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Ashmita Old is Gold Solution | Final Account | Part-2

Ashmita Old is Gold complete Final account solution of Account
Class 12 management
Part-2 (2072 Set D - 2066 Supp.) 
Part-1 (2076 Set B - 2072 Set E) Click here  

2072 Set D Q. No. 14

Trading and Profit and Loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

100000

By closing stock

250000

To purchase

400000

 

600000

To carriage

100000

 

 

To wages 80000

(+) O/S wages 10000

 

90000

 

 

To gross profit

250000

 

 

 

850000

 

850000

To salaries

50000

By gross profit

250000

To discount

10000

By commission

20000

To insurance 15000

(-) prepaid 5000

 

10000

 

 

To rent

20000

 

 

To provision for tax

20000

 

 

To outstanding interest

20000

 

 

To net profit

140000

 

 

 

270000

 

270000

 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

20000

By opening balance

50000

To closing balance

170000

By net profit

140000

 

190000

 

190000

 

Balance Sheet

Assets

Amt.

Liabilities

Amt.

Paid-up capital

Share capital

 

400000

Fixed assets

Machinery

 

500000

Reserve and surplus

P/L appropriation a/c

Reserve fund

 

170000

100000

Investment

Investment

 

50000

Secured loan

10% debenture 200000

(+) O/S interest 20000

 

 

220000

Current assets

Debtors

Closing stock

Cash balance

 

140000

250000

70000

Current liabilities

Creditors

O/S wages

 

75000

10000

Loan and advance

Prepaid insurance

 

5000

Provision

Provision for tax

Proposed dividend

 

20000

20000

 

1015000

 

1015000

 

2072 Set E Q. No. 14

 

Trading and profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

100000

By Closing stock

100000

To purchase

500000

By sales

1000000

To wages

100000

 

 

To carriage

15000

 

 

To custom duty

5000

 

 

To Gross profit

380000

 

 

 

1100000

 

1100000

To salaries

150000

By gross profit

380000

To Rent

60000

By interest of investment

15000

To Bad debts

5000

By unearned commission earn

5000

To interest on debenture

20000

 

 

To bad debts

2500

 

 

To written of preliminary expenses

10000

 

 

To Depn on fixed assets

40000

 

 

To net profit

112500

 

 

 

400000

 

400000

 

Balance sheet

Particular

Amt.

Particular

Amt.

Paid-up capital

Share capital

 

300000

Fixed assets

Fixed assets 4000000

(-) Depn        40000

 

 

360000

Reserve and surplus

P/L appropriation a/c

 

152500

Investment

Investment

 

150000

Secured loan

10% debenture

 

 

200000

 

 

Current assets

Debtors  50000

(-) Bad debts 2500

 

 

47500

Closing stock

Cash balance

100000

55000

Current liabilities

Creditors

O/S wages

 

20000

10000

Miscellaneous

Preliminary expenses 10000

(-) Written off 10000

 

 

0

Provision

Proposed dividend

30000

 

712500

 

712500

 

2071 Supp. Q. No. 14

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

100000

By Closing stock

400000

To purchase

1000000

By sales

1200000

 

 

To wages

100000

To carriage inward

5000

To Gross profit

395000

 

1600000

 

1160000

To salaries 40000

(+) O/S salaries 25000

 

65000

By gross profit

 

395000

To Rent

30000

To sundry expenses

30000

To provision for Bad debts

5000

Depn on Machinery

20000

Depn on Furniture

5000

To net profit

240000

 

395000

 

395000

                                                                                                                 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

45000

By opening balance

100000

To transfer to general reserve

10000

To closing balance

285000

By net profit

240000

 

340000

 

340000

 

Balance sheet

Particular

Amt.

Particular

Amt.

 

Paid-up capital

Share capital

 

3000000

Fixed assets

Machinery 200000

(-) Depn        20000

 

 

180000

Furniture 50000

(-) Depn 5000

 

45000

Reserve and surplus

P/L appropriation a/c

 

285000

Investment

Investment

 

50000

Secured loan

10% debenture

 

200000

Current assets

Debtors  100000

(-) Provision for bad debt 5000

 

 

95000

Current liabilities

Creditors

O/S wages

 

20000

10000

Bills receivable

Closing stock

Cash at bank

35000

400000

80000

Provision

Proposed dividend

 

30000

 

712500

 

885000

 

2071 Set D. Q. No. 14

Profit and loss a/c

Particular

Amt.

