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financial accounting theory

Financial Accounting I 4th Edition Mohamed Hanif, Amitabha Mukherjee - Solutions

An account sales is a statement which shows the details about the A goods received B goods sold C goods lying unsold.
Consignee becomes a debtor of the consignor when A the goods are despatched B the goods are received C the goods are sold.
From the following data, you are required to prepare a Trading and Profit and Loss Account for the year ended 31st March, 2017 and a Balance Sheet as on that date. All workings should form a part of your answer.
A is importer of fancy goods, operating from rented premises, which is on lease of ~ 1,000 per month. He prepares his accounts as on 31st December, each year. On the night of December 31st, 2016, all his books and records were destroyed in a fire.The following was his summarized financial position
From the following information obtained from Mr X, a trader, who does not prepare proper accounts, prepare a Trading and Profit and Loss Account for the year ending on 31.3.2017 and the Balance Sheet as on that date:(a) Withdrawal as per Pass Book (all figures in ~) :Postage and Telegrams 1,000
From the following information of M/s Pradip & Company, prepare Trading and Profit and Loss Account for the year ending on 31.3.2017 and the Balance Sheet as on that date (all figures in ~) :
The following information is supplied from which you are requested to prepare the Profit and Loss Account for the year ended 31st December, 2016 and Balance Sheet as at that date :
The following are the assets and liabilities of Sanjoy as on 31.3.2016 (all figures in ~ ’000) :Liabilities : Capital 200; Creditors 50. Assets : Fixed assets : 145; Stock 40; Debtors 50; Cash 5; Bank 10.A fire destroyed the accounting records as well as the closing cash on 31.3.2017.However, the
The following is the Balance Sheet of Sri Govind as on 30th June 2016 :A riot occurred on the night of 30th June 2017 in which all books and records were lost. The cashier had absconded with the available cash. Shri Govind gives you the following information :(a) His sales for the year ended 30th
X is a tobacco merchant. He follows the practice of paying creditors for goods purchased through his bank account and making payments in cash on all nominals accounts.X had not kept his books on the double entry principles nor had he balanced his Cash Book.However, the following information has
Sanjay is in business but does not keep full accounting records. For the year ended 31.12.2016, he is able to provide you with the following information (all figures in ~) :
Anand started business on 1.1.2016 with his own capital of ~ 20,000, and an interest free loan of ~ 20,000 from a friend.His business makes toys, which are selling at ~ 40 each. Anand, who has little knowledge of accountancy, produced the following information at the end of the first year’s
The following is a summary of the Bank Account of Mr Khanna, a trader, for the year 2016.Discounts received from trade creditors during 2016 amounted to ~ 1,500. No discounts were allowed to customers.The amount due to the customer who overpaid his account was set off against sales to him in
Bhuvanabhoopati who commenced business as a retail trader on 1.1.2016 has not kept proper records of his transactions for the year ended 31.12.2016. He, however, has kept a cash diary from which he has extracted the following:
Rama Reddi is a retail merchant who keeps only a memorandum of his transactions. By going through his notes and records, you are able to ascertain the following:(a) Summary of Bank Account (1.4.2016 to 31.3.2017)
Shri V.L. Srivastav does not maintain regular books but keeps only memoranda of his transactions. He furnishes the following information from the memoranda for the year ended 30.9.2016:(a) Total collection from Debtors (in cash) ~ 30,000;(b) Cash Sales ~ 19,200;(c) The abstract of Bank Account for
X does not maintain regular books of account. The following information is available for the year ended 31.12.2016:(i) Cash sales ~ 38,400;(ii) Cash collections from debtors ~ 60,000;(iii) A summary of the bank transactions for the year ended 31.12.2016 :Deposits : cash ~ 95,820.Withdrawals :
Motilal is a small trader, and is financially incapable of engaging the services of an accountant. He keeps no books but only an account with a bank in which all takings are lodged after meeting business expenses and his personal drawings and through which all payments for business purchases are
Mr Mukherjee commenced business on 1st January, 2016, with a capital of ~ 45,000. He immediately purchased Furniture of ~ 24,000. During the year he received from his uncle a gift of ~ 3,000 and he borrowed from his father a sum of ~ 5,000. He had withdrawn ~ 600 per month for his household
