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Financial Accounting
M.com I
Solved Questions.
Right shares:
According to company act 1984 section 86,
An option to buy certain securities at certain privilege price within specified period of
time
Bonus:
The extra dividend paid by the company out of accumulated profit to their
shareholders is called bonus
Bonus share:
When bonus is paid in the form of shares to existing shareholders against
any accumulated profit or reserve such type of issue is known as bonus issue or issue
of bonus shares
Value of right.
V=__M S
N+1
Q1
V = MS
N+1
350 - 120
5/3 + 1
230
1.66 + 1
230
2.66
86.25
Q2
Solution
V=Ms/N+1
V = 20 15 / 10/2 + 1
V=5/5+1
V=5/6
V = 0.83
Supervised by TAHIR HUSSAIN +923449545245
Prepared by M com I JDCC 2015
Q3
M = 240, S = 120, N = 2/1
Solution
V = m s / n + 1
V = 240 120 / 2/1 +1
V = 120 / 2 +1
V = 120 / 3
V = 40
Q4
General journal
Supervised by TAHIR HUSSAIN +923449545245
Prepared by M com I JDCC 2015
Dat Particulars Dr (amount) Cr ( amount )
e
1 Shareholders a/c 100,00,000
To share capital 50,00,000
To share premium 50,00,000
2 Bank 7500,000
To shareholder a/c 7500,000
Received cash @ Rs 15
3 Bonus 2500,000
To shareholders a/c 2500,000
Bonus @ 5 per share
Q5
General journal
Dat Particulars Dr (amount) Cr ( amount )
e
1 Premium w-1 600000
To bonus to shareholder a/c 600000
Q6
General journal
Dat Particulars Dr (amount) Cr ( amount )
e
1 General reserve w-1 600000
To bonus to shareholder a/c 600000
Working; 1
Original capital: 10, 00000
Bonus declared: 60 %
1000000 x 60/100
600000
Working. 1
Calculation of number of bonus shares.
Bonus declared. Rs. 150000
Value of share. 12
No of shares. 150000/12 = 12500
Q8
General journal
Dat Particulars Dr (amount) Cr ( amount )
e
1 Share Premium 50000
Reserve fund 60000
Profit & loss 40000
To bonus to shareholder a/c w-1 150000
2 Bonus to shareholder a/c 150000
To share capital a/c 150000
W-1
Amount of bonus:
Total shares. 2000 x
1500 x 10
150000
Balance Sheet
Equities Amount Assets Amount
Share capital (2000 + 1500) x10 350000 Sundry Assets 475000
Reserve fund ( 100000 60000) 40000
Profit & loss (80000 40000) 40000
Creditors 45000
Total 475000 Total 475000
Q. 9
General journal
Dat Particulars Dr (amount) Cr ( amount )
e
1 Investment 162063
To cash 162063
Q 10
Q 11
General journal
Dat Particulars Dr (amount) Cr ( amount )
e
1 Reserve fund 360000
To bonus to shareholder a/c 360000
2 Bonus to shareholder a/c 360000
To share capital a/c w-1 300000
Share premium a/c 60000
W-1
No of bonus share.
Bonus declared. 360000
Value per share. 12
360000/12 = 30000
Capital. 30000 x 10 = 300000
Supervised by TAHIR HUSSAIN +923449545245
Prepared by M com I JDCC 2015
Premium. 30000 x 2 = 60000
Q 12
General journal
Dat Particulars Dr (amount) Cr ( amount )
e
1 Reserve fund 6000
Profit & loss a/c 4000
To bonus to shareholder a/cw-1 10000
2 Bonus to shareholder a/c 10000
To share capital a/c 10000
W-1.
