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Problem 1: Mr. Ajay keeps his books as per single entry system. Following information is given by him.

Particulars Balance on 1st Jan 2003 Rs. Balance on 31st Dec 2003 Rs.

Cash in hand 330 190 Cash at bank 830 1140 Stock 28900 32600 Debtors 12000 15000 Bills receivable 600 1800 Creditors 9000 13900 Find out his profit or loss for 2003 and also prepare statement or Affairs as on 1 st Jan 2003 & 31st Jan 2003 taking into consideration the following additional information 1) Bills receivable includes 2 dishonored bills of Rs.500 and Rs. 300 out of these bills receivable of Rs.300 likely not to be received. 2) Charge R.D.D @ 5% on debtors. 3) He drew Rs.100 per week for his household expenses. 4) He went on pilgrimage in July 2003 with family. He drew Rs. 1200 from his business for the same. 5) During the year he won Rs. 3000 in lottery and the amount was invested in the business. 6) Stock includes Goods sold of Rs.2000 but not delivered. Problem 2: Mr. Gopaldas keeps his books by single entry system. The following information is supplied. Assets and Liabilities 1-4-2000 31-3-2001 Cash at Bank 10000 15000 Debtors 20000 22000 Stock 35000 30000 Furniture 15000 35000 Investments 50000 80000 Creditors 16000 21000 Bills Payable 5000 8000 Loan from Mr. Dayal 16000 1) Mr. Gopaldas has drawn Rs. 1000 p.m. for household expenses. 2) He has spent Rs. 5000 from the business in providing educational expenses to his son. 3) The rent of his business cum residential flat is Rs. 900 p.m. one third of the flat is used for the business but the rent is paid in full form the business fund. 4) An addition to furniture in business is made on 1st Oct 2000 in exchange of his personal shares of Rs.16000 at a premium of 25% . 5) Furniture is to be depreciated at 10% p.a. and debtors are to be provided Rs. 2000 for bad debts. Prepare a statement showing his profit or loss for the year ended 31st March 2001. Ex.3

Shri Prabhakar keeps his books on single entry system. The following information is disclosed from his records. Particulars Cash at Bank Stock in trade Sundry Debtors Furniture Investments Cash in hand Sundry Creditors Bills Payable Loan from Sanjay 31-3-2001 21000 150000 300000 50000 50000 1000 250000 10000 31-3-2002 56000 200000 285000 50000 50000 4000 270000 5000 30000

Shri Prabhakar transferred Rs. 2500 each month during first half year and Rs.2000 each month for remaining period from business to his private Banking A/c by way of drawing. In addition he withdrew Rs. 50000 for his daughters marriage and Rs. 10000 for charitable purpose. He also withdrew goods worth Rs. 10000 for domestic purpose. In Dec 2001 he has received a lottery prize of Rs. 50000 of which he invested into the business Rs. 40000. He sold his private car for Rs. 35000 and proceeds were utilized for business. He wants his furniture to be depreciated at 10% and R.D.D. to be created at 5% on debtors. He had not paid two months salary to his clerk @ Rs.1500 per month and two months rent of shop was outstanding amount to Rs. 2000 per month. Commission earned but not yet received by him was Rs. 24000. Manager was given salary for the month of pril 2002 in advance. Manager is entitled to a salary @Rs. 6000 per month. An unrecovered liability of Rs. 5000 relating to year 2000-2001 was paid during the year 2001-02. Computed his Profit for the year 31-12-2002 and prepare Balance Sheet as on that date. Problem 4: Miss Raksha keeps her books on Single entry and following information is disclosed. Particulars Cash at Bank Stock in trade Debtors Furniture Sundry Creditors Bills Payable Loan from Y Investments 31-12-2004 22000 15000 30000 7500 26250 31-12-2005 29000 18750 45000 7500 31500 9000 3000 15000

Miss Raksha transferred Rs. 150 each month during first half year and Rs. 100 each month for the remaining period from her business to her private banking account by way of drawings and took away Rs. 350 worth of goods for private use. She sold her private car for Rs. 3500 and proceeds where utilized fr business. Furniture to be depreciated by 10% and R.D.D to be maintained at 5% on debtors. Prepare statement of Profit and Loss for the yaear ending 31-12-2005.

