FPOE

FINAL ACCOUNT
QUESTIONS

FPOE

33th STP

Company Final
Account

Assets

Rs-

Capital &
Liabilities

Rs-

RS
Authorized Capital
100,00,000
[Shares 1000,000 each Rs-10]
Share capital
[24000 each Rs-10]

240,000

FPOE

--- th STP

Company Final Account

Adjustment (c)
Actual disposal entry
Cash a/c
3,000,000
Acc.Dep
798,000
Loss on Disposal 402,000
Machinery a/c 4,200,000
-----------------------------------------------------Already made
Cash 3,000,000
to Machinery 3,000,000

Acc Dep
798,000
Loss on Disposal 402,000
Machinery
1200,000

Polo Industries Ltd.

Trading,P&L Account
As on 30-06-06

Particulars
Op-Stock
Purchases

Rs Particulars
26,490,000
225,993,000

Manufacturing Over head

46,880,000

Gross Profit

48447,000

Total

347810,000

Admn & Selling Expenses +

Dep: 12,490,000 +1460,000

13950,000

Financial Expenses

9420,000

Loss on disposal of
Machinery

402,000

Amortization of Patents

600,000

Depreciation - Dep of Admn

[10460,000 -1460,000]

9000,000

Mark-up

1360,000

Audit fee

Rs

Sales
Closing Stock

324,860,000
22,950,000

Total

347810,000

Gross Profit

48447,000

Total

48447,000

120,000

Net Profit [To P&L App a/c]

13,595,000

Total

48447,000

Polo Industries Ltd.

P&L App. Account
As on 30-06-06
Particulars
Tax provision[0.5% on
turnover]

Rs. Particulars
1624,30
0

App Net Profit [to B/S]

15840,7
00

TOTAL

17465,0
00

Net Profit b/f

Rs.
13,595,00
0

Un-appropriated
Profit

3870,000

TOTAL

17465,00
0

Polo Industries Ltd.

Balance Sheet
As on 30-06-06

Fixed Assets - sale of

machinery and unadjusted cost
of sold Machinery
[112,400,000 3,000,000 and
1200,000]
Patents & Patterns Less
Amortized
[1,800,000 600,000]
Advances & Deposits

108,200,000

1,200,000

247,000

Share Capital

30,000,000

Share Premium a/c

6,000,000

General Reserves

4,000,000

Trade Debtors

26,680,000

Bank Z Loan + Mark up

[40,000,000 +1360,000]

Stock

22,950,000

Overdraft Bank A

18,960,000

Trade Creditors

12,640,000

Bank-B
Cash in Hand

1592,000
128,000

Accrued Expenses
Acc. Depreciation Less
Acc.Dep of Machinery sold
+ Annual Dep
[19,200,000 - 798,000
+10,460,000]
Prov. For Tax
Audit fees
App. Net Profit

160,997,000

41360,000

1,590,000
28862,000

1624,300
120,000
15840,700
160,997,,00

Share Premium Account

Nominal value of Share is Rs-10 each
Amount received Rs-12 when is issued
Rs-2 shall be placed in Share Premium
Account

Calculation of
Depreciation
After deducting asset disposed
of

Cash a/c
3,000,000
Acc. Dep
798,000
Loss on disposal a/c
402,000
Machinery a/c
4,200,000

FPOE

---34 TH STP

FPOE ---34TH STP

Partnership Final account

FPOE STP
Sole Proprietorship Final Account

FPOE . 35TH STP

Partnership Final Account

FPOE 36 CTP
Company Final
Account
th

HRM Limited and incorporated after July 01,2008 with the authorized share capital of Rs-50
millions. Following is the Trial Balance of the company on 30 th June 2009
( figures in
000)
Incorporation expenses(indirect)
1,750 Share capital (4,500,000 of
45,000
Start up cost(indirect)
2,100 Rs-10/- each)
Land
7,500 Trade creditors
17,500
Factory building
5,000 Accrued expenses
1,500
Office building
1,000 Sales
164, 290
Plant &
7,000
TOTAL
Machinery
800
228,290
Furniture & office
200
equipment
3,000
Furniture
21,000
&Equipment(factory)
126,070
Motor Vehicles
11,900
Trade debtors
4,250
Purchase of raw material
5,870
Salaries &
8,970
wages(indirect)
4,510
ADJUSTMENT
Salaries & wages(direct
6,250
(c) A debt of 0.5 Million is
2,800
to written off. Provision for
Fuel & power
2,950 doubtful debts[1 %] is to be
Other
5,370
created on the year end
overhead expenses
228,290 balance.
Repair and
(d) 1- Interim divided @ Rsmaintenance(factory)
0.50 per share declared on
Distribution expenses
June 05,2009 but paid on
July 08,20092- Final
Selling expenses
dividend @ Rs- 0.50 per
Administrative expenses
share declared on August
18,2009 but not yet paid.
Cash and Bank Balance
(e) Transfer to general
reserve is Rs-01 million.
TOTAL
Required: Prepare Profit &
Loss Account, Balance
ADJUSTMENT
Sheet and Depreciation
(a) The cost of stock at 30th June
Account for the year ended
was as:
on 30th June,2009 in

FPOE 37TH STP

Sole Proprietorship Final Account

FPOE -- 38th STP

Sole Proprietorship Final Account

FPOE- 39th CTP

Sole Proprietorship Final Account

Q : Form the following is the Trial Balance of Mr. Tahir, prepare Trading, Profit and Loss Account, and

Debit Balances
Drawings
Prize bonds
Salaries & wages
Investment

Insurance
Furniture
Postages & Telegram
Bank interest

Balance Sheet on 31 st Dec.,2012after making the adjustments given below.

