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    Final Accounts: Problem Sheet

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    Saransh Maheshwari
    The document contains 4 problems providing financial information for various businesses. Problem 1 provides sales, purchase, expense and other figures to calculate gross profit and net profit for Alfa Associates. Problem 2 provides trial balance figures to prepare trading and profit and loss accounts for Alfa Partnership Firm. Problem 3 provides a trial balance for Ram & Shyam Partners to prepare their trading and profit and loss account. Problem 4 provides balances from the books of Kautilya & Co to prepare their trading and profit and loss accounts and balance sheet as of December 31, 2020.

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    Final Accounts: Problem Sheet

    Uploaded by

    Saransh Maheshwari
    247 views2 pages
    The document contains 4 problems providing financial information for various businesses. Problem 1 provides sales, purchase, expense and other figures to calculate gross profit and net profit for Alfa Associates. Problem 2 provides trial balance figures to prepare trading and profit and loss accounts for Alfa Partnership Firm. Problem 3 provides a trial balance for Ram & Shyam Partners to prepare their trading and profit and loss account. Problem 4 provides balances from the books of Kautilya & Co to prepare their trading and profit and loss accounts and balance sheet as of December 31, 2020.

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    Final Accounts

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    The document contains 4 problems providing financial information for various businesses. Problem 1 provides sales, purchase, expense and other figures to calculate gross profit and net profit for Alfa Associates. Problem 2 provides trial balance figures to prepare trading and profit and loss accounts for Alfa Partnership Firm. Problem 3 provides a trial balance for Ram & Shyam Partners to prepare their trading and profit and loss account. Problem 4 provides balances from the books of Kautilya & Co to prepare their trading and profit and loss accounts and balance sheet as of December 31, 2020.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    247 views2 pages

    Final Accounts: Problem Sheet

    Uploaded by

    Saransh Maheshwari
    The document contains 4 problems providing financial information for various businesses. Problem 1 provides sales, purchase, expense and other figures to calculate gross profit and net profit for Alfa Associates. Problem 2 provides trial balance figures to prepare trading and profit and loss accounts for Alfa Partnership Firm. Problem 3 provides a trial balance for Ram & Shyam Partners to prepare their trading and profit and loss account. Problem 4 provides balances from the books of Kautilya & Co to prepare their trading and profit and loss accounts and balance sheet as of December 31, 2020.

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    of 2

    Final Accounts (Without Adjustments)

    Problem Sheet

    PROB.1.
    Ascertain gross profit and Net profit from following balances extracted from books Alfa
    Associates for the year 2020.

    Sales 1,60,000 Purchase returns 4,000


    Purchases 91,300 Sales Returns 5,000
    Wages 18,100 Salaries (office) 6,000
    Rent – Factory 3,000 General Expenses 4,500
    - Office 2,0000
    Freight - Purchases 3,000 Discount from 1,100
    Sales 1500 creditors
    Opening Stock 24,000 Discount to 1,800
    customers
    Closing stock 22,100
    PROB.2.
    Prepare trading & Profit & Loss account of Alfa Partnership Firm from the following
    information given in the trial balance for the year 2020:
    Head of Account Debit Credit
    Capital Account 25,000
    Stock, 1st Jan, 2020 6200
    Cash 1700
    Sundry debtors 9100
    Purchases 61,300
    Sales 93,600
    Return outwards 1800
    Return inwards 500
    Freight inwards 3700
    Freight outwards 7200
    Salaries 10,500
    Rent 6000
    Sundry creditors 4000
    Mis. receipts 100
    Drawing account 6300
    Furniture & Fittings 10,800
    Depreciation of Furniture fittings 1200

    PROB.3.

    The trial balance of Ram & Shyam Partners on 31st March 2020 revealed the following
    balances: You are required to prepare Trading & Profit & Loss Account from the given
    information:
    Head of Account Debit Balances Credit Balances
    Plant & Machinery 80,000 Capital Account 1,00,000
    Purchases 68,000 Sales 1,27,000
    Sales returns 1,000 Purchase returns 1275
    Opening stock 30,000 Discount received 800
    Discount allowed 350 Sundry creditors 25,000
    Bank charges 75
    Sundry Debtors 45,000
    Salaries 6800
    Wages 10,000
    Fright: In 750
    Out 1200
    Rent, rates & taxes 2000
    Advertisements 2000
    Cash in bank 6900

    PROB.4.

    The following balances are extracted from the books of Kautilya & Co. on 31 st Dec.,
    2020. You are required to prepare the Trading and Profit & Loss Account and Balance
    Sheet as on that date:

    Stock in 1st Jan., 2020 500 Return outwards 250


    B/R 2250 Trade Expenses 100
    Purchases 19,500 Office Fixtures 500
    Wages 1400 Cash in Hand 250
    Insurance 550 Cash at Bank 2375
    Sundry Debtors 15000 Rent & Taxes 550
    Carriage Inwards 400 Carriage outward 725
    Commission (Dr.) 400 Sales 25,000
    Interest on Capital 350 Bills Payable 1500
    Stationery 225 Creditors 9825
    Return Inwards 650 Capital 8950
    Commission (Cr.) 200

    The closing stock was valued at Rs. 12500.

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