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FPOE

FINAL ACCOUNT QUESTIONS

FPOE

33th STP

Company Final Account

Assets

Rs-

Capital & Liabilities

   

RS

Authorized Capital

100,00,000

[Shares 1000,000 each Rs-10]

Share capital

[24000 each Rs-10]

Rs-

240,000

FPOE

--- th STP

Company Final Account

Adjustment (c)

Actual disposal entry

Cash a/c

3,000,000

Acc.Dep

Loss on Disposal

798,000

402,000

Machinery a/c 4,200,000

------------------------------------------------------

Already made

Cash 3,000,000 to Machinery 3,000,000

Acc Dep

798,000

Loss on Disposal 402,000 Machinery

1200,000

Polo Industries Ltd. Trading,P&L Account As on 30-06-06

Particulars

Rs Particulars

Rs

Op-Stock

26,490,000

Purchases

225,993,000

Sales

324,860,000

Manufacturing Over head

46,880,000

Closing Stock

22,950,000

Gross Profit

48447,000

Total

347810,000

Total

347810,000

Admn & Selling Expenses + Dep: 12,490,000 +1460,000

13950,000

Gross Profit

48447,000

Financial Expenses

9420,000

Loss on disposal of Machinery

402,000

Amortization of Patents

600,000

Depreciation - Dep of Admn [10460,000 -1460,000]

9000,000

Mark-up

1360,000

Audit fee

120,000

Net Profit [To P&L App a/c]

13,595,000

Total

48447,000

Total

48447,000

Polo Industries Ltd. P&L App. Account As on 30-06-06

Particulars

Rs. Particulars

Rs.

Tax provision[0.5% on

1624,30

Net Profit b/f

13,595,00

turnover]

0

0

 

Un-appropriated

3870,000

Profit

 

App Net Profit [to B/S]

15840,7

00

TOTAL

17465,0

TOTAL

17465,00

00

0

 
 
 
 

Polo Industries Ltd. Balance Sheet As on 30-06-06

 

Fixed Assets - sale of machinery and unadjusted cost of sold Machinery [112,400,000 – 3,000,000 and

108,200,000

Share Capital

30,000,000

1200,000]

Patents & Patterns Less Amortized [1,800,000 – 600,000]

1,200,000

Share Premium a/c

6,000,000

Advances & Deposits

247,000

General Reserves

4,000,000

Trade Debtors

26,680,000

Bank Z Loan + Mark up [40,000,000 +1360,000]

41360,000

Stock

22,950,000

Overdraft Bank A

18,960,000

Bank-B

1592,000

Trade Creditors

12,640,000

Cash in Hand

128,000

Accrued Expenses

1,590,000

   

Acc. Depreciation Less Acc.Dep of Machinery sold + Annual Dep [19,200,000 - 798,000

28862,000

+10,460,000]

 

Prov. For Tax

1624,300

 

Audit fees

120,000

 

App. Net Profit

15840,700

 

160,997,000

160,997,,00

Share Premium Account

Nominal value of Share is Rs-10 each

Amount received Rs-12 when is issued

Rs-2 shall be placed in Share Premium Account

Calculation of Depreciation

After deducting asset disposed of

Cash a/c

3,000,000

Acc. Dep Loss on disposal a/c

798,000

402,000

4,200,000

Machinery a/c

FPOE

---34 TH STP

FPOE

---34TH STP

Partnership Final account

FPOE STP

Sole Proprietorship Final Account

FPOE

…. 35 TH

STP

Partnership Final Account

FPOE 36 th CTP Company Final Account

HRM Limited and incorporated after July 01,2008 with the authorized share capital of Rs-50

millions. Following is the Trial Balance of the company on 30 th June 2009

( figures in

Incorporation “000”) expenses(indirect)

1,750

Share capital (4,500,000 of

45,000

Start up cost(indirect)

2,100

Rs-10/- each)

Land

7,500

Trade creditors

17,500

Factory building

5,000

Accrued expenses

1,500

Office building

1,000

Sales

164, 290

 

Plant &

7,000

TOTAL

Machinery

800

228,290

 

Furniture & office

200

equipment

3,000

Furniture

21,000

&Equipment(factory)

126,070

Motor Vehicles

11,900

Trade debtors

4,250

Purchase of raw material

5,870

 

Salaries &

8,970

wages(indirect)

4,510

ADJUSTMENT

Salaries & wages(direct

6,250

(c) A debt of 0.5 Million is

 

2,800

to written off. Provision for

Fuel & power

2,950

doubtful debts[1 %] is to be

 

Other

5,370

created on the year –end

overhead expenses

228,290

balance.

Repair and

maintenance(factory)

Distribution expenses

Selling expenses

Administrative expenses

Cash and Bank Balance

TOTAL

ADJUSTMENT (a) The cost of stock at 30 th June was as:

R

t

i

l

8 800

(d) 1- Interim divided @ Rs-

0.50 per share declared on

June 05,2009 but paid on

July 08,2009……2- Final

dividend @ Rs- 0.50 per

share declared on August

18,2009 but not yet paid.

(e) Transfer to general

reserve is Rs-01 million.

Required: Prepare Profit &

Loss Account, Balance

Sheet and Depreciation

Account for the year ended

on 30 th June,2009 in

accordance with

FPOE

37 TH STP

Sole Proprietorship Final Account

FPOE

-- 38 th

STP

Sole Proprietorship Final Account

FPOE- 39 th CTP Sole Proprietorship Final Account

Q : Form the following is the Trial Balance of Mr. Tahir, prepare Trading, Profit and Loss Account, and

Balance Sheet on 31 st Dec.,2012after making the adjustments given below.

