Analysis of Financial Statements-Financial Statements of a Company (CBSE Class-12 Accountancy): Questions 1 - 2 of 32

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Question number: 1

» Analysis of Financial Statements » Financial Statements of a Company

Essay Question▾

Describe in Detail

Following are the brief particulars of cash transactions of Geeta Pustakalaya Allahabad for the year ended 31st December 2002.

Receipts and Payment account

showing the element included in receipt and payment account

Receipts

amount

payment

amount

To balance b/f

1319

By rent and rates

168

To entrance fees

255

By wages

245

To subscriptions

1600

By lighting

72

To donation

165

By lecturers fee

435

To life membership fee

250

By books

213

To interest

14

By office expenses

450

To profit on entertainment

42

By 3 % fixed deposits (1.7. 2002)

800

By bank balance

242

By cash in hand

1020

3645

3645

Library has books worth Rs. 2, 000 and furniture worth Rs. 850 in the beginning of year. Outstanding subscription was Rs. 35 in the beginning of year and Rs. 45 at the end of year. Outstanding rent was Rs. 60 in the beginning as well as at the end of year. Charge depreciation Rs. 50 on Furniture and Rs. 113 on Books.

Required: from the above particulars prepare Income and Expenditure Account and Balance Sheet of Pustakalaya as on 31st December 2002.

Explanation

Income and Expenditure account

shows income and expenditure for the year ending 31st December, 2002.

Particulars

amount

particular

amount

To rent

168

By subscription

1600

To rent

60

Add: outstanding

45

Less: of previous year

60

168

Less: of previous year

35

1610

To wages

245

By interest

14… (147 more words) …

Question number: 2

» Analysis of Financial Statements » Financial Statements of a Company

Short Answer Question▾

Write in Short

P and Q are partners with capitals of Rs. 6, 00, 000 and Rs. 4, 00, 000 respectively. The profit and Loss Account of the firm showed a net Profit of Rs. 4, 26, 800 for the year. Prepare Profit and Loss account after taking the following into consideration: -

  1. Interest on P’s Loan of Rs. 2, 00, 000 to the firm
  2. Interest on ‘capital to be allowed@6 % p. a.
  3. Interest on Drawings@8 % p. a. Drawings were; P Rs. 80, 000 and Q Rs. 1000, 000.
  4. Q is to be allowed a commission on sales@3%. Sales for the year was Rs. 1000000
  5. 10 % of the divisible profits is to be kept in a Reserve Account.

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