Single Entry HSC 2013-14

NOOR  S SIR’’s “ ACADEMY” “ARMAAN  A

CLASS TEST

:  C CLASSES  U UNDER T  T AKEN F FOR  :: F YJC  T  T o  M M.Com,  B BAF, B BMS,  C CA, C CS  & & I ICWA, MAT HS & &  S ST AT IST ICS CONT ACT  O 996  7 705  1 1296  ON  :: 9

BOOK-KEEPING  & & A ACCOUNT ANC Y SINGLE  E ENT R Y S  Y  S S YS  YST EM DAT E _  : _   _   _   _   _   _   _   _   _   _  MARKS: 1 16

Q.1 Mr. Yogesh keeps his book under Single Entry System. From the following particulars, prepare opening op ening and closing statement of affairs and statement of Profit and Loss. Particulars 1.4.2012 31.3.2013 Bank balance 36,000 27,000 Cash balance 7,500 9,000 Debtors 90,000 1,20,000 Stock 60,000 90,000 Furniture 9,000 9,000 Machinery 60,000 90,000 Sundry Creditors 36,000 60,000 Bills payable 16,500 27,000 Additional information : 1. 2. 3. 4. 5. 6.

Mr. Yogesh has withdrawn Rs. 22,500 from the business for his personal use. He has introduced additional capital of Rs. 7,500 in the business on 1 st January, 2013. Addition to machinery were made on 1 st January, 2013 Depreciate furniture and machinery @ 10% p.a. Maintain reserve for doubtful debts @ 2% on debtors. d ebtors. Closing stock is overvalued by 20% in the books.

Q.2 A and B are partner in a firm sharing profit and as at 31.3.2012 was given below: LIABILITIES Rs. Creditors 20,000 A´s Loan 20,000 Capital : A 50,000 80,000 B 30,000

losses A = 60%, B = 40%, their statement of affairs ASSETS

Rs. Plant 40,000 Land and Building 20,000 Stock 30,000 Debtors 20,000 Cash 10,000 1,20,000 1,20,000 The partners keep their books by single entry system on 31.3.2013, the position of the business w as as follows :Plant Rs. 50,000 Land and Building Rs. 20,000 Stock Rs. 40,000 Debtors Rs. 25,000 Creditors Rs. 25,000 Cash Rs. 20,000  You are required to ascertain the amount of firms profit or loss for the year ended 31.3.3013 and a statement of affairs as on that date after taking into account the following considerations: 1. Depreciate plant @ 10% p.a. including addition 2. On 1.1.2013, A increased his Loan by Rs. 10,000 in ord er to pay for additional machinery which was installed on the same date. 3. Interest on Loan is to be allowed @ 6% p.a. 4. During the year A and B drew Rs. 12,000 and Rs. 9,000 respectively. 5. Provide interest on capital @ 5% and interest on drawings @ 10% p.a.