Particular

Amt.

To salaries and wages

50000

By gross profit

250000

To Director’s fees

2000

By interest on investment 3500

(+) Accrued interest 1500

 

 

5000

To interest on debenture 2500

(+) O/S interest 500

 

3000

To audit fee

3250

To sundry expenses

80000

To discount on shares

2000

To Depn on fixed assets

16750

To tax liability

40000

To Net profit

 

 

255000

 

255000

                                                                                                                

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

50000

By opening balance

5000

To closing balance

15000

To net profit

60000

 

65000

 

65000

 

Balance sheet

Particular

Amt.

Particular

Amt.

 

Paid-up capital

Share capital

 

250000

Fixed assets

Building 150000

Furniture 2500

Vehicle 15000

(-) Depn on equipment 16750

 

 

 

 

150750

Reserve and surplus

P/L appropriation a/c

 

13000

Secured loan

6% debenture 50000

(+) interest 1000

 

 

51000

Investment

Investment 115000

(+) Accrued interest 1500

 

 

116500

Current liabilities

Creditors

 

27500

Current assets

Sundry Debtors 

Closing stock

Cash at bank

 

70000

100000

43750

 

Provision

Proposed dividend

 

50000

Provision for

40000

 

712500

 

786500

 

2071 Set D.Q. No. 14

Profit and loss a/c

Particular

Amt.

Particular

Amt.

 

To salaries and wages

 

50000

By gross profit

250000

By interest on investment 3500

(+) accrued interest 1500

 

5000

To Director’s fees

2000

To interest on debenture 2500

(+) O/s interest 500

 

3000

To audit fee

3250

To sundry expenses

80000

To discount on shares

2000

To Depn on Fixed assets

16750

To provision for tax

40000

To Net profit

58000

 

255000

 

255000

 

                                                                                                                 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To Proposed dividend

50000

By opening balance

5000

To closing balance

13000

By net profit

58000

 

63000

 

63000

 

Balance sheet

Particular

Amt.

Particular

Amt.

Paid-up capital

Share capital

 

250000

Fixed assets

Vehicle 15000

Furniture 2500

Building 150000

(-) Depn 16750

 

 

 

 

150750

 

 

Reserve and surplus

P/L appropriation a/c

 

13000

Secure loan

6% Debenture 50000

(+) O/S interest 500

 

 

50500

Investment

Investment 150000

(+) accrued interest 1500

 

 

116500

Current liabilities

Sundry Creditors

 

27500

Current assets

Cash at bank

Sundry debtors

Closing stock

 

 

43750

70000

100000

 

Provision

Proposed dividend

 

50000

Provision for tax

Tax liabilities

50000

40000

 

481000

 

481000

 

2070 Supp. Q. No. 14

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

 

To opening stock

40000

By Closing stock

70000

To purchase

440000

By sales

687000

 

 

To wages 60000

(+) O/S wages 8000

 

68000

To carriage

10000

To Gross profit

199000

 

757000

 

757000

 

To salaries 40000

(+) O/S salaries 25000

 

65000

By gross profit

199000

Provision for bad debt

 

4000

To General expenses

55000

To Rent

40000

To salaries 80000

(-) Prepaid salary  2000

 

78000

To debenture interest 2000

(+) O/S interest 3000

 

5000

To Bad debts

6000

To provision for Bad debts

5000

To net profit

51000

 

203000

 

203000

 

                                                                                                                 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

52000

By opening balance

42000

To closing balance

41000

By net profit

51000

 

93000

 

93000

 

Balance sheet

Particular

Amt.

Particular

Amt.