Share capital. 50000
Bonus = 20 % of capital. (50000 x 20/100) = 10000
Balance sheet
Equities Amount Assets Amount
Share capital ( 50000 + 10000) 60000
Reserve fund ( 30000 24000
6000 ) 11000
Profit & loss ( 15000 4000 )
Total 95000
Q 13
General journal
Dat Particulars Dr (amount) Cr ( amount )
e
1 Reserve A/C 35000
Profit & loss A/C 29000
To bonus to shareholder a/c 64000
2 Bonus to shareholder a/c 64000
To share capital a/c 64000
Q .1
Journal entries. Dr Cr
Date Particulars Amount Amount
1 Redeemable preference share 1800000
To Preference shareholders a/c 1800000
Amount payable on redemption is recorded
2 Bank 900000
To share capital 900000
Issued fresh shares for redemption W-1
3 General reserve A/c 900000
To Redeemable preference share 90000
Supervised by TAHIR HUSSAIN +923449545245
Prepared by M com I JDCC 2015
Amount of reserve capitalized for redemption of shares.
4 Preference shareholders a/c 1800,000
To bank 1800,000
Payment made
5 Profit & loss 900,000
To capital redemption reserve a/c 900,000
Being amount transferred to capital reserve a/c W-2
Balance sheet
Liabilities Amount Assets Amount
Share capital 40000 x
100=40,00,000 4900,00
9000 x 100= 900,000 0
Reserve & Surplus
Securities and premium 500,000
Loan 1800,00
Current liabilities & provision 0
1600,00
0
Total 8800,00
0
W1 W-2 amount transferred to capital
redemption , reserve fund.
Calculation of no of new shares to be issued. Value of share redeemed=
1800,000
Redeemable preference shares. 1800,000 less proceed from new shares
(900,000)
Less reserve fund utilized (900,000)
900,000
900,000
900,000 = 9000 shares
100
Q .2
Journal entries. Dr Cr
Date Particulars Amount Amount
1 Redeemable preference share 1200000
Premium on red. Of pref. shares 60000 1260000
Balance sheet
Liabilities Amount Assets Amount
Issued capital 400000 + 810,000 4810,000 Plant & machinery 25,00,00
Profit & loss 200,000 Furniture & fixtures 0
Sundry creditors 1100,00 Stock 900,000
Security premium 162000 Debtors 1500,000
Capital redemption reserve 390,000 Bank w-4 1400,000
362,000
Total 6662,00 Total 6662,00
0 0
W1 W- 2
Total amount payable. No of new shares to be issued.
Face value of redeemable shares. 1200,000 net amount payable. 1200,000
Add premium 5% 60,000 less available profit. (390,000)
Total payable 1260,000 810,000
No of shares = 810,000/ 10 = 81000
W-3
Balance of profit.
Profit & loss A/C 700000
Less
Loss on investment (50,000)
Adjusted for premium (60,000)
Balance for balance sheet. (200,000)
Capital redemption reserve 390,000
W-4
Dr Bank Account Cr
Particulars Rs Particulars Rs
Balance b/d 350,000 By preference
Investment 300,000 Shareholders a/c 1260,000
Share capital 810,000 Balance 362, 000
Share premium 162000
Q .3
Journal entries. Dr Cr
Date Particulars Amount Amount
1 Redeemable preference share 56000
Premium on red. Of pref. shares 5600
To Preference shareholders a/c (w- 61600
1)
Balance sheet
Liabilities Amoun Assets Amount
t
Issued capital 168,000 + 42000 210,000 Fixed asset 200,000
Securities premium w-4 1400 Current asset w-7 65,000
Profit & loss w-5 5000
Shareholder account 6600
Capital redemption reserve w-6 14000
Sundry creditor 28000
Total 265000 Total 265,000
W-1 w-2 w-3
Description Rs Description Rs Description Rs
Amount payable for Amount paid Bonus shares
redemption 5600 Total payable 61600 Equity shares 16800
Net value of P. 0 Less 60 Ratio of bonus
shares 5600 shareholders not (6600) No of bonus shares.
Add premium 10 % 6160 found. ( 60 x 110) 55000 16800 x 4200
Total payable amount 0 Net paid shares
Q .4
Journal entries. Dr Cr
Date Particulars Amount Amount
1 Redeemable preference share 50,000
Premium on red. Of pref. shares 2500
To Preference shareholders a/c (w- 52,500
1)
Amount payable on redemption is recorded ( 5%
premium)
2 Securities premium 2500
To premium on red. of pref. shares 2500
Premium adjusted
3 Bank 27000
Profit & loss 1000
To investment 28000
Investment sold out.
