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financial accounting

Questions and Answers of Financial Accounting

The Balance Sheet as on 31st March, 2018 of Abel, Baker and Charley, who share profits and losses in the ratio of 2 : 2 : 1 is given below:The amounts were realised piecemeal and it was decided that
A partnership firm has three partners : X, Y and Z with capitals as X : ₹20,000; Y : ₹10,000 and Z ₹10,000. The creditors amounted to ₹20,000 and sundry assets to ₹60,000. In dissolution,
Luck, Duck and Pluck were partners sharing profits and losses as 2 : 1 : 1. Their Balance Sheet as on 31.12.2000 is given below and they dissolved their partnership on that dateThe Bank could realise
P,Q and R are partners sharing profits and losses in the ratio of 1/4:1/4:1/2. They decided to dissolve their business on 31.3.2018, when their Balance Sheet was as follows:P is insolvent.
A, B and C were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31.3.2017, their Balance Sheet was as follows:The firm was dissolved on 1.4.2017. The assets realised were
Linken Ltd. with a Head Office in Calcutta opened a branch on January 1, 2017, at Kanpur where all sales were to be made on credit basis.All goods required by the branch were supplied by the company
Grewal Brothers own a business which has two departments, A and B. The following balances appeared in the books for the year ended 31.12.2017 :You are required to prepare a Columnar Trading Account
The Profit and Loss Account for the year ended 31st December 2017 of D Q Holidays Limited, a company which provides holidays at several resorts in Jammu and Kashmir is as follows: (all figures in
A departmental stores carries on its business through five departments, A, B, C, D and E.(i) The following information for 2017 is now made available to you: Salaries and Commission ₹11,020; Rent
The Trading and Profit and Loss Account of Hindustan Electronics for the year ending March 31, 2018 is as under: (all figures in ₹).Prepare Deparqtmental Accounts for each of the three Departments
In preparing the financial statements of R Ltd for the year ended 31.3.2018, you come across the following information. State with reasons, how would you deal with them in the financial statements
The following is the Trial Balance of Automatic Motors and Garage on March 31 2018:The following additional information is also given to you:(a) The loan was taken on January 1, 2018 on which 12%
The Profit and Loss Account for the year ended 31st December 2017 of D Q Holidays Limited, a company which provides holidays at several resorts in Jammu and Kashmir is as follows: (all figures in
Sales of holidays at the various resorts were:Shivam Ltd has three departments D1, D2 and D3. From the following particulars calculate :1. The Departmental Gross Profit for the year ended 31st March,
From January 1 2017, Ramesh & Co have been running three departments A, B and C and the following particulars have been taken from their books on December 31 2017:Inter-departmental supplies have
Complex Ltd. has 3 departments: A, B and C. The following information is provided : (all figures in ₹)Stocks of each department are valued at cost to the department concerned. Stocks of A
You are given the following particulars of a business having three departments:Additional information:(i) Purchases were made at a total cost of ₹92,000.(ii) The rate of gross profit is the same in
B.S. Ltd. operates a retail branch at Ranchi. All purchases are made by the Head Office in Calcutta. Goods for the branch being delivered to it direct and charge out at selling price, which is cost
A Head Office in Calcutta has a branch at Haldia. All purchases are made by Head Office and goods sent to the branch are invoiced at cost plus 25%. All cash received by branch is deposited to the
A Head Office in Calcutta has a branch in Burdwan. All purchases are made by the Head Office and goods sent to the branch are invoiced at cost plus 25 per cent. All cash received by the branch is
B.B. Co. Ltd. with their Head Office at Calcutta, invoiced goods to their Bangalore branch at 20% less than list price, which is cost plus 100% with instruction that cash sales are to be made at
HP and Co. is a retail organisation with a number of branches. All accounts are kept at the Head Office and goods sent to branches are recorded at cost plus the expected mark-up of The
Bombay Traders Ltd. sends goods to its Madras branch at cost plus 25%. The following particulars are available in respect of the branch for the year ended 31st March 2017:Show Ledger Accounts in the
X Ltd. operates a retail branch at Bombay. All purchases are made by the Head Office in Calcutta, goods being charged out to the branch at selling price which is cost plus 25%. All the expenses of
