Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5% depreciation on freehold premises and 10% on office furniture. (c) Insurance to the extent of Rs. 200 relates to 2021. (d) Stock on 31.12.2020 is Rs. 5,20,00 (e) Charge interest on capital 5% and on drawings Rs. 300. (1) Further bad debts are Rs. 1.000. (g) Provide for doubtful debts @ 5% on sundry debtors (h) Make provisions for discount on debtors and reserve for discount on creditors @2%. 4G+8:12 AM | 0.0KB/sVoLTE99%Rishabh Ttn SIGNMENTCourse Cod4 minutes ago 04Accounting for ManagersМMPC-004/TMA 2021-22Course TitleAssignement Code :CoverageAll BlocksNote: Attempt all questions and submit this assignment to the coordinator of your study centre.Last date of submission for July 2021 Session is 30“ November 2021 and for January2022 Session is 30" April 2022.Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for theended 31" December, 2020 and Balance Sheet as on that date:yearDr. (Rs.)Cr. (Rs.)DrawingsStock on O1/01/2019Purchases and Purchases Returns10,00046,0001,50,2003,40022,66038,600600Cash in HandBank BalanceFreehold PremisesTrade ExpensesPrinting, stationery and AdvertisingProfessional ChargesCommission Received8401,6402803,300Investments as on 1" Jan. @ 10%Interest on above4,00020029,000Sundry Debtors and CreditorsWagesSalaries36,00025,00014,000CapitalIncome TaxDiscount allowed and receivedSales Returns and Sales1,14,0001,6006,300S504,6002,08,95010,000Bills Receivable /Bills PayableOffice furnitureRent, Rates and InsuranceBad Debts Provisions3,2003,0504,000670Total3,71,3203,71,320Adjustments:(a) Provide for wages Rs. 5,000.(b) Write Off S% depreciation on freehold premises and 10% on office furniture.(c) Insurance to the extent of Rs. 200 relates to 2021.(d) Stock on 31.12.2020 is Rs. 5,20,00.(e) Charge interest on capital 5% and on drawings Rs. 300.(f) Further bad debts are Rs. 1,000.(g) Provide for doubtful debts e 5% on sundry debtors.(h) Make provisions for discount on debtors and reserve for discount on creditors @2%.Q2. What is activity based costing (ABC)? How product costs are determined in ABC? Discussthe benefits of ABC.Q3. What is variance? Explain the need for variance control and discuss the importance ofvariance control in operational and management control.Q4. From the following information presented by a firm for the year ended 31" December,prepare the Balance Sheet:Sales to Net WorthCurrent Liabilities to Net WorthTotal Debts to Net WorthFixed Assets to Net WorthCurrent RatioSales to Stock5 Times50%60%60%2.1OTimes

Name: Q L. From the following Trial Balance prepare Trading and Profit and L
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Description: Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200

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Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5% depreciation on freehold premises and 10% on office furniture. (c) Insurance to the extent of Rs. 200 relates to 2021. (d) Stock on 31.12.2020 is Rs. 5,20,00 (e) Charge interest on capital 5% and on drawings Rs. 300. (1) Further bad debts are Rs. 1.000. (g) Provide for doubtful debts @ 5% on sundry debtors (h) Make provisions for discount on debtors and reserve for discount on creditors @2%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:

Cr. (Rs.)

Dr. (Rs.)

10,000

46,000

1,50,200

3,400

22,660

600

38,600

840

1,640

280

3,300

4,000

200 29,000

Drawings

Stack on 01/01/2019

Purchases and Purchases Returns

Cash in Hand

Bank Balance

Freehold Premises

Trade Expenses Printing, stationery and Advertising

Professional Charges

Commission Received

Investments as on 1" Jan. @ 10% Interest on above

Sundry Debtors and Creditors Wages

Salaries Capital

Income Tax Discount allowed and received

Sales Returns and Sales

Bills Receivable /Bills Payable

Office furniture

Rent, Rates and Insurance Bad Debts Provisions

Total Adjustments:

36,000

25,000

14,000

1,14,000

1,600

6,300

550 3.200

4,600

2,08,950

10,000

3,050

4,000

670 3.71,320

3,71,320

(a) Provide for wages Rs. 5,000.

(b) Write Off 5% depreciation on freehold premises and 10% on office furniture.

(d) Stock on 31.12.2020 is Rs. 5,20,00 (e) Charge interest on capital 5% and on drawings Rs. 300.

(1) Further bad debts are Rs. 1.000.

(g) Provide for doubtful debts @ 5% on sundry debtors

(h) Make provisions for discount on debtors and reserve for discount on creditors @2%.

4G+
8:12 AM | 0.0KB/s
Vo
LTE
99%
Rishabh Ttn SIGNMENT
Course Cod4 minutes ago 04
Accounting for Managers
МMPC-004/TMA 2021-22
Course Title
Assignement Code :
Coverage
All Blocks
Note: Attempt all questions and submit this assignment to the coordinator of your study centre.
Last date of submission for July 2021 Session is 30“ November 2021 and for January
2022 Session is 30" April 2022.
Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the
ended 31" December, 2020 and Balance Sheet as on that date:
year
Dr. (Rs.)
Cr. (Rs.)
Drawings
Stock on O1/01/2019
Purchases and Purchases Returns
10,000
46,000
1,50,200
3,400
22,660
38,600
600
Cash in Hand
Bank Balance
Freehold Premises
Trade Expenses
Printing, stationery and Advertising
Professional Charges
Commission Received
840
1,640
280
3,300
Investments as on 1" Jan. @ 10%
Interest on above
4,000
200
29,000
Sundry Debtors and Creditors
Wages
Salaries
36,000
25,000
14,000
Capital
Income Tax
Discount allowed and received
Sales Returns and Sales
1,14,000
1,600
6,300
S50
4,600
2,08,950
10,000
Bills Receivable /Bills Payable
Office furniture
Rent, Rates and Insurance
Bad Debts Provisions
3,200
3,050
4,000
670
Total
3,71,320
3,71,320
Adjustments:
(a) Provide for wages Rs. 5,000.
(b) Write Off S% depreciation on freehold premises and 10% on office furniture.
(c) Insurance to the extent of Rs. 200 relates to 2021.
(d) Stock on 31.12.2020 is Rs. 5,20,00.
(e) Charge interest on capital 5% and on drawings Rs. 300.
(f) Further bad debts are Rs. 1,000.
(g) Provide for doubtful debts e 5% on sundry debtors.
(h) Make provisions for discount on debtors and reserve for discount on creditors @2%.
Q2. What is activity based costing (ABC)? How product costs are determined in ABC? Discuss
the benefits of ABC.
Q3. What is variance? Explain the need for variance control and discuss the importance of
variance control in operational and management control.
Q4. From the following information presented by a firm for the year ended 31" December,
prepare the Balance Sheet:
Sales to Net Worth
Current Liabilities to Net Worth
Total Debts to Net Worth
Fixed Assets to Net Worth
Current Ratio
Sales to Stock
5 Times
50%
60%
60%
2.
1OTimes

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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