4 Bank 12,000
To share capital ( 1000 x 10 ) 10,000
To share premium ( 1000 x 2 ) 2,000
New shares are issued for red. At premium
5 General reserve 20,000
Profit & loss 20,000
To capital redemption reserve a/c w- 2* 40,000
Capitalization of undistributed profit
6 Preference shareholders a/c 52500
To bank account 52500
Amount of redemption paid
Balance sheet
Particulars
Balance b/d 20000 By
Investment 27000 preference
Share capital 10,000 Shareholders 52500
Share premium 2000 a/c 6500
Balance
Q.No.3
journal enrties
Dat Particulars Rs. Rs
e
Supervised by TAHIR HUSSAIN +923449545245
Prepared by M com I JDCC 2015
A Bank 40000
To 6% debenture account 40000
Issued at par
B Bank 36000
discount 4000
To debenture 40000
Issued at discount
C Bank 42000
To debenture Account 40000
To premium 2000
D Bank 40000
Loss on issue of debenture 4000
To debenture 40000
To premium payable 4000
Issued at par redeemable at preium
E Bank 38000
Discount 4000
To debenture 40000
To premium 2000
Issued at discount redeemable at premium
Q.No4.
1.When debentures are issued at par
journal enrties
Dat Particulars Rs. Rs
e
1 Assets 400000
goodwill 30000
To liability 50000
To Rahim brothers 380000
Assets and liabilities taken over
2 Rahim bros 380000
To debenture 380000
Purchase consideration paid
journal enrties
Dat Particulars Rs. Rs
e
1 Assets 400000
goodwill 30000
To liability 50000
To Rahim brothers 380000
Assets and liabilities taken over
2 Rahim bros 380000
w-2 To debenture 345400
To premium 34540
To cash 60
Working 1
No of debentures to be issued to satisfy purchase consideration of Rs 380000. When
debentures are issued @ 90
380000/90 = 4222.22
As we cant issue debenture in fraction so we only issue 4222 debentures and the balance
amount will be paid in cash.
Amount of debentures = 4222 x 100 = 422200
Purchase consideration. 380000 & discount 4222x10 = 42220
Dr side= 380000+42220= 422220 where as the Cr side is 20 less which is paid in cash.
Working -2
No of debentures to be issued to satisfy purchase consideration of Rs 380000. When
debentures are issued @ 110
380000/110 = 3454.54
As we cant issue debenture in fraction so we only issue 3454 debentures and the balance
amount will be paid in cash
Amount of debentures. 3454x100= 345400 & premium 3454x10=34540
Cr side . 345400+34540= 379940 which is less by Rs 60 from the Dr side
So 60 will be paid in cash.
Q.No.5
Journalentries
Dat Particulars Rs. Rs
e
A (i Profit &loss appropriation
To debenture redemption fund a/c
Making provision
(ii) Debenture
To bank Account
Entry for redemption
B Debenture
(i) To Bank
Redemption out of capital
c Bank
To sinking fund investment
Investment sold for redemption
Debenture
To bank
Redemption
D i Profit & loss
To debenture redemption fund
Debenture
To bank
Redemption out of profit
ii Debenture
To bank
Redemption out of capital
Debenture Account
Particulars Rs Particulars Rs
Redemption 10,000 Balance 50000
Q.no.7
(i) Cum interest (cum interest mean that the price which is paid to purchase debentures,
included interest) so we deduct the interest to calculate the net purchase price of debentures.
Cum interest price = 100000x90/100 = 96000
Less interest (2000) for four months @ 6 % (100000 x 6/100 x 4/12)
Amount paid for debentures94000
(ii)Ex- interest ( ex - interest mean interest is not included in the price thats why we add up the
interest to calculate the total amount paid.
