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Account
2009- Answer
- It affect on shareholder’s equity and Asset
- It affect on asset and shareholder’s equity
- It affect on asset and shareholder’s equity
- It affect on asset and shareholder’s equity
- Answer
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / CreditA / Ram…..Dr
To Wages
(Being error rectified) / 4,000 / 4,000
B / Purchase…..Dr
To Carriage inward
(Being error rectified) / 1,000 / 1,000
- Answer
Bank reconciliation statement
Particular / Detail / AmountBank balance as per pass book
Add:
- Bank charge
- Interest receive
- Receive cash from Gita
- Wage paid
- Cash paid to Ranju
- Advertisement expenses
5,000
9,000 / 28,800
14,200
(14,000)
(12,000)
(4,000) / 44,000
(30,000)
Bank balance as per Cash book / 14,000
- Answer
Sales book
Date / Particular / Invoice number / LF / AmountDetails / Total
09/05
09/16
09/24 / Balaju stationary
6 dozens of pencil @ 150 per dozen
5 dozens of ball pen @ 15 per pen
Less
Trade discount
Pokhara stationary
100 sets of exercise book @ 40 per each
50 bottles of ink @ 30 each
Ilam stationary
30 pieces of registered book @ 50 each
8 dozens of color pencil @ 15 per pencil
Less
Trade discount / 6*150=900
5*12*15=900 / 1,710
5,500
29,250
1800
(90)
40*100=4000
30*50=1500
50*30=1500
12*8*15=1440
29,400
(150)
Total / 36,460
Ledger
Sales AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
09/30 / By Sundry debtors / 36,460 / Cr / 36,460
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / CreditA / Cash……Dr
To Capital
(Being business started) / 3,50,000 / 3,50,000
B / Bank……Dr
To Cash
(Being cash deposited into bank) / 3,00,000 / 3,00,000
C / Equipment……Dr
To Bank
(Being equipment purchase through bank) / 2,50,000 / 2,50,000
D / Rent……Dr
To Bank
(Being rent paid through bank) / 20,000 / 20,000
E / Purchase……Dr
To Alpine goods supplier
(Being goods purchase on credit) / 80,000 / 80,000
F / International trading companyDr
To Sale
(Being goods sold on credit) / 2,00,000 / 2,00,000
G / Bank……Dr
Discount……Dr
To International trading company
(Being International trading company’s account cleared) / 142,500
7,500 / 150,000
H / Alpine goods supplier……….Dr
To Bank
To Discount
(Being Alpine goods supplier’s account cleared through bank) / 60,000 / 54,000
6,000
I / Electricity bill……Dr
To Cash
(Being Electricity billpaid) / 15,000 / 15,000
J / Salary……Dr
Wages……Dr
To Bank
(Being salary and wages paid through bank) / 25,000
30,000 / 55,00
Ledger
Cash AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
A / To Capital / 3,50,000 / Dr / 3,50,000
B / By Bank / 3,00,000 / Dr / 50,000
I / By Electricity bill / 15,000 / Dr / 35,000
Capital Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
A / By Cash / 3,50,000 / Cr / 3,50,000
Equipment Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
C / To Bank / 2,50,000 / Dr / 2,50,000
Bank Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
B / To Cash / 3,00,000 / Dr / 3,00,000
C / By Equipment / 2,50,000 / Dr / 50,000
D / By Rent / 20,000 / Dr / 30,000
G / To International trading company / 142,500 / Dr / 172,500
H / By Alpine goods supplier / 54,000 / Dr / 118,500
J / By Salary / 25,000 / Dr / 93,500
J / By Wages / 30,000 / Dr / 63,500
Rent Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
D / To Bank / 20,000 / Dr / 20,000
Purchase Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
E / To Alpine goods supplier / 80,000 / Dr / 80,000
Alpine goods supplierAcc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
E / By Purchase / 80,000 / Cr / 80,000
H / To Bank / 54,000 / Cr / 26,000
H / To Discount / 6,000 / Cr / 20,000
International trading company Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
