From the following particulars ascertain the value of inventories as on 31st March, 2020: 3,50,000 12,00,000...

Transcribed Image Text:

From the following particulars ascertain the value of inventories as on 31st March, 2020: 3,50,000 12,00,000 18,50,000 Manufacturing Expenses *1,00,000 Selling and Distribution Expenses * 50,000 Administration Expenses -80,000 At the time of valuing inventory as on 31st March, 2019, a sum of 20,000 was written off on a particular item which was originally purchased for 55,000 and was sold during the year for ₹ 50,000. Inventory as on 1st April, 2019 Purchase made during the year Sales Except the above mentioned transaction, gross profit earned during the year was 20% on sales. (b) Mr. K is engaged in business of selling magazines. Several of his customers pay money in advance for subscribing his magazines. Information related to year ended 31st March, 2020 has been given below: On 1st April, 2019 he had a balance of 3,00,000 advance from customers of which 2,25,000 is related to year 2019-20 while LONL remaining pertains to year 2020-21. During the year 2019-20 he made cash sales of 7,50,000. You are required to compute: (i) Total income for the year 2019-20. (ii) Total money received during the year, if the closing balance as on 31st March, 2020 in Advance from Customers Account is 2,55,000. YPS © The Institute of Chartered Accountants of India To Salaries Marks (c) From the following Income and Expenditure Account and additional 10 information of ATK Club, prepare Receipts and Payments Accounts and Balance Sheet of the club as on 31st March, 2020. Income and Expenditure Account for the year ending 31st March, 2020 Expenditure To Printing and Stationery To Postage To Telephone To Office expenses To Bank Interest (9) YPS To Audit Fees ATK Club 4,80,000 By Subscription 6,80,000 Additional Information : " To Particulars 24,000 By Entrance Fees 16,000 2,000 By Misc. Income 1,44,000 6,000 48,000 22,000 To Annual General Meeting Exp. 1,00,000 L ATHING To Depreciation (Sports Equipment) To Surplus 10,000 DIA YPS 28,000 1,20,000 8,40,000 The Institute of Chartered Accountants of India Income (10) YPS Subscription Outstanding Subscription Received in advance Salaries Outstanding Audit Fees Payable Bank Loan Value of Sports Equipment Value of Club Premises Cash in Hand UY 8,40,000 As on 31st March, 2019 64,000 52,000 24,000 PROJE 8,000 1,20,000 2,08,000 7,60,000 ? P.T.O. As on 31st March, 2020 72,000 33,600 32,000 10,000 1,20,000 2,52,000 7,60,000 1,14,000 Podgor 5 5 Ma From the following particulars ascertain the value of inventories as on 31st March, 2020: 3,50,000 12,00,000 18,50,000 Manufacturing Expenses *1,00,000 Selling and Distribution Expenses * 50,000 Administration Expenses -80,000 At the time of valuing inventory as on 31st March, 2019, a sum of 20,000 was written off on a particular item which was originally purchased for 55,000 and was sold during the year for ₹ 50,000. Inventory as on 1st April, 2019 Purchase made during the year Sales Except the above mentioned transaction, gross profit earned during the year was 20% on sales. (b) Mr. K is engaged in business of selling magazines. Several of his customers pay money in advance for subscribing his magazines. Information related to year ended 31st March, 2020 has been given below: On 1st April, 2019 he had a balance of 3,00,000 advance from customers of which 2,25,000 is related to year 2019-20 while LONL remaining pertains to year 2020-21. During the year 2019-20 he made cash sales of 7,50,000. You are required to compute: (i) Total income for the year 2019-20. (ii) Total money received during the year, if the closing balance as on 31st March, 2020 in Advance from Customers Account is 2,55,000. YPS © The Institute of Chartered Accountants of India To Salaries Marks (c) From the following Income and Expenditure Account and additional 10 information of ATK Club, prepare Receipts and Payments Accounts and Balance Sheet of the club as on 31st March, 2020. Income and Expenditure Account for the year ending 31st March, 2020 Expenditure To Printing and Stationery To Postage To Telephone To Office expenses To Bank Interest (9) YPS To Audit Fees ATK Club 4,80,000 By Subscription 6,80,000 Additional Information : " To Particulars 24,000 By Entrance Fees 16,000 2,000 By Misc. Income 1,44,000 6,000 48,000 22,000 To Annual General Meeting Exp. 1,00,000 L ATHING To Depreciation (Sports Equipment) To Surplus 10,000 DIA YPS 28,000 1,20,000 8,40,000 The Institute of Chartered Accountants of India Income (10) YPS Subscription Outstanding Subscription Received in advance Salaries Outstanding Audit Fees Payable Bank Loan Value of Sports Equipment Value of Club Premises Cash in Hand UY 8,40,000 As on 31st March, 2019 64,000 52,000 24,000 PROJE 8,000 1,20,000 2,08,000 7,60,000 ? P.T.O. As on 31st March, 2020 72,000 33,600 32,000 10,000 1,20,000 2,52,000 7,60,000 1,14,000 Podgor 5 5 Ma