WBUT 2010-11

M/S Acasia Consulting commenced business on 1st Jan 2009, with a Capital of Rs 25,000.
Trial Balance of
As At 31st December 2009
Particulars Debit (Rs) Credit (Rs)
Capital 30,000
Drawings 2,600
Plant & Fixtures 3,000
Purchases 1,04,000
Carriage Inward 1,000
Sales Returns 3,200
Purchase Return 2,400
Wages 7,000
Sales 1,32,000
Salaries 6,000
Printing & Stationery 500
Advertisement 700
Trade Charges 400
Rent & Taxes 900
Debtors 16,400
Creditors 6,800
Bills Receivable 2,200
Bills Payable 4,100
Investments 14,000
Bank 13,000
Cash 400
Total 1,75,300 1,75,300

From the following in formations prepare Trading, Profit & Loss Account & Balance Sheet

Adjustments:
 Stock (31/12/2009) Rs 12,000
 Interest on Capital @ 6% pa
 Further Capital Introduced on 1st July 2009, Rs 5,000
 Depreciation: Plant & Fixtures @ 10%
 Outstanding Salaries : Rs 300
 Accrued Interest on Investments : Rs 300
 Additional Bad Debts Rs 400
 Provision for Bad Debts @ 5 % on Debtors
 Provision for Discount on Creditors @ 2%
 In the Books of ACASIA
Trading & Profit and Loss Account
For the Year Ended 31st December 2009
Dr         Cr
To Purchases 1,04,000 By Sales 1,32,000  
Less: Purchase Return -2,400 1,01,600 Less: Sales Returns -3,200 1,28,800
To Carriage Inward 1,000  
To Wages 7,000 By Closing Stock 12,000
To P / L Account (Gross Profit) 31,200  
  1,40,800   1,40,800
         
To Trade Expenses     By Trading Account (Gross Profit) 31,200
To Salaries 6,000 By Accrued Interest on Investments   300
Add: Outstanding Salaries 300 6,300 By Discount on Creditors @ 2% 136
To Printing & Stationery 500    
To Advertisement 700    
To Trade Charges 400    
To Rent & Taxes 900    
To Additional Bad Debts 400    
Provision for Bad Debts @ 5% 800 1,200    
To Depreciation    
Plant & Fixtures @ 10% 300    
To Interest on Capital @ 6%    
Opening 1,500    
Fresh 150 1,650    
To Capital Account (Net Profit) 19,686    
  31,636     31,636

Balance Sheet of ACASIA

As At 31st December 2009
CAPITAL & LIABILITIES PROPERTIES & ASSETS
      FIXED ASSETS    
Capital     Plant & Fixtures 3,000  
Opening 25,000   Less: Depreciation @10% 300 2,700
Further Introduced 5,000        
Add: Interest on Capital @ 6%     Investments   14,000
Opening 1,500        
Fresh 150        
Add: Net Profit 19,686        
Less: Drawings -2,600 48,736      
CURRENT LIABILITIES   CURRENT ASSETS    
Creditors 6,800   Closing Stock   12,000
Less: Provision for Discount on Creditors -136 6,664 Debtors 16,400  
Bills Payable   4,100 Less: Additional Bad Debts 400  
Outstanding Expenses   Gross Debtors 16,000  
Salaries   300 Less: Provision for Bad Debts -800 15,200
      Bills Receivable   2,200
      Accrued Interest on Investments   300
      Cash & Bank Balance    
      Cash 400  
      Bank 13,000 13,400
    59,800     59,800

2011- 12
From the following in formations prepare Trading, Profit & Loss Account & Balance Sheet
Trial Balance of ……………..
As At 31st March 2011
Particulars Debit (Rs) Credit (Rs)
Stock (1/04/2010) 60,000
Drawings 22,000
Trade Expenses 1,350
Salaries 11,200
Advertisement 840
Discount 600
Bad Debts 800
Business Premises 12,000
Furniture 10,000
Cash 2,060
Capital 70,000
Purchase Return 2,600
Purchases 150,000
Sales Returns 5,400
Wages 7,000
Conveyance 1,320
Rent, Rates, Tax & Insurance 5,600
Interest 430
Plant 20,000
Debtors 92,000
Sales 250,000
Creditors 60,000
Bank OD 20,000
Total 402,600 402,600

Adjustments:
  Stock (31/03/2011) Rs 90,000
  Outstanding Expenses: Rent Rs 500 & Wages Rs 400
  Prepaid Expenses: Insurance Rs 300 & Salaries Rs 700
  Additional Bad Debts Rs 800
  Provision for Bad Debts @ 5 % on Debtors
  Depreciation : Premises @ 2.5%, Plant @ 7.5% & Furniture @ 10%

In the Books of …………….