 

Paid-up capital

Share capital

 

350000

Fixed assets

Machinery

 

130000

Goodwill

20000

Building and premises

200000

Reserve and surplus

P/L appropriation a/c

 

41000

Current assets

Debtors  100000

(-) Provision for bad debt 5000

 

 

95000

Secured loan

5% debenture 100000

(+) O/S interest 3000

 

 

103000

Cash balance

50000

Closing stock

70000

Current liabilities

Creditors

 

50000

Loan and advance

Prepaid salaries

 

2000

 

 

O/S wages

8000

Provision

Proposed dividend

 

52000

 

6040000

 

567000

 

2070 Set C Q. No. 14

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

60000

By sales 1150000

1150000

 

To purchase 600000

(-) Return 5000

 

595000

To wages and salaries

100000

 

 

To Gross profit

395000

 

1150000

 

1150000

To Carriage outward

20000

By gross profit

395000

To discount

5000

By Provision for bad debt

5000

To stationaries

25000

By commission 12000

(-) Commission received in advance

2000

 

 

 

10000

To communication expenses

20000

To miscellaneous

40000

To Depn on equipment

60000

To provision for bad debts 

2000

To outstanding interest on debenture

 

7000

To net profit

257900

 

410000

 

410000

                                                                                                                 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

25000

By opening balance

90000

To closing balance

322900

By net profit

257900

 

347900

 

347900

 

Balance sheet

Particular

Amt.

Particular

Amt.

Paid-up capital

Share capital

 

500000

Fixed assets

Land and building

 

600000

Equipment 300000

(-) Depn 30000

 

270000

Reserve and surplus

P/L appropriation a/c

 

322900

Current assets

Cash

 

10000

Secured loan

7% debenture 100000

(+) O/S interest 7000

 

 

107000

Debtors  100000

(-) Provision for bad debt 2000

 

980000

Closing stock

50000

Current liabilities

Creditors

 

68000

 

 

 

 

Commission receive in advance

2000

Provision

Proposed dividend

 

25000

 

1024900

 

1024900

 

2070 Set D Q. No. 14

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

50000

By sales

700000

To purchase

550000

To Carriage

20000

Closing stock

130000

 

To Gross profit

190000

 

830000

 

830000

To house rent 

120000

By gross profit

525000

To salary and wages 150000

(-) Salary paid on advance (prepaid salary) 10000

 

 

140000

By Provision for bad debt

 

 

5000

To Bad debts

3000

To traveling expenses

40000

To commission and discount

10000

To miscellaneous

25000

To Depn on equipment

20000

To outstanding interest on debenture

8000

To net profit

164000

 

530000

 

530000

                                                                                                                 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

20000

By opening balance

40000

To closing balance

184000

By net profit

164000

 

204000

 

204000

 

Balance sheet

Particular

Amt.

Particular

Amt.

 

Paid-up capital

Share capital

 

400000

Fixed assets

Equipment 200000

(-) Depn 20000

 

 

180000

Calls in advance

10000

Reserve and surplus

P/L appropriation a/c

 

184000

Machinery

250000

Furniture

97000

Secured loan

8% debenture 100000

(+) O/S interest 8000

 

 

108000

Current assets

Cash

 

60000

Current liabilities

Creditors

 

50000

Debtors 

100000

Closing stock

75000

Provision

Proposed dividend

 

20000

Loan and advance

Salary paid in advance

 

10000

 

 

772000

 

777200

 

2069 Supp. Set A Q. No. 13

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

120000

By sales

700000

To purchase

500000

To Carriage

20000

Closing stock

130000

 

To Gross profit

190000

 

830000

 

830000

To rent

10000

By gross profit

190000

To salaries

50000

By Discount

 

 

5000

To sundry expenses

20000

To Depn furniture

4000

To Depn on plant

6000

To income tax paid

30000

To net profit

75000

 

195000

 

195000

                                                                                                                 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To dividend paid for last year

20000

By opening balance

20000

To proposed dividend

30000

To closing balance

45000

By net profit

75000

 

95000

 

95000

 

Balance sheet

Particular

Amt.

Particular

Amt.

 

Paid-up capital

Share capital

 

200000

Fixed assets

Furniture 40000

(-) Depn 4000

 

 

36000

Reserve and surplus

P/L appropriation a/c

 

45000

Machinery 60000

(-) Depn 6000

 

54000

Reserve fund

30000

Current liabilities

Bills payable

 

15000

Current assets

Cash at bank

 

60000

Creditors

30000

Debtors 

90000

Provision

Proposed dividend

Provision for income tax

 

30000

30000

Bills receivable

10000

Closing stock

130000

 

380000

 

380000

 

2069 Supp. Set B Q. No. 14

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

60000

By sales

By closing stock

350000

150000

 

To purchase 200000

(-) Return 10000

 

190000

To wages  25000

(+) O/S wages 5000

 

30000

To carriage

5000

To Gross profit

215000

 

500000

 

500000

To salaries 

40000

By gross profit

215000

To rent

20000

To insurance 7000

(-) Prepaid 2000

 

5000

To interest on loan 3000

(+) O/S loan 3000

6000

To Bad debts

4000

To Depn on machinery

18000

To net profit

122000

 

215000

 

215000

                                                                                                                

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

10000

By opening balance

50000

To closing balance

162000

By net profit

122000

 

172000

 

172000

 

Balance sheet

Particular

Amt.

