Final Accounts Past Paper PDF

VISION Tutorials Commerce (XII-COMM_Bk Final Accounts_Board Questions) VISION Tutorials Commerce (Last five years Board Questions) Q1) Asha and Nisha are partners sharing profit and losses in equal ra...

VISION Tutorials Commerce (XII-COMM_Bk Final Accounts_Board Questions) VISION Tutorials Commerce (Last five years Board Questions) Q1) Asha and Nisha are partners sharing profit and losses in equal ratio. From the following trial balance and adjustments you are required to prepare Final Accounts. Trial Balance as on 31st March, 2019 Debit Balance Amount ` Credit Balance Amount ` Purchase 48,000 Capital A/c: Salaries 7,500 Asha 80,000 Wages 2,800 Nisha 40,000 Advertisement (2 years) 4,000 Bank Overdraft 34,000 Sales Return 8,000 Sales 1,48,000 Motor Van 63,000 R.D.D 1,200 Stock (1.4.2018) 94,500 Purchase Return 6,000 Sundry Debtors 62,800 Coal, Gas and Fuel 1,000 Plant & Machinery 17,600 3,09,200 3,09,200 Adjustments: 1. Closing Stock is valued at cost price `88,000 and market price `90,000 2. Asha and Nisha withdrew goods from business `3,000 and `2,000 respectively for their personal use. 3. Depreciation Motor Van by 5% and Plant and Machinery by 7%. 4. Reserve for Doubtful debts on Debtors at 5% is to be created. 5. Outstanding Wages `800. Q2) M/s Wardha Traders is a partnership firm in which, Ramesh and Suresh are partners sharing profits and losses in equal ratio. From the Trial Balance given below and adjustments, you are required to prepare Trading and Profit and Loss A/c for the year ended on 31 st March 2017 and Balance Sheet as on that date. Trial Balance as on 31st March, 2017 Debit Balance Amount ` Credit Balance Amount ` st Stock (1 April, 2017) 32,500 Sundry Creditors 45,325 Purchases 44,500 Sales 61,000 Sundry debtors 1,00,000 Capital A/c: Investment 40,500 Ramesh 1,20,000 Insurance 10,200 Suresh 40,000 Plant & Machinery 15,000 Salaries 4,850 Bad Debts 500 Furniture 12,500 Cash in Hand 5,775 2,66,325 2,66,325 Adjustments: 1. Closing Stock is valued at `28,000 2. Goods of `3,000 distributed as free sample. 3. Provide further Bad debts of `800 4. Depreciate furniture at 5% p.a. 5. Insurance `1,875 is prepaid. Q3) From the following Trial Balance and adjustments, you are required to prepare Trading and Profit and Loss A/c for the year ended on 31st March 2016 and Balance Sheet as on that date of M/s Durgesh and Dinesh: Trial Balance as on 31st March 2016 Debit Balance Amount ` Credit Balance Amount ` Opening Stock 9,000 Capital A/c: Page | 1 VISION Tutorials Commerce (XII-COMM_Bk Final Accounts_Board Questions) Cash in Hand 1,200 Durgesh 17,500 Discount allowed 450 Dinesh 17,500 Salaries 650 Sales 23,600 Land and Building 25,000 Sundry Creditors 14,500 Furniture 9,000 Bills Payable 3,500 Plant and Machinery 11,000 Bank Loan 10,000 Sundry Debtors 12,500 Discount received 750 Interest Paid 425 Purchase return 1,100 Printing and Stationery 600 Purchases 16,000 Wages 1,400 Sales Return 900 Bad debts 325 88,450 88,450 Adjustments: 1. The Stock on hand on 31st March, 2016 was valued at `14,500. 2. Outstanding Salary was `350 3. Wages paid in advance to workers `600. 4. Depreciate land & building at 5% p.a and plant and machinery at 10% p.a. 5. Write off `500 for further bad debts. Q4) M/s Geeta Saw Mill is a partnership firm in which Aarti and Bharti sharing profit and losses in the ratio of 3:2. From the following trail balance, prepare trading and profit & loss A/c for the year ended 31 st March, 2016 and balance sheet as on that date. Trial Balance as on 31st March 2016 Particulars Debit ` Credit ` Capital A/c: Aarti - 1,44,000 Bharti - 1,26,000 Current A/c: Aarti - 4,980 Bharti 3,000 - Purchase and Sales 2,84,000 4,26,000 Sundry Debtors and Creditors 1,60,000 1,39,000 Opening Stock 54,000 - Cash in Hand 7,000 - 10% Government bonds (Purchased on 1.1.2016) 40,000 - Rent and Taxes 4,780 - Building 1,40,000 - Furniture 30,000 - Salaries 42,000 - Wages 16,000 - Insurance 7,200 - Motor Car 50,000 - Bad debts 2,000 - 8,39,980 8,39,980 Adjustments: 1. Closing Stock is valued at `70,000 2. Aarti is allowed salary of `7,000 and Bharti is entitled to get commission @2% on sales. 