F / To sale / 2,00,000 / Dr / 2,00,000
G / By Bank / 142,500 / Dr / 57,500
G / By Discount / 7,500 / Dr / 50,000
Sale Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
F / By International trading company / 2,00,000 / Dr / 2,00,000
Discount Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
G / To International trading company / 7,500 / Dr / 7,500
H / By Alpine goods supplier / 6,000 / Dr / 1,500
Electricity bill Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
I / To Cash / 15,000 / Dr / 15,000
Salary Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
J / To Bank / 25,000 / Dr / 25,000
Wages Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
J / To Bank / 30,000 / Dr / 30,000
Work sheet
Particular / Trial Balance / Adjustment / Adjust TrialBalance
Dr / Cr / Dr / Cr / Dr / Cr
Cash / 35,000 / 35,000
Capital / 3,50,000 / 3,50,000
Equipment / 2,50,000 / 25,000 / 2,25,000
Bank / 63,500 / 63,500
Rent / 20,000 / 20,000
Purchase / 80,000 / 80,000 / ---- / ---
Alpine goods supplier / 20,000 / 20,000
International trading company / 50,000 / 50,000
Sales / 2,00,000 / 2,00,000
Discount / 1,500 / 1,500
Electricity bill / 15,000 / 15,000
Salary / 25,000 / 25,000
Wages / 30,000 / 30,000 / --- / ---
Adjustment
Depreciation / 25,000 / 25,000
Closing stock / 50,000 / 50,000
COGS / 60,000 / 60,000
Total / 5,70,000 / 5,70,00 / 1,35,000 / 1,35,000 / 5,70,000 / 5,70,000
Particular / Adjust Trial
Balanc1e / Income
Statement / Balance
Sheet
Dr / Cr / Dr / Cr / Dr / Cr
Cash / 35,000 / 35,000
Capital / 3,50,000 / 3,50,000
Equipment / 2,25,000 / 2,25,000 / `
Bank / 63,500 / 63,500
Rent / 20,000 / 20,000
Alpine goods supplier / 20,000 / 20,000
International trading company / 50,000 / 50,000
Sales / 2,00,000 / 2,00,000
Discount / 1,500 / 1,500
Electricity bill / 15,000 / 15,000
Salary / 25,000 / 25,000
Adjustment
Depreciation / 25,000 / 25,000
Closing stock / 50,000 / 50,000
COGS / 60,000 / 60,000
Net profit / 53,500 / 53,500
Total / 5,70,000 / 5,70,000 / 2,00,000 / 2,00,000 / 4,23,500 / 4,23,500
Income statement
Particular / Detail / AmountSale
Less COGS
Gross profit
Less: Operating expenses
Salary
Electricity bill
Rent
Depreciation
Discount
Net profit / 2,00,000
60,000
25,000
15,000
20,000
25,000
1,500 / 1,40,000
86,500
53,500
Balance sheet
Liability / Detail / AmountShareholder’s fund
Equity share capital
Net profit / 3,50,000
53,500
Total capital employed / 4,03,500
Asset
Fixed asset
Equipment
Current asset
Cash
Bank
Alpine goods supplier
Closing stock
Total current asset[A]
Less: Current liabilities
International trading company
Total current liabilities[B]
Working capital[A-B] / 2,25,000 / 2,25,000
1,78,500
35,000
63,500
50,000
50,000
1,98,500
20,000
20,000
1,78,500
Application/Total asset / 4,03,500
Cash flow statement
Particular / Detail / Amount- Cash flow from operating activity
- Cash sell and collection from costumer
Alpine goods supplier
- Cash paid to supplier
International trading company
Closing stock
- Cash paid to employee and other expenses
Electricity bill
Rent
Depreciation
Discount
Net cash flow from operating activity
- Cash flow from financing activity
Equity share capital
- Net change in Cash
50,000 / 2,50,000
(1,30,000)
(1,06,500)
(60,000)
(20,000)
(50,000)
(25,000)
(15,000)
(20,000)
(25,000)
(1,500)
(1,20,0000)
3,50,000 /
- 13,500
- 2,83,500
2010
- Answer
Accounting equation
Date / Particulars / Asset / = / Liability / + / Owners equityA / Being business started / 2,00,000 / 2,00,000
B / Purchase goods / 50,000
(50,000)
C / Sold goods / 22,000
(20,000) / 2,000
D / Distributes as sample / (4,000) / (4,000)
Final equation / 1,98,000 / 1,98,000
