GET ANSWERS FOR ALL ASSIGNMENTS
Financial Accounting Assignment Questions and Answers | AssignmentTask.com
Words: 3000
Solve the Questions:
Q. No 1. Prepare Journal entry for the following transaction of Subhasree Private Ltd in 2020.
| Date January | Particulars |
| 1 | Subhasree started business with Cash Rs. 100,000, Bank 200,000 and Plant Rs. 300000 |
| 2 | Paid salary 1500 |
| 3 | Goods Purchased Rs.10000 |
| 4 | Goods sold of Rs. 25000 |
| 5 | Purchased Goods from Prakash Rs. 12000 |
| 6 | Charged Repaired and Maintenance Rs.12000 |
| 7 | Cash deposited into bank Rs. 150000 |
| 8 | Paid to Prakash Rs. 10000 in full settlement |
| 18 | Goods sold to Subi Rs. 20000 |
| 19 | Received Rs. 18000 from Subi in full settlement |
| 20 | Rent received Rs. 1000 |
| 25 | Carriages inward cost Rs. 13000 |
Q. No 2. Answer the following questions using the business transactions given in question 1.
a) Prepare the Ledger accounts
b) Prepare the trial balance
Q. No. 3.
a) On 31st March, 2018, Cash Book of a merchant showed bank overdraft of ₹ 1,72,985. On comparing the Cash Book with Bank Statement, following discrepancies were noted:
(i) Cheques issued for ₹ 60.000 were not presented in the bank till 7th April, 2018.
(ii) Cheques amounting to ₹ 75.000 were deposited in the bank but were not collected
(iii) A Cheque of ₹ 15,000 received from Mahesh Chand and deposited in the bank was dishonoured but the non-payment advice was not received from the bank till 1st April, 2018.
(iv) ₹ 1,50,000 being the proceeds of a bill receivable collected appeared in the Pass Book but not in the Cash Book.
(v) Bank charges ₹ 1,500 and interest on overdraft 8,500 appeared in the Pass Book but not in the Cash Book.
(vi) Overdraft balance as per Cash Book of ₹ 500 on 28th February, 2018 was wrongly carried forward as debit balance. The error was noted at the time of preparing the Bank Reconciliation Statement as on 31st March, 2018.
Prepare Bank Reconciliation Statement and show what balance the Bank Pass Book would indicate on 31st March, 2018.
Q. No.4.From the following Trial Balance of Mahesh, prepare his Final Accounts for the year ended 31st March, 2018.
| Heads of Accounts | DebitBalances
(₹) |
CreditBalances
(₹) |
| Purchases | 2,50,000 | … |
| Sales | … | 5,00,000 |
| Returns Inward | 12,000 | … |
| Returns Outward | … | 10,000 |
| Carriage | 8,000 | … |
| Wages | 60,000 | … |
| Trade Expenses | 2,000 | … |
| Insurance | 1,200 | … |
| Repairs | 8,000 | … |
| Debtors | 1,15,000 | … |
| Creditors | … | 1,00,000 |
| Printing and Stationery | 6,000 | … |
| Advertisement | 15,000 | … |
| Bills Receivable | 4,000 | … |
| Bills Payable | … | 2,000 |
| Opening Stock | 30,000 | … |
| Cash in Hand | 12,000 | … |
| Interest on Bank Loan | 2,800 | … |
| Machinery | 2,80,000 | … |
| Furniture | 34,000 | … |
| Drawings | 20,000 | … |
| Commission | … | 1,000 |
| 12% Bank Loan | … | 30,000 |
| Capital | … | 2,40,000 |
| Rent Received | … | 5,000 |
| Cash at Bank | 28,000 | … |
| Total | 8,88,000 | 8,88,000 |
Additional Information:
(i) Closing Stock on 31st March, 2018 was ₹ 21,000.
(ii) Rent of ₹ 1,200 has been received in advance.
(iii) Outstanding liability for trade expenses ₹ 12,000.
(iv) Commission earned during the year but not received was ₹ 2,100.
(v) Goods costing ₹ 2,000 were taken by the proprietor for his personal use but no entry has been passed in the books of account.
