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Financial Accounting Management Assignment Solution
Words: 3000
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Q1. Prepare Trial balance as on 31st March, 2020. (2.5)
| Particulars Amount | Particulars Amount |
| Capital 2,00,000 | Fixed Assets 1,80,000 |
| Reserves 50,000 | Plant 75,000 |
| Bills Payable 1,00,000 | Furniture 40,000 |
| Creditors 75,000 | Debtors 50,000 |
| Bank overdraft 35.000 | Stock 35,000 |
| Bank 55,000 | Cash 25,000 |
| Prepaid Rent 1,000 | Outstanding Salaries 5,000 |
| Purchases 6.00.000 | Sales 5,96,000 |
Q2. Journalize the following transactions: (2.5)
2021 Jan 1. Mohan bros. commenced business with capital of Rs. 50,000 and goods worth Rs. 30,000.
Jan 10. Sold old machinery to Nanu for Rs. 2,500.
Jan 15. Goods worth Rs. 5,000 given as charity.
Jan 20. Paid Rent Rs. 5000, Commission Rs. 1000, Interest Rs. 3000.
Jan 25. Credit Sales Rs. 50000/-
Jan 31. Goods withdrawn Rs. 2000/- for personal Use.
Q.3. Prepare Trading A/c and Profit and Loss A/c from the following details of a Limited Company. (2.5)
| Opening Stock | 60,000 | Purchases | 3,00,000 |
| Closing Stock | 20,000 | Dividend recd. | 12,000 |
| Sales | 5,00,000 | Rent paid | 14,000 |
| Purchase Return | 2,000 | wages | 48,000 |
| Sales Return | 5,000 | salaries | 52,000 |
| Carriage Inward | 17,000 | Selling expenses | 25,000 |
| Carriage outward | 23,000 | Office expenses | 13,000 |
| Manufacturing Expenses | 32,000 | Bad debts | 3,000 |
Q.4. Distinguish between Any one (2.5)
Book- keeping and Accountancy OR Journal and Ledger