Ex-interest price 100000 x 96/100 = 96000
Add interest = 2000 for four months @ 6 % (100000 x 6/100 x 4/12)
Total amount paid 98000
Journal entries (cum interest)
Date Particulars Rs. Rs
30-4-93 Own debentures a/c 94000
Interest a/c 2000
To bank account 96000
Being own debentures purchased
30-4-93 Debentures 100000
To own debentures 94000
To Profit on debenture 6000
Cancellation of own debentures
30-4-93 Profit on debenture redemption 6000
To capital reserve 6000
Profit transferred
31-12-93 Profit & loss 2000
To interest a/c 2000
Interest on debenture closed to profit
Q.no 8
Journal entries (cum interest)
Date Particulars Rs. Rs
1-1-89 Bank 1900000
Discount 100000
To debenture 20,00,000
Being debentures issued
30-6-89 Interest 70,000
To cash 70,000
Cancellation of own debentures
31-12-89 Interest 70,000
To cash 70,000
Profit transferred
31-12-89 Profit & loss 140,000
To interest a/c 140,000
Interest on debenture closed to profit
Purchase of debentures out of profit
31-12-89 i.Profit & loss 200,000
To debenture redemption fund 200,000
ii. debenture 200,000
To cash 191000
To profit & loss 9000
Purchase of debentures out of capital
Debenture 200,000
To bank 191000
To profit & loss 9000
Q.No.9Journal entries
Date Particulars Rs. Rs
1-7-90 Bank 200,000
To 6% debenture 200,000
Issue of debenture at par
31-12-90 Debenture interest 6000
To bank 6000
Interest for 6 months paid
31-12-90 Profit & loss 6000
To debenture interest 6000
Interest transferred to profit
31-5-91 Own debenture(200X98) 19600
Interest 500
To bank 20100
Own debenture purchased + interest paid for 5 months
30-6-91 Debenture interest (1800X6/100X6/12) 5500
To bank(200X6/100X1/12) 5400
To interest on own debenture 100
Interest on own 200 debenture for 1 month and
1800 debenture for 6 month paid
31-12-91 Debenture interest 6000
To bank 5400
To interest on own debenture 600
Interest for 1800 + 200 own debenture for 6
months
31-12-91 Profit & loss 6000
To debenture interest 6000
Interest transferred to profit
31-12-91 Interest on own debenture 700
To profit & loss 700
Interest transferred to profit (income)
30-06-92 Debenture interest 6000
To bank 5400
To interest on own debenture 600
Interest for 1800 + 200 own debenture for 6
months
30-9-92 Own debenture 9550
Interest (CUM INEREST) 150
To bank 9700
Own 100 debenture purchased @ 97
31-12-92 Debenture interest 5850
To bank 5100
To interest on own debenture 750
Payment of interest on 1700 debentures for 6
months recorded interest on own 200 debenture
for 6 months and on 100 debenture for 3 months
2812
Balance
Debenture inter 1125
90000x5/100x3/12
967 31-3-93
Profit & loss
30-6-93 Debenture intr 1125
Debenture Account
90,000
Total 5750 90000 Total 5750 90000
3 % stock account
Date Particulars Amount Date Particulars Amount
1-1-91 Balance b/d 650000 * 31-12-91 Bank 646800
Sinking fund 3200
(loss)
Total 650000 Total 650000
Sinking fund is 749000 out of which 99000 represents the own debenture and balance (749000-
99000) 650000 is 3% stock.