Particular

Amt.

 

Paid-up capital

Share capital

 

100000

Fixed assets

Goodwill

 

10000

Machinery 180000

(-) Depn 18000

 

162000

Reserve and surplus

P/L appropriation a/c

 

162000

Current assets

Cash

 

16000

Debtors

50000

Secured loan

10% loan 60000

(+) O/S interest 3000

 

 

63000

Closing stock

150000

Current liabilities

Creditors

 

50000

 Loan and advance

Prepaid insurance

 

2000

 

Wages due

5000

Provision

Proposed dividend

 

10000

 

390000

 

390000

 

2069 (Set A) Q. No. 15

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

100000

By sales 2800000

(-) Return 20000

 

By closing stock

 

2780000

 

225000

To purchase

1500000

To wages

150000

To Gross profit

1255000

 

3005000

 

3005000

To salary

550000

By gross profit

1255000

To house rent

150000

By appreciation on fixed assets

220000

To insurance

40000

To interest on debentures 30000

(+) O/S interest 10000

 

40000

To provision for bad debt

10000

To preliminary expenses written off

 

10000

To net profit

675000

 

1475000

 

1475000

                                                                                                                 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend

70000

By opening balance

240000

To closing balance

8450000

By net profit

8450000

 

915000

 

915000


Balance sheet

Particular

Amt.

Particular

Amt.

 

Paid-up capital

Share capital

 

14000000

Fixed assets

Fixed assets 2200000

(+) Appreciation 220000

 

 

2420000

Reserve and surplus

P/L appropriation a/c

 

845000

Current assets

Debtors  

 

200000

General reserve

150000

Bills receivable

Cash and bank

10000

120000

Secured loan

10% debenture 400000

(+) O/S interest 10000

 

 

410000

Closing stock

225000

Miscellaneous

Preliminary expenses 30000

(-) Written off 10000

 

 

20000

 

 

Current liabilities

Creditors

 

100000

Provision

Proposed dividend

 

70000

 

2975000

 

2975000

 

2069 (Set B) Q. No. 14

Trading and Profit and loss a/c

Particular

Amt.

Particular

Amt.

To opening stock

30000

By sales

By closing stock

650000

50000

 

To purchase

350000

To wages  50000

(+) O/S wages 10000

 

60000

To carriage

20000

To Gross profit

240000

 

700000

 

700000

To salaries 

60000

By gross profit

Provision for bad debts

240000

6000

To rent 20000

(-) prepaid 2000

 

18000

To General expenses

35000

To debenture interest  5000

(+) O/S loan 5000

 

10000

To Bad debts

5000

To provision for bad debts

4500

To net profit

113500

 

246000

 

246000

                                                                                                                 

Profit and loss appropriation a/c

Particular

Amt.

Particular

Amt.

To proposed dividend (400000-10000) of 10%

 

39000

By opening balance

34000

To transfer general reserve

20000

By net profit

113500

To closing balance

88500

 

147500

 

147500

 

Balance sheet

Particular

Amt.

Particular

Amt.

 

Paid-up capital

Share capital 400000

(-) Calls in arrears 10000

 

 

390000

Fixed assets

Machinery

 

150000

Land and building

300000

Goodwill

50000

Reserve and surplus

P/L appropriation a/c

Transfer to general reserve

 

88500

20000

Current assets

Debtors 90000

(-) Provision for bad debts 4500

Cash 

 

 

85500

45000

Secure loan

10% Debenture 100000

(+) O/S interest 5000

 

 

105000

Closing stock

50000

Current liabilities

Creditors

Wages due

 

30000

10000

Loan and advance

Prepaid loan

 

2000

 

Provision

Proposed dividend

 

39000

 

682500

 

682500

 

 

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