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / CreditA / Sales…..Dr
To Machinery
(Being error rectified) / 50,000 / 50,000
B / Salary…..Dr
To Wages
(Being error rectified) / 10,000 / 10,000
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / Credit- Answer
Sales book
Date / Particular / Invoice number / LF / AmountDetails / Total
01/01
01/12 / R. Enterprise
20 pieces of stand fan @ 2,000 each
25 pieces of table fan @ 1,500 each
Less
Trade discount
N. Electric house
10 pieces of electric heater @ 1,200 each
5 pieces of electric iron @ 5,000 / 20*2,000=40,000
25*1,500=37,500 / 73,750
17,00
77,500
(3,750)
10*1,200=12,000
5,000
Total / 90,750
Ledger
Sales AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
01/30 / By Sundry debtors / 90,750 / Cr / 90,750
01/18 / By Cash / 10,000 / Cr / 1,00,750
- Depreciation no need
- Answer
Bank reconciliation statement
Particular / Detail / AmountBank balance as per cash book
Add:
- Cheque issue but not payment made by bank
- Interest receive
- Cheque not collected by bank
- Insurance premium paid by bank
10,000 / 50,000
20,000
(10,000)
(5,000) / 70,000
(15,000)
Bank balance as per Pass book / 55,000
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / CreditA / Cash……Dr
To Equity share capital
(Being business started) / 3,00,000 / 3,00,000
B / Bank……Dr
To Cash
(Being cash deposited into bank) / 2,00,000 / 2,00,000
C / Equipment……Dr
To Bank
(Being equipment purchase through bank) / 1,00,000 / 1,00,000
D / Equipment……Dr
To S. Trader
(Being equipment purchase on credit) / 60,000 / 60,000
E / M. Trader……Dr
To Sale
(Being goods sold on credit) / 1,70,000 / 1,70,000
F / Bank……Dr
Discount……Dr
To M. Trader
(Being M. Trader’s account cleared) / 1,35,000
15,000 / 1,50,000
G / S. Trader……….Dr
To Bank
To Discount
(Being S. Trader’s account cleared through bank) / 50,000 / 47,500
2,500
H / Electricity bill……Dr
To Cash
(Being Electricity billpaid) / 15,000 / 15,000
I / Salary……Dr
Wages……Dr
To Bank
(Being salary and wages paid through bank) / 25,000
20,000 / 45,000
J / Rent……Dr
To Bank
(Being rent paid through bank) / 20,000 / 20,000
Ledger
Cash AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
A / To Equity share capital / 3,00,000 / Dr / 3,00,000
B / By Bank / 2,00,000 / Dr / 1,00,000
H / By Electricity bill / 15,000 / Dr / 85,000
Equity share capital Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
A / By Cash / 3,00,000 / Cr / 3,00,000
Bank Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
B / To Cash / 2,00,000 / Dr / 2,00,000
C / By Equipment / 1,00,000 / Dr / 1,00,000
F / To M. Trader / 1,35,000 / Dr / 2,35,000
G / By S. Trader / 47,500 / Dr / 1,87,500
I / By Salary / 25,000 / Dr / 1,62,500
I / By Wages / 20,000 / Dr / 1,42,500
J / By Rent / 20,000 / Dr / 1,22,500
Equipment Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
C / To Bank / 1,00,000 / Dr / 1,00,000
D / To S. Trader / 60,000 / Dr / 1,60,000
S. Trader Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
D / By Equipment / 60,000 / Cr / 60,000
G / To Discount / 2,500 / Cr / 57,500
G / To Bank / 47,500 / Cr / 10,000
M. Trader Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
E / To Sale / 1,70,000 / Dr / 170,000
F / By Bank / 1,35,000 / Dr / 35,000
F / By Discount / 15,000 / Dr / 20,000
Sale Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
E / By M. Trader / 1,70,000 / Cr / 1,70,000
Discount Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
F / To M. Trader / 15,000 / Dr / 15,000
G / By S. Trader / 2,500 / Dr / 12,500
Electricity billAcc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
H / To Cash / 15,000 / Dr / 15,000
Salary Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
