Q.1.

You are required to prepare Trading and Profit and loss Account for the
year ended 31.3.2008 and a balance sheet as on that date from the Trial
balance for the year ended 31.3.2008 and adjustments given in respect of
Shania consumers co-operative society, Mumbai.
Trial Balance
Particulars

Debit (Rs.)

Share Capital
Calls in arrears
Reserve fund
Development fund
Opening stock of consumers goods
Furniture
Education fund
Creditors for purchase
Sundry Debtors
Commission payable
Salaries
Commission
Rent & Taxes
Postage
Travelling and conveyance
Printing & Stationery
Dividend paid for 2007-08
Audit Fees
Interest on Investment
Profit & loss Appropriation account
balance
Equipments
Admission Fees
Purchase
Carriage & Coolie Charges
Investments
Sales
Cash in hand
Cash at bank
Total

5,000
55,000
24,000
15,000
35,500
8,700
10,000
1,350
1,200
1,500
4,500
2,000
10,000
8,00,000
20,000
50,000
12,500
85,000
11,41,250

Credit
(Rs.)
50,000
7,500
2,500
4,000
10,000
2,000
5,000
30,000
250
10,30,000
11,41,25
0

Adjustments:1. Outstanding Rent payable on 31.3.2008 was Rs.500.

2. Outstanding salary payable on 31.3.2008 was Rs.1,000.
3. Of the salaries paid Rs.1,500 was as an advance to employee on 31.3.2008.
4. Interest accrued on investments Rs.1,000.
5. Directors recommend 10% Dividend to its shareholders and transfer of Rs.500 to
Development fund.
6. Charge 5% Depreciation of furniture.
7. Closing stock of consumers goods is valued at cost Rs.70,000.
8. Provide Rs.100 for education Fund.
Q.2.From the following Trial balance and the adjustments given in respect of
Mittal Consumers Co-operative Society, Malkapur, prepare the Final Accounts
for the year ended 31.3.2008.
Trial Balance as on 31.3.2008

Particulars
Opening Stock of Furniture and Machinery
Share Capital
Deposits from Members
Printing and Stationery
Investment in shares of District co-operative bank
Investment in shares of co-operative Purchase and
Sales Society
Loan from Bank (Unsecured)
Loan to Members
Interest Earned on loan given to member
Purchase of Fertilizers and Machinery
Sales of Fertilisers and Machinery
Office Equipment
Office Rent
Salaries
Travelling Expenses
Carriage Inward
Freight
Interest Paid
Reserve Fund
Cash in hand
Cash at Bank
Total

Debit
(Rs.)
10,000
3,000
60,000
36,000

Credit
(Rs.)
75,000
90,000
-

1,35,00
0
3,70,00
0
25,000
5000
25000
5000
3500
1500
8000
51,000
2,00,00
0
9,38,00
0

92,000
45,000
4,50,000
1,86,000
9,38,00
0

Adjustments:
1. Closing Stock of Fertilisers and Machinery as on 31.3.2008 was Rs 70,000.
2. Outstanding office rent Rs. 1,000.
3. Office Equipments are to be depreciated @5%.
4. Audit Fees are to be paid of Rs. 6,500.
5. Directors recommend a dividend to Members @ 10%.
6. Contribute to Education Fund Rs. 100.
Q3.From the following Trial Balance for the year ended 31.3.2008 and the
adjustments in respect of Kumar Consumers Co-operative Society, Vashi,
Prepare the Final Accounts for the year ended 31.3.2008.
Trial Balance
Particulars
Share Capital

Credit
(Rs.)
8,00,000

Reserve Fund

2,00,000

12,00,0
00

Purchases
Stock in 1st April,2007
Carriage Inward
Salaries and Allowances to Staff
Building Fund

Debit
(Rs.)

