Table of Content

Final account | OLD IS GOLD SOLUTION| grade -12

old-is-gold-solution-of-account

Solution of old gold of account grade 12 Final account 

Part-1 (2076 Set B- 2072 Set C)

2076 Set B Q. No. 14

Trading and profit and loss a/c

Particular

Amt.

Particular

Amt.

 

To opening stock

50000

By closing stock

80000

 

To purchase 200000

(-) return 5000

 

 

195000

By sales 1510000

(-) return 10000

1500000

To carriage inward

30000

 

To wages

35000

To gross profit

1270000

 

 

 

1580000

 

1580000

 

To salaries 150000

(+) O/S  30000

 

180000

By gross profit

1270000

 

By reserve for bad debt.

15000

 

By comm. 50000

(-) unearned commission 10000

 

 

40000

To stationary

45000

To discount

5000

 

To rent

25000

 

 

 

To insurance

20000

 

To bad debt

2500

 

To net profit

1047500

 

 

1580000

 

1580000

 

 

Profit and Loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

 80000

 

By opening balance

155000

 

To Closing balance c/d

1122500

By net profit

1047500

 

1580000

 

1580000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

Paid Up capital

 

Fixed assets

 

Share capital

800000

Land and building

1500000

Reserve and surplus

 

Plant and machinery

500000

P/L appropriation a/c

1122500

Investment

 

General reserve

20000

Investment

200000

Debenture

55000

Current liabilities

 

Current liabilities

 

Bank balance

15000

Creditors

55000

Debtors 50000

(-) Bad debt 2500

 

47500

O/S salaries

30000

Closing stock

80000

Unearned commission

10000

 

 

Provision

 

 

 

Proposed dividend

80000

 

 

 

1580000

 

1580000

 

2076 Set C Q. No. 14

Trading and Profit and Loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

 

By closing stock

1500000

To purchase 280000

(-) return 8000

 

 

272000

By Sales

560000

 

 

To carriage

8000

 

 

To gross profit

80000

 

 

 

1580000

 

1580000

To sundry expenses

80000

By gross profit

310000

To rent

320000

By other income

848000

To salaries 560000

(+) O/S salary 2500

 

585000

 

 

To insurance 40000

(-) prepaid 30000

 

10000

 

 

To depn on furniture

16000

 

 

To depn on machinery

88000

 

 

To interest

40000

 

 

To net profit

19000

 

 

 

1158000

 

1580000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To balance c/d

51000

By opening stock

32000

 

 

By net profit

19000

 

51000

 

51000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

 

Fixed assets

 

Share capital

400000

Machinery 880000

(-) depn. 88000

 

792000

Reserve and surplus

 

P/L app.

51000

Furniture 160000

(-) Depn 16000

 

144000

Reserve fund

240000

Current assets

 

Secure loan

 

Closing stock

150000

10% debenture

400000

(+) interest 40000

 

 

440000

Debtors

120000

Cash

80000

Loan and advance

 

Current liabilities

 

Prepaid insurance

30000

Creditors

160000

 

 

Outstanding salary

25000

 

 1316000

 

 1316000

 

2075 GIE Q. No. 14

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

 

To opening stock

 

By closing stock

1500000

 

To purchase 200000

(-) Return 20000

 

By sales

560000

 

180000

 

 

To carriage

3500

 

 

 

To wages

33000

 

 

 

To gross profit

228500

 

 

 

 

465000

 

465000

 

To salaries

30000

By gross profit

228500

 

To selling expenses

To rent

10000

30000

By provision for bad debt

 

1500

 

 

 

To interest on debenture 8000

(+) O/S interest 4000

 

 

12000

To Bad debt

7000

 

To dep. on office Equipment

30000

 

Bad debt 3000

(+) provision for bad debt 6000

 

 

 

9000

To net profit

102000

 

 

 

 

230000

 

230000

 

 

Profit and Loss appropriation a/c

Particular

Amt.

Particular

Amt.

To transfer to general reserve

 

15000

By opening stock

140000

To proposed dividend

20000

 

 

To balance c/d

207000

By Net profit

102000

 

230000

 

230000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

 

Paid-up capital

 

Fixed assets

 

 

Share capital

200000

Office equipment 300000

(-) depn. 30000

 

 

270000

 

Reserve and surplus

 

 

P/L app.

207000

 Investment

 

 

Transfer to reserve

15000

Investment

60000

 

 Secure loan

 

Current assets

 

 

12% debenture 100000

(+) interest 4000

104000

Closing stock

150000

 

Debtors 50000

(-) bad debt 3000

(-) provision 6000

 

 

 

41000

Current liabilities

 

 

Creditor

10000

 

Provision

 

Cash

40000

 

Proposed dividend Provision for tax

20000

5000

 

 

 

 

561000

 

561000

 

 

2075 Set A Q. No. 14

Trading and Profit and Loss a/c

Particular

Amt.