The P.T. Co. Ltd. invoices goods to its Kanpur branch at cost plus 25%. Both cash and credit sales are effected by the branch at these prices. Branch expenses are paid direct from the Head Office,
X Ltd. has its Head Office at Bombay with branches at Calcutta and Madras. The Head Office alone makes purchases and goods sent to the branches are invoiced at cost plus 25%. Sales are made only at
Sunny Traders of Mumbai opened a branch shop on 1.1.2018 in Kolkata. All goods for sale at the shop are purchased by the head office and charged to the branch at retail selling price, which is cost
Gulshan Stores Ltd with its head office in Calcutta invoiced goods to its branch at Patna at 20% less than the list price which is cost plus 100% with instructions that cash sales were to be made at
B Ltd. opened a branch in Hyderabad in late 2011, and forwarded goods for resale from the Head Office at Calcutta, invoiced them at selling price; the mark-up was 1/3 of selling price.The Head Office
A Calcutta Head Office has a branch at Nagpur. Goods are invoiced by the head office to the branch at cost plus 25%. From the following particulars, prepare the (1) Branch Stock Account, (2) Goods
Messrs. Eastern Traders, Delhi have opened a branch at Jaipur on 1.7.2017. The goods were sent by the Head Office to the branch and invoiced at selling price which was 125%, of the cost price of the
X opened a branch at Calcutta on 1.7.2017. Goods are sent from the Head Office at cost plus 331/3%. The branch is adviced to deposit cash everyday in the bank in the Head Office. From the following
X of Calcutta started on 1.4.2017, two branches at Madras and Nagpur. All goods sold at the branches are received from the Head Office invoiced at 125% of cost. All expenses relating to the branch
Jaico Ltd. invoices goods to its Kanpur branch at cost plus 25% thereon, both cash and credit sales are effected by the branch. The branch expenses are paid direct from the Head Office. The details
The Rajani Stores Ltd at Madras has a branch at Trichy. Goods are invoiced to the branch at selling price being cost plus 25%. The branch keeps its own sales ledger and deposits all cash received
From the following particulars relating to the Kanya-Kumari branch for the year ended 31st December, 2017, prepare Branch Account in the books of Head Office: Particulars Goods sent to branch Cash
The following information and particulars relate to New Delhi branch for the year 2017-18:Goods costing ₹5,50,000 was sold by the branch @ 25% on cost. Cash sales amounted to ₹1,50,000 and the
X operates a branch at Delhi. All purchases are made by the Head Office at Madras; goods being charged out to the branch at cost price. All cash received by the branch is remitted to Madras Branch.
Shetty Solvents Co. Bangalore opened a branch at Hyderabad on January 1, 2017. The following information is available in respect of the branch for the year 2017:Prepare Branch Account to show the
A, B and C are equal partners, whose Balance Sheet on December 31, 2017 is as follows:Due to lack of liquidity and weak financial position of the partners, the firm is dissolved. A and C are not able
H and N were in equal partnership. Their Balance Sheet stood as under on 31st December, 2017 when the firm was dissolved:The assets realised were as follows: Machinery ₹600; Furniture ₹100;
On April 1, 2017 Singh had 20,000 equity shares in X Ltd. The face value of the shares were ₹10 each but their book value was ₹16 per share.On June 1, 2017, Singh purchased 5,000 more equity
Bonanza Limited held on 1st April, 2017 ₹2,00,000 of 9% Government Loan (2017) at ₹1,90,000 (face value of Loan ₹100 each). Three month’s interest had accrued on the above date. On 31st
On 1st April, 2017, XY & Co. Ltd. held 9% Debentures in B Ltd. of the face value of ₹10,000 at a cost of ₹8,000. Market value on that date was ₹9,000. Interest is payable on 31st
Nicco-Uco Finance Co. Ltd. had on 1st January 2017, 6% Government of West Bengal Bonds of the face value of ₹80,000 valued at ₹79,600 on which interest accrued for three months on that date. On
On 1.1.2017, 6%, 200 Debentures of ₹100 each in Y Ltd., were held as investments by X Ltd. at a cost of ₹18,200. Interest is payable on 31st December. On 1.4.2017, ₹4,000 of such debentures
Mr. A held on 1st January, 2017 ₹1,00,000 of 31/2% Government loan at ₹95,000. Three months interest had accrued. On 31st May he purchased a further ₹40,000 of the loan @ ₹96 (Net)
Mr. X furnishes the following details relating to his holding in 6% Government Bonds: Opening Balance face value 60,000 -- Cost ₹59,000.Interest dates are 30th September and 31st March, Mr. X
On 1.1.2017 Debentures in X Ltd. were held as investment by Y Ltd. to the tune of ₹15,000 at the cost of ₹16,000. Interest is payable half yearly on 30th June and 31st December. On 1.5.2017
