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11th Accountancy Weekly Test - 4 ( Final accounts of sole proprietorship - I)

MABS Institution

11th Accountancy Weekly Test - 4 ( Final accounts of sole proprietorship - I)-Aug 2020

Time : 1.30 Hours

Part - A

Generic 3 - Answer All Question

What are the classification of assets? (any five)

Find out the amount of sales from the following information.

Particulars   Rs

  Opening stock    20,000

  Purchases less returns    70,000

  Direct expenses 10,000

  Closing stock 30,000

  Gross profit margin (on sales)    20%

The following Balances are taken from the books of M/s. Riya Ltd. Prepar Profit and Loss Account for the year ended 31^stmarch 2005.

Particulars Rs. Particulars Rs.

Gross profit 5,25,000 Salaries & Wages 1,00,000

Rent 10,000 Depreciation 5,000

Interest on Loan 5,000 Office expenses 1,500

Distribution Charges 2,500 Salesman salary 8,000

Bad debts 2,200 Stationery and printing 500

Commission received 3,000 Discount received 2,000

Interest received 5,000 Advertising 9,000

Taxes and Insurance 2,000

Following is the trial balance of J. Subramaium on 31^stMarch 2016. Pass the Closing entries and prepare the trading and profit and loss account for the year ended 31 st March 2016.

Trial Balance as on 31st March 2016

S.No. Particulars Debit
Rs. Credit
Rs.

1. Capital A/c 30,000

2. Stock A/c 6,000

3. Cash at bank 3,000

4. Cash in hand 1,320

5. Machinery A/c 18,000

6. Furniture and Fittings A/c 4,080

7. Purchases A/c 45,000

8. Wages 30,000

9. Fuel and Power 9,000

10. Factory Lighting 600

11. Salaries 21,000

12. Discount allowed 1,500

13. Discount received 900

14. Advertising 15,000

15. Sundry office expenses 12,000

16. Sales A/c 1,50,000

17. Sundry debtors 25,500

18. Sundry creditors 11,000

1,92,000 1,92,000

What is meant by grouping and marshalling of assets and liabilities?

What are final accounts? What are its constituents?

What is meant by closing entries? Why are they passed?

Prepare profit and loss account of Mrs. Nalini for the year ended 3pt December 2010 from the following:

Particulars Rs. Particulars Rs.

Gross profit 1,25,000 Discount paid 600

Salaries 15,000 Discount received 1,000

Rent 5,000 Interest paid 500

Carriage outwards 1,000 Interest received 700

Selling expenses 500 Commission earned 2,000

Income from investment 1,500

From the following balances extracted from the books of M/s. Lavanya and sons, prepare trading account for the year ended 31^st March 2017:

Particulars Rs   Particulars   Rs

  Opening stock 16,500   Carriage inwards   1,200

  Purchases 45,000   Wages 4,800

  Sales 72,000   Fuel and power 3,200

  Purchases returns 500   Closing stock 18,000

  Sales returns 1,500

“Balance sheet is not an account”- Explain.

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