Financial Accounting- II - NCERT Solutions - GeniusJnr
Financial Accounting- II - NCERT Solutions : MCQ, free quiz, mock quiz, practise questions, olympiad preparation
From the following particulars, prepare a, bank reconciliation statement as at March 31, 2017.
|
(i) |
Balance as per cash book Rs 3,200 |
|
(ii) |
Cheque issued but not presented for payment Rs 1,800 |
|
(iii) |
Cheque deposited but not collected upto March 31, 2017 Rs 2,000 |
|
(iv) |
Bank charges debited by bank Rs 150 |
Following are the balance sheets of Alpha Ltd. as at March 31st, 2016 and 2017:
| Particulars | 2016 Rs. |
2017 Rs. |
| I. Equity and Liabilities |
|
|
|
Equity share capital
|
2,00,000 | 4,00,000 |
|
Reserves and surplus
|
1,00,000 | 1,50,000 |
|
Long-term borrowings
|
2,00,000 | 3,00,000 |
|
Short-term borrowings
|
50,000 | 70,000 |
|
Trade payables
|
30,000 | 60,000 |
|
Short-term provisions
|
20,000 | 10,000 |
|
Other current liabilities
|
20,000 | 30,000 |
| Total | 6,20,000 | 10,20,000 |
| II. Assets | ||
|
Fixed assets
|
2,00,000 | 5,00,000 |
|
Non-current investments
|
1,00,000 | 1,25,000 |
|
Current investments
|
60,000 | 80,000 |
|
Inventories
|
1,35,000 | 1,55,000 |
|
Trade receivables
|
60,000 | 90,000 |
|
Short term loans and advances
|
40,000 | 60,000 |
|
Cash at bank
|
25,000 | 10,000 |
| Total | 6,20,000 | 10,20,000 |
Following is the Balance Sheet of Raj Oil Mills Limited as at March 31, 2016
| Particulars | Rs. |
| I. Equity and Liabilities: | |
|
1. Shareholders’ funds
|
|
|
a) Share capital
|
7,90,000 |
|
b) Reserves and surplus
|
35,000 |
|
2. Current Liabilities
|
|
|
a) Trade Payables
|
72,000 |
| Total | 8,97,000 |
| II. Assets | |
|
1. Non-current Assets
|
|
|
a) Fixed assets
|
|
|
Tangible assets
|
7,53,000 |
|
2. Current Assets
|
|
|
a) Inventories
|
55,800 |
|
b) Trade Receivables
|
28,800 |
|
c) Cash and cash equivalents
|
59,400 |
| Total | 8,97,000 |
Calculate Current Ratio.
Show the following items in the balance sheet as per the provisions of the Companies Act, 2013 in Schedule III:
| Particulars | Rs. | Particulars | Rs. |
| Preliminary Expenses | 2,40,000 | Good will | 30,000 |
| Discount on issue of shares | 20,000 | Loose tools | 12,000 |
| 10% Debentures | 2,00,000 | Motor Vehicles | 4,75,000 |
| Stock in Trade | 1,40,000 | Provision for tax | 16,000 |
| Cash at bank | 1,35,000 | ||
| Bills receivable | 1,20,000 |
On March 31 2017 the cash book showed a balance of Rs 3,700 as cash at bank, but the bank passbook made up to same date showed that cheques for Rs 700, Rs 300 and Rs 180 respectively had not presented for payment, Also, cheque amounting to Rs 1,200 deposited into the account had not been credited. Prepare a bank reconciliation statement.
Following are the balance sheets of Beta Ltd. at March 31st, 2016 and 2017:
| Particulars | 2017 Rs. |
2016 Rs. |
| I. Equity and Liabilities |
|
|
|
Equity share capital
|
4,00,000 | 3,00,000 |
|
Reserves and surplus
|
1,50,000 | 1,00,000 |
|
Loan from IDBI
|
3,00,000 | 1,00,000 |
|
Short-term borrowings
|
70,000 | 50,000 |
|
Trade payables
|
60,000 | 30,000 |
|
Short-term provisions
|
10,000 | 20,000 |
|
Other current liabilities
|
1,10,000 | 1,00,000 |
| Total | 11,00,000 | 7,00,000 |
| II. Assets |
|
|
|
Fixed assets
|
4,00,000 | 2,20,000 |
|
Non-current investments
|
2,25,000 | 1,00,000 |
|
Current investments
|
80,000 | 60,000 |
|
Stock
|
1,05,000 | 90,000 |
|
Trade receivables
|
90,000 | 60,000 |
|
Short term loans and advances
|
1,00,000 | 85,000 |
|
Cash and cash equivalents
|
1,00,000 | 85,000 |
| Total | 11,00,000 | 7,00,000 |
Following is the Balance Sheet of Title Machine Ltd. as at March 31, 2017.
