Simple Final Accounts Past Paper Solutions Q # 1 & 3 & 7.pdf
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CSS Accountancy Accountancy & Auditing
Simple Final Accounts
Adam’s Learning Centre, Centre, Lahore CSS Accounting & Auditing Topic Vise Past Papers (Solutions)
Simple Final Accounts Q.1
C S S – 2015, Paper # 1, S ection – A , Q. # 2)
(20 Marks)
a. Income Statement
Malcom's Income Statement / Profit & Loss Account For the Year ended ended 30th June 2012
Accounts
£
£
Sales
243,000
Less Cost of goods sold
(144,000) 99,000
Gross Profit
Less Other Expenses Wages Expenses Plus Wages Payable Rent Expenses Plus Rent Payable Insurance Expenses Less Prepaid Insurance Sundry Expenses
£
14,250 750
15,000
13,500 3,000
16,500
2,000 (1,000)
1,000 3,000
CSS Accountancy & Auditing
Simple Final Accounts
c. Balance Sheet
Malcom's Balance Sheet /Statement of Financial Position as on 3th J une 2012
Accounts
£
£
£
Assets Fixed Assets
Vehicle
1,000
Less Depreciation
(5,250)
15,750
Current Assets
Cash at bank
4,500
Stock
36,000
Debtors
22,650
Less Bad debts (Further)
(2,650) 20,000
Less Provision for B/D Prepaid Insurance
(2,000)
18,000 1,000
Total Current Assets
59,500
Total Assets
75,250
Liabilities & Capital Capital
Capital as at 1st July 2011
29,000
CSS Accountancy & Auditing
Simple Final Accounts
Malcom's Work Sheet For the Y ear ended 30th J une 2012
Trial B alance Accounts
Dr.
Cr.
Adjus tments #
Dr.
#
Adjus ted TB Cr.
Dr.
Cr.
Income Statement Dr.
Balance Sh eet
Cr.
Dr.
Cr.
Capital account as at 1st July, 2011
29,000
29,000
29,000
Creditors
21,000
21,000
21,000
Debtors
22,650
5 (i)
2,650
5 (ii)
2,000
18,000
Cost of goods sold
144,000
144,000
Drawings
32,100
32,100
Sales
243,000
Stock
36,000
Vehicles
21,000
Wages Expenses
14,250
Sundry Expenses
3,000
Rent Expenses
13,500
Insurance Expenses
2,000
Cash at bank
4,500
18,000 144,000 32,100 243,000
4 1
2
5,250
750
3,000 3
1,000
243,000
36,000
36,000
15,750
15,750
15,000
15,000
3,000
3,000
16,500
16,500
1,000
1,000
4,500
4,500
Wages Payable
1
750
750
750
Rent Payable
2
3,000
3,000
3,000
Prepaid Insurance
3
1,000
1,000
Depreciation Vehicle
4
5,250
5,250
5,250
Bad Debts
5 (i)
2,650
2,650
2,650
Provision for bad debts
5 (ii)
2,000
2,000
2,000
Total
293,000
293,000
14,650
14,650
Net Profit
296,750
189,400
243,000
107,350
53,600
Grand Total
3|Page
296,750
1,000
243,000
By: Asif Masood Ahmad
53,750 53,600
243,000
107,350
Adam’s Learning Centre, Lahore
107,350
CSS Accountancy & Auditing Q. 3
Simple Final Accounts
C S S – 2013, P aper # 1, S ection – A , Q.# 2)
(20 Marks)
a. Income Statement
Name of Business Income Statement / Profit & Loss Account For the Year ended 31st December 2011 Accounts
Rs.
Sales Less Sales Return Net sales Less Cost of goods sold Opening Stock Plus Purchases Less Purchase return Add Carriage In
8,635,000 1,677,800 2,050,800 (106,000) 55,000 1,999,800 (1,400,000) 2,277,600 858,000 60,000
918,000
Cost of goods sold
(3,195,600) 5,439,400
Gross Profit
Less Other Expenses Coal & Gases
Rs.
,720,000 (85,000)
Net Purchases Less Closing Stock Material Used Wages Expense Plus Outstanding Wages
Rs.
234,160
CSS Accountancy & Auditing
Simple Final Accounts
b. Adjusting Entries No.
Accounts
1
Closing Stock A/C P & L A/C
2 2 2 2 3 3 3 3 4 4
Dr.
Rs.
1,400,000 60,000
Depreciation Exp. Loose Tools A/C Loose Tolls A/C
12,000
160,000 12,000 4,800 4,800
Depreciation Exp. L & B A/C Land & building A/C
60,000
Wages Expense A/C Outstanding Wages Exp. A/C
60,000
Advertisement Expense A/C Outstanding Advertisement A/C
20,000
Salaries Expense A/C Outstanding Salaries Exp. A/C
20,000
Repair & Maintenance Expense A/C Outstanding R & M Exp. A/C
Rs.
