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    All Document Reader 1721740791405

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    Prascilla Menon006

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    All Document Reader 1721740791405

    Uploaded by

    Prascilla Menon006
    20 views2 pages

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    All_Document_Reader_1721740791405

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    © All Rights Reserved
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    20 views2 pages

    All Document Reader 1721740791405

    Uploaded by

    Prascilla Menon006

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    St.

    Joseph’s College of Commerce, Bangalore (Autonomous)

    PROBLEMS ON FINAL ACCOUNTS

    1. Calculate the Gross Profit from the following data for the year ended 31 st March, 20X1.

    Rs. Rs.
    Opening Inventory 40,000 Purchases Return 12,000
    Purchases 2,00,000 Sales Return 20,000
    Sales 5,00,000 Carriage on purchases 8,000
    Freight and Octroi 6,500 Carriage on sales 10,000
    Wages 30,000 Factory Rent 12,000
    Factory Lighting 10,800 Office Rent 7,500
    Coal, Gas and Water 2,200 Import Duty 32,000
    Closing Stock is valued at Rs. 60,000.
    2. From the following information, find the Gross profit for the year ended 31 st March, 20X1.

    Rs. Rs.
    Adjusted Purchases 24,00,000 Office Rent 18,000
    Freight and Carriage inwards 20,000 Trade Expenses 10,000
    Freight and carriage outwards 15,000 Sales 30,00,000
    Wages 1,68,000 Closing Inventory 1,50,000
    Octroi charges 2,000 Fuel and power 30,000
    3. From the following information, calculate:
    a) Cost of goods sold
    b) Gross Profit

    Rs. Rs.
    Opening Inventory 40,000 Expenses on sales 15,000
    Purchases 4,20,000 Wages 30,000
    Expenses on purchases 8,000 Sales 6,00,000
    Closing Inventory 52,000
    4. From the following particulars, prepare a Statement of Profit and Loss for the year ending 31 st
    March, 2019:

    Rs. Rs.
    Opening Inventory 2,00,000 Commission paid 2,400
    Purchases 19,00,000 Commission Received 6,000
    Sales 25,00,000 Travelling Expenses 4,800
    Purchases Return 70,000 Office Expenses 3,500
    Sales Return 1,00,000 Interest on Long term loans 22,000
    Wages 80,000 Dividend on Investments 2,800
    Advertising 12,000 Printing and stationery 3,600
    Salaries 1,78,000 Loss on sale of Machinery 35,000
    Rent and Taxes 62,000 Carriage outwards 1,400
    Lighting 15,000 Loss by theft 25,100
    Gain on sale of building 50,000
    Closing inventory was valued at Rs. 2,50,000.

    1
    St. Joseph’s College of Commerce, Bangalore (Autonomous)

    5. From the following particulars, prepare a Statement of Profit and Loss for the year ending 31 st
    March, 20X1:

    Debit Items Rs. Credit Items Rs.


    Purchases 60,000 Capital 1,13,075
    Sales Returns 1,500 Sales 1,27,000
    Plant and machinery 90,000 Purchases Return 1,275
    Opening Inventory 40,000 Discount Received 800
    Discount allowed 350 Sundry Creditors 20,000
    Bank charges 100 Bills payable 5,000
    Sundry Debtors 45,000
    Salaries 7,000
    Wages 10,000
    Freight inwards 1,000
    Freight outwards 1,200
    Rent, rates and taxes 2,000
    Advertisements 2,000
    Cash at Bank 7,000

    Total 2,67,150 2,67,150


    Closing inventory was valued at Rs. 35,000.

    Home Work:

    1. Calculate the Gross Profit from the following data for the year ended 31 st March, 20X1.

    Rs. Rs.
    Opening Inventory 2,50,000 Purchases Return 22,000
    Purchases 7,00,000 Sales Return 36,000
    Sales 18,00,000 Custom Duty 15,000
    Wages 2,06,000 Gas, Fuel and Power 60,000
    Carriage Inwards 34,000 Dock Charges 8,000
    Carriage outwards 20,000 Factory Lighting 96,000
    Manufacturing Expenses 2,48,000 Office Lighting 5,000
    Closing Inventory is valued at Rs. 6,00,000.
    2. From the following information, find the Gross profit for the year ended 31 st March, 20X1.

    Rs. Rs.
    Adjusted Purchases 15,00,000 Depreciation 36,000
    Sales 21,40,000 Factory Expenses 60,000
    Returns Inwards 40,000 Closing Inventory 1,20,000
    Freight and Packing 15,000
    Packing Expenses on sales 20,000

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