The following is the Trial Balance of Mrs. Rashi
Financial Accounting and Analysis
Q1. The following is the Trial Balance of Mrs. Rashi as at 31st March, 2014. You are required to prepare the Profit & Loss Account and Balance Sheet as at that date.
Particulars |
Debit(Rs) |
Credit(Rs) |
Capital Account |
|
8,000 |
Plant & Machinery |
10,000 |
|
Office Furniture & Fittings |
520 |
|
Opening Stock |
9,600 |
|
Motor Vans |
2,400 |
|
Sundry Debtors |
9,600 |
|
Cash in hand |
80 |
|
Cash at Bank |
1,300 |
|
Wages : Factory |
30,000 |
|
Wages : Office |
2,800 |
|
Purchases |
42,700 |
|
Sales |
|
96,000 |
Bills Receivable |
1,440 |
|
Bills Payable |
|
1,120 |
Sundry Creditors |
|
10,400 |
Returns Inwards |
1,860 |
|
Provision for Doubtful Debts |
|
500 |
Drawings |
1,400 |
|
Return Outwards |
|
1,100 |
Rent |
1,200 |
|
Factory Lighting & Heating |
160 |
|
Telephone |
70 |
|
Insurance |
60 |
|
Advertising |
1,130 |
|
General Expenses |
200 |
|
Bad Debts |
500 |
|
Discount Allowed |
840 |
|
Discount Received |
|
740 |
TOTAL(Rs) |
117,860 |
117,860 |
The following adjustments are to be made:
1. Closing Stock Rs. 10,400
2. Rent due but not paid upto 31st March 2014 Rs. 400
3. Three months factory lightings & heatings are due but not paid Rs.60
4. Insurance paid in advance Rs. 20
The following is the Trial Balance of Mrs. Rashi
5. Depreciate plant & machinery by 10%, furniture by 5% and motor vans by 25%.
6. Write off further bad debts Rs.140 and increase the provision for doubtful debts by Rs. 600.Discounts @ 2 1/2% on debtors & creditors are to be anticipated.
Q2. a) What are the main aspects of Accounting Standard 1 (AS 1)
b) Calculate the net cash flow from financing activities based on the below data:
1. Cash from issue of new equity shares – Rs.50,00,000
2. Cash from issue of 12% debentures – Rs.30,00,000
The following is the Trial Balance of Mrs. Rashi
3. Interim dividend paid – Rs.10,00,000
4. Buy-back of existing shares – Rs.15,00,000
5. Repayment of long term loan – Rs.10,00,000
c) Discuss in brief the treatment of following items in Cash Flow Statement as per AS-3.
1. Taxes on Income
The following is the Trial Balance of Mrs. Rashi
2. Foreign Currency cash flow.
Need Answer Sheet of this Question paper, contact
aravind.banakar@gmail.com
ARAVIND – 09901366442 – 09902787224