1,400,000
Depreciation Exp. P & M A/C Plant & Machinery A/C
Depreciation Exp. Furniture A/C Furniture A/C
Cr.
60,000 60,000 20,000 120,000 1,500 1,500
P & L A/C Provision for Bad Debts A/C
90,000
P & L A/C
34,200
90,000
CSS Accountancy & Auditing
Simple Final Accounts
c. Balance Sheet Name of Business Balance Sheet /Statement of Financial Position
as on 31st D ecember 2011 Accounts
Rs.
Rs.
Rs.
Rs.
Assets F ixed Assets
Cost
Goodwill Land & Buildings Plant & Machinery Loose Tools Furniture
3,618,200 2,400,000 1,600,000 120,000 48,000
Depreciation
….
60,000 160,000 12,000 4,800
NBV 3,618,200 2,340,000 1,440,000 108,000 43,200
Total fixed assets
7,549,400
Current Assets Cash in hand Cash at bank Stock Debtors Less Prov. For B/D Less Prov. for Discount Bills receivable Total Current Assets
18,600 1,016,840 1,400,000 1,800,000 (90,000) 1,710,000 (34,200)
1,675,800 145,800 4,257,040
CSS Accountancy & Auditing
Simple Final Accounts
Name of Business Work Sheet For the Year ended 31st December 20 11
Trial B alance Accounts
Dr.
Capital Drawings Goodwill Land &Buildings Plant &Machinery Loose Tools Bills Receivable Bills Payable Cred itors Purchase Returns Sales Sto ck, 1st Jan 20 11 Purchases Wages Carriage Outward Carriage inward Coal &gases Salaries Rent, Rates &Taxes Discount Cash at Bank Cash in Hand Sundry Debtors Repairs &maintenance Printing &Stationery Bad Debts Advertisements Sales Returns Furniture General Exp enses C lo sing Sto ck P &L (Clo sing Sto ck) Depriciation–Plant &Machinery Depriciation–Loss Tools Depriciation–Furniture Depriciation–Land &Buildings Payable–Wages Payable–Advertisements Payable–Salaries Payable–Repairs &Maintenance P ro visio n fo r b ad d eb ts P &L (Pro visio n fo r Bad d eb ts) P ro visio n fo r d isco ut P &L (Pro visio n fo r Disco unt)
Dr.
60,000 160,00 0 12,000
60,000
3
120,00 0
3
1,500
3
20,000
1
1,400,00 0
160,00 0 12,000 4,800 60,000
19 , 6 4 6 , 8 4 0
2 2 2 2
4
90,000
4
34,200 1, 9 2 8 , 3 0 0
4,8 00
1,677,800 2,050,800 918,000 22 ,160 55,000 234 ,160 1,534,560 113,000 60,520 1,016,840 18,600 1,800,00 0 76,100 20,600 48,520 160,84 0 85,000 43,200 210,040 1,400,00 0
160,00 0 12,000 4,800 60,000
1,400,00 0
3 3 3 3 4
60,000 20,000 120,00 0 1,500 90,000
4
34,200
1, 9 6 2 , 5 0 0
Net Profit
1,352,000 3,068,840 106,00 0 8,720,000
1,352,000 3,068,840 106,00 0 8,720,000
1,016,840 18,600 1,800,00 0 76,100 20,600 48,520 160,84 0 85,000 43,200 210,040 1,400,00 0 1,400,00 0
1,400,00 0 160,00 0 12,000 4,800 60,000
60,000 20,000 120,00 0 1,500 90,000
34,200
60,000 20,000 120,00 0 1,500 90,000 90,000
2 1, 3 7 2 , 5 4 0
34,200 34,200 7,628,100
10 , 2 2 6 , 0 0 0
13 , 7 4 4 , 4 4 0
11,146,54 0
10 , 2 2 6 , 0 0 0
13 , 7 4 4 , 4 4 0
13,744,440
2,597,900
10 ,2 2 6 ,0 0 0
By: Asif Masood Ahmad
Cr. 6,400,000
To ta l
7|Page
6,400,000
90,000
34,200 2 1 , 3 7 2 , 5 4 0
Balance Sheet Dr.
1,677,800 2,050,800 918,000 22 ,160 55,000 234 ,160 1,534,560 113,000 60,520
Cr.
1,813,800 3,618,200 2,340,000 1,440,00 0 108,000 145,800
3
Dr.
1,813,800 3,618,200 2,340,000 1,440,00 0 108,00 0 145,800
1,352,0 00 3,068,840 106,00 0 8,720,000
2
Income Statement
Cr.
2 2 2
1,677,80 0 2,050,800 858,000 22 ,160 55,000 234 ,160 1,414,560 113,00 0 60,520 1,016,84 0 18,600 1,800,00 0 74,60 0 20,60 0 48,520 140,84 0 85,000 48,000 2 10 ,0 4 0
19 ,6 4 6 ,8 4 0
Dr.