Interest on sinking fund investment account
Date Particulars Amount Date Particulars Amount
31-12-91 To sinking fund a/c 24800 31-12-91 Debenture
(transfer) interest account 5000
Interest on 3% 19800
stock
Q1
Statement showing liabilities of under writers
Underwriters A 50 % B 25 % C 25 %
Gross liabilities 37500 18750 18750
Less. Marked Application ( 15000 ) ( 7500 ) ( 15000 )
22500 11250 3750
Less unmarked Application w-1 ( 11250 ) ( 5625 ) ( 5625 )
11250 5625 (1875)
Less surplus of C (1250) ( 625 ) ----------
Total liabilities 10000 5000 nil
W-1
Total Application = 60000 A: 22500 x 50 % = 11250
Less Marked Application = 37500 B: 22500 x 25 % = 5625
Unmarked = 22500 C: 22500 x 25 % = 5625
Q.2
Statement showing liabilities of under writers
Underwriters A B C
Gross liabilities 30000 15000 5000
Less. Marked Application W- 1 ( 11000 ) ( 8000 ) ( 3500)
19000 7000 1500
Less unmarked Application W- 2 ( 9000 ) ( 4500 ) ( 1500 )
Net liabilities 10000 2500 Nil
Less Firm underwritten (5000) ( 2000 ) ( 500 )
5000 500 ( 500 )
Less Surplus Of C (6:3) ( 333 ) ( 167 ) -----------
4667 333 -----------
Q. 3
Liabilities of underwriters
Total liabilities = 10000 shares
Less application received = 8000
Unsubscribed= 2000
Outstanding liabilities to each of the underwriters.
A : B : C
Ratio : 30 % 30 % 20 % = 80 % & 20 % is the liability of company.
A: 2000 x 30/100 = 600
B: 2000 x 30/100 = 600
C: 2000 x 20/100 = 400
Underwriters liabilities. =1600
Add companys liabilities. (2000 x 20/100)= 400
Total 2000
Q.4
Statement showing liabilities of under writers
Underwriters Alpha 40% Beta 40 % Zeta 20 %
Gross liabilities W 10,00,000 10,00,000 500,000
-1 ( 1300,000 ) ( 700,000 ) ( 250,000 )
Less. Marked Application
(300,000) 300,000 250,000
Less unmarked Application W -2 ( 60,000 ) ( 60,000 ) ( 30,000 )
( 360,000) 240,000 220,000
Less surplus of alpha ( 2:1) ----------------- (240,000) ( 120,000 )
Total liabilities Nil Nil 100,000
W-1 W-2
Gross liabilities. Unmarked Application.
Total shares = 2500,000 Total application received = 2400,000
Alpha: 2500000 x 40/100 = 10, 00,000 less marked = (22, 50,000)
Beta: 2500,000 x 40 /100 = 10, 00,000 unmarked application = 150,000
Zeta: 2500,000 x 20 /100 = 500,000 Alpha: 150,000 x 40 / 100 = 60,000
Supervised by TAHIR HUSSAIN +923449545245
Prepared by M com I JDCC 2015
Beta: 150,000 x 40 / 100 = 60,000
Underwriters A 30 % B 30 % C 40%
Gross liabilities W 1 750000 750000 10,00,000
Less marked application (35000) (400,000) ( 13,50,000
)
400,000 350,000 (350,000)
Less unmarked applications W - 2 ( 60,000) ( 60,000) ( 80,000 )
340,000 290,000 (430,000)
Less surplus of C ( 3 : 3 ) (215000) ( 215000 ) -----------
Total liabilities 125,000 75000 Nil
W1 W-2
Gross liabilities unmarked application.
Total no of shares = 2500000 Total applications = 2300,000
Ratio. A 30 %, B 30 %, C 40% Less Marked = (2100, 000)
A: 2500,000 x 30/100 = 750,000 unmarked = 200,000
B: 2500,000 x 30/100 = 750,000 A: 200,000 x 30/100 = 60000
C: 2500,000 x 40/100 = 10, 00,000 B: 200,000 x 30/100 = 60000
C: 200,000 x 40/100 = 80,000
Q. 6
Statement showing liabilities of underwriters
W -1
Calculation of unmarked Applications Ratio: A: B: C
Total Applications = 20,000 24: 10: 6
Less marked (14000) 12: 5: 3
6000 A: 14400 x 12/20 = 8640
Add firm u/w 8400 B: 14400 x 5/20 = 3600
Unmarked 14400 C: 14400 x 3/20 = 2160
Underwriters A B C
Gross liabilities 24,000 10,000 6000
Less marked application W-1 (4000) (5000) ( 2000)
20,000 5000 4000
Less unmarked applications W - 2 ( 5400) (2250 ) (1350 )
14600 2750 2650
Less firm underwritten (3200) (4000) (1200)
11400 ( 1250) 1450
Less surplus of B (1000) ----- (250)
10400 Nil 1200
Add firm u/w 3200 4000 1200
Total liabilities 13600 4000 2400
W-1 W-2
Marked applications. A B C Unmarked Applications.
