Basics of
Accounting (1340)
Q. 1 The Treasurer of City Club summarizes the following information of cash received and paid
by the club from 1st January to 31st December, 2020: (20)|
Subscription received |
230,500 |
Electricity Charges |
9,600 |
|
Receipts from sales of refreshment |
169,660 |
Repaid to Mr. Imran on Dec, 2013 |
300,000 |
|
Loan from Mr. Imran |
300,000 |
Rent expenses |
1,600 |
|
Loan from Bank |
260,000 |
Telephone Expenses |
640 |
|
Land and Building |
500,000 |
Printing & Stationery |
3,200 |
|
Purchase of refreshment |
73,700 |
Bank Interest |
5,920 |
|
Purchase of Furniture |
36,000 |
General expenses |
4,340 |
|
Wages Paid |
10,000 |
|
|
Adjustments:
a.
There was a bill for Rs. 5,120 owing
for refreshment at 31' December, 2013
b.
The stock of refreshment on hand on
31" December, 2013, was valued Rs. 3,800
c.
The rent paid up to 31' December,
2013 included Rs. 160 paid in advance.
d.
Interest accrued but not paid to Mr.
Imran amounted Rs. 13,000
e.
Subscription in arrear amounted to
Rs. 9,500.
Required:
The
receipts and payments account for the year ended on 31' December, 2020
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|
Receipts |
Amount |
Payments |
Amount
|
|
Subscription received |
230,500 |
Land and Building |
500,000 |
|
Receipts from sales of
refreshment |
169,660 |
Purchase of refreshment |
73,700 |
|
Loan from Mr. Imran |
300,000 |
Purchase of Furniture |
36,000 |
|
Loan from Bank |
260,000 |
Wages Paid |
10,000 |
|
|
|
Electricity Charges |
9,600 |
|
|
|
Repaid to Mr. Imran on Dec, 2013 |
300,000 |
|
|
|
Rent expenses |
1,600 |
|
|
|
Telephone Expenses |
640 |
|
|
|
Printing & Stationery |
3,200 |
|
|
|
Bank Interest |
5,920 |
|
|
|
General expenses |
4,340 |
|
|
|
Balance c/f |
15,160 |
|
|
960,160 |
|
960,160 |
Q. 2 Mr. Rayyan keeps his books on single entry
system and provides the following information: (20)
|
|
January 1, 2020 |
December 31, 2020 |
|
Cash in hand |
Rs. 74,375 |
Rs. 122,500 |
|
Cash at bank |
1,750 |
2,625 |
|
Sundry debtors |
26,250 |
17,500 |
|
Merchandise inventory |
175,000 |
166,250 |
|
Office equipments |
15,750 |
– |
|
Motor Vehicles |
122,500 |
– |
|
Furniture and Fixtures |
140,000 |
– |
|
Sundry Creditors |
192,500 |
253,750 |
|
Advance from Customers |
61,250 |
– |
He invested further
capital amounting Rs. 157,500 on 151 April, 2020 and withdrew Rs. 122,500 for
personal use.
necessary
adjustments:
a)
Charge 10% depreciation on all
fixed assets.
b)
Allow 10% interest on capital.
c)
Create 5% provision for doubtful
debts
From the information given above, you
are required to prepare
i.
Statement of Affairs as on January 1, 2020
|
Statement of Affairs as on
January 1, 2020 |
|||
|
Assets |
Amount |
Liabilities |
Amount |
|
Cash in hand |
74,375 |
Sundry Creditors |
192,500 |
|
Cash at bank |
1,750 |
Advance from Customers |
61,250 |
|
Sundry debtors |
26,250 |
Capital |
301,875 |
|
Merchandise inventory |
175,000 |
|
|
|
Office equipments |
15,750 |
|
|
|
Motor Vehicles |
122,500 |
|
|
|
Furniture and Fixtures |
140,000 |
|
|
|
|
555,625 |
|
555,625 |
ii.