6,400,000
1
T o ta l
Adjusted TB Cr.
1,813,800 3,618,200 2,400 ,000 1,60 0,0 00 120,00 0 145,800
Adjustments
Cr.
2,597,900
Adam’s Learning Centre, Lahore
CSS Accountancy & Auditing Q. 7
Simple Final Accounts
C S S – 2004, PA PE R # 1, Q. # 5, Compuls ory Question
(40 Marks)
a. Income Statement
Name of Business Income Statement / Profit & Loss Account For the Year ended 31st December 2003 Accounts Rs. Rs. Sales 121,850 Less Sales Return (285) Net sales Less Cost of goods sold Opening Stock 15,040 Plus Purchases 85,522 Add Carriage In 1,291 Net Purchases 86,813 Less Closing Stock (15,500)
Cost of goods sold Gross Profit Add Other Incomes Interest Income Add Interest Receivable Rental Income
121,565
(86,353) 35,212 340 210
550 150
Total Other I ncomes Less Other Expenses Carriage out Provision for Bad debts Establishment
Rs.
700 800 1,000 2,135
CSS Accountancy & Auditing
(vi) (vii)
Simple Final Accounts
Taxes & insurance Expense A/C Interest receivable A/C Interest Income A/C Rent receivable A/C Rental Income
Note 1:
Note 2:
50 210 210 150 150
While recording depreciation of Various Assets Direct write off method is applied as there is no provision for depreciation A/c is available in trial balance otherwise provision for Depreciation A/c could be credited instead of Assets Accounts. A bill receivable for Rs. 500 was discounted in December 2003 But was not due till January next. For this adjustment no entry is required to record, just a disclosure in notes to the accounts is sufficient.
c. Balance Sheet Name of Business Balance Sheet /Statement of Financial Position
as on 31st December 2003 Accounts
Rs.
Rs.
Rs.
Assets F ixed Assets Building Motor Trucks Furniture Investments
Cost 70,000 12,000 1,640
Dep. 2,400 164
NBV 70,000 9,600 1,476 81,076 8,922
Rs.
CSS Accountancy & Auditing
Simple Final Accounts Name of Business Work Sheet F or the Year ended 31st December 200 3
Trial B alance Accounts
Building Motor Trucks Furniture Sundry Debtors Sundry Creditors Stock Cash in hand Cash at Bank Bills Receivable Bills Payable Purchases Sales Capital Carriage on Purchases Carriage on Sales Reserve for Bad Debts Establishment Taxes & Insurance Interest (Cr.) Bad Debts Audit Fee General charges Travelling Expenses Discount (Dr.) Investments Sales Returns Closing Stock P & L A/C Depriciation A/C M. Trucks Depriciation A/C Furniture P & L A/C (Reserve For B/D) Outstanding Salaries Outstanding Taxes Salaries Expenses A/C Unexpired insurance A/C Interest Receivable A/C Rental Income A/c Rent receivable A/C Total
Dr. 70,000 12,000 1,640 15,600
Adjustments
Cr.
#
Dr.
(ii) (ii)
Adjusted TB
#
Cr.
2,400 164
18,852
1,21,850 92,000
(iii) (iv)
150
340
(v) (vi)
1,291 800
2,135 883
1,000
613 400 3,950 325 620 8,922 285
(i)
15,500
(i)
(ii) (ii) (iii)
20,124
92,000
2,320 2,135 883 550 613 400 3,950 325 620 8,922 285 15,500
15,500
15,500 2,400 164 1,000
500 150
150
241,292
121,850
2,320
500 50 210
150 241,292
121,850 92,000
2,400 164 1,000
500 50 210
6,930
1,291 800
500 150
500 150 500 50 210
150
150
150 20,124
258,802
150 258,802
115,928
Net Profit
22,122
Total
138,050
10 | P a g e
By: Asif Masood Ahmad
Cr.
18,852
6,930
613 400 3,950 325 620 8,922 285 15,500
15,500
2,400 164 1,000 (iv) (iv)
(iv) (v) (vi)
18,852
550
Dr. 70,000 9,600 1,476 15,600
85,522
50 210
B alance Sheet
Cr.
988 14,534 5,844
1,320
2,135 783
85,522
Dr.
15,040
1,291 800
6,930
85,522
15,040 988 14,534 5,844
I ncome Statement
Cr.
15,040 988 14,534 5,844
Dr. 70,000 9,600 1,476 15,600
138,050
142,874
120,752
138,050
142,874
142,874
22,122
Adam’s Learning Centre, Lahore
CSS Accountancy & Auditing
11 | P a g e
Simple Final Accounts
By: Asif Masood Ahmad
Adam’s Learning Centre, Lahore
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