Trading & Profit and Loss Account
 For the Year Ended 31/03/2011
Dr         Cr
To Opening Stock   60,000 By Sales 2,50,000  
To Purchases 1,50,000   Less: Sales Returns 5,400 2,44,600
Less: Purchase Return -2,600 1,47,400      
To Wages 7,000        
Add: Outstanding Wages 400 7,400 By Closing Stock   90,000
           
To P / L Account (Gross Profit)   1,19,800      
    3,34,600     3,34,600
           
To Trade Expenses   1,350 By Trading Account (Gross Profit) 1,19,800
To Salaries 11,200        
Less: Prepaid Salaries 700 10,500      
To Advertisement   840      
To Discount   600      
To Bad Debts 800        
Additional Bad Debts 800        
Provision for Bad Debts 4,560 6,160      
To Conveyance   1,320      
To Rent, Rates, Tax & Insurance 5,600        
Add: Outstanding Rent 500        
Less: Prepaid Insurance 300 5,800      
To Interest   430      
To Depreciation          
Premises 300        
Furniture 1,000        
Plant 1,500 2,800      
To Capital Account (Net Profit)   90,000      
    1,19,800     1,19,800

Balance Sheet of …………

 As At 31/03/2011
CAPITAL & LIABILITIES PROPERTIES & ASSETS
      FIXED ASSETS    
Capital 70,000   Business Premises 12,000  
Add: Net Profit 90,000   Less: Depreciation @2.5% 300 11,700
Less: Drawings -22,000 1,38,000 Furniture 10,000  
      Less: Depreciation @10% 1,000 9,000
      Plant 20,000  
      Less: Depreciation @7.5% 1,500 18,500
CURRENT LIABILITIES   CURRENT ASSETS    
Creditors   60,000 Closing Stock   90,000
Bank OD   20,000 Debtors 92,000  
      Less: Additional Bad Debts -800  
Outstanding Expenses   Gross Debtors 91,200  
Rent 500   Less: Provision for Bad Debts -4,560 86,640
Wages 400 900 Pre Paid Expenses    
      Insurance 300  
      Salaries 700 1,000
      Cash & Bank Balance   2,060
    2,18,900     2,18,900
WBUT 2013-14
Trial Balance of Galaxy Ltd
As At 31/12/2012
Particulars Debit (Rs) Credit (Rs)
Opening Stock 35,000  
Purchases 1,25,000  
Debtors 30,000  
Drawings 5,000  
Investment 40,000  
Land & Building 7,40,000  
Interest on Loan 1,000  
Wages 24,000  
Salaries (14 Months) 56,000  
Plant & Machinery 80,000  
Goodwill 9,000  
Loans & Advances 1,10,000  
Cash & Bank 40,000  
Sales   4,25,000
Purchase Return   5,000
Capital   8,00,000
Provision for Bad Debts   500
Creditors   20,000
General Reserve   14,500
Loan from UCO Bank @ 10%   30,000
Total 12,95,000 12,95,000

Adjustments:
Closing Stock Rs 45,000 at Cost Price, Rs 40,000 at Market Price
Goods withdrawn by Proprietor 1,000
Wages include Rs 2,000 paid on installation of Machinery and Rs 1,000 for Repairing Building
Machinery purchased out of owner’s personal account Rs 20,000
Depreciation on Plant & Machinery @ 10% p.a
Bad Debt written off 10% on Debtors

In the Books of Galaxy Ltd

Trading & Profit and Loss Account
 For the Year Ended 31/12/2012
Dr         Cr
To Opening Stock 35,000 By Sales 4,25,000
To Purchases 1,25,000  
Less: Purchase Return -5,000  
Less: Drawings -1,000 1,19,000  
To Wages 24,000 By Closing Stock 40,000
Less: Installation of Machinery -2,000  
Less: Repairing Building -1,000 21,000  
To P / L Account (Gross Profit) 2,90,000  
  4,65,000   4,65,000
To Salaries 48,000 By Trading Account (Gross Profit) 2,90,000
To Depreciation of P & M @ 10% 1,020  
To Interest on Loan 1,000  
Add: Outstanding 2,000 3,000  
To Provision for Bad Debts  
Provision Required (New) 3,000  
Less: Provision Existing (Old) -500 2,500  
To Capital Account (Net Profit) 2,35,480  
  2,90,000   2,90,000

Balance Sheet of Galaxy Ltd

As At 31/12/2012
CAPITAL & LIABILITIES PROPERTIES & ASSETS
Capital 8,00,000   FIXED ASSETS
Add: Purchase of Machinery 20,000   Goodwill 9,000
Add: Net Profit 2,35,480   Land & Building 7,40,000
Add: General Reserve 14,500   Add: Wages for Repairing Building 1,000 7,41,000
Less: Drawings -5,000    
Goods withdrawn -1,000 10,63,980 Plant & Machinery 80,000
      Add: Wages for Installation of Machinery 2,000
      Add: Purchased out of Owners Fund 20,000
Loan from UCO Bank @ 10%   30,000 Gross Value : P & M 1,02,000
      Less: Depreciation @ 10% -1,020 1,00,980
       
CURRENT LIABILITIES     Investment 40,000
Creditors   20,000  
Interest on Loan O/S   2,000 CURRENT ASSETS
      Closing Stock 40,000
      Debtors 30,000
      Less: Provision for Bad Debts @ 10% -3,000 27,000
      Loans & Advances 1,10,000
      Prepaid Salary 8,000
      Cash & Bank 40,000
    11,15,980     11,15,980