Assets

Amt.

To opening stock

10000

By closing stock

1500000

To purchase  70000

 

By sales

560000

(-) return 1500

68500

 

 

To wages 20000

(+) O/S 2000

 

 

22000

To gross profit

714000

 

171900

 

171900

To salaries

15000

By gross profit

71400

To rent

8000

By commission

1000

To insurance

6000

 

 

To depn on furniture

5000

To provision for bad debts

500

To net profit

37900

 

72400

 

72400

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

10000

By opening balance

13600

To closing balance c/d

 415000

By net profit

37900

 

51000

 

51000

 

Balance sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

 

Fixed assets

 

Share capital

100000

Furniture 50000

(-) depn. 5000

 

 

45000

Reserve and surplus

 

P/l app.

41500

Machinery

100000

Reserve fund

16000

Current assets

 

Current liabilities Creditors

 

9000

Cl. Stock

18000

O/S wages

2000

Debtors  10000

(-) provision for bad debt

500

 

 

9500

Provision

 

Proposed dividend

10000

 

 

cash

9500

 

178500

 

178500

2075 Set B Q. No. 14

Trading and P/L a/c

Particular

Amt.

Particular

Amt.

 

To opening stock

 

To purchase 

 20000

 

430000

By closing stock

 

 

By sales 

 65000

 

870000

 

To carriage inward

3000

 

 

To Wages

 

25000

 

To gross profit

457000

 

935000

 

935000

 

To salaries

 

50000

 

By gross profit

457000

 

Discount received

10000

To rent  60000

(+) payable  12000

 

72000

 

Interest income

6000

Provision for bad debts

4000

To administrative expn.

 38000

To selling expenses

32000

 

 To interest  

10000

To depn on furniture

15000

To depn on machinery

12800

 To net profit

247200

 

477000

 

477000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To tax paid for last year

 3000

 

By opening balance

 

170000

To proposed dividend

 

50000

 

By net profit

247200

To transfer to general reserve

 

20000

 

 

To closing balance

344200

 

417200

 

417200

 

Balance Sheet

Liabilities

Amt.

Assets

Amt

Paid-up capital

 

Fixed assets

 

Share capital

300000

Machinery 128000

 

Reserve and surplus

 

(-) depn. 12800

115200

P/l app. a/c

344200

Building

300000

General reserve 

20000

Furniture 150000

 

Secure loan

 

(-) depn 15000

135000

Debenture

100000

Investment

 

Current liabilities

 

Investment

 

Current assets

210000

Creditors

54000

Outstanding rent

12000

Closing stock

65000

Provision 

 

Debtors

640000

Proposed dividend

50000

Cash

15000

 

880200

 

880200

2074 Supp. Q. No. 14

Trading and P/L a/c

Particular

Amt.

Particular

Amt.

To opening stock

80000

By closing stock

 250000

To purchase   

540000

 

 By sales 

610000

To wages 60000

(+) Outstanding wages 10000

 

 

70000

 

 

To carriage

10000

 

To gross profit

160000

 

860000

 

860000

To salaries

75000

By gross profit

160000

To rent

 45000

By net loss

10000

To insurance 20000

(-) prepaid 5000

15000

 

 

To bad debts

5000

To interest on debenture 5000

(+) O/s 5000

 

 

10000

To depn on machinery

20000

 

170000

 

170000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To net loss

10000

By opening balance

 

 75000

To proposed dividend

 

40000

 

 

To closing balance

25000

 

 

 

75000

 

75000

Balance Sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

 

Fixed assets

 

Share capital

400000

Machinery 200000

(-) Depn 20000

 

180000

 

Reserve and surplus

 

P/ l app. 

25000

Goodwill

40000

Secure loan

 

Current assets

 

10% debenture 100000

105000

Debtors 

100000

(+) o/s interest 5000

 

Cash

30000

Current liabilities

 

Closing stock

250000

Creditors

25000

Loan and advance

 

Wages due

10000

Pre-paid insurance

5000

 Provision

 

 

 

Proposed dividend

40000

 

605000

 

 

2074 Set A Q. No. 14

Trading and P/L a/c

Particular

Amt.

Particular

Amt.