Problem 5: Mr. Batra does not keep complete record of his business and gives you the following information. His assets on 31st March 2004 consisted of Machineries Rs. 20000, Furniture RS.60000, Motorcar Rs. 60000, stock in trade Rs. 70000, Debtors Rs. 80000, Cash in hand Rs. 12000 and cash at bank Rs. 25000. Creditors on date amounted to Rs. 130000. With further information you come to know that on 1s Oct 2003 he purchased a new machinery costing Rs. 50000. He obtained a Bank loan for Rs. 50000 on 31st Mar 2003 the entire amount was repaid in March 2004 with interest Rs. 2500. In November 2003 his life insurance policy for Rs.50000 became matured and the amount was invested in the business. His drawings were Rs. 2500 per month throughout the year. On first April 2003 the following balance were shown. Cash in hand Rs.4500 and balance at bant Rs. 40000. Debtors and creditors on that day amounted to Rs. 60000 and Rs. 90000 respectively. Stock Rs.75000, furniture Rs.60000, machinery Rs. 150000 and motor car Rs. 60000. Provide depreciation on machinery at 10% p.a. Furniture 10% p.a. and motor car @ 10% p.a. Mr. Batra request you to prepare a statement of profit and loss account for the yaear ended 341-32004. Problem 6: Mr. Dutta did not maintained proper accounting records. He furnished the following information: Particulars Cash at Bank Debtors Stock Investments Fixed Assets Creditors Loan from Bank The following additional information is available: 31-3-2006 6000 180000 422500 100000 610000 100000 272500 31-3-2007 11750 201500 396250 70000 650000 234000 50000

1. Debtors as on 31-3-2007 do not include RS. 7500 due from a customer as he considers the entire amount as bad. However, the account has been settled for Rs. 5000. He received the amount on 30-4-2007. 2. Loan from Bank was utilized to purchase ornaments for gifts to his wife. 3. He received Rs. 50000 from LIC on 1st Jan 2007 out of which Rs. 40000 has been utilized on the same day for purchasing fixed assets for business. 4. During the year loss through betting was Rs. 10000 of which 50% was paid from the business. 5. Withdrawals Rs. 1000 p.m. For household expenses throughout the year and Rs. 100 p.m. additional amount withdrawn from 1st Jan 2007 6. Fixed Assets are to be depreciated by 12% per anum Compute the profit and Loss account for the year ended 31st Mar 2007. Problem 7:

Mr. Bhojwani is a small cloth merchant at Butibori. He did not adopt double interest system of accounting. He gives you the following position as on 1st April 2006 and 31st Mar 2007 Particulars 1-4-2006 31-3-2007 Cash in hand 760 940 Cash at Bank 30080 24660 Stock 50400 66800 Debtors 18000 22280 Furniture 8000 8000 Creditors 17240 21200 Motorcycle 16000 During the year 2006-07 he withdrew Rs. 1600 p.m. for his personal use and purchases a motorcycle at Rs. 16000 for business use only. Prepare a statement showing his trading result for the year ended 31-3-2007 and his balance sheets as on that date. Provide Depriciation on Furniture 10%, Motorcycle 20% 1. Bad debts Rs. 1280 and 2. Reserve for doubtful debts 5% on debtors. Problem no.8 Mr. Rajendra maintains his books as per single entry system. Following information is available from his books. Particulars 31st Dec 2005 31st Dec 2006 Stock in Trade 45000 60000 Bank Balance 6300 10200 Debtors 90000 85500 Furniture 15000 13500 Investments 15000 30000 Cash in Hand 300 3300 Creditors 78000 82500 Following payments were made during the year: Creditors Salaries Rent Drawings Purchases Following sums were received during the year: Debtors Cash sales Discount received from the creditors Rs. 2700, Bad Debts Rs. 900.