3. Interest on Partner’s capital @5% is to be provided. 4. Depreciate furniture @15% and building @10% p.a. 5. `4,000 due from customer is not recoverable. 6. Insurance is paid for the year ended on 30th June, 2016 Page | 2 VISION Tutorials Commerce (XII-COMM_Bk Final Accounts_Board Questions) Q5) Ashok and Sangmesh are in partnership sharing profit and losses in the ratio 2:1. From the following trial balance and adjustments given below, you are required to prepare Trading and Profit & Loss A/c for the year ended 31st March, 2016 and Balance Sheet as on that date: Particulars Debit ` Credit ` Prepaid Insurance 3,200 - Insurance 8,000 - R.D.D - 4,000 Discount 3,200 - Postage and Telephone 12,800 - Debtors and Creditors 2,64,000 2,72,000 Salaries 2,24,000 - Wages 96,000 - Opening Stock 1,92,000 - Carriage 4,000 - Purchases and Sales 7,72,800 12,06,400 Return inwards /outwards 22,400 36,800 Bank Overdraft - 4,83,200 Plant & Machinery 96,000 - Land & Building 7,04,000 - Partner’s Capital A/c Ashok 2,08,000 Sangmesh 1,92,000 24,02,400 24,02,400 Adjustments: 1. Write off `8000 for bad debts and provide R.D.D @5% on debtors. 2. Goods worth `16,000 were distributed as free samples. 3. Closing stock on 31st March, 2016 was valued at the cost of `2,24,000 while its market price was `2,40,000. 4. Salaries were outstanding `8,000. 5. Depreciate: Land & Building @5% p.a and Plant and Machinery @10% p.a. Q6) From the following Trial Balance of M/s Patil and Desai, you are required to prepare Trading and Profit and Loss A/c for the year ended on 31st March 2016 and Balance Sheet as on that date: Trial Balance as on 31st March, 2016 Debit Balance Amount ` Credit Balance Amount ` Machinery 1,40,000 Capital A/c: Furniture 80,000 Patil 2,00,000 Coal, gas and water 4,300 Desai 1,50,000 Land & Building 1,20,000 Sales 3,30,000 Purchases 2,32,000 Sundry Creditors 1,05,000 Postage and Telegram 2,200 Bank loan 40,000 Export duty 15,500 Wages and salaries 31,000 Rent and taxes 7,200 Cash in hand 58,000 Freight 6,200 Prepaid rent 3,600 Sundry debtors 76,000 Salaries 4,200 Opening stock 39,000 Discount 5,800 8,25,000 8,25,000 Adjustments: 1. Closing Stock in hand was valued at `61,000. Page | 3 VISION Tutorials Commerce (XII-COMM_Bk Final Accounts_Board Questions) 2. Goods distributed as free samples were `3,000. 3. Outstanding salaries `900. 4. Provide reserve for doubtful debts at 5% on sundry debtors. 5. Depreciate machinery at 5% p.a. Q7) Given below is the Trial Balance of M/s. Shailesh and Nilesh as on 31 st March, 2016. You are required to prepare Trading and Profit & Loss Account for the year ended 31 st March, 2016 and Balance Sheet as on that date: Trial Balance as on 31st March, 2016 Debit Balance Amount ` Credit Balance Amount ` Opening Stock 88,000 Capital A/c: Purchases 1,76,000 Shailesh 1,20,000 Wages 23,500 Nilesh 1,20,000 Salaries (10 months) 18,000 Sundry Creditors 1,03,000 Office Expenses 8,000 Bank overdraft 60,000 Bank Charges 2,600 Sales 3,08,000 Machinery 90,000 Current A/c: Land & building 1,30,000 Shailesh 5,000 Bad debts 4,000 Nilesh 4,000 Sundry debtors 82,000 Electricity charges 9,900 Furniture 43,000 8% Debentures (1. 10. 2015) 40,000 Drawings: Shailesh 3,000 Nilesh 2,000 7,20,000 7,20,000 Adjustments: 1. Stock on 31st March, 2016 was valued at market price of `84,000, which was 20% above its cost price. 