Total marked 7200 9000 3200 Total application = 28400
Less firm u/w (3200) (4000) (1200) less marked by u/ws = (11000)
Marked by underwriters 4000 5000 2000 less marked by firm= (8400)
9000
OR
Statement showing liabilities of underwriters
Underwriters A B C
Gross liabilities 24,000 10,000 6000
Less marked application (7200) (9000) ( 3200)
16800 1000 2800
Less unmarked applications W 1 ( 5400) (2250 ) (1350 )
11400 (1250) 1450
Less surplus of B (1000) ------ (250)
10400 Nil 1200
Add firm u/w 3200 4000 1200
Total liabilities 13600 4000 2400
W-1
Unmarked Applications. A: 9000 x 12/20 = 5400
Total applications = 28400 B: 9000 x 5/20 = 2250
Less marked (19400) C: 9000 x 3/20 = 1350
Unmarked. 9000
Q. 8
Statement showing liabilities of underwriters
Underwriters M N O P Q R
Gross liabilities 35000 30000 20000 10000 3000 2000
Less marked (10000) (22500) (20000) ( 7500) (5000) Nil
applications
25000 7500 Nil 2500 (2000) 2000
Less unmarked. w-1 (7000) (6000) (4000) (2000) (600) (400)
18000 1500 (4000) 500 (2600) 1600
Less surplus of Q & O. (3000) (2571.42 ------- (857.14 ------- (171.42
w-2 ) ) )
15000 (1071.42 Nil (357.14 Nil 1428.58
Less surplus of N & P. w- (1351.34 ) ------- ) ------ (77.21)
3 ) ---------- --------
Net liabilities 13648.58 Nil Nil Nil Nil 1351.37
Q. 9
Statement showing liabilities of underwriters
Underwriters X Y Z
Gross liabilities 48,000 20,000 12,000
Less marked application (8000) (10,000) ( 4000 )
40,000 10,000 8000
Less unmarked applications W - 1 (10,800) (4500 ) (2700)
29200 5500 5300
Less firm underwritten (6400) (8000) (2400)
22800 ( 2500) 2900
Less surplus of Y w - 2 (2000) ----- (500)
20800 Nil 2400
Add firm u/w 6400 8000 2400
Total liabilities 27200 8000 4800
W1 W-2
Unmarked applications. Surplus of Y given to X
&Z
Total applications = 40,000 X: 2500 x 12/20 = 20000
Less marked application= (22000) Z: 2500 x 5/20 = 500
Unmarked 18000
Ratio:
X Y ZSo.X: 18000 x 12/20 = 10800
48 20 12Y: 18000 x 5/20 = 4500
24 10 6Z: 18000 x 3/20 = 2700
12 5 3
Branch accounting
Debtors system (cost price method)
Q no 1
In the book of head office
Dr Branch account
Cr
Particulars Amount Particulars Amount
Opening stock 11200 Cash sales 25000
Debtors 6300 Cash received from
Goods sent to branch 51000 debtors. 41200
Cash sent to branch Closing stock 13600
Rent 1500 Closing debtors 4100
salaries 3000
Branch profit 10900
Dr Debtors account
Cr
Particulars Amount Particulars Amount
Opening debtors 4300 Discount allowed 200
Credit sales 22000 Cash received 20900
Closing balance 5200
Dr Cash account
Cr
Dr Debtor account
Cr
Particulars Amount Particulars Amount
Credit sale 60,000 Closing balance 5000
Cash received 55000
Total 60,000 Total 60,000
Dr Branch account
Cr
Particulars Amount Particulars Amount
Opening balances Cash sales 150000
Stock 50000 Cash received from 512500
Debtors 70000 debtors
Petty cash 250 Closing balances. 75000
Goods sent (w-1 ) 575000 Stock 95000
Salaries 30000 Debtors 120
Rent 12000 Petty cash
Petty exp paid 8000
Branch profit 87370
Dr debtors account
Cr
Particulars Amount Particulars Amount
Opening debtors 70000 Closing balance 95000
Credit sales (w-2) 537500 Cash received 512500
Q.no.9
In the book of head office