114000 15000 10800 90000 30900

216000 66600

You are required to prepare Trading and Profit and loss account for the year ended 31st Dec 2006 and Balance sheet as on that date. Problem no. 9: Shri Jichkar has a training business for which the following procedure is followed: 1) All collections are deposited in bank everyday

2) All payments except petty expenses are made by cheque. 3) To meet petty expenses a cheque of Rs. 1500 is withdrawn from the bank on the first day of each month. The following figures are available: Particulars 1.1.2000 31.12.2000 Cash in hand 150 300 Balance in bank 30000 21000 Debtors 100000 121000 Creditors 90000 100000 Stock 15000 25000 Problem no. 10: Mr. Rajmohan started Payments made to creditors during the year Rs. 120000, personal drawings from bank Rs. 6000. Shri Jichkar sells goods at a profit of 30% on cost. Petty expenses paid during the year Rs. 17850. Prepare Profit and Loss Account for the year ended 31.12.2000 and balance sheet on that date from the above information his business on 1.4.2000 with a capital of Rs.64000 and furniture of Rs. 10000. He took a loan of Rs. 16000 from his friend Mr. Bhatia for business. Every month he withdrew Rs. 2500 in cash for household expenses. He keeps his books by single entry system. You are required to prepare final accounts for the year ended 31.3.2001 from the following information. Particulars Rs. Total Sales(including cash sales Rs. 60000) 152980 Total purchase (including cash purchases Rs. 68000) 135734 Wages and carriage inwards 4886 Discount allowed to debtors 1224 Salaries 15400 Bad debts 506 General Expenses 3934 Mr. Rajmohan has taken the goods worth Rs. 4000 from the business for his personal use for which no entry has been made in the books of account. On 31.3.2001 the stock and book debts were Rs. 16952 and Rs. 37472 respectively and creditors were Rs. 19000. Problem no. 11: From the following particulars presented by Mr. Vedant, you are asked to prepare total debtors account and total creditors account. Particulars Rs. Sundry debtors (1.4.2004) 30000 Sundry creditors(1.4.2004) 10000 Cash received from debtors 20000 Discount allowed to debtors 5000 Bad debts written off 2500 Discount received from creditors. 500 Bills payable dishonored 500 Sundry debtors(31.3.2005) 50000 Sundry creditors(31.3.2005) 20000 Bills receivable 12000

Bills payable Cash paid to creditors Problem no. 12 You are given. 1) Balance Sheet as on 31.3.2003 2) Cash account for the year ended 31.3.2004 3) Additional information You are required to preparea) Trading and Profit & Loss A/c for the year ended 31.3.2004 b) A Balance Sheet as on that date

6000 2000

Balance Sheet as on 31.3.2003

Liabilities Creditors Bills payable capital Rs. Assets 20000 Cash 40000 Bank 100000 Bills Receivable Debtors Stock Furniture Plant Rs. 5000 10000 20000 25000 20000 10000 70000



Cash account for the year ended 31.3.2004 Receipt To Balance Cash Bank To Cash Sales To Debtors To bills Receivable Rs. 5000 10000 35000 80000 75000 Payment By drawings By wages By Creditors By Bills Payable By Sundry Expenses By rent and taxes By Balance Cash Bank Rs. 12000 20000 35000 60000 30000 20000 3000 25000 205000

205000 Additional information:Pariculars Debtors on 31-3-2004 Creditors on 31-3-2004 Bills receivable on 31-3-2004 Bills payable on 31-3-2004 Stock on 31-3-2004 Bills receivable dishonored during the year Bills payable dishonored Bills receivable endorsed to creditors Discount allowed

Rs. 40000 25000 30000 50000 30000 5000 2000 15000 1000

Discount received


Problem no. 13: Mr. Shumbhankar keeps his books under single entry system. The position of his business was as under. Particulars Sundry Creditors Freehold premises Stock Sundry Debtors Furniture 1-4-2004 Rs. 17000 50000 25000 20000 2000 31-3-2005 Rs. 12000 50000 30000 25000 2000

The following is the summary of his cash book. Receipt Rs. Payments Sundry Debtors 15000 Bank overdraft(on 1-4-2004) Cash Sales 80000 Expenses Drawings Sundry creditors Cash in hand Cash at bank 95000

Rs. 10000 50000 3000 20000 2000 10000 95000

Additional Information 1) 2) 3) 4) 5) Charge interest @ 5% on capital as on 1-4-2004. Depreciation is to be charged on the furniture by 15% and premises by 10%. Provide @ 5% on the debtors for doubtful debts. Expenses include Rs. 2500 for house rent of Mr. Shambhankar. Cash Sales include Rs. 1000 for sale of his wifes jewellary.

You are required to prepare a Trading and Profit and Loss Account for the year ending 31-3-2005 and Balance Sheet as on that date.