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Accounts Test Saturday 2

Accounts Test Saturday 2

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Published by: AMIN BUHARI ABDUL KHADER on Aug 21, 2010
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10/05/2010

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OMTEX CLASSESTHE HOME OF SUCCESSACCOUNTS TEST
1.
 
Prepare Trading and Profit & Loss account for the year ended 3
1
st 
December,
1996
andBalance sheet as on that date from the following Trial Balance of Kaveri and Narmada
Debit Balance Rs. Credit Balance
R
s
.
 
Kaveris DrawingsNarmadas Drawings
Land & BuildingPlant & MachineryStock(
1.1.1996)
 PurchasesWagesCarriage OutwardCarriage InwardCoalSalary
R
ent,
R
ates & TaxesDiscount AllowedCash & Bank BalanceSundry DebtorsPrinting & StationeryBad DebtsAdvertisement Sales
R
eturnFurnitureBills
R
eceivable4,0004,0002
1
,000
1
2,
6
008,000
1
2,0005,000500400
1
,2
6
07,5005
6
03005,080
9
,0004
6
0240
1
,750400
1
,240
1
,
6
00
Kaveri Capital Narmadas Capital 
Bills PayableCreditorsPurchase
R
eturnsSales
1
2,00020,000
6
,7
9
0
1
4,
6
0050043,000
96
,8
9
0
96
,8
9
0Adjustments:
1.
 
Closing Stock is valued at 
R
s
.
 
1
0,000/- at cost whose market value was
R
s
.
 
1
5,000/-2
.
 
Depreciation Land & Building and Plant & Machinery by
1
0% & Furniture by 5%
.
 3
.
 
Provision for doubtful debts should be maintained at 5% on sundry debtors
.
 4
.
 
Kaveri has withdrawn goods for his personal use
R
s
.
500 for which no entry is passed
.
 5
.
 
Fire occurred in the Godown and goods worth
R
s
.
5, 000 were destroyed, but InsuranceCompany admitted Claim for
R
s
.
3, 500
.
 
6.
 
Salary outstanding
R
s
.
 
1
,500
.
 7
.
 
Wages outstanding
R
s
.
 
1
,000 and8
.
 
R
ates prepaid
R
s
.
 
6
0
.
 

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