I / To Bank / 25,000 / Dr / 25,000
Wages Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
I / To Bank / 20,000 / Dr / 20,000
Rent Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
J / To Bank / 20,000 / Dr / 20,000
Work sheet
Particular / Trial Balance / Adjustment / Adjust TrialBalance
Dr / Cr / Dr / Cr / Dr / Cr
Cash / 85,000 / 85,000
Equity share capital / 3,00,000 / 3,00,000
Bank / 1,22,500 / 1,22,500
Equipment / 1,60,000 / 16,000 / 1,44,000
S. Trader / 10,000 / 10,000
M. Trader / 20,000 / 20,000
Sale / 1,70,000 / 1,70,000
Discount / 12,500 / 12,500
Electricity bill / 15,000 / 15,000
Salary / 25,000 / 5,000 / 30,000
Wages / 20,000 / 20,000
Rent / 20,000 / 20,000
Adjustment
Closing stock / 30,000 / 30,00 / 30,000 / 30,000
Depreciation / 16,000 / 16,000
Outstanding salary / 5,000 / 5,000
Total / 4,80,000 / 4,80,000 / 46,000 / 46,000 / 515,000 / 515,000
Particular / Adjust Trial
Balance / Income
Statement / Balance
Sheet
Dr / Cr / Dr / Cr / Dr / Cr
Cash / 85,000 / 85,000
Equity share capital / 3,00,000 / 3,00,000
Bank / 1,22,500 / 1,22,500
Equipment / 1,44,000 / 1,44,000
S. Trader / 10,000 / 10,000
M. Trader / 20,000 / 20,000
Sales / 1,70,000 / 1,70,000
Discount / 12,500 / 12,500
Electricity bill / 15,000 / 15,000
Salary / 30,000 / 30,000
Wages / 20,000 / 20,000
Rent / 20,000 / 20,000
Adjustment
Closing stock / 30,000 / 30,000 / 30,000 / 30,000
Depreciation / 16,000 / 16,000
Outstanding salary / 5,000 / 5,000
Net profit / 86,500 / 86,500
Total / 515,000 / 515,000 / 200,000 / 200,000 / 401,500 / 401,500
Income statement
Particular / Detail / AmountSales
Less: Wages
Add: Closing stock
Gross profit
Less: Operating expenses
Salary
Electricity bill
Rent
Depreciation
Discount
Net profit / 170,000
(20,000)
30,000 / 180,000
30,000
15,000
20,000
16,000
12,500 / 180,000
93,500
86,500
Balance sheet
Liability / Detail / AmountShareholder’s fund
Equity share capital
Net profit / 3,00,000
86,500
Total capital employed / 3,86,500
Asset
Fixed asset
Equipment
Current asset
Cash
Bank
M. Trader
Closing stock
Total current asset[A]
Less: Current liabilities
S. Trader
Outstanding salary
Total current liabilities[B]
Working capital[A-B] / 1,44,000 / 1,44,000
242,500
85,000
1,22,500
20,000
30,000
257,500
10,000
5,000
15,000
242,500
Application/Total asset / 3,86,500
Cash flow statement
Particular / Detail / Amount- Cash flow from operating activity
- Cash sell and collection from costumer
M trader
- Cash paid to supplier
S trader
- Cash paid to employee and other expenses
Electricity bill
Rent
Depreciation
Discount
Outstanding salary
Net cash flow from operating activity
- Cash flow from financing activity
Equity share capital
- Net change in Cash
20,000 / 1,70,000
(30,000)
(89,500)
(20,000)
(10,000)
(30,000)
(15,000)
(20,000)
(16,000)
(12,500)
4,000
(1,44,000)
3,00,000 /
- 50,500
- (202,500)
2011
- Answer
Accounting equation
Date / Particulars / Asset / = / Liability / + / Owners equityA / Being business started / 2,50,000 / 2,50,000
B / Purchase goods / 50,000
(50,000)
C / Sold goods / 22,000
(20,000) / 2,000
D / Cash received from debtor / 20,000
(20,000)
Final equation / 2,52,000 / 2,52,000
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / CreditA / Machinery…..Dr
To Purchase
(Being error rectified) / 50,000 / 50,000
B / Rent…..Dr
To Salary
(Being error rectified) / 10,000 / 10,000
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / Credit- Ratio analysis no need
- Answer
Bank reconciliation statement
Particular / Detail / AmountOverdraft balance as per cash book
Add:
- Cheque issue but not payment made by bank
- Costumer directly collected on bank
- Cheque not collected by bank
- Interest charge by bank