2,00,00
0

10,000

1,40,00

1,40,000

Share Capital Redemption Fund

25,000

Contribution to Staff provident fund

Staff Provident Fund

34,000

10,000

16,00,00
0

Sales
Bad Debts

Reserve for Bad and Doubtful Debts

Postage
Machinery at Cost
Travelling Expenses

8,000
6,000

Bonus to Employees

28,000

Printing and Stationery

10,000

Insurance

10,000

Building (at Cost)

3,500

Furniture (at Cost)

11,000

Depreciation Fund

6,00,00
0

Sundry Debtors
Sundry Creditors
Investment in shares of co-operative
Societies
Staff Provident Fund Investment
Fixed Deposit with District Central Co-op
Bank
Sundry Expenses
Repairs to Building
Interest on Fixed Deposit
Dividend Received on Shares

1,00,00
0
2,00,00
0
-

90,000
25,000
-

34,000

16,000

1,60,00
0

12,000

10,000

Profit and Loss Appropriation a/c balance

of last year

20,000

Cash in hand

20,000

1,20,00
0

Transfer Fees

Cash at Bank

1,00,00
0

5,000
20,000
-

6,500
29,87,0
00

Total

29,87,0
00

Adjustments:
1. Closing Stock on 31.3.2008 was Rs.3,20,000.
2. Salaries unpaid on 31.2.2008 were Rs.8,000.
3. Prepaid Insurance is Rs.1,500.
4. Provide Reserve for Bad and Doubtful Debts @ 5%.
5. Provide Depreciation for the year as shown below:
6. Transfer to Education fund Rs.100.
7. Audit Fees are Outstanding for the year Rs.5,000.
8. Provide for Share Capital Redemption fund Rs.3,000.
9. Directors recommend Dividend to members @ 10 %.
Q4.Following is the Trial Balance of Omtex Consumers Co-operative Society Ltd.
for the year ended 31.3.2008.You are required to prepare trading and Profit
and Loss Account for the year ended 31.3.2008 and a Balance Sheet as on that
date.
Trial Balance
Debit Balance
Interest Paid
Bank Charges
Salaries
Contribution to staff Provident
Fund
Travelling Expenses
Rent, Rates and Taxes
Postage
Printing and stationery
Audit Fees
General Expenses
Bad Debts
Bonus to Employees
Opening Stock
Purchases
Carriage & Freight
Investment in Government
Securities
Investment in Shares of Co-op
Societies
Investment to Staff Provident
Fund

Rs.
2,800
200
18,000
1,000
250

Credit Balance
Sales
Share Transfer Fees
Dividend
Interest on Investment
Bank Interest

2,250

Commission

1,150

Sale of Forms

1,200

Share Capital

500

Reserve Fund

1,100
500
2,000
10,000
1,10,0
00
1,000

Share Capital
Redemption fund
Education Fund

Rs.
2,00,0
00
100
2,000
1,800
7,000
6,500
500
50,000
10,000
5,000
500

Staff Provident Fund

4,000

Depreciation Fund

8,000

Building Fund

5,000

Bad Debts Reserve

2,000

13,000

Loans from Bank

12,000

12,000

Loans from government

12,000

Sundry Creditors

13,600

4,000
28,000
42,000

Sundry Debtors

18,000

Buildings

1,700

Furniture and Fittings

1,300

Insurance

28,000

Repairs

5,050

Freehold Land

35,000

Cash in hand
Cash at Bank

Total

3,40,0
00

Total

3,40,0
00

Adjustments:
1. Closing Stock Valued at Rs.25,000.
2. Outstanding Expenses:
Items
Rs
.
Rent
25
0
Interes 20
t
0
3. Contribution to Education Fund Rs.100.
4. Provide for Contribution to Share Capital Redemption Fund Rs.1,000.
5. Insurance Paid in advance Rs.200.
6. Interest accrued in Investment but not received Rs.200.
7. Create Bad Debts Reserve of Rs.3,000.
8. Provide Depreciation on Building at 5 % and on furniture and Fittings at 5%.
9. Directors recommend Dividend of 10%.
Q5.From the following Trial Balance of Shrines Co-operative Purchase and sales
Society Ltd. as on 31.3.2008: Prepare Trading and Profit and Loss Account for
the year ended 31.3.2008 and Balance sheet as on that date after Considering
the adjustments thereafter.
Trial balance as on 31.3.2008
Particulars

Debit
(Rs.)

