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Trial Balance and Final Accounts Problems

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19K views

Trial Balance and Final Accounts Problems

Uploaded by

bhanu.chandu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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TRIAL BALANCE PROBLEMS

1.

2.

FINAL ACCOUNTS PROBLEMS


1. From the trail balance given below prepare trading and profit and loss account for the year
ending 31.3.2017 and balance sheet as on that date:

Particulars Debit Credit


Rs. Rs.
Land and capital 6,820 93,230
Purchases and sales 83,920 1,26,177
Debtors and creditors 47,800 22,680
Returns 7,422 3,172
Wages 9,915
Manufacturing 2,500
expenses
Stock on 1.4.2016 21,725
Factory fuel 542
Salaries 3,745
Carriage out ward 960
Power 392
Fixtures 1,720
Plant and machinery 55,000
Bills payable 7,052
Travelling expenses 925
Cash 2,493
Rent 1,765
Office expenses 2,778
Discount allowed 422
Insurance 570
Carriage inwards 897
Total: 2,52,311 2,52,311

Adjustments:
i. Stock on 31.3.2017 is Rs.16,580
ii. Insurance prepaid Rs.70
iii. Wages outstanding Rs.800 outstanding salaries Rs.350 and outstanding rent
Rs.150
iv. Depreciate plant 5% and fixtures 10%
v. Reserve for bad debts 2.5% on debtors

2 From the following balances extracted from the books of M/s Mythri & Co., pass the necessary
closing entries; prepare a trading and profit and loss account and a balance sheet:

Particulars Rs. Particulars Rs.


Opening stock 1,250 Plant and 6,230
machinery
Sale 11,800 Returns outwards 1,380
Depreciation 667 Cash in hand 942
Commission 211 Salaries 750
(Cr).
Insurance 380 Debtors 1,905
Carriage 300 Discount (Dr.) 328
inwards
Furniture 670 Bills receivable 2,730
Printing 481 Wages 1,589
charges
Carriage 200 Return inwards 1,659
outwards
Capital 9,228 Bank overdraft 4,000
Creditors 1,780 Purchases 8,679
Bills payable 541 Bad debts 180
The value of stock on 31st December, 1990 was Rs. 3,700.
3

4. Debit Rs Credit Rs
balances(Dr) balances(Cr)
Sundry debtors 64,000 Sundry creditors 21,300
Opening stock 44,000 Sales 2,69,000
Cash in hand 70 Bills payable 15,000
Plant and 35,000 Capital 1,59,000
Machinery
Trade expenses 2,150
Salaries 4,450
Carriage outwards 800
Rent 1,800
Purchases 2,37,740
Discounts 2,200
Land 69,000
Cash at bank 3,090
Total 4,64,300 Total 4,64,300
Adjustments:
i. Closing stock was 24,900
ii. Outstanding rent Rs 170
iii. Outstanding trade expenses Rs.300
iv. Write off bad debts Rs. 800
v. Prepaid salaries Rs.450
vi. Depreciate plant and machinery @10% per annum
vii. Land to be depreciated by 2% per annum
Prepare trading account , profit & loss account and also balance sheet

5. From the following Trial balance of Ravi enterprises, prepare the final accounts for the year
ended 31st March, 2010 and the balance sheet as on that date:
Particulars Debit (Rs) Credit (Rs)
Land and building 50,000
Purchases 1,10,000
Stock 40,000
Returns 1,500 2,500
Wages 10,000
Salaries 9,000
Office expenses 2,400
Carriage inwards 1,200
Carriage outwards 2,000
Discounts 750 1,200
Bad debts 1,200
Sales 2,05,000
Capital 1,30,000
Insurance 1,500
Commission 1,500
Plant and machinery 50,000
Furniture and fixtures 22,000
Bills receivable 20,000
Sundry debtors 40,000
Sundry creditors 25,000
Cash in hand 1,500
Cash at bank 4,500
Bills payable 2,350
Total 3,67,550 3,67,550
Adjustments:
 Closing stock amounted to Rs.60, 000
 Outstanding wages Rs.2,000
 Depreciation: Land and buildings at 5%, Plant and machinery at 10% and Furniture
and Fixtures at 10%
 Provide further bad debts reserve at 5% on Sundry debtors Insurance prepaid
Rs.200
6.
7.
8.

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