Q1.

The following is the Trial Balance of Kamal Enterprises for the year ended 31st December
2016.
Dr. Rs. Cr. Rs.
Cash in Hand 500 Sales 1,50,300
Cash at Bank 1,200 Purchase Returns 5,000
Office Furniture 6,000 Trade Payable 12,000
Trade Receivable 15,000 Bills Payable 8,000
Commissions 1,200 Discount Received 1,000
Bills Receivable 3,500 Dividend Received 2,000
Power and Fuel 6,000 Rent Received 3,500
Plant & Machinery 24,000 Share Capital 27,000
Office Expenses 2,000
Carriage 4,700
Opening Stock
Raw Materials 5,000
Work in Progress 8,000
Finished Goods 6,000
Rent, Rates & Taxes 1,700
Leasehold Premises 25,000
Wages 30,000
Salaries 7,000
Sales Returns 2,000
Purchases 60,000
2,08,800 2,08,800
You are required to prepare a Income Statement and Statement of Financial Position as per
Schedule III of Indian Companies Act, 2013 after taking into account the adjustments given
below:
Adjustments:
1) Closing Stock as on 31-12-2016
a. Raw Materials = Rs.4,000
b. Work in Progress = Rs. 10,000
c. Finished Goods = Rs. 4,000
2) Depreciate Plant and machinery at 10%.
3) Salaries outstanding Rs.1,000, Power and Fuel outstanding Rs.2,000.
4) Rs.5,000 was spent on Plant and machinery but wrongly included in wages.
5) Provide for bad and doubtful debts for Rs.1,500.
6) Rent received includes Rs.500 received in advance.
Q2. From the following Trial Balance of Mr. Gopal for the year ending 31-3-2018 and additional
information given:
Trial Balance
Particulars Dr. (Rs.) Cr. (Rs.)
Opening Stock ---
Raw Materials 11,000
Work in Progress 10,000
Finished Goods 4,000
Share Capital --- 2,25,000
Debtors and Creditor 30,000 17,500
Purchases and Sales 2,00,000 3,55,000
Returns 7,500 5,000
Carriage 4,000 ---
Wages and Salaries 12,500 ---
Commission --- 6,500
Machinery 40,000 ---
Furniture 10,000 ---
Bad debts 4,000 ---
Bills Receivables and Bills Payable 15,000 3,500
Land and Buildings 2,25,000 ---
Rate and Insurance 8,500 ---
Discount allowed 6,000 ---
Bank 25,000 ---
6,12,500 6,12,500

Additional Information:
1. Value of the Closing Stock, as on 31st March 2018:
a. Raw Materials = Rs. 6,000
b. Work in progress = Rs. 7,000
c. Finished Goods = Rs. 7,000
2. Wages and Salaries outstanding is Rs.500 and Insurance prepaid is Rs.2,000.
3. Provide for doubtful debts on the debtors at the rate of 10%.
4. Depreciate machinery and furniture at the rate of 10% and 15% respectively.
5. Goods costing Rs.12,000 were destroyed by fire on 31st March 2018 record of the same was
done in the books of account.
Q3. From the following Trial Balance of Mr. Gaurav Singh for the year ending 31-3-2018 and
additional information given:
Trial Balance
Particulars Dr. (Rs.) Cr. (Rs.)
Opening Stock ---
Raw Materials 22,500
Work in Progress 20,000
Finished Goods 20,000
Share Capital --- 4,64,000
Debtors and Creditor 75,000 43,750
Purchases and Sales 5,00,000 8,75,000
Carriage 10,000 ---
Wages and Salaries 31,250 ---
Commission --- 16,750
Machinery 1,38,750 ---
Furniture 25,000 ---
Reserves and Surplus --- 8,000
Bills Receivables and Bills Payable 37,500 33,750
Land and Buildings 5,00,000 ---
Taxes and Insurance 21,250 ---
10% Bank Loan --- 50,000
Interest on Bank Loan 3,000 ---
Bank 24,500 ---
Investment in Titan Ltd. 62,500 ---
14,91,250 14,91,250

Additional Information:
1. Value of the Closing Stock, as on 31st March 2018 is Rs.50,000.
a. Raw Materials = Rs. 20,000
b. Work in progress = Rs. 10,000
c. Finished Goods = Rs. 20,000
2. Wages and Salaries outstanding is Rs.12,500 and Insurance prepaid is Rs.5,000.
3. Depreciate Machinery and Furniture @ 10% and 15% per annum respectively. Machinery
included a machine which was purchased for Rs.38,500 on 30th September 2017.
4. Board of Directors recommended the Dividend of Rs. 10 per shares. The company have 1,000
outstanding shares.
Prepare Income Statement and Statement of Financial Position as per schedule III of Indian
Companies Act, 2013