Credit
(Rs.)

Share Capital

3,36,000

Reserve Fund

60,000

Creditors

40,000

Profit and Loss Account

1.4.2007

1,76,000

3,92,00
0

Opening Stock
Furniture and Equipment
Container Deposit
Salaries
Sundry Debtors
Commission

1,24,00
0

32,000

3,00,00
0

60,000

88,000

60,000

8,000

18,000

2,000

14,000

Collie Charges, Freight and

Cartage

63,40,0
00

Investment

1,60,00
0

Rent and Taxes

Postage
Travelling and Conveyance
Printing and Stationery
Admission Fees
Purchases

Sales
Cash in hand
Bank Balance
Development Fund

76,20,00
0
-

2,40,00
0
-

8,000

6,000
4,00,00
0

Total

82,42,0
00

82,42,0
00

Adjustments:
1. Closing Stock is valued at Rs.4,40,000.
2. Outstanding Rent Rs.4,000 and Commission Payable Rs.20,000.
3. Rs.8,000 Salary was paid as advance as on 31.3.2008.
4. Accrued Income on Investment Rs.20,000.
5. Provide 10% Depreciation on Furniture and equipments.
Q6. From the following Trial Balance of Katrina Co-operative Society Ltd.
Mumbai as on 31.3.2008, Prepare Trading and Profit and Loss Account for the

year ended on 31.3.2008 and Balance Sheet as on that date after considering
the adjustments given.
Trial Balance
Particulars
Debit
Credit
(Rs.)
(Rs.)
Share Capital
- 1,60,000
Calls in Arrears

10,000

Reserve Fund

15,000

Common Goods Fund

5,000

1,10,00
0

Opening Stock of
Consumers Goods
Furniture

48,000

Education Fund

Sundry Creditors

Sundry Debtors
Commission Payable

30,000

71,000

Commission

17,400

Rent, Rates and Taxes

20,000

Postage

12,100

Interest on Investment

8,000
20,000
4,000

Salaries

Land

9,000

10,000

Equipment

20,000

Purchases

16,40,0
00

1,00,00
0

20,60,50
0

Investment
Sales
Cash in hand
Cash at Bank

Total

25,000
1,70,00
0
22,82,5
00

22,82,5
00

Adjustment:
1. Outstanding rent payable on 31.3.2004 was Rs.1,000.
2. Charge 5% depreciation on furniture.
3. Closing Stock of consumers goods is valued at cost Rs.1,40,000.
4. Interest accrued on Investment Rs.2,000.
5. Outstanding salary on 31st March, 2008 was Rs.2,000 & Rs.3,000 paid in advance.
6. Authorised capital 20,000 shares of Rs.10 each.

Q7.Shahrukh Co-operative Society rendering Loans and Rationing facilities to

its members has the Trial Balance as on 31.3.2008 as follows:
Trial Balance
Name of Accounts
Debit
Credit
(Rs.)
(Rs.)
Member Share capital
14,100
Members Deposit

30,000

7,000

750

Bank Share Purchased

5,000

Sahakari Sangh share

Purchased

2,000

31,000

83,250

53,150

1,20,00
0

Dead stock
Printing & Stationery

Bank Loan (simple)

Members Loan
Interest on Members
Loan
Purchase of Rationing
Grains
Sale of Rationing Grains
Office Rent
Salaries
Travelling Expenses
Freight
Coolie Charges
Bank Current Account
Bank Interest
Reserve and Other Funds
Cash balance
Total

1,27,500

9,000

10,550

1,250

1,300

900

33,500
26,250

45,100

100

3,00,85
0

3,00,85
0

Adjustments:
1. Closing Stock of Rationing Grains on 31.3.2008 was Rs.35,000.
2. Outstanding Office Rent is Rs.1,000.
3. Provide for Audit Fees due Rs.600.
4. Provide Depreciation on Deadstock at 5%.
5 Provide Bad debts Reserve Rs.1,500.
You are required to prepare Trading, Profit and Loss Account for the year ending on
31.3.2008 and Balance Sheet as on that date.

Q8.Following is the Trial Balance of G. Consumers Co-operative Society as on

31-03-08.