A company manufacturing electric components operates with two departments. Transfers are made between the departments of both purchased goods and manufactured finished goods. Goods purchased are
You are given the following particulars of a business having three departments:Additional information:(i) Purchases were made at a total cost of ₹92,000.(ii) The percentage of gross profit on
Refrigeration Limited trade in refrigerators on hire-purchase system and the accountant furnished the following information for the year 2017 : He further stated that the company makes a gross
CEE Ltd. has a hire purchase department. Goods are sold on hire purchase at cost plus 40%. From the information given below, prepare Hire Purchase Trading Account in the books of CEE Ltd : 1.7.2017
Rosemary Enterprises sells its merchandise under hire purchase schemes. Legal title to the goods is not relinquished until the customer fully pays the instalments.A summary of the transactions of the
A Ltd. which sells a product on hire-purchase terms has the following transactions for the year ending on December 31, 2017. The gross profit is 25% on selling price (figures in ₹):You are required
Choudhury Brothers commenced business on 1.7.2017. During the year ended 30.6.2018, purchases amounted to ₹1,08,000 and ordinary sales to ₹1,24,000. In addition, the following sales were made
Mr. Bholla commenced business on 1st January, 2017. He effected sales in cash as well as on a hire-purchase basis. During the year 2017, his purchases amounted to ₹14,500. The cash sales were for
On 1st January 2017, Sincomed Company purchased three machines from the Chemical Machineries Ltd. under instalment payment system. The cash down price of each machine was ₹8,865. The total amount
The hire purchase department of New Appliances Ltd. sells television sets and room coolers. This department was started in 2017. The relevant information for the year ended 31st December, 2017 is as
Y Ltd. sells products on hire purchase terms, the price being cost plus 33 1/3%. From the following particulars for 2017, prepare Hire Purchase Stock Account, Shop Stock Account, Hire Purchase
Ramchandra sells goods on hire purchase at cost plus 50%. From the following particulars relating to the hire purchase department find out the profit for the year ending 31st December, 2017 by
Majestic & Co. commenced business on January 1, 2017 dealing in radio sets and record players. They sell goods both directly as well as on hire purchase. You are furnished with the following
A company sells goods on hire-purchase on the basis of 25% down, the balance, with 20% interest thereon being payable in 8 equal quarterly instalments on 31st March, 30th June, 30th September and
A manufacturing company purchased machinery on hire-purchase basis on 1st June, 2017. Soon after the installation the machine gave trouble and finally broke down on 14th August, 2017. The suppliers
A business has three branches at Coimbatore, Trivandrum and Bangalore. The Head Office at Madras purchases goods and sends them to branches, to be sold at a uniform percentage of profit on cost.The
The branches of a multiple shop company are supplied from the Head Office with goods at cost. The branches pay wages and minor items of petty cash, but otherwise all expenses are paid by the Head
All purchases are made by the Head Office, all goods sold by the branches are received from the Head Office and the branches sell, maintain accounts of the debtors, collect from them and send daily
G.K. Sports of Calcutta has a retail branch at Kanpur. Goods are sold to customers at cost plus 100%. The wholesale price is cost plus 80%. Goods are invoiced to Kanpur at wholesale price. From the
Kanpur Trading Co. Ltd. operates a number of retail branches of its own as well as supplies goods to other stockists. The wholesale price is cost plus 20% and retail branches sell the goods at 10%
White Ltd has a retail branch at Margaon. Goods are sold at 60% profit on cost. The wholesale price is cost plus 40%. Goods are invoiced from Calcutta Head Office to Branch at Margaon at wholesale
On January 1, 2016, Sharda purchased a machine from Kusum on a hire-purchase basis. The particulars are as follows: (a) Cash price ₹10,000.(b) ₹4,000 to be paid on signing the contract.(c)
On 1st April, 2015, A Ltd. purchased a machine from B Ltd. on a hire-purchase basis. The cash price of the machine was ₹20,000. the payment was to be made at ₹5,000 on delivery and the balance in
On 1st January, 2017, Sun Co. Ltd. took delivery from Star Co. Ltd. five machines on hire purchase system. A sum of ₹200 per machine was paid on delivery and the balance was payable in five
On 1st January, 2014, J. Colliery Company purchased one car from Hindusthan Motor Ltd. The cash down price of the car was ₹50,000. It was agreed that ₹5,000 would be paid on signing the agreement