10,000 / (15,000)
13,000
(5,000)
(1,000) / (2,000)
(6,000)
Overdraft balance as per Cash book / (55,000)
- Answer
Purchase book
Date / Particular / Debit note number / LF / AmountDetails / Total
11/05
11/20 / Fro book academy
100 pieces of economic books @ 300 each
75 pieces of financial accounting books @ 500 each
Less
Trade discount
Kitabi prakasan
50 pieces of mathematic books @ 500 each
25 pieces of business finance books @ 500 each
Less
Trade discount / 100*300=30,000
75*500=37,500 / 60,750
19,000
67,500
(6,750)
10,000
25*400=10,000
20,000
(1,000)
Total / 79,750
Ledger
Purchase AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
11/30 / To Sundry Creditors / 79,750 / Dr / 79,750
11/15 / To Cash / 25,000 / Dr / 1,40,750
- Depreciation no need
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / CreditA / Cash……Dr
To Equity share capital
(Being business started) / 5,00,000 / 5,00,000
B / Bank……Dr
To Cash
(Being cash deposited into bank) / 4,00,000 / 4,00,000
C / Bank……Dr
To Bank loan
(Being bank loan taken from bank) / 1,00,000 / 1,00,000
D / Furniture……Dr
To Cash
(Being furniture purchased) / 1,00,000 / 1,00,000
E / Purchase……Dr
To Creditors
(Being goods purchase on credit) / 2,00,000 / 2,00,000
F / Interest……Dr
To Bank
To Outstanding interest
(Being partial payment of interest of bank loan) / 10,000 / 6,000
4,000
G / Cash……Dr
Debtor……Dr
To Sale
(Being good sold with partial payment) / 1,00,000
3,00,000 / 4,00,000
H / Creditors……Dr
To Bank
To Discount
(Being creditors account settled) / 1,50,000 / 1,40,000
10,000
I / Bank……Dr
Discount…….Dr
To Debtor
(Being 65% of debtor’s account cleared) / 1,90,000
5,000 / 1,95,000
J / Rent……Dr
Salary……Dr
To Bank
(Being salary and rent paid through bank) / 50,000
40,000 / 90,000
Ledger
Cash AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
A / To Equity share capital / 5,00,000 / Dr / 5,00,000
B / By Bank / 4,00,000 / Dr / 1,00,000
D / By Furniture / 1,00,000 / --- / ----
G / To Sale / 1,00,000 / Dr / 1,00,000
Equity share capital Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
A / By Cash / 5,00,000 / Dr / 5,00,000
Bank Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
B / To Cash / 4,00,000 / Dr / 4,00,000
C / To Bank loan / 1,00,000 / Dr / 5,00,000
F / By Interest / 6,000 / Dr / 4,94,000
H / By Creditors / 1,40,000 / Dr / 3,54,000
I / To Debtors / 1,90,000 / Dr / 5,44,000
J / By Rent / 50,000 / Dr / 4,94,000
J / By Salary / 40,000 / Dr / 4,54,000
Bank loan Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
C / By Bank / 1,00,000 / Cr / 1,00,000
FurnitureAcc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
D / To Cash / 1,00,000 / Dr / 1,00,000
Purchase Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
E / To Creditors / 2,00,000 / Dr / 2,00,000
Creditors Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
E / By Purchase / 2,00,000 / Cr / 2,00,000
H / To Bank / 1,40,000 / Cr / 60,000
H / To Discount / 10,000 / Cr / 50,000
Interest Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
F / To Bank / 6,000 / Dr / 6,000
F / To Outstanding interest / 4,000 / Dr / 10,000
Outstanding interestAcc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
F / By Interest / 4,000 / Cr / 4,000
Sale Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
G / By Cash / 1,00,000 / Cr / 1,00,000
G / By Debtor / 3,00,000 / Cr / 4,00,000
DebtorAcc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
G / To Sale / 3,00,000 / Dr / 3,00,000
I / By Bank / 1,90,000 / Dr / 1,10,000
I / By Discount / 5,000 / Dr / 1,05,000
Discount Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
H / By Creditors / 10,000 / Cr / 10,000
I / To Debtors / 5,000 / Cr / 5,000