Particulars

Trial Balance
Debit
(Rs.)

Share Capital

Credit
(Rs.)
80,000

Deposits from
Members

50,000

12,50,00
0

Sales
Purchase Returns
Suppliers

Interest on
Investment

Rebate Received

Common Good
Fund
Price Fluctuation
Fund
Reserve Fund
Cash in hand
Cash at Bank
Furniture

400

5,000
10,000
12,000
3,000
4,000
8,000
20,000
-

86,000

6,000

10,05,0
00

30,000

Purchases

5,000

Customers

2,000

10,000

Sales Return

2,000

Rent

3,000

Audit Fees

50,000

Sales tax

10,000

2,00,00
0

Carriage Inward

Staff Salary
Printing &
Stationery
Investment

30,000

2,600

Stock in Trade
Interest Paid
Total

14,42,0
00

Adjustments:
1. Value of Closing Stock on 31.3.2008 was Rs.60,000.
2. Depreciation on Furniture @ 10% p.a.

14,42,0
00

3. Interest accrued on Deposits Rs.1,500 & Interest accrued on Investment Rs.6,000.

4. Outstanding Salary of Rs.3,000.
5. Outstanding Sales Tax of Rs.1,000.
You are required to Prepare Trading and Profit & Loss Account and Balance Sheet
as on 31.3.2008.

Q9.Following is the Trial Balance of Venkatesh Consumers co-operative Society

as on 31.3.2008
Trial Balance
Particulars
Share Capital

Credit
(Rs.)
15,000

Deposits from Members

30,000

Dead stock

7,000

Printing & Stationery

1,000

Investment in DCC Bank

25,000

Investment in Shares of Sadhana Coop Society

12,000

31,000

45,000

15,000

1,20,00
0

Loans from Bank

Loans to Members
Interest on Members Loan
Purchase of Fertilizers and Machinery
Sales of Fertilizers and Machinery

Debit
(Rs.)

Office Rent

9,000

Office Salary

8,000

Travelling Expenses

1,500

Carriage Inward

1,300

Freight Charges

1,900

Bank Current Account

45,600

Bank Interest

8,300

Reserve Fund

Cash in Hand

4,400

Bank saving Account

Total

1,50,000

10,000
3,00,00
0

59,000
3,00,00
0

Adjustments:
1. Closing Stock of Fertilizers and Machinery as on 31.3.2008 was Rs.20,000.
2. Outstanding Office rent Rs.3,000.
3. Provide Depreciation @ 5% on Dead Stock.
4. Create Provision for Bad and Doubtful Debts Rs.1,500.
5. Provide for Audit Fees Rs.600.
You are required to prepare Trading and Profit & Loss Account for the year ending
as on 31.3.2008 and Balance Sheet as on that date.

Q10.The following Information is Supplied to you in connection with M.I.G. Cooperative Society,Bandra.
Prepare Final Accounts.

Share Capital

Balance Sheet as on 31.3.2007

Amount
Assets
(Rs.)
25,000 Cash in hand

Reserve Fund

2,500

Dividend Equalisation
Fund

1,000

Liabilities

Members Deposits

Bank Current
Accounts

1,600
150

13,500

Shares in HDFC
Bank

57,000

25,500

Members Loans

5,000

Loans From SBI

500

Salary Payable

Amount
(Rs.)
250

6,000

Profit and Loss Accounts

Balance

Furniture &
Fixtures

10,000

Fixed deposits
74,000

74,000

Receipts and Payment A/c for the year ended 31.3.2008

Receipts
Amount
Payments
Amount
(Rs.)
(Rs.)
Balance (1.4.2007)
Bank Current A/c
12,600
Cash