Dr Branch account
Cr
Particulars Amount Particulars Amount
Opening balances Cash sales 35000
Stock 12000 Collected from 52000
Cash 200 debtors
Debtors 30000 Closing balances 20000
Cheque paid by H.O 300 Stock 27000
Salaries 11000 Debtors 200
Rent 4000 Cash
Goods sent 80000 Loadings 2400
Loading of closing 4000 Opening stock 16000
stock 11100 Goods sent
Branch profit
Total 152600 Total 152600
Dr Debtor account Cr
Particulars Amount Particulars Amount
Opening balance 30,000 Goods returned 3000
Credit sales 52000 Closing balance 27000
Collection 52000
Dr Debtors account Cr
Particulars Amount Particulars Amount
Opening balance 5200 Discount 300
Credit sales 30000 Bad debts 500
Goods returned 700
Closing balance 4200
Cash received 29500
Total 35200 Total 35200
Loadings
Opening stock Closing stock Goods sent
8000 x 25/125 6000 x 25/125 40,000-(800) x
1600 1200 25/125
Q.no.11
In the book of head office
Dr Branch account (madras)Cr
Particulars Amount Particulars Amount
Opening debtors 34500 Cash sales 78600
Goods sent 150000 Cash received from 151400
Salaries 16000 debtors 30000
General exp 2600 Loading of goods 45000
Advertisement exp 7500 sent
Rent and rates 3200 Closing stock
Loading of closing 9000
stock 82200
Branch profit.
Total 305000 Total 305000
Dr debtors account Cr
Particulars Amount Particulars Amount
Opening balance 34500 Bad debts 6000
Credit sales 125200 Sale return 2300
Cash received 151400
Total 159700 Total 159700
Loadings
Opening stock Closing stock Goods sent
45000 x 25/125 150000 x 25/125
9000 30,000
Dr debtors account Cr
Particulars Amount Particulars Amount
Opening balance 23600 Sale return 1200
Credit sales 110,000 Cash received 132400
Loadings
Opening stock Closing stock Goods sent
35000 x 25/125 125000 x 25/125
7000 25,000
Q. No. 12
In the book of head office
Dr Branch account Cr
Particulars Amount Particulars Amount
Opening stock 18000 Cash sales 60000
Debtors 30000 Collection from 2210000
Petty cash 300 debtors 3000
Goods sent 300000 Loading of opening 50000
Salaries 9000 stock
Rent & rates 1500 Loading of goods 30000
Cash sent 1100 sent 48000
Loading of closing 5000 200
stock 36300 Closing stock
Branch profit Closing debtors
Closing cash
Total 401200 Total 401200
Dr Debtors account Cr
Particulars Amount Particulars Amount
Opening balance 30000 Collection 210000
Dr Debtoraccount Cr
Particulars Amount Particulars Amount
Credit sales 25000 Received from 16000
debtors 300
Loadings
Opening stock Closing stock Goods sent
24800 x 100000 x
33.33/133.33 33.33/133.33
6200 25000
Total Total
Dr Debtors account Cr
Particulars Amount Particulars Amount
Opening debtors 24000 Bad debts 700
Credit sales 72800 Discount allowed 500
Closing debtors 95600
Loadings
Opening stock Closing stock Goods sent
30000 x25/125 29200 x 25/125 138000-2000 x
6000 5840 25/125
27200
Dr Debtors account Cr
Supervised by TAHIR HUSSAIN +923449545245
Prepared by M com I JDCC 2015
Particulars Amount Particulars Amount
Opening debtors 2000 Bad debt 1000
Credit sales 27200 Cash received 17500
Closing debtors 2500
Total 21000 Total 21000
Q.no. 16
In the book of head office
Dr Branch stock account Cr
Particulars Amount Particulars Amount
