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The following store transactions took place during the month of June:
June 1 — Opening stock: 1,000 units @ Rs. 10
June 5 — Purchase: 700 units @ Rs. 12
June 18 — Purchase: 900 units @ Rs. 15
June 30 — Sales: 1,800 units
Required: Find the value of closing stock and cost of goods sold using the LIFO method under periodic inventory system.
A company issued 8,000 share @ Rs. 100 each for the purchase of following assets.
Land Rs. 7,80,000
Closing stock Rs. 40,000
Required: Journal entries for assets purchase by issuing shares.
The following closing ledger balances of a company are available:
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Rent | 40,000 | |
Salary | 56,000 | |
Equipment | 8,80,000 | |
General expenses | 1,60,000 | |
Loan | 1,50,000 | |
Share capital | 4,00,000 | |
Gross profit | 4,60,000 | |
Profit and loss appropriation | 72,000 | |
Other income | 40,000 | |
Creditors | 14,000 | |
Total | 11,36,000 | 11,36,000 |
Additional information:
i. Proposed dividend Rs. 80,000
ii. Depreciation on equipment @ 10%
iii. Accrued income Rs. 8,000
Required:
(a) Profit & Loss Account
(b) Profit and Loss Appropriation Account
The following account balances of ABC Company are available as on 31st Chaitra 2081.
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Fixed assets | 2,00,000 | |
Current assets | 2,00,000 | |
Bank loan | 60,000 | |
Interest paid | 8,000 | |
Commission received | 10,000 | |
Salary | 10,000 | |
Wages | 20,000 | |
Rent | 5,000 | |
Creditors | 70,000 | |
Capital | 2,00,000 | |
Purchase | 1,20,000 | |
Selling expenses | 62,000 | |
Sales | 2,85,000 | |
Total | 6,25,000 | 6,25,000 |
Additional information:
i. Proposed dividend @ 10%
ii. Depreciation on fixed assets @ 15%
Required: Prepare a 12-column worksheet.
Explain any five advantages of cost accounting.
Write the meaning of indirect material.
Explain any five elements of computer system in accounting.
Define Bin Card.
Write the meaning of allocation of overhead.
(a) Statement of Profit or Loss as per NFRS
(b) Statement of Financial Position as per NFRS
State any two importance of computer system in accounting.
State any two limitations of cost accounting.
Define fixed assets.
State any two elements of computer system in accounting.
Classify the overhead on the basis of control.
Define authorized capital.
Write any two items of assets.
Following Balance Sheets given as:
Liabilities | 2080 (Rs.) | 2081 (Rs.) | Assets | 2080 (Rs.) | 2081 (Rs.) |
|---|---|---|---|---|---|
Share Capital | 4,00,000 | 6,00,000 | Land | 2,00,000 | 3,00,000 |
Debenture | 2,00,000 | 1,50,000 | Plant | 3,00,000 | 5,00,000 |
Creditors | 60,000 | 40,000 | Stock | 20,000 | 18,000 |
Overdraft | 50,000 | 80,000 | Debtors | 80,000 | 32,000 |
Retained Earning | 40,000 | 90,000 | Cash | 1,50,000 | 1,10,000 |
Total | 7,50,000 | 9,60,000 | Total | 7,50,000 | 9,60,000 |
Income Statement for 2081
Particulars | Amount (Rs.) | Amount (Rs.) |
|---|---|---|
Sales | 9,00,000 | |
Less: Cost of goods sold | 5,00,000 | |
Gross Profit | 4,00,000 | |
Less: Expenses | ||
Selling & administrative expenses | 2,20,000 | |
Depreciation on plant | 80,000 | |
Premium on redemption of debenture | 30,000 | |
Total Expenses | 3,30,000 | |
Net Profit | 70,000 | |
Less: Dividend paid | 20,000 | |
Retained Earning | 50,000 |
Additional Information
Plant was sold at book value of Rs. 40,000 and a new plant was purchased for Rs. 3,20,000.
Required:
Cash Flow Statement using indirect method
Prepare adjustment entry of provision for tax of Rs. 1,00,000.
Annual requirement is 18,000 kg and Economic Order Quantity is 3,000 kg. Find out number of order.