250

Bank Current A/c

Loans
Bank

from

Dena

Share Capital
Deposits
Members

from

Members Short Term

Loans
Entry Fees

Interest
Deposits

Share Capital

25,000

Furniture & Fixtures

1,000

2,500

Godrej Typewriter

4,000

4,000

Members Deposits

4,500

Staff salaries

on

700

500
2,000

100

Printing & Stationery

350

Rent & Taxes

1,000

Travelling Expenses

1,100

Allowance

1,500

Interest on Bank Loan

1,250

Members Short Term

Loans

18,500

1,000

Interest on Loans

14,000

15,500

13,500

Commission

Bank Loans

50
Fixed

Dividend

Audit Fees

500

250
7,850

Balance
Total

66,750

Adjustments:
1. Salaries payable Rs.600.
2. Provide depreciation @ 10% of Furniture and Fixtures and Typewriter

66,750

3. Interest on loans to members is receivable Rs.2,100.

4. Directors recommended dividend of 10%.

Q11.From the following Trial Balance of Soya Credit Co-operative Society,

Nariman Point, Prepare Final Account for the year ended 31st March 2008.
Trial Balance
Particulars
Amount
Particulars
Amount
(Rs.)
(Rs.)
Loans to Members
7,00,000 Share Capital
2,00,000
Contribution to Provident
Fund
Insurance
Conveyance
Printing and Stationery
Salary of MD
Staff Salary
Interest on Loan
Interest on Deposits
Furniture
Fixed deposits with other
Bank

480

Reserve Fund

1,040

Members Deposits

3,420

Unpaid Dividend

960
12,000
27,200
1,920
19,200
1,680
60,000
4,360

Cash

30,580

Bank
Total

8,62,840

Staff Provident
Fund
Profit and Loss
2006-07
Interest
Renewal Fees
Sundry Income
Development Fund

18,000
5,40,000
400
4,800
7,000
86,000
800
640
4,000
1,200

Education Fund

8,62,840

Adjustments:
1. Interest due on members Deposits Rs.2,000.
2. Interest due but not received Rs.4,800.
3. Salary due Rs.1,200.
4. Audit Fees due Rs.800.
5. Depreciate Furniture by Rs.5,000.
6. Directors propose to pay dividend of 5%.
7. Transfer Rs.100 to Education Fund and Rs.2,000 to Dividend Equalisation Fund.
8. Appropriations out of profits of the year 2006-07 were approved as follows:
Reserve Fund Rs.2,000
Dividend
Rs.2,000.

Q12.You are required to prepare Profit and Loss of the year ended 31.3.2008
and a Balance Sheet as on that date from the following trial Balance of Shruti
Co-operative Credit Society as on 31.3.2008 and other information given:
Trial Balance
Particulars
Cash in hand

Debit
(Rs.)
350

Cash at Bank

7,000

Fixed Deposits with Maharashtra

State Co-op. Bank
Furniture
Interest on Deposits
Interest due on Loans
Salaries
Office Rent
Printing and Stationery
Travelling Expense
Insurance Premium
Contribution to Provident Fund
Loan due from Members

Total

77,500
3,500
40,000
4,000
15,000
2,500
200
300
500
1,000
15,00,0
00

Particulars
Share Capital

Credit
(Rs.)
3,75,000

Reserve Fund

25,000

Members Deposits
Unpaid Dividend
Dividend Equalisation
Reserve

11,23,87
5
1,050
9,000

Staff Provident Fund

10,000

Profit and Loss Appropriation

a/c Balance

15,500

Interest
Renewal Fees
Miscellaneous Income
Co-operative development
Fund
Education Fund

16,51,8
50

Additional Information:
1. Interest accrued on members deposits of Rs.2,500.
2. Interest accrued but not received Rs.1,000.
3. Addition to Furniture during the year Rs.500.
4. Provide Depreciation @ 10% on closing balance of Furniture.
5. Outstanding salary Rs.150.
6. Advance Salary Rs.250.
7. Audit Fees due Rs.1,500.
8. Authorised Capital; 50,000 shares of Rs.10 each.
9. Directors have recommended the following appropriations:
a) Dividend to shareholders of 5%.
b) Required amount to Reserve Fund.
c) Transfer to Co-operative Development Fund @ 5% of Net Profit after
contributing to Reserve Fund.
d) Transfer to Dividend Equalisation Reserve Rs.1,000.
e) Addition to Building Fund Rs.5,000.

89,000
2,000
150
1,025
250

16,51,8
50