X does not maintain proper books of account. From the following information, prepare Trading and Profit and Loss Account for the year ended December 31, 2016 and a Balance Sheet as on that date :
You are preparing an income statement and balance sheet for Longman, a sole trader who does not keep adequate accounting records.The following information is available to you to compute the figures for inclusion in the accounts for sales revenue and purchases for the year ending 31 March, 2017 (all
S.K.S. does not maintain proper books of account. However, he provides you with the following details:(a) Sales and Purchases policy : Total sales during the year 2016 ---- ~ 6,00,000. Volume of sales during 2nd half of 2016 was 1/3 that of 1st half. Volume of credit sales was twice that of cash
You are required to calculate for each product of the company as a whole:(a) Value of Stock at 31st December, 2016, at cost;(b) The amount of Gross Profit, as they would appear in the company’s Trading Account.The company sells three products A, B and C on which it earns gross profit percentages,
From the following particulars for the years 2015 and 2016 determine the value of closing stock at the end of 2016 :
A and B are in partnership, sharing profits and losses, two-thirds and one-third respectively. The books are kept on the single entry system and their Statement of Affairs dated 31st December, 2015 showed their position to be as follows:10 Anandam is a wholesaler in textile goods. On January 1,
Naresh, Ramesh and Dinesh are partners in a firm sharing profits and losses in the ratio 5 : 3 : 2 respectively. They kept their books on the Single Entry System. On 31st March, 2016, the following Statement of Affairs are extracted from their books:
Their drawings were ~ 300 and ~ 200 per month respectively. They had kept no accounts except the following information :
A and B started business on January 1, 2015 with ~ 50,000 as capital contributed equally but the profit-sharing ratio was 3 :
They had bought Plant costing ~ 2,200 and now valued the whole at ~ 9,500. Creditors were for ~ 10,700, Cash ---- ~ 4,600, Debtors ---- ~ 30,400 and Stock ---- ~ 18,900.Prepare Statement of Profit and Loss for half-year ended 30th June, 2016 and Balance Sheet as on that date.
A, B and C are in partnership and keep their books by single entry system. They are entitled to 5% interest on the amounts standing to their credits at the beginning of each year, and B and C are entitled to salary of ~ 250 and ~ 175 per month respectively, in addition. The remaining profits are to
Ram, Shyam and Jadu were in partnership and towards the end of 2016, most of their books and records were destroyed in a fire. The Balance Sheet of the firm as on 31.12.2015 was as follows:Partners’ Drawings during the year were : Ram ~ 3,000; Shyam ~ 2,500; and Jadu ~ 1,500. On 31.12.2016 Cash
K and D are partners in a firm sharing profits and losses as K 60% and D 40%. Their Statement of Affairs as at 31st March 2016, is given below:
X is a small cloth merchant, who has not kept full double entry records. His position as on 1st January 2016 stood as follows:-Cash in hand ~ 760; Balance at Bank ~ 6,950; Stock ~ 12,600; Sundry Debtors ~ 4,500; Furniture ~ 2,000 and Sundry Creditors ~ 4,310.His position at the end of 2016 was as :
Mr A does not maintain complete double entry books of account. From the following details, determine the profit for the year and statement of affairs at the end of the year:~ 1,000 (Cost) furniture was sold for ~ 5,000 on 1.1.2016; 10% depreciation is to be charged on furniture. Mr A has drawn ~
Sri R. Mitra commenced business on 1st January 2016, with ~ 20,000 as Capital. He kept his books on Single Entry System. On 31st December, 2016, his books disclosed the following : Sundry Creditors ~ 7,500; Plant ~ 15,000;Stock-in-trade ~ 12,000; Debtors ~ 13,500; and Cash at Bank ~ 3,000. He drew
The fundamental Balance Sheet equation is :A Capital -- Liabilities = Assets B Assets = Capital C Capital = Assets -- Liabilities D none of the above
The shortage on the debit side of the Cash Book represents A credit Sales B cash Purchases C cash Sales D credit Purchases
Final Statement of Affairs is prepared for ascertaining A net profit of the business B capital of the owner C financial position of the business at the end of the accounting period D financial position of the business at the beginning of the accounting period
Under single entry system details of A expenses will not be available B income will not be available C both expenses and income will not be available D both income and expenses will be available
Under single entry system, opening capital is calculated by preparing A Closing Balance Sheet B Final Statement of Affairs C Opening Statement of Affairs D Opening Balance Sheet
From incomplete records, it is possible to prepare A Trial Balance B Balance Sheet C Statement of Affairs D none of the above
What are the advantages of Single Entry Book-keeping?