To opening stock

 

 100000

By closing stock

1500000

 

To purchase 700000

(-) return 5000

 

695000

By Sales

 

560000

 

 

To wages

(+) O/S wages

 

160000

To gross profit

704000

 

1659000

 

1659000

To salary

200000

By gross profit

704000

To rent

80000

 

 

To insurance

10000

To Depn on machinery

50000

To provision for bad debt

 

5000

To net profit

359000

 

704000

 

704000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

 100000

 

To opening balance

 

 126000

To closing balance c/d

 385000

To net profit

359000

 

485000

 

485000

 

Balance sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

 

Fixed assets

 

Share capital

1000000

Machinery 500000

(-) depn. 50000

 

 

450000

Reserve and surplus

 

P/L app.

385000

Land and building

1000000

Reserve fund

150000

Investment

 

Current liabilities

 

Investment

50000

Advance commission

20000

Current assets

 

Creditors

100000

Closing stock

120000

Outstanding wages

25000

Debtors 100000

 

Provision

 

(-) provision for bad debt 5000

950000

Proposed dividend

10000

Cash

50000

 

1765000

 

1765000

 

2074 Set B Q. No. 14

Trading and P/L a/c

Particular

Amt.

Particular

Amt.

 

To opening stock

 

 40000

By closing stock

30000

 

To purchase  400000

(-) return 6000

 

 

394000

By Sales

 

670000

 

To wages

100000

 

 

 

To carriage

5000

 

To gross profit

161000

 

700000

 

700000

 

To interest on debenture 5000

(+) o/s interest 5000

 

 

 

10000

By gross profit

161000

 

 

 

To rent and tax

15000

 

To increase in bad debt

3000

 

To Depn on building

40000

 

To Depn on machinery

25000

To net profit

22000

 

 

 

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To transfer to General

Reserve

 50000

By opening stock

 

218000

 To proposed dividend

 

40000

By net profit

22000

To income tax paid for last year

 

15000

 

To closing balance c/d

135000

 

240000

 

240000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

 

Fixed assets

 

Share capital

400000

Machinery 250000

(-) Depn 25000

 

 

225000

Reserve and surplus

 

P/ l app.

135000

Building 400000

(-) Depn 40000

 

360000

General reserve

50000

Secure loan

 

Furniture

40000

10% debenture 100000 (+) Outstanding interest 5000

 

 

105000

Current assets

 

Sundry debtors

60000

 Current liabilities

 

Cash

30000

Sundry creditors

10000

Closing stock

30000

Provision 

 

 

 

Proposed dividend 

40000

 

 

 

 740000

 

740000

2073 Supp. Q. No. 14

Trading and P/L a/c

Particular

Amt.

Particular

Amt.

To purchase  400000

(-) return 10000

 

390000

By closing stock

 

150000

 

 

To Wages 100000

(+) outstanding wages 30000

130000

 

 

By Sales

 

700000

 

 

To carriage

10000

To gross profit

 320000

 

850000

 

850000

To salaries

700000

By gross profit

310000

To rent 

400000

By commission

160000

To sundry expenses

100000

 

 

To prepaid insurance expired

40000

To Depn on furniture

20000

To outstanding interest

50000

To net profit

700000

 

1380000

 

1380000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

40000

By opening balance

40000

 To closing balance c/d

 60000

 By net profit

70000

 

110000

 

110000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

 

Fixed assets

 

Share capital

500000

Furniture 200000

(-) Depn 20000

 

 

180000

Reserve and surplus

 

P/ l app.

70000

Machinery & equipment

1100000

General reserve

300000

Current assets

 

Secure loan

 

Closing stock

150000

10% debenture 500000

(+) O/S interest 50000

 

 

550000

Cash and bank

100000

Debtors 

10000

Current liabilities

 

Loan and advance

 

Sundry creditors

200000

Pre-paid insurance 50000

(-) Expire Prepaid insurance 40000

 

 

 

 

10000

O/S wages

30000

Provision 

 

 

Proposed dividend

40000

 

1690000

 

1690000

2073 Set C Q. No. 14

Trading and P/L a/c

Particular

Amt.

Particular

Amt.

To opening stock

 100000

By closing stock

1500000

To purchase 500000

(-) return 5000

 

495000

By Sales

 

560000

 

 

To wages 40000

(+) O/S wages 10000

50000

To gross profit

375000

 

1020000

 

1020000

To carriage outward

5000

By gross profit

375000

To Discount

15000

By commission 15000

(-) Commission received in advance 3000 

 

 

12000

To insurance

25000

To rent

40000

 

 

To salaries

60000

To provision for tax

20000

To Depn on machinery

30000

To O/S interest

10000

To net profit

182000

 

387000

 

387000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

20000

By opening balance

 

60000 

To closing balance c/d

222000

By net profit

182000

 

242000

 

242000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

 

 

Fixed assets

              

Share capital

200000

 

Machinery  300000

(-) Depn 30000

 

270000

 

Reserve and surplus

 

Furniture

100000

P/ l app.

