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प्रश्न
Accrued interest on investment will be shown
विकल्प
On the credit side of profit and loss account
On the assets side of balance sheet
Both On the credit side of profit and loss account and On the assets side of balance sheet
None of these
उत्तर
Both On the credit side of profit and loss account and On the assets side of balance sheet
APPEARS IN
संबंधित प्रश्न
From the following Trial Balance of M/s Sanjay and Keshav, you are required to prepare Trading and Profit and Loss account, for the year ended 31st March 2013 and Balance Sheet as on that date after taking into account the following additional information:
Trial Balance as on 31st March, 2013
| Debit Balances | Amount (Rs.) | Credit Balances | Amount (Rs.) |
| Opening stock | 180000 | Sales | 525000 |
| Bills receivable | 80000 | Rent | 22000 |
| Purchase | 240000 | Bills payable | 78000 |
| Bad debts | 20000 | Sundry creditors | 100000 |
| Salary and wages | 24000 |
Capital account Sanjay Keshav |
500000 300000 |
| Discount | 9000 | ||
| Carriage inward | 12000 | ||
| Travelling expenses | 13000 | ||
| Cash in hand | 38000 | ||
| Furniture | 280000 | ||
| Insurance | 12000 | ||
| Land and building | 400000 | ||
| Postage and telegram | 7000 | ||
| Sundry debtors | 210000 | ||
| 1525000 | 1525000 |
Additional information:
- Insurance paid in advance Rs. 3,000.
- Depreciation provided on furniture at 10%.
- Salary and wages outstanding Rs. 6,000.
- Rent received in advance Rs. 5,000.
- Closing stock as on 31.03.2013 Rs. 2,00,000.
Given below is the Trial Balance of M/s. Shailesh and Nilesh as on 31st March, 2016. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as on that date :
Trial Balance
as on 31.03.2016
| Debit Balances | Amount | Credit Balances | Amount |
| Opening stock | 88,000 | Capital accounts : | |
| Purchase | 1,76,000 | Shailesh | 1,20,000 |
| Wages | 23,500 | Nilesh | 1,20,000 |
| Salaries (10 months) | 18,000 | Sundry creditors | 1,03,000 |
| Office expenses | 8,000 | Bank overdraft | 60,000 |
| Bank charges | 2,600 | Sales | 3,08,000 |
| Machinery | 90,000 | Current accounts : | |
| Land and building | 1,30,000 | Shailesh | 5,000 |
| Bad debts | 4,000 | Nilesh | 4,000 |
| Sundry debtors | 82,000 | ||
| Electricity charges | 9,900 | ||
| Furniture | 43,000 | ||
| 8% Debentures (1.10.2015) | 40,000 | ||
| Drawings : | |||
| Shailesh | 3,000 | ||
| Nilesh | 2,000 | ||
| 7,20,000 | 7,20,000 |
Adjustments :
1. Stock on 31st March, 2016 was valued at market price of Rs 84,000, which was 20% above its cost price.
2. Depreciate machinery at 10% p.a.
3. Create reserve for bad and doubtful debts at 5% on sundry debtors.
4. Provide interest on capital at 8% p.a.
5. Machinery includes purchase of machinery for Rs 40,000 on 1st January, 2016.
Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2 : 3 respectively. With the help of the trial balance and adjustments given below, you are required to prepare their Trading, Profit and Loss Account for the year ended 31st March, 2013 and the Balance Sheet as on that date :
Trial Balance as on 31st March, 2013
| Debit Balances | Amount | Credit Balances | Amount |
| Purchases | 1,09,000 | Sundry creditors | 45,600 |
| Insurance | 3,700 | Sales | 1,94,000 |
| Rent, rates and taxes | 14,600 | R.D.D. | 2,000 |
| Office expenses | 7,300 | Commission | 5,500 |
| Land and buildings | 3,00,000 | Capital A/c’s: | |
| Plant and machinery | 60,000 | Jaya | 2,00,000 |
| Furniture | 15,000 | Maya | 2,50,000 |
| Carriage inwards | 3,700 | Current A/c’s: | |
| Sundry debtors | 88,000 | Jaya | 3,400 |
| Stock (as on 01.04.2012) | 32,800 | Maya | 9,100 |
| Wages and salaries | 28,600 | ||
| Cash in hand | 4,700 | ||
| Cash at bank | 40,200 | ||
| Drawings A/c’s: | |||
| Jaya | 500 | ||
| Maya | 1,500 | ||
| 7,09,600 | 7,09,600 |
Adjustments :
(1) Closing stock was valued at Rs. 22,600.
(2) Purchases include purchase of furniture of Rs .10,000 made on 1st October, 2012.