Opening stock 8000 Cash sales 30000
Goods sent 30,000 Normal loss 400
Abnormal loos 1600
Closing stock 6000
Gross profit
Loadings
Opening stock Closing stock Goods sent Normal loss Abnormal loss
8000 x25/125 6000 x 25/125 30000 x25/125 400 x25/125 1600 x 25/125
1600 1200 6000 80 320
Q .NO.17
Dr Branch stock account Cr
Particulars Amount Particulars Amount
Goods sent account 176000 Goods return 1200
Goods sold 24000
Closing stock 150,000
Shortage of stock 800
Dr Goods sentAccount Cr
Particulars Amount Particulars Amount
Loading of goods 43700 Goods sent 176000
sent 1200
Goods return 131100
Balance
Total 176000 Total 176000
Working
Invoice price of Closing Goods sent Shortage
goods sent stock
132000 x 100/75 24000 x 25 / 174800x25/10 800 x 25/100
176000 less return 100 0 200
1200 43700
174800
Q.no 18
Dr Branch stock account Cr
Particulars Amount Particulars Amount
Goods sent 351000 Cash sales 125000
Return in by 5000 Credit sales 175000
customer Goods spoiled 500
Closing goods 55500
Total 356000 Total 356000
Working
Invoice price of Closing Goods sent Shortage
goods sent stock
289899 x 125/100 55500 x 351000x25/12 500 x 25/125
351000 25/125 5 100
11100 70200
Q.No.19
Dr Branch stockaccount Cr
Particulars Amount Particulars Amount
Return 16080 Goods return 1680
Goodssent 180,000 Cash sale 100800
Credit sale 72000
Closing stock 21000
Shortage of stock 600
Total 196080 Total 196080
Working
Opening stock Closing Goods sent Shortage
stock
16080 x 1/3 21000 x 1/3 180000- 6000 x 1/3
5360 7000 1680 200
178320 x
1/3
59440
Q.No.20
Note: cost is equal to 100 % and list price is = cost + 100% so the
List price is = 200 % and invoice price = list price 20 %
That is 200 (200 x 2/100)
200-40 = 160
So we can say that invoice price is 60 % above the cost
Working
Opening stock Closing Goods sent Shortage
stock
6000 x 60/160 8800 x 66000 x 200 x 60/160
2250 60/160 60/160 75
3300 24750
Credit
50000 x
40/200
10,000
Q.No.21
Dr Branch stock account Cr
Particulars Amount Particulars Amount
Goods sent 28000 Goods return 1000
Cash sale 18000
Credit sale 2000
Closing stock 6180
Authorized reduction 820
Total 28000 Total 28000
Supervised by TAHIR HUSSAIN +923449545245
Prepared by M com I JDCC 2015
Working
Closing Goods sent
stock
6180 x 28000-1000
33.33/133. 27000x33.33/1
33 33.33
1545 6750
Q.No.22
Working
Opening stock Closing stock Goods sent Surplus
C. 5500 x 25 /125 = C. 4875 x 25/125 = C. 30000-500 x 25/125= C. 1375 x
1100 975 5900 25/125=275
M . 7500 x 25 /125 = M. 6750 x 25/125 = M. 25500-425 x 25/125 M. 550 x
1500 1350 =5015 25/125=110
Q.No.30
Working (loading)
Opening stock Closing stock Goods sent
30000 x 25 /125 = 6000 25000 x 25 /125 = 5000 96000 x 25 /125 = 19200
Q.No.31
Q.No.32
Working (loading)
Opening stock Closing stock Goods sent
48660 x 50/150 = 16220 53400 x 50/150 = 17800 123000-1560 x 50 /150 =
40480
Q.No.33
Departmental account
Q.No.1
Dr Departmental account Cr
Descriptio Electrical Furniture Leisure Descriptio Electrical Furniture Leisure
n goods n goods
Opening stock 6080 17298 14370 Sales 29840 73060 39581
Purchases 18195 54632 27388 Closing
stock 7920 16150 22395
G. profit
13485 17280 20218
Total 37760 89210 61976 Total 37760 89210 61976