Daulat Ram College

B. Com Semester I – Financial Accounting

Practical Examination 2022-23
Set 3
Date: 19th February 2023 MM: 20
The company details are as follows:
(a) Name – Exam20195
(b) Address – Your Address, Telephone No., Mobile No.
(c) Email Id – admin@drc.ac.in
(d) GSTIN- 07ABHNG1256G1ZY
(e) Currency Symbol: ₹
(f) All transactions of sale and purchase of goods, payments to creditors and receipts from
debtors are done through Dena Bank.
(g) Any other payment and receipt are done through Syndicate Bank or Cash.
Balance Sheet as at 31-03-2021
Liabilities Amount Assets Amount
Capital 1575000 Land and Buildings 1350000
Reserves 165000 Plant and Machinery 375000
Profit and Loss Account 105000 Furniture 112500
Secured loan 300000 Investment 180000
Debentures 262500 Stock 554250
Loan from Promoters 150000 Debtors 500000
Provision for tax 180000 Bills Receivables 27000
Bills Payable 22500 Syndicate Bank 262500
Sundry Creditors 667750 Dena Bank 112500
Salaries outstanding 30000 Cash in Hand 40000
Rent outstanding 60000 Prepaid insurance 4000
3517750 3517750
The company deals in the following stocks:
Name of the Items Group Quantity Rate GST Rate Opening Stock
(₹) Value
Plastic Chairs 340 250 12% 85000
Wooden Chairs 450 300 12% 135000
Metal Chairs 125 225 12% 28125
Stone Tables 325 425 12% 138125
Wood Tables 200 240 12% 48000
Glass Tables 240 500 12% 120000
Total 554250
The list of company debtors is as follows:
Debtors Address GSTIN Balance Due
Karan Delhi 07HGTRY3542Z1TY 45000
Deepak Delhi 07FTRHS3652W1ZY 125000
Rohan Punjab 03THTRS2563Z1WT 225000
Geeta Maharashtra 27RTEYSF8763Z1TY 40000
Sadhna Delhi 07HTYST7643Z1RE 65000
Total 500000
The list of company creditors is as follows:
Creditors Address GSTIN Balance Payable
Sunita Delhi 07ABGDR2345C1ZY 350000
Rajesh Delhi 07ABGDR2378C1ZY 30000
Mohan Haryana 06JYHGD8734H1Z4 22750
Sita Delhi 07TRHYSV9034J1Z1 165000
Harish Delhi Unregistered 100000
Total 667750
Record the following transactions that took place during financial year 2021-2022.
S.No. Transaction Item Quantity Amount
1. Purchase from Sunita Wood Tables 80 40000
2. Sale to Rohan Metal Chairs 100 280000
3. Sale to Sadhna Stone Tables 275 137500
4. Paid to Sunita Rs 35000 in full settlement for her transaction at no. 1 above.
5. Received from Rohan ₹ 275000 and Sadhna ₹ 135000 in full settlement for their
transactions at no. 2 and 3 above.
6. Paid to Sita in full settlement of her account 162500
7. Purchase from Mohan Plastic 100 80000
Chairs
8. Sale to Geeta (Trade discount 5% on list price) Glass Tables 200 tables. List
Price ₹ 1700/- each
9. Goods sold to Rohan were found defective and returned by him. 10
10. 10 Wooden chairs were gifted to the daughter by the owner.
11. Purchased Furniture on 1.5. 2021 and GST @ 18% 60000
12. Sold all the investment 5,00,00
0
13. Purchased Plant and Machinery from ABC Ltd for ₹ 5,00,000. To pay for this the
company borrowed from bank a loan of ₹ 1,50,000 and issued fully paid debentures of
₹ 3,50,000 to ABC Ltd.
14. Paid
1. Outstanding Rent 25000
2. Current Rent 45000
3. Current Salaries 22000
4. Telephone 1000
5. Tax of last year 80000
6. Insurance Premium Paid 8000
15. Outstanding
1. Total Provision for Tax 140000
2. Total Rent Outstanding 45000
3. Prepaid Insurance 4000

Charge Depreciation for the period 01-04-2021 to 31-03-2022 on Furniture @ 10%.

You are required to: -

1. Create a company as per details given above
2. Create appropriate groups and Ledger Accounts.
3. Enter the transactions as given selecting appropriate voucher type.
4. Export the following statements in pdf format (detailed and portrait mode)
(a) Day book
(b) Trial Balance as on 31st March 2022.
(c) Profit and Loss Account for the year ended on 31st March 2022.
(d) Balance Sheet as on 31st March 2022.
(e) Cash flow statement
(f) GST Report.