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1. Prasad a retailer adds 25% to the cost of goods to arrive at his selling
prices. His Financial position at 30th June 1998.
Particulars Amount
Plant and machinery 5,000
Stock at cost 3,825
Debtors 7,175
Cash at bank 2,200
Creditors 3,000
Loan from Z 2,000
At 30th June 1999 stock at cost was Rs.4, 000, debtor totaled Rs.7, 000
And creditors were Rs. 3, 500, the balance at bank amounted to Rs.1, 950.
Prepare trading and profit & loss A/c for the year ended 1999 and balance sheet
For the year ended at the date.
2. MR.Hari carries on a business and doses not keep his books on double entry basis.
The following particulars have been extracted from his books.
PARTICULARS 1stjuly97 30th June
.Rs Rs (98)
Plant and machinery 25,000 25,000
Stock 22,000 19,500
Debtors 8,000 25,500
Creditors 12,500 10,000
Cash 400 800
Bank 6,250 7,000(cr)
The following cash transactions took place during the year ending 30th June 1998
Mr. Prasad maintained his account on single entry system. His balance sheet for the
Year ended 31st march 1997 and 31st march 1998 are as follows.
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Form this cash book for the year 1997-98 you get the following information:
Wages Rs. 900, bills payable Rs.3,000, bills receivable Rs.4,300, expenses Rs.700
Salary Rs.800, investment purchased Rs.1,000, sales Rs 1,200, purchases Rs.600
Received from debtors Rs. 2,450, paid to creditors Rs.1,425 ,income Rs.30 and
Drawings Rs.1,500.
On enquiry you are told that in 1997-98 discount allowed and received were
Rs.400 and Rs.355 respectively. During the period, Prasad accepted bills for
Rs.4,580 and received bills for Rs. 3,000. His bad debts were Rs. 560 and bills
Receivable dishonoured Rs.300.
Give the trading and profit & loss A/c and also B/S for the year ended 31st
March 1998.
4. Shri HJ maintains his books on the single entry system and furnishes the following
details to you for the year 1998.
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5.Shiva does not maintain his books of accounts on double entry system. From the
following information prepare trading account, profit and loss A/c for the year 1988
and balance sheet at 31st dec1988.
Particulars 31.12.198 31.12198
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Debtors 18,000 31,900
Stock 9,800 ?
Furniture 1,000 1,500
Creditors 6,000 4,500
Bills receivable 4,000 5,000
Bills payable 3,000 5,000
Particulars Rs
Received from sundry debtors 6,000
Paid on capital 1,500
Due to bank 1st January 1997 500
Payment to sundry creditors 2,500
General expenses to business 1,000
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Wages 1,550
Drawings 300
Balance at bank 1,400
Balance at hand 250
7. Mr. joy keeps his books on the single entry system. Following information is available
from his records:
Asset and liabilities 1st july 30th
97 june98
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Investments consisted of 4% govt. bonds of the face value of Rs 10,000 and were purchased
on 1st January 1998 . prepare trading and profit and loss a/c for the year ended &balance
sheet for the year ended 30th June 1998.
8. Gopi does not know how to keep books of account. From the various records, certain
particulars are extracted and analyzed as under:
1) Balance as at 1st july 1998
Liabilities Amount Assets Amount
Capital 92,500 Furniture and fittings 57,000
Bills payable 32,800 Motor car 14,700
Sundry creditors 84,200 Stock of goods 51,500
Sundry debtors 49,500
Bills receivable 24,400
Cash in hand 12,400
2,09,500 2,09,500
2) Cash transactions during the year ended 30thJune 1999
Receipts Amount Payments Amount
To balance b/d 12,400 By investments at par (17% govt 30,000
To receipts form Dr’s 1,15,000 bonds on 31st dec 1998)
To bills receivable 14,200 By wages 9,400
To sales 1,03,000 By purchases 40,500
By drawings 24,000
By bills payable 30,700
By salaries 15,300
By general charges 5,400
By payment to creditors 80,800
By balance c/d 8,500
2,44,600 2,44,600
3) Remaining transactions
Cash transactions
Receipts Amount Payments Amount
To balance b/d 1,000 By bank loan repaid 5,000
To sales 8,000 By salaries 4,400
To sales of plant and By wages 1,400
machinery 3,000 By payment to creditors 40,000
To receipts form Dr’s 37,000 By office expenses 900
To loan form desai 9,100 By drawings 3,000
By purchase of furniture 2,000
By balance b/d 1,400
58,100 58,100
Other transactions: Total sales Rs 62,000, discount allowed Rs 800, total purchases Rs 47,000,
discount received Rs 700 , stock in trade(31.12.98) Rs 21,000
10. You are required to prepare a trading and profit & loss for the year ended 31st march 2000
and balance sheet as on 31st march 2000.