Rent Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
J / To Bank / 50,000 / Dr / 50,000
Salary Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
J / To Bank / 40,000 / Dr / 40,000
Work sheet
Particular / Trial Balance / Adjustment / AdjustTrialBalance
Dr / Cr / Dr / Cr / Dr / Cr
Cash / 1,00,000 / 1,00,000
Equity share capital / 5,00,000 / 5,00,000
Bank / 4,54,000 / 4,54,000
Bank loan / 1,00,000 / 1,00,000
Furniture / 1,00,000 / 10,000 / 90,000
Purchase / 2,00,000 / 2,00,000 / --- / ---
Creditors / 50,000 / 50,000
Interest / 10,000 / 10,000
Outstanding interest / 4,000 / 4,000
Sales / 4,00,000 / 4,00,000
Debtor / 1,05,000 / 1,05,000
Discount receive / 5,000 / 5,000
Rent / 50,000 / 2,000 / 48,000
Salary / 40,000 / 40,000
Adjustment
Closing stock / 50,000 / 50,000
Prepaid rent / 2,000 / 2,000
Depreciation / 10,000 / 10,000
COGS / 1,50,000 / 1,50,000
Total / 10,59,000 / 10,59,000 / 2,12,000 / 2,12,000 / 10,59,000 / 10,59,000
Particular / Adjust Trial
Balance / Income
Statement / Balance
Sheet
Dr / Cr / Dr / Cr / Dr / Cr
Cash / 1,00,000 / 1,00,000
Equity share capital / 5,00,000 / 5,00,000
Bank / 4,54,000 / 4,54,000
Bank loan / 1,00,000 / 1,00,000
Furniture / 90,000 / 90,000
Creditors / 50,000 / 50,000
Interest / 10,000 / 10,000
Outstanding interest / 4,000 / 4,000
Sales / 4,00,000 / 4,00,000
Debtor / 1,05,000 / 1,05,000
Discount receive / 5,000 / 5,000
Rent / 48,000 / 48,000
Salary / 40,000 / 40,000
Adjustment
Closing stock / 50,000 / 50,000
Prepaid rent / 2,000 / 2,000
Depreciation / 10,000 / 10,000
COGS / 1,50,000 / 1,50,000
Net profit / 1,47,000 / 1,47,000
Total / 10,59,000 / 10,59,000 / 4,05,000 / 4,05,000 / 8,01,000 / 8,01,000
Income statement
Particular / Detail / AmountSales
Less: COGS
Gross profit
Add: income
Discount receive
Less: Operating expenses
Interest
Salary
Rent
Depreciation
Net profit / 4,00,000
1,50,000
5,000 / 2,50,000
10,000
40,000
48,000
10,000 / 2,55,000
1,08,000
1,47,000
Balance sheet
Liability / Detail / AmountShareholder’s fund
Equity share capital
Net profit
Loans
Bank loan / 5,00,000
1,47,000 / 6,47,000
1,00,000 / 1,00,000
Total capital employed / 7,47,000
Asset
Fixed asset
Furniture
Current asset
Cash
Bank
Debtors
Prepaid rent
Closing stock
Total current asset[A]
Less: Current liabilities
Creditors
Outstanding interest
Total current liabilities[B]
Working capital[A-B] / 90,0000 / 90,0000
6,57,000
1,00,000
4,54,000
1,05,000
2,000
50,000
7,11,000
50,000
4,000
54,000
6,57,000
Application/Total asset / 7,47,000
Cash flow statement
Particular / Detail / Amount- Cash flow from operating activity
- Cash sell and collection from costumer
Debtor
- Cash paid to supplier
Creditors
Closing stock
- Cash paid to employee and other expenses
Salary
Rent
Depreciation
Prepaid rent
Outstanding interest
Net cash flow from operating activity
- Cash flow from financing activity
Equity share capital
- Net change in Cash
1,05,000 / 5,05,000
(2,50,000)
(1,06,000)
(1,50,000)
(50,000)
(50,000)
(10,000)
(40,000)
(48,000)
(10,000)
(2,000)
4,000
(90,000)
5,00,000 /
- 1,45,000
- 5,55,000
2012
- Answer
Accounting equation
Date / Particulars / Asset / = / Liability / + / Owners equityA / Being business started / 10,50,000 / 5,00,000 / 5,50,000
B / Purchase asset / 2,50,000
(2,50,000)
C / Loan paid / (1,00,000) / (1,00,000)
Final equation / 9,50,000 / 4,00,000 / 5,50,000
- Answer
Ledger
Sales AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
By Usha / 1,35,000 / Cr / 1,35,000
By Cash / 10,000 / Cr / 1,45,000
- Depreciation no need
- Answer
Ledger
AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
- Answer
Bank reconciliation statement
Particular / Detail / AmountOverdraft balance as per cash book