How would you convert a set of books of accounts from the Single Entry to the Double Entry System ?
How are profits calculated under the Single Entry System ?
What is a Statement of Affairs? How does it differ from a Balance Sheet?
What are the essentials of the Single Entry System of Book-keeping?In what respects is the Double Entry System superior to it?
The Chief Accountant of Best Club Limited suddenly expired on December, 31, 2016 and the following informations were available on that date:(a) The Books of Account were maintained improperly and the last Balance Sheet as at December 31, 2015 showed the following:
The United Club closes its accounts on calendar year basis. It runs a pantry and general services. On 1st January, 2016 on the persuasion of some members, it laid a tennis court on the understanding that half of the cost of laying the court would be met by the said members individually and that the
The following Income and Expenditure Account of Joyous Club is given for the year ended on 31st December, 2016:
The Income and Expenditure Account of Repose Club for the year ended 31.12.2016 is as follows:
From the following Income and Expenditure Account of Victoria Club for the year ended 31st December 2016 and Balance Sheet as on 31st December 2015 and other information available as on 31st December 2016, prepare Receipts and Payments Account for the year ended 31st December, 2016 and a Balance
The following receipts and payments account for the year ended 31st March 2017 for the Reserve Bank Sports Club has been prepared by the treasurer, Md. Jafar Ali.
From the following information relating to the Bengal Club you are required to prepare
The assets and liabilities of the Barley Sports Club at 31st December, 2015 were as follows :
From the following Receipts and Payments Account of Janak Puri Football Club and additional information, prepare an Income and Expenditure Account for the year ending 31.3.2017 and a Balance sheet as on that date
From the following Receipts and Payments Account of Kapil Cricket Club and the additional information prepare the Income and Expenditure Account for the year ended 31st March, 2017 and the Balance Sheet as on that date. Receipts and Payments Account for the year ended 31st March, 2017.
From the following ledger balances of SBI Recreation Club prepare Income and Expenditure Account for the year ended on 31st March 2017 and Balance Sheet as on that date. The profit or loss on Bar and Restaurant should be shown separately.
The Sports Writers Club give the following Receipts and Payments Account for the year ended March 31, 2017.The closing values of furniture and sports equipments are to be determined after charging depreciation at 10% and 20% p.a. respectively inclusive of the additions, if any, during the year. The
The following information was obtained from the books of Delhi Club as on 31.3.2017 at the end of the first year of the club. You are required to prepare Receipts and Payments Account, Income and Expenditure Account for the year ended 31.3.2017, and a Balance Sheet as at 31.3.2017 on mercantile
The following is the Receipts and Payments Accounts of Apollo Club in respect of the year 31st March, 2017:
Citizen’s Club was registered in a city and the accountant prepared the following Receipts and Payments Account for the year ended October 31, 2016 and showed a deficit of ~ 14,520 Cash over spent represent honorarium to Secretary not withdrawn due to cash deficit. His annual honorarium is ~
The following is the Receipts and Payments Account of an Amusement Club :Depreciation was 10% p.a. on the furniture left after selling a part of it. Legacies to be capitalised.Prepare Income & Expenditure Account and the Balance Sheet as on that date.[C.U.B.Com. (General) ---- Adapted]
Prantik Boys’ Club prepared the following Receipts and Payments Account for the year ended 31st December, 2016:The fixed assets of the club on 1st January, 2016 include the following: sports equipments ~ 40,000, furniture ~ 6,000, 10% Government securities ~ 16,000 and club ground ~
The following is the Receipts and Payments Account of the Sanatan Sangha for the year ended 31st December 2016.You are required to prepare an Income and Expenditure Account for the year ended 31st December 2016 and a Balance Sheet as at that date
Given below is the Receipts and Payments Account of a club for the year ending 31st December, 2016:Prepare the club’s Income and Expenditure Account for the year ended 31st December, 2016 and its Balance Sheet as at that date after taking the following information into account:(i) There are 400
From the above, prepare Income and Expenditure Account for the year 2016 and also the Balance Sheet as on 31.12.2016 of the Calcutta Club.