Balance sheet as on 31.03.99
Liabilities Amt Assets Amt
Creditors 20,000 Cash 5,000
Bills payable 40,000 Banks 10,000
capital 1,00,00 Bills receivable 20,000
0 Debtors 25,000
Stock 20,000
Furniture 10,000
Plant 70,000
1,60,00 1,60,00
0 0
Cash A/c for the year ended as on 31stmarch2000
Particulars Amt Particulars Amt
Balance Drawings 12,000
Cash 5,000 Wages 20,000
Bank 10,000 15,000 Payment to creditors 35,000
Cash sales 35,000 Bills paid 60,000
Collection form debtors 80,000 Sundry expenses 30,000
Bills receivable 75,000 Rent, rates and taxes 20,000
Balance
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Cash 3,000
Bank 25,000 28,000
2,05,00 2,05,00
0 0
Additional information :
Particulars Amt
Debtors 40,00
Creditors 0
Bills receivable 25,00
Bills payable 0
Stock in trade on 31st march 2000 30,00
Bills receivable in hand dishonoured during the year 0
Bills payable dishonoured 50,00
Bills receivable endorsed 0
Bills receivable as endorsed dishonoured 30,00
Discount allowed 0
Discount received 5,000
2,000
15,00
0
2,000
1,000
2,000
11. Valchand commenced business as a food merchant on 1st January 1997 with a capital of
Rs.20, 000 . On the same date he purchased furniture and fittings for cash Rs 8,000. From the
following particulars obtained from his books kept by single entry you are required to prepare
a trading and profit & loss account for the year ended 31st dec 1997 and balance sheet as on
that date:-
Sales (inclusive of cash Rs.20, 000) 40,000
Purchases (inclusive of cash Rs.12, 000) 34,000
Drawings 2,400
Salaries of staff 3,600
Bad debts written off 1,000
Business expenses 1,400
Valchand took food worth 1,000 form the shop for private use and paid Rs 400 to his son ,
but omitted to record these transactions in his books . On 31st dec 1997 his sundry debtors were
Rs 10,400 and sundry creditors Rs.7,200. Stock in hand on 31st dec 1997 was Rs 13,000.
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Particulars Amt
Received form debtors 1,30,00
Discount allowed 0
Capital introduced on 01.07.2000 2,000
Payment to creditors 10,000
Discount received 1,20,00
Drawing 0
Bad debts recover 1,500
Salary is up to 30.11.00 8,000
Office rent is up to 31.10.00 400
Advertising 11000
Sundry expenses 2,000
Motor maintain 1,000
Printing 1,800
Traveling expenses 1,400
800
2,000
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Further information:-
He sells goods at 25% on selling price. Expenses o/s for printing & advertising is Rs 200 & 180.
Allowed 8% p. a. interest on capital. Depreciation motor – 20 % , furniture -10% ,provide 5%
on doubtful debts . Provide 2 ½ % discount on debtors .you are require to prepare trading and
profit and loss for the year ended 31.12.2000 and balance sheet as on 31.12.2000
Additional information:
1. Cost of goods sold during the year was Rs 1,05,300
2. He maintains a steady gross profit at the rate of 25% on sale .
3. Bad debts written off during the period Rs 400, and past bad debts (already written off)
Recovered Rs.200.
You are required to prepare:
a) trading and profit &loss for the year ended 31.12.1997
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6.gross profit as per last year’s audited accounts was Rs.60,000 . Provide depreciation on
building and furniture at 5% and motor car at 20%
You are required to ascertain the defalcated by the cashier and prepare a trading and profit
and loss for the year ended 30th June 1999 and a balance sheet for the year ended as on 30th
June 1999.
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