Add:
- Cheque issue but not payment made by bank
- Costumer directly collected on bank
- Cheque not collected by bank
- Interest charge by bank
12,000 / (30,000)
32,000
(10,000)
(5,000) / 2,000
(15,000)
Overdraft balance as per Cash book / (13,000)
- Depreciation no need
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / CreditA / Cash……Dr
To Bank loan
To Equity share capital
(Being business started) / 5,50,000 / 4,00,000
1,50,000
B / Bank……Dr
To Cash
(Being cash deposited into bank) / 4,00,000 / 4,00,000
C / Equipment……Dr
To Cash
To Bank
(Being equipment purchase through bank) / 2,00,000 / 1,80,000
20,000
D / Purchase……Dr
To Cash
To Creditors
(Being goods purchase on partial payments) / 3,00,000 / 1,00,000
2,00,000
E / Salary……Dr
Office expenses……..Dr
To Cash
To Bank
(Being salary and office expenses paid) / 60,000
20,000 / 20,000
60,000
F / Rent……Dr
Prepaid Rent
To Bank
(Being rent paid through bank) / 96,000
16,000 / 1,12,000
G / Debtors……….Dr
Cash……..Dr
To Sales
(Being goods sold and receptor partial amount) / 4,00,000
1,00,000 / 5,00,000
H / Interest……Dr
To Outstanding interest
To Cash
(Being Interest paid) / 40,000 / 30,000
10,000
I / Bank……Dr
Discount……Dr
To Debtor
(Being debtor’s account clear) / 2,85,000
15,000 / 3,00,000
J / Creditors……Dr
To Bank
To Discount
(Being rent paid through bank) / 1,50,000 / 1,42,500
7,500
Ledger
Cash AccDate / Particular / JF / Debit / Credit / DR/CR / Balance
A / To Bank loan / 4,00,000 / Dr / 4,00,000
A / To Equity share capital / 1,50,000 / Dr / 5,50,000
B / By Bank / 4,00,000 / Dr / 1,50,000
C / By Equipment / 20,000 / Dr / 1,30,000
D / By Purchase / 1,00,000 / Dr / 30,000
E / By Office expenses / 20,000 / Dr / 10,000
G / To Sales / 1,00,000 / Dr / 1,10,000
H / By Interest / 10,000 / Dr / 1,00,000
Equity share capital Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
A / By Cash / 1,50,000 / Cr / 1,50,000
Bank Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
B / To Cash / 4,00,000 / Dr / 4,00,000
C / By Equipment / 1,80,000 / Dr / 2,20,000
E / By Salary / 60,000 / Dr / 1,60,000
F / By Rent / 96,000 / Dr / 64,000
F / By Prepaid rent / 16,000 / Dr / 48,000
I / To Debtors / 2,85,000 / Dr / 3,33,000
J / By Creditors / 1,42,500 / Dr / 1,90,500
Equipment Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
C / To Bank / 1,80,000 / Dr / 1,80,000
C / To Cash / 20,000 / Dr / 2,00,000
Purchase Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
D / To Creditors / 2,00,000 / Dr / 2,00,000
D / To Cash / 1,00,000 / Dr / 3,00,000
CreditorsAcc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
D / By Purchase / 2,00,000 / Cr / 2,00,000
J / To Bank / 1,42,500 / Cr / 57,500
J / To Discount / 7,500 / Cr / 50,000
DebtorsAcc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
G / To Sale / 4,00,000 / Dr / 4,00,000
I / By Bank / 2,85,000 / Dr / 1,15,000
I / By Discount / 15,000 / Dr / 1,00,000
Sale Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
G / By Debtors / 4,00,000 / Cr / 4,00,000
G / By Cash / 1,00,000 / Cr / 5,00,000
Discount Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
I / To Debtors / 15,000 / Dr / 15,000
J / By Creditors / 7,500 / Dr / 7,500
Interest Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
H / To Cash / 10,000 / Dr / 10,000
H / To Outstanding interest / 30,000 / Dr / 40,000
Outstanding Interest Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
H / By Interest / 30,000 / Cr / 30,000
Salary Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
E / To Bank / 60,000 / Dr / 60,000
Office expensesAcc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
E / To Cash / 20,000 / Dr / 20,000
Rent Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
