Amity Business School

Amity Business School

MBA Class of 2013, Semester I ACCOUNTING FOR MANAGEMENT

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1 (a). Closing Stock

Particulars
Opening Stock Purchase Sales

(Closing stock is outside the Trial Balance)

Debit
20,000 50,000

credit

90,000

Stock at the end of the year is Rs 20,000

1(b). Closing Stock inside the trial Balance Particulars

Opening Stock Purchase Sales

Debit
20,000 50,000

Credit

90,000

Closing Stock

20,000

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1.a. Particulars To opening stock To purchase To Gross profits Trading Account Amt Particulars Amt Liabilities Amt 20000 By sales 90000 50000 By Closing stock 20000 40000 110000 110000 Balance Sheet Assets Amt Closing stock 20000

1.b. Liabilities Amt Assets By Closing Stock Amt

20000

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2. Outstanding Expenses ( expenses due but not paid or Expense accrued)

Trial Balance For the year ending 31st March 2010 Particulars Salaries Rent

Debit
5,500 3000

Credit

Additional Information; 1. Salary for the month of March Rs 500 has not yet been paid 2. Rent Rs 1000 is still outstanding

2(b). If these items appears only in the Trial Balance

Particulars Salaries Rent Outstanding salaries Outstanding Rent Dr 5,500 3000 500 1000 Cr

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3(a) Prepaid Expenses

Trial Balance For the year ending 31st December 2009 Particulars Salaries Rent Debit 26000 13000 Credit

Additional information: 1. Salary has been paid in advance amounting to Rs 2000 for the next year 2. Rent Rs 1000 has been paid in advance for the month of January

3(b). If these items appears inside the trial Balance Particulars Salaries Rent Prepaid Salary Prepaid Rent Debit 26000 13000 2000 1000 Credit