Debit Balances

Rs.

Credit Balances

Rs.

Drawings

10,000

Sundry creditors

14,800

Prize bonds

10,000

Bank Loan( @15%)

20,000

Salaries & wages

15,000

Advertisement Income

340

Investment

5,000

Capital

108,00

 

0

Insurance

600

Misc. Income

4,100

Furniture

7,450

Sales

289,60

 

0

Postages & Telegram

870

Purchases Returns

5,800

Bank interest

900

Sundry Debtors

24,000

Total

442,64

 

0

Sales Returns

9,400

ADJUSTMENTS:

Stock on Jan,01,2012

 

1-Stock on 31 st December 2012 was valued at Rs-

 

46,000

80,000

General expenses

3,910

2- Effect of advertising being not yet expired. A quarter of the amount of Printing &Advertisement is to

 

be carried forward for next year

Discount Allowed

1,800

3-

Provide 2% for discount on debtors. Also

Audit Fee

700

create a bad debt provision @ 5%

 

Purchases

243,10

4- Depreciate furniture @ fixture @ 10%

 

0

Printing &Advertisement

14,600

5- Interst accrued of DSc’s amount to Rs- 500

 

Cash at Bank

8,000

6—Private purchases amounting to Rs- 500 has

 

been included in purchases day book.

Carriage inwards

18,600

7- Invoices for purchases amounting to Rs-1,000

 

Travelling Expenses

2330

has been omitted from the books

Cash in hand

380

Defence Saving Certificates

20,000

Net Realizable Value

Adjustment:

Net Realizable Value

The usual accounting basis for stock valuation is the LOWER of cost & Net realizable value.

FINAL ACCOUNT EXERCISES

Debit

Rs.

Credit

Rs.

Balances

Balances

Fixed Asset

10,00,0

Capital

12,00,0

00

00

Current Assets

800,000

Liabilities

395,000

Direct Expenses

Direct Incomes

800,,00

 

400,000

0

Indirect Expenses

300,000

Accumulate Depreciation of Fixed Asset

100,000

 

Provision for Bad Debts

5,000

Total

25,00,0

Total

25,00,0

00

00

Adjustments

6- A cash sale of 1235

10,000 ( Cost 50,000 on 1 st

1-Sales Book was over cast by 300. 2-Purchase of Furniture for 615 passed through purchases book. 3-Amount of 55 received from D was posted to his account as 550. 4. Bade debts Rs 5,000. Also create 5% provision for Bad Debts and 2% Provision

entered in cash book correctly but posted in Sales Account as 235. 7- A fixed asset was disposed of against Rs:

Jan 2010). Depreciation rate on straight line method is 10%. 8. Closing Stock is Rs- 30 000

Trading,P&L A/c As on 30 th June,2013

 

Rs.

Rs.

Direct Expenses

   

Direct Incomes

800,000

 

400,000

Add unrecorded sale

1,000

Less

Furniture

(

399,49

Less Overcast sale

(300)

800,7

615)

4

closing Stock

00

Add P- returns

 

30,00

109

431,20

0

6

Gross Profit c/d

 
 

830,70

830,7

0

00

 

Indirect Expenses

300,000

 

Gross Profit c/d

431,2

Less Un-expired

(5,000)

295,00

06

 

0

 

Bad Debts 5,000

     
 

5%New Prov. For

B/Debts:

 
 

[ 80,000 – 5,000]

3,750

3,750

Less Old Prov. For Bad Debts

 

( 5,000)

 

2% Prov. For discount [ 80,000- 5,000-3750]

1425

 

Depreciation on Fixed asset

 

@10%

[ 10,00,000 +

95,062

615 – 50,000)

 

Loss on disposal of asset

25,000

Balance Sheet As on 30 th June,2013

 

Assets

Rs.

Capital & Liabilities

Rs.

 

Fixed Asset :

9,50,61

Capital

12,00,00

10,00,000(Less Disposed of 50,000 + New 615]

5

0

 

Current Assets

 

Liabilities

395,000

800,000

+ Cash

10,000

+Over Deducted Debtor

495

 

800,32

 

810,495

0

Less New B/Debts

(5,000)

Less Prov. For B/Debts

(3,750)

Less Prov. For Discount

(1425)

 

Un-expired indirect

5,000

Acc. Dep. On Fixed Asset

expenses

100,000

Add: This year Dep:

 

95,062

180,062

Less Acc.Dep on Disposed of Machinery

1-Sales Book was over cast by 300.

Sales a/c

300

Suspense A/c

300

2-Purchase of Furniture for 615 passed through purchases book.

Furniture a/c 615 Purchases a/c

615

3-Amount of 55 received from D was posted to his account as 550.

A’s A/C 495

495

Suspense A/c

4-Purchases Returns Book total on a folio was carried as 221 instead of 112.

Purchases Return A/C

109

A/c

109

Suspense

5- A cash sale of 1235 entered in cash book correctly but posted in Sales Account as 235.

Suspense a/c 1000 sales a/c

1000

7- A fixed asset was disposed of against Rs: 10,000 ( Cost 50,000 on 1 st Jan 2010). Depreciation rate on straight line method is 10%.

7-

Cash a/c Acc Dep on F-Asset Loss on disposal

10,000

15,000

25,000

Fixed Asset a/c 50,000

7-

Dep. On F-asset a/c

95,062

Fixed Asset a/c

95,062

10% of [10,00,000 + Furniture 10,000 Less disposed of asset 50,000]