F / To Bank / 96,000 / Dr / 96,000
Prepaid rent Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
F / To Bank / 16,000 / Dr / 16,000
Bank loan Acc
Date / Particular / JF / Debit / Credit / DR/CR / Balance
A / By Cash / 4,00,000 / Cr / 4,00,000
Work sheet
Particular / Trial Balance / Adjustment / AdjustTrialBalance
Dr / Cr / Dr / Cr / Dr / Cr
Cash / 1,00,000 / 1,00,000
Equity share capital / 1,50,000 / 1,50,000
Bank / 1,90,500 / 1,90,500
Equipment / 2,00,000 / 20,000 / 1,80,000
Purchase / 3,00,000 / 3,00,000 / --- / ---
Creditors / 50,000 / 50,000
Debtor / 1,00,000 / 1,00,000
Sales / 5,00,000 / 5,00,000
Discount / 7,500 / 7,500
Interest / 40,000 / 40,000
Outstanding interest / 30,000 / 30,000
Salary / 60,000 / 60,000
Office expenses / 20,000 / 20,000
Rent / 96,000 / 96,000
Prepaid rent / 16,000 / 16,000
Bank loan / 4,00,000 / 4,00,000
Adjustment
Closing stock / 50,000 / 50,000
Depreciation / 20,000 / 20,000
COGS / 2,50,000 / 2,50,000
Total / 11,30,000 / 11,30,000 / 3,20,000 / 3,20,000 / 11,30,000 / 11,30,000
Particular / Adjust Trial
Balance / Income
Statement / Balance
Sheet
Dr / Cr / Dr / Cr / Dr / Cr
Cash / 1,00,000 / 1,00,000
Equity share capital / 1,50,000 / 1,50,000
Bank / 1,90,500 / 1,90,500
Equipment / 1,80,000 / 1,80,000
Creditors / 50,000 / 50,000
Debtor / 1,00,000 / 1,00,000
Sales / 5,00,000 / 5,00,000
Discount / 7,500 / 7,500
Interest / 40,000 / 40,000
Outstanding interest / 30,000 / 30,000
Salary / 60,000 / 60,000
Office expenses / 20,000 / 20,000
Rent / 96,000 / 96,000
Prepaid rent / 16,000 / 16,000
Bank loan / 4,00,000 / 4,00,000
Adjustment
Closing stock / 50,000 / 50,000
Depreciation` / 20,000 / 20,000
COGS / 2,50,000 / 2,50,000
Net profit / 6,500 / 6,500
Total / 11,30,000 / 11,30,000 / 5,00,000 / 5,00,000 / 6,36,500 / 6,36,500
Income statement
Particular / Detail / AmountSales
Less: COGS
Gross profit
Less: Operating expenses
Interest
Discount
Office expenses
Salary
Rent
Depreciation
Net profit / 5,00,000
2,50,000
40,000
7,500
20,000
60,000
96,000
20,000 / 2,50,000
2,43,500
6,500
Balance sheet
Liability / Detail / AmountShareholder’s fund
Equity share capital
Net profit
Loans
Bank loan / 1,50,000
6,500 / 1,56,500
4,00,000 / 4,00,000
Total capital employed / 5,56,500
Asset
Fixed asset
Equipment
Current asset
Cash
Bank
Debtors
Prepaid rent
Closing stock
Total current asset[A]
Less: Current liabilities
Creditors
Outstanding interest
Total current liabilities[B]
Working capital[A-B] / 1,80,000 / 1,80,000
1,00,000
1,90,500
1,00,000
16,000
50,000 / 3,76,500
4,56,500
50,000
30,000
80,000
3,76,500
Application/Total asset / 5,56,500
Cash flow statement
Particular / Detail / Amount- Cash flow from operating activity
- Cash sell and collection from costumer
- Cash paid to supplier
Closing stock
- Cash paid to employee and other expenses
Salary
Rent
Depreciation
Net cash flow from operating activity
- Cash flow from financing activity
Equity share capital
- Net change in Cash
(2,50,000)
(1,08,000)
(2,50,000)
(50,000)
(10,000)
(40,000)
(48,000)
(10,000)
(1,80,000)
1,50,000 /
- 1,47,000
- 1,17,000
2013
- Answer
Journal
Journal entries of………….
For the ……….
Date / Particular / LF / Debit / CreditA / Hari…..Dr
To Sale
(Being error rectified) / 900 / 900
B / Plant…..Dr
To Repair
(Being error rectified) / 5,000 / 5,000
- Answer
Sales book
Date / Particular / Invoice number / LF / AmountDetails / Total
01/05
01/15 / Narayani store
100 pairs of shoe @ 600 per pair
200 piece of shirt @ 80 0per each
Less
Trade discount
Bir and son
75 pieces of sari @ 56,250 / 100*600=60,000
200*80=16,000 / 68,400
56,250
76,000
(7,600)
Total / 1,24,640
- Depreciation no need
- THEORY
- Answer
Accounting equation