Final account | OLD IS GOLD SOLUTION| grade -12
Solution of old gold of account grade 12 Final account
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 Depn on
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 |
|||
P/
l app. |
200000 |
|||
Secure loan |
|
|||
5% debenture 100000 (+) Outstanding interest 2000 |
102000 |
Current assets Closing stock |
200000 |
|
Cash in
hand |