Statement of Affairs as on December 31, 2020
|
Statement of Affairs as on
December 31, 2020 |
|||
|
Assets |
Amount |
Liabilities |
Amount |
|
Cash in hand |
122,500 |
Sundry Creditors |
253,750 |
|
Cash at bank |
2,625 |
Capital |
55,125 |
|
Sundry debtors |
17,500 |
|
|
|
Merchandise inventory |
166,250 |
|
|
|
|
308,875 |
|
308,875 |
iii. Statement of Profit & Loss for the
period ended on December 31, 2020.
|
Sales |
8,750 |
|
Less: |
|
|
Depreciation |
27,825 |
|
Interest on capital |
15,750 |
|
provision for doubtful debts |
875 |
|
Profit/(loss) for the year |
(35,700) |
Q. 3 Mr. Kamal started his business on October 15,
2020 by investing Rs. 400,000 and recorded his business transactions under the
single entry system of bookkeeping. He further invested Rs. 200,000 and
withdrew Rs. 100,000 during financial year. On September 30, 2014 he wants to
know the operating result of his business, for which he provided the following
data as on September 30, 2020: (20)
Cash Rs. 15,000, Bank Balance Rs.
30,000, Debtors Rs. 55,000, Land & Building Rs. 270,000, Machinery Rs.
230,000, Office Equipment Rs. 120,000, Bank Loan
Rs. 60,000 and sundry creditors Rs. 35,000
Depreciation @ 10% is charged annually
on Machinery and Office Equipment on straight line basis.
Prepare the statement of affairs as on
30-09-2021
|
Assets |
Amount |
Liabilities |
Amount |
|
Cash in hand |
15,000 |
Bank loan |
60,000 |
|
Cash at bank |
30,000 |
Sundry creditors |
35,000 |
|
Sundry debtors |
55,000 |
Capital |
625,000 |
|
Land and buildings |
270,000 |
|
|
|
Machinery |
230,000 |
|
|
|
Office equipment |
120,000 |
|
|
|
|
|
|
|
|
|
720,000 |
|
720,000 |
Q. 4 Mr. Ahmad Consigned 1000 chairs at Rs. 50,000
to Bilal & Bros. to be sold on commission @ 10% on sales and incurred Rs.
2,000 as freight charges. Bilal & Bros. paid Rs. 500 as cartage, Rs. 1,500
as Octroi duty, Rs. 800 as unloading charges,
Rs. 3,000 as warehouse rent and Rs. 2,500 as selling expenses. (20)
Consignee
sold 800 units at Rs. 65,000.
Requirement: calculate the value of
unsold stock.
|
Amount of chairs received |
50,000 |
|
Frieght charges |
2,000 |
|
Cartage |
500 |
|
Octori duty |
1,500 |
|
Unloading charges |
800 |
|
Warehouse rent |
3,000 |
|
Selling expenses |
2,500 |
|
Total costs |
60,300 |
|
Total number of chairs received |
1,000 |
|
Cost per chair |
60 |
|
Total number of unsold chairs |
200 |
|
Value of unsold stock |
12,060 |
Q. 5 Alhamra Garments Company, with an authorized
share capital of Rs. 700,000 divided into 350,000 shares of Rs. 2 each, offered
250,000 shares to general public. All the shares were fully subscribed and
issued. Pass the necessary journal entries if company issued shares: (20)
a.
At Par
b.
At 10% premium
c.
At 5% discount
|
a. |
Bank To Share capital |
500000 |
500000 |
|
b. |
Bank To Share capital To Share premium |
550000 |
500000 50000 |
|
c. |
Bank Share discount To share capital |
475000 25000 |
500000 |
Dear Student,
Ye sample assignment h. Ye bilkul
copy paste h jo dusre student k pass b available h. Agr ap ne university
assignment send krni h to UNIQUE assignment
hasil krne k lye ham c contact kren:
0313-6483019
0334-6483019
0343-6244948
University c related har news c
update rehne k lye hamra channel subscribe kren: