
A worker produces 300 units in a month. The standard time required for producing one unit is 5 hours, and the wage rate is Rs. 60 per hour.
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