| Particulars |
Amount
Rs.
|
| I. Equity and Liabilities | |
|
1. Shareholders’ funds
|
|
|
a) Share capital
|
24,00,000 |
|
b) Reserves and surplus
|
6,00,000 |
|
2. Non-current liabilities
|
|
|
a) Long-term borrowings
|
9,00,000 |
|
3. Current liabilities
|
|
|
a) Short-term borrowings
|
6,00,000 |
|
b) Trade payables
|
23,40,000 |
|
c) Short-term provisions
|
60,000 |
| Total | 69,00,000 |
| II. Assets | |
|
1. Non-current Assets
|
|
|
a) Fixed assets
|
|
|
Tangible assets
|
45,00,000 |
|
2. Current Assets
|
|
|
a) Inventories
|
12,00,000 |
|
b) Trade receivables
|
9,00,000 |
|
c) Cash and cash equivalents
|
2,28,000 |
|
d) Short-term loans and advances
|
72,000 |
| Total | 69,00,000 |
Calculate Current Ratio and Liquid Ratio.
On 1st Aril, 2017, Jumbo Ltd. issued 10,000; 12% debentures of Rs. 100 each a discount of 20%, redeemable after 5 years. The company decided to write-off discount on issue of such debentures over the life time of the Debentures. Show the items in the balance sheet of the company immediately after the issue of these debentures.
The cash book shows a bank balance of Rs 7,800. On comparing the cash book with passbook the following discrepancies were noted:
|
(a) |
Cheque deposited in bank but not credited Rs 3,000 |
|
(b) |
Cheque issued but not yet present for payment Rs 1,500 |
|
(c) |
Insurance premium paid by the bank Rs 2,000 |
|
(d) |
Bank interest credit by the bank Rs 400 |
|
(e) |
Bank charges Rs 100 |
|
(d) |
Directly deposited by a customer Rs 4,000 |
Prepare Comparative Income Statement from the following information:
| Particulars | 2016-17 Rs. |
2015-16 Rs. |
| Freight Outward | 20,000 | 10,000 |
| Wages (office) | 10,000 | 5,000 |
| Manufacturing Expenses | 50,000 | 20,000 |
| Stock adjustment | (60,000) | 30,000 |
| Cash purchases | 80,000 | 60,000 |
| Credit purchases | 60,000 | 20,000 |
| Returns inward | 8,000 | 4,000 |
| Gross profit | (30,000) | 90,000 |
| Carriage outward | 20,000 | 10,000 |
| Machinery | 3,00,000 | 2,00,000 |
| Charge 10% depreciation on machinery | 10,000 | 5,000 |
| Interest on short-term loans | 20,000 | 20,000 |
| 10% debentures | 20,000 | 10,000 |
| Profit on sale of furniture | 20,000 | 10,000 |
| Loss on sale of office car | 90,000 | 60,000 |
| Tax rate | 40% | 50% |
From the following information prepare the balance sheet of Gitanjali Ltd., as per the (Revised) Schedule VI:
Inventories Rs. 14,00,000; Equity Share Capital Rs. 20,00,000; Plant and Machinery Rs. 10,00,000; Preference Share Capital Rs. 12,00,000; Debenture Redemption Reserve Rs. 6,00,000; Outstanding Expenses Rs. 3,00,000; Proposed Dividend Rs. 5,00,000; Land and Building Rs. 20,00,000; Current Investments Rs. 8,00,000; Cash Equivalent Rs. 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) Rs. 4,00,000; Public Deposits Rs. 12,00,000.
10 cc of liquid X is mixed with 10 cc of liquid Y. The volume of the resulting solution is found to be 19.8 cc.
Which of the following statements is correct with respect to the given observation?