2. Depreciate machinery at 10% p.a. 3. Create reserve for bad and doubtful debts at 5% on sundry debtors. 4. Provide interest on capital at 8% p.a. 5. Machinery includes purchase of machinery for `40,000 on 1st January, 2016. Q8) From the following Trial Balance of M/s Vishal and Vaibhav, you are required to prepare Trading and Profit and Loss A/c for the year ended on 31st March 2013 and Balance Sheet as on that date after taking into consideration the adjustments given below: Trial Balance as on 31st March, 2013 Debit Balance Amount ` Credit Balance Amount ` Salary and Wages 17,000 Sales 1,10,000 Postage and Telegram 1,750 Sundry Creditors 72,700 Opening Stock 23,500 Bills Payable 40,000 st Plant & Machinery 70,000 10% Bank loan (taken on 1 October 2012) 60,000 Import duty 3,100 Outstanding Audit Fees 5,900 Purchases 98,500 Capital A/c: Sundry debtors 45,800 Vishal 45,000 Bills Receivable 16,700 Vaibhav 45,000 Carriage Outward 1,800 Wages and Salary 14,000 Printing & Stationery 4,600 Cash in hand 1,850 Lease hold premises 80,000 3,78,600 3,78,600 Adjustments: 1. Closing stock was valued at `30,000. Page | 4 VISION Tutorials Commerce (XII-COMM_Bk Final Accounts_Board Questions) 2. Postal stamps of `250 and stationery of `400 are unused. 3. Lease hold property is to be run for 10 years w.e.f 1 st October, 2012. 4. Depreciate Plant & Machinery at 10% p.a. 5. Mr. Rajan our customer became insolvent and could not pay his debts of `1,500. Q9) Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2:3 respectively. With the help of the trial balance and adjustment given below, you are required to prepare their Trading, Profit & loss Account of the year ended 31st March 2013 and the Balance sheet as on that date: Trial Balance as on 31st March, 2013 Debit Balance Amount ` Credit Balance Amount ` Purchases 1,09,000 Sundry Creditors 45,600 Insurance 3,700 Sales 1,94,000 Rent, rates and taxes 14,600 R. D. D 2,000 Office expenses 7,300 Commission 5,500 Land & Building 3,00,000 Capital A/c: Plant and machinery 60,000 Jaya 2,00,000 Furniture 15,000 Maya 2,50,000 Carriage inward 3,700 Current A/c: Sundry debtors 88,000 Jaya 3,400 Stock (as on 1. 4. 2012) 32,800 Maya 9,100 Wages and Salaries 28,600 Cash in hand 4,700 Cash at Bank 40,200 Drawings: Jaya 500 Maya 1,500 7,09,600 7,09,600 Adjustments: 1. Closing stock was valued at 22600 2. Purchase include purchase of furniture of 10000 made on 1st October, 2021. 3. Depreciate land and building at 10% p.a.; plant and machinery at 10%p.a and furniture at 20% p.a. 4. Create R.D.D at 5% on sundry debtors. Q10) Dhiraj and Suraj are partners in a firm sharing profits and losses in the ratio of 2:1 respectively. From the following trial balance and adjustment, prepare their Trading, Profit & loss Account of the year ended 31 st March 2013 and the Balance sheet as on that date: Trial Balance as on 31st March, 2013 Debit Balance Amount ` Credit Balance Amount ` Opening stock 32,000 Sales 193,500 Purchases 64,000 Sundry Creditors 16,500 Plant and Machinery 30,000 Return Outward 2,500 Furniture 18,500 Capital A/c: Carriage 1,500 Dhiraj 90,000 Wages 30,000 Suraj 50,000 Bills Receivable 5,000 Sundry Debtors 32,000 Conveyance 4,000 Salaries 10,500 Cash in hand 14,750 Land and Building 83,500 Bad debts 1,750 Parents 25,000 3,52,500 3,52,500 Adjustments: 1. Closing stock: Cost price `25,000 and market price `30,000. 2. An amount of `3,500 spent for repairs to building is debited to building account. Page | 5 VISION Tutorials Commerce (XII-COMM_Bk Final Accounts_Board Questions) 3. Depreciate Plant and Machinery and building at 5% p.a. 4. Included in wages in advance given to workers `3,000. 5. Provide `1,500 for bad and doubtful debts on debtors. Page | 6