222000

 Current assets

 

Closing stock

Cash

120000 

55000  

General reserve

 

10000

Debtors 

 

 100000

Secure loan

 

 

10% debenture 100000

(+) O/s interest 10000

 

110000

Current liabilities

 

Sundry creditors

50000

Advance commission

3000

O/S wages

 

 10000

Provision 

 

Proposed dividend

20000

Provision for tax

20000

 

645000

 

645000


2073 Set D Q. No. 14

Trading and Profit and Loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

100000

By sales

1529000

To purchase  700000

695000

 

 

(-) return 5000

160000

 

 

To wages 150000

584000

 

 

(+) o/s wages 10000

100000

 

 

To gross profit

695000

 

 

 

1539000

 

1539000

To salary

200000

By gross profit

310000

 To house rent 80000

 

By other income

848000

(-) prepaid 10000

70000

 

 

To insurance

10000

 

 

To Depn on machinery

 

 

 

To bad debt 5000

 

 

 

(-) provision for bad debt 4750

9750

 

 

To net profit

244250

 

 

 

584000

 

584000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

100000

By opening balance

126000

To closing balance c/d

270250

By net profit

 244250

 

51000

 

51000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

1000000

Fixed assets

450000

Share capital

270250

Machinery 500000

1000000

Reserve and surplus

150000  

(-) Depn 50000

50000

P/ l app.

50000

Building

50000  

General reserve

3000

Current assets

90250  

Current liabilities

10000

Closing stock

10000

 Sundry creditors

20000

Cash

450000

Advance commission

20000

Debtors  100000

1000000

O/S wages

1000000

(-) bad debt 5000

50000

 Provision 

270250

(-) provision for bad debt 4750

50000  

Proposed dividend

150000  

Loan and advance

90250  

Provision for tax

50000

Prepaid insurance

10000

 

1650250

 

1650250

2072 Supp. Q. No. 14

Profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

180000

By closing stock

200000

To purchase 

300000

By sales

500000

To wages

70000

 

 

To carriage

15000

 

 

To gross profit

135000

 

 

 

700000

 

700000

To Salary

20000

By gross profit

135000

To printing

5000

By interest on investment

10000

To rent

20000

 

 

To trade expenses

5000

To Bank charge

8000

To insurance 10000

 

(-) prepaid  2000

8000

To advertisement

10000

To interest on debenture 10000

 

(+) O/S interest 10000

20000

To Depon machinery

15000

To bad debt

5000

To net profit

29000

 

1380000

 

 

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

20000

By opening balance

100000

To closing balance c/d

109000

 By net profit

 29000

 

129000

 

129000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

Paid-up capital

 

Fixed assets

 

Share capital 

400000

Machinery 150000

 

Reserve and surplus

 

(-) Depn 15000

135000

P/ l app.

109000

Land and building

4000000

Current liabilities

 

Furniture

600000

Creditors

1980000

Investment

 

Provision 

 

Investment 

100000

Proposed dividend

20000

Current assets

 

Provision for tax

20000

Closing stock

200000

 

 

Cash and bank

10000

Debtors  35000

 

(-) Bad debt 5000

30000

Loan and advance

 

Pre-paid insurance

2000

 

1690000

 

1690000

2072 Set C Q. No. 14

Trading and P/L a/c

Particular

Amt.

Particular

Amt.

To opening stock

 300000

By closing stock

200000

 

To purchase  600000 

(-) return 1000

599000

 By sales

1200000

To wages

40000

 

 

To gross profit

461000

 

1400000

 

1400000

To Salary 160000

(+) outstanding 5000

 

165000

By gross profit

 

461000

 

To stationary

50000

By commission

2000

To telephone

and electricity

 

120000

Appreciation  on Building

 

15000

 

To discount

20000

To interest 3000

(+) O/S interest 2000

 

 5000

To house rent

 

60000

 

To Depn on machinery

 

10000

To bad debt

 

8000

To net profit

40000

 

478000

 

478000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

60000

By opening balance

 

220000

To closing balance c/d

200000

By net profit

40000

 

260000

 

260000

 

Balance Sheet

Liabilities

Amt.

Assets

Amt.

 

Paid-up capital

 

Fixed assets

      

 

Share capital

 600000

Furniture

80000    

Equipment

 

Land and building 300000

(+) appn on building 15000

 

200000

 

 

Reserve and surplus

 

 

Plant & machinery 100000

(-) Depn on machinery 

10000

315000

 

 

90000