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Financial Accounting Management & Research Assignment Answers

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 Goods withdrawn Rs. 2000/- for personal Use.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

 

 

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