(3) Depreciate land and buildings at 10% p.a.; plant and machinery at 10% p.a. and furniture at 20% p.a.
(4) Create R.D.D. at 5% on sundry debtors.
Kajol and Sunny were partners sharing profits and losses in the ratio of 3:2. The following Balances were extracted from the books of account for the year ended March 31, 2015.
|
Account Name |
Debit Amount Rs |
Credit Amount Rs |
|
Capital |
|
|
|
Kajol |
|
1,15,000 |
|
Sunny |
|
91,000 |
|
Current accounts [on 1-04-2005*] |
|
|
|
Kajol |
|
4,500 |
|
Sunny |
3,200 |
|
|
Drawings |
|
|
|
Kajol |
6,000 |
|
|
Sunny |
3,000 |
|
|
Opening stock |
22,700 |
|
|
Purchases and Sales |
1,65,000 |
2,35,800 |
|
Freight inward |
1,200 |
|
|
Returns |
2,000 |
3,200 |
|
Printing and Stationery |
900 |
|
|
Wages |
5,500 |
|
|
Bills receivables and Bills payables |
25,000 |
21,000 |
|
Discount |
400 |
800 |
|
Salaries |
6,000 |
|
|
Rent |
7,200 |
|
|
Insurance premium |
2,000 |
|
|
Traveling expenses |
700 |
|
|
Sundry expenses |
1,100 |
|
|
Commission |
|
1,600 |
|
Debtors and Creditors |
74,000 |
78,000 |
|
Building |
85,000 |
|
|
Plant and Machinery |
70,000 |
|
|
Motor car |
60,000 |
|
|
Furniture and Fixtures |
15,000 |
|
|
Bad debts |
1,500 |
|
|
Provision for doubtful debts |
|
2,200 |
|
Loan |
|
25,000 |
|
Legal expenses |
300 |
|
|
Audit fee |
900 |
|
|
Cash in hand |
7,500 |
|
|
Cash at bank |
12,000 |
|
|
|
5,78,100 |
5,78,100 |
Prepare final accounts for the year ended March 31,2015, with following adjustments:
(a) Stock on March 31,2015 was Rs37,500.
(b) Bad debts Rs3,000; Provision for bad debts is to be made at 5% on debtors
(c) Rent Prepaid were Rs1,200.
(d) Wages outstanding were Rs 2,200.
(e) Interest on capital to be allowed on capital at 6% per annum and interest on drawings to be charged @ 5% per annum.
(f) Kajol is entitled to a Salary of Rs 1,500 per annum.
(g) Prepaid insurance was Rs 500.
(h) Depreciation was charged on Building, @ 4%; Plant and Machinery, @ 5%; Motor car, @ 10% and furniture and fixture, @ 5%.
(i) Goods worth Rs 7,000 were destroyed by fire on January 20,2015. The Insurance company agreed to pay Rs 5,000 in full settlement of the claim.
*As per the question, this year should be 01-04-2014
From the following Trial Balance of M/s . Patil and Desai , you are required to prepare Trading and profit and loss Account for the year ended 31st March , 2016 and Balance Sheet as on that date :
Trial Balance as on 31.03.2016
| Debit Balances | Amount (₹) | Credit Balances | Amount (₹) |
| Machinery | 140000 | Capital accounts : | |
| Furniture | 80000 | Patil | 200000 |
| Coal,gas and water | 4300 | Desai | 150000 |
| Land and Building | 120000 | Sales | 330000 |
| Purchases | 232000 | Sundry creditors | 105000 |
| Postage and telegram | 2200 | Bank loan | 40000 |
| Export duty | 15500 | ||
| Wages and Salaries | 31000 | ||
| Rent and taxes | 7200 | ||
| Cash in hand | 58000 | ||
| Freight | 6200 | ||
| Prepaid rent | 3600 | ||
| Sundry debtors | 76000 | ||
| Salaries | 4200 | ||
| Opening stock | 39000 | ||
| Discount | 5800 | ||
| 825000 | 825000 |
Adjustments :
(1) Closing stock in hand was valued at ₹ 61000.
(2) Goods distributed as free samples were ₹ 3000.
(3) Outstanding salaries ₹ 900
(4) Provide reserve for doubtful debts at 5 % on sundry debtors.
(5) Depreciate machinery at 5 % p.a.
A prepayment of insurance premium will appear in ______.
Closing stock is valued at ______.
If there is no existing provision for doubtful debts, provision created for doubtful debts is ______.
Complete the following sentence.
"If, after the final accounts have been prepared, some omission or commissions are noticed say in respect of the interest on capital, interest on drawings, etc. necessary adjustments can be made in the partner's capital accounts through?
Which account is prepared when past adjustments are to be made?