The following is the Receipts and Payments Account of the Calcutta Club for the year ending 31.12.2016:A building costing one lakh of rupees was purchased during the last year and ~ 88,000 was paid for it. Subscriptions outstanding for 2016 ---- ~ 1,100; Interest accrued on bank deposits but not
The following is the Receipts and Payments Account of Silver Streek Cricket Club for the year ended 31.12.2016. You are to prepare the Income and Expenditure Account for 2016 and Balance Sheet as at 31.12.2016 of the Club:Subscriptions : For 2015 (due as at 31.12.2015, ~ 1,500) received ~ 1,000;
Legacy for specific purpose is:A added to the specific fund B shown in the income and expen
Entrance fees are generally :A capitalised B taken as income C treated as a liability
A profit on the sale of furniture of a club will be taken to :A cash account B receipts and payments account C income and expenditure account
The Receipts and Payments Account records receipts and payments of :A revenue nature only B capital nature only C revenue as well as capital nature.
The Income and Expenditure Account begins with :A debit balance B credit balance C no balance
How do you treat the following at the time of preparation of final accounts of a non-profit organisation ?(i) Donations (ii) Legacy (iii) Life Membership Fees (iv) Admission Fees (v) Sectional Subscriptions.
Distinguish between Receipts and Payments Account and Income and Expenditure Account.
What are the main features of Income and Expenditure Account ?
What are the main features of Receipts and Payments Account ?
Distinguish between non-profit organisation and profit seeking organisations.
What are the non-acounting records maintained by the non-profit organisation ?
What are the books of accunts maintained by a non-profit organisation ?
What are the characteristics of non-profit organisation ?
How a non-profit organisation is formed ?
What do you mean by Non-Profit Organisation ?
Prepare Manufacturing, Trading and Profit and Loss Account for the year ended 31st December, 2016 and Balance Sheet as at that date of Shri S. Singh, manufacturer, from the following Trial Balance and information:
From the following information relating to the business of Lutfur Rahman, prepare a full Manufacturing Account and also prepare Trading, Profit and Loss Account and Balance Sheet for the year ended 30th September, 2016:
From the following list of balances, prepare Manufacturing Account, Trading Account and Profit and Loss Account for the year ended 31.12.2016. Prepare also a Balance Sheet as on that date.Stock on 1.1.2016 : Raw Materials ~ 30,000, Work-in-Progress ~ 20,000, Finished Goods ~ 1,50,000. Purchase of
Which of the following is an item of overhead ?A audit fees B bad debts C discount allowed D delivery van expenses
Secondary packing materials is treated as A direct expenses B factory overhead C selling overhead D distribution overhead
Generally work-in-progress is valued at A prime cost B factory cost C factory cost + administrative overhead D prime cost + variable factory overhead
Prime cost is the aggregate of A direct materials consumed + direct labour B direct materials purchased + direct labour + direct expense C direct materials consumed + direct labour + direct expenses D direct materials consumed + direct labour + factory overhead
Which of the following expense is not an item of factory overhead ?A insurance of the factory B time keeper’s salary C freight on raw materials D stores
Direct labour cost is the remuneration paid to a A supervisor B production worker C security staff D works manager
Which of the following is an example of direct material ?A cotton waste B binding wire C lubricating oil D screws in a furniture factory
Which of the following is not an example of direct expenses ?A royalties paid on production B hire charge of special plant C rent and taxes of the factory D designing cost
Direct materials are those which A cannot be identified with the product B are directly not traceable to an article being manufactured C are very costly materials used in the production of an article D can be identified with the product
Primary packing materials are A treated as indirect materials and included in the factory overhead B treated as indirect materials and included in the selling and distribution overhead C treated as direct materials and included in prime cost D treated as indirect materials and included in the
What is a Cost Sheet ? Why is it prepared ?
What do you mean by Direct Materials, Direct Labour and Direct Expenses ? Give suitable examples.
What do you mean by Manufacturing Account ? Why is it prepared ?
Mr Gavaskar is the proprietor of a large business. The following Trial Balance was prepared from his book as on 31st March, 2017.You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2017 and a Balance Sheet as on that date. Land and Building Cash at bank

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