The Madras Transport Company purchases a motor car from Bombay Motor Ltd. on a hire-purchase agreement on January 1, 2015 paying cash ₹10,000, and agreeing to pay three further instalments of
Indian Plastics Ltd. purchased one Tempo delivery van under hire-purchase agreement from Hindustan Auto Ltd. On January 1, 2015, payments were to be made of ₹2,000 on that date and the balance in
On 1st January 2015 Wellman Co. Ltd purchased a machine from Machinery Co Ltd. on the hire-purchase system. The cash price of the machine was ₹33,525. Wellman Co. Ltd. paid ₹9,000 forthwith and
On January 1, 2015, A purchased a machine (under Hire Purchase System) from B valued at ₹37,000. A sum of ₹5,000 was paid at the time of signing the contract and the balance in four yearly
On 1st January, 2016, Engineer purchased machinery from Marshall on hire purchase system, over a period of three years. ₹5,000 was payable on delivery on 1st January, 2016 and the balance by
Sri S. Gupta acquired a machine on 30.6.2017 from B.C.Ltd. on hire-purchase system. The cash price of the machine was ₹17,000. The agreement provided that he would pay ₹4,000 on the delivery of
On 1st January, 2016, Model Industries Ltd. purchased a machine from Ideal Machineries Ltd. under hire purchase agreement. The terms were that ₹4,780 would be paid on delivery, that is on 1st
A machine was purchased on the ‘hire purchase system’. Under the terms of agreement, out of the total purchase consideration, ₹5,600 would be paid on the siging of the agreement and the balance
Roadmasters Ltd. sold a motor lorry to Transport Corporation Ltd. under a hire-purchase agreement. Terms : ₹20,000 on signing the agreement on 1st January, 2015 and ₹20,000 in annual payments
Madras Taxi Services Co. Ltd. purchased 3 taxis on 1.1.2016 from the Auto Services, Madras on hire purchase system. It was agreed upon to make payment as under:-Nothing more was payable after the 3rd
X Ltd purchased machinery on hire purchase system from Y Ltd on 1st January, 2016. The terms were that X Ltd would pay ₹20,000 down on signing the contract and 4 instalments of ₹11,000 each
Transport Ltd. purchased three buses from Arvind motors costing ₹75,000 each on hire-purchase system. Payment was to be made for each bus ₹45,000 down and the remainder in three equal instalments
On 1st April 2017 X & Y Co. Ltd. acquired 4 machines of ₹50,000 each on hire-purchase system from Z Co. Ltd. The terms included cash down payment of ₹50,000 and payment of the balance in 3
X purchased seven trucks on hire-purchase on 1.7.2017. The cash purchase price of each truck was ₹50,000. He was to pay 20% of the cash purchase price at the time of delivery and the balance in
Youth Club purchases a T.V. costing ₹4,500 on instalment payments system on 1st January, 2015, from S. E. C. Company. It is agreed that ₹1,500 will be paid on signing the agreement and the
On 1st January, 2016, the Black Colliery Co. Ltd. purchased five wagons on the instalment system from Burn & Co Ltd. The cash price of the wagons was ₹7,45,000 and ₹2,00,000 was to be paid on
Buyers Ltd. purchased a truck on 1st January, 2017 on the instalment payment system, from Vendors Ltd. The cash down price was ₹3,00,000. The terms of the purchase were as under :(i) ₹1,20,000 is
A machine having expected useful life of 6 years, is leased for 4 years. Both the cost and the fair value of the machinery are ₹7,00,000. The amount will be paid in 4 equal instalments and at the
Raj Singh runs a business which has two departments. The following balances were extracted from his books on 30.6.2018 :You are required to prepare Departmental Trading and Profit and Loss Account
M/s Z & Co has two departments. You are required to prepare the Trading and Profit and Loss Account for each department for the year ended on 31st March, 2018 on the basis of the following
Karuna and Ramen are partners in a firm. They share profits and losses as Karuna 60% and Ramen 40%. Their Balance Sheet as on 31st December, 2017 was as follows:The partners agree to admit Pratip as
G and S were partners to a manufacturing concern sharing profits and losses equally on 31st December, 2017. The firms books revealed the following position:On 1st January, 2018, it was agreed to
X and Y are partners sharing profits and losses in proportion to their capital. Their Balance Sheet as at 31.3.2018 is given below:On 1.4.2018 they admit Z on the following terms:(1) Z is to bring in
What do you mean by Goodwill ? What are the different types of Goodwill ?State the treatment of Purchased Goodwill.
M/s A, B and C is a firm sharing profits and losses 2:2:1. Their Balance Sheet as on 31.3.2018 is as under:They agreed to take in D from 1.4.2018 on the following terms:1. D shall bring in ₹5,000
What are the different methods of Valuing Non-Purchase Goodwill?

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