Rs.
Credit Balances
10,000 Sundry creditors

Rs.

14,800
20,000

Bank Loan( @15%)

10,000
15,000 Advertisement Income
5,000 Capital

340
108,00
0
4,100
289,60
0
5,800

600 Misc. Income

7,450 Sales
870
900

Purchases Returns
Total

442,64
0

Sundry Debtors

24,000

Sales Returns
Stock on Jan,01,2012

9,400 ADJUSTMENTS:
1-Stock on 31st December 2012 was valued at Rs46,000 80,000
3,910 2- Effect of advertising being not yet expired. A
quarter of the amount of Printing &Advertisement is to
be carried forward for next year
3Provide 2% for discount on debtors. Also
1,800
create
a bad debt provision @ 5%
700

243,10 4- Depreciate furniture @ fixture @ 10%

0
14,600 5- Interst accrued of DScs amount to Rs- 500
8,000 6Private purchases amounting to Rs- 500 has
been included in purchases day book.
18,600 7- Invoices for purchases amounting to Rs-1,000
2330 has been omitted from the books
380
20,000

General expenses

Discount Allowed
Audit Fee
Purchases
Printing &Advertisement
Cash at Bank
Carriage inwards
Travelling Expenses
Cash in hand
Defence Saving Certificates
Total

442,64

Net Realizable Value

 Adjustment:

Net Realizable Value

The usual
accounting basis
for stock valuation
is theLOWER of
cost& Net

FINAL ACCOUNT
EXERCISES

Debit
Balances
Fixed Asset

Rs.

Credit
Balances

10,00,0 Capital
00

Current Assets

Liabilities

Rs.

12,00,0
00
395,000

800,000
Direct Expenses

Direct Incomes
400,000

Indirect Expenses

Accumulate Depreciation of
300,000 Fixed Asset
Provision for Bad Debts

Total
Adjustments
1-Sales Book was over cast
by 300.
2-Purchase of Furniture for
615 passed through
purchases book.
3-Amount of 55 received
from D was posted to his
account as 550.
4. Bade debts Rs 5,000.
Also create 5% provision for

25,00,0 Total
00
6- A cash sale of 1235
entered in cash book
correctly but posted in
Sales Account as 235.
7- A fixed asset was
disposed of against Rs:
10,000 ( Cost 50,000 on 1st
Jan 2010). Depreciation
rate on straight line method
is 10%.
8. Closing Stock is Rs-

800,,00
0
100,000
5,000
25,00,0
00

Trading,P&L A/c
As on 30th June,2013
Rs.
Direct Expenses
400,000
Less Furniture
615)
Add P- returns
109

399,49
4

Rs.
Direct Incomes
Add unrecorded sale
Less Overcast sale
closing Stock

800,000
1,000
(300)

431,20
6

800,7
00
30,00
0

Gross Profit c/d

830,70
0
Indirect Expenses 300,000
Less Un-expired (5,000)

Gross Profit c/d

295,00
0

Bad Debts 5,000

5%New Prov. For
B/Debts:
[ 80,000 5,000]
3,750
Less Old Prov. For Bad Debts
( 5,000)

2% Prov. For discount

[ 80,000- 5,000-3750]

830,7
00

3,750

1425

Depreciation on Fixed asset

@10%
[ 10,00,000 +
615 50,000)

95,062

Loss on disposal of asset

25,000

431,2
06

Balance Sheet
As on 30th June,2013
Assets

Rs.

Capital & Liabilities

Rs.

Fixed Asset :
10,00,000(Less Disposed
of 50,000 + New 615]

9,50,61
5

Capital

12,00,00
0

Current Assets
800,000
+ Cash
10,000
+Over Deducted Debtor
495
810,495
Less New B/Debts
(5,000)
Less Prov. For B/Debts
(3,750)
Less Prov. For Discount
(1425)
Un-expired indirect
expenses

Liabilities

395,000

800,32
0

5,000 Acc. Dep. On Fixed Asset

100,000
Add: This year Dep:
95,062
Less Acc.Dep on Disposed of Machinery

180,062

1-Sales Book
was over cast
by 300.

Sales a/c
300
Suspense A/c
300

2-Purchase of
Furniture for 615
passed through
purchases book.

Furniture a/c 615

Purchases a/c
615

3-Amount of 55
received from D
was posted to his
account as 550.

As A/C 495
Suspense A/c
495

4-Purchases Returns
Book total on a folio
was carried as 221
instead of 112.

Purchases Return A/C 109

Suspense
A/c 109

5- A cash sale of
1235 entered in
cash book correctly
but posted in Sales
Account as 235.

Suspense a/c 1000

sales a/c
1000

7- A fixed asset was disposed of

against Rs: 10,000 ( Cost 50,000 on 1st
Jan 2010). Depreciation rate on
straight line method is 10%.

7Cash a/c
10,000
Acc Dep on F-Asset 15,000
Loss on disposal
25,000
Fixed Asset a/c 50,000

7Dep. On F-asset a/c 95,062

Fixed Asset a/c
95,062
10% of [10,00,000 + Furniture 10,000
Less disposed of asset 50,000]