m.com part i accounts question

8/14/2019 M.Com Part I Accounts Question

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Q.1. You are required to prepare Trading and Profit and loss Account for the

year ended 31.3.2008 and a balance sheet as on that date from the Trial

balance for the year ended 31.3.2008 and adjustments given in respect of

Shania consumers co-operative society, Mumbai.

Trial Balance

Particulars Debit (Rs.) Credit

(Rs.)Share Capital - 50,000Calls in arrears 5,000 -Reserve fund - 7,500Development fund - 2,500Opening stock of consumers goods 55,000 -Furniture 24,000 -Education fund - 4,000Creditors for purchase - 10,000

Sundry Debtors 15,000 -Commission payable - 2,000

Salaries 35,500 -

Commission 8,700 -Rent & Taxes 10,000 -Postage 1,350 -Travelling and conveyance 1,200 -Printing & Stationery 1,500 -Dividend paid for 2007-08 4,500 -Audit Fees 2,000 -

Interest on Investment - 5,000Profit & loss Appropriation account

balance

- 30,000

Equipments 10,000 -Admission Fees - 250

Purchase 8,00,000 -Carriage & Coolie Charges 20,000 -Investments 50,000 -Sales - 10,30,000Cash in hand 12,500 -

Cash at bank 85,000 -Total 11,41,250 11,41,25

0

Adjustments:-

1. Outstanding Rent payable on 31.3.2008 was Rs.500.2. Outstanding salary payable on 31.3.2008 was Rs.1,000.

3. Of the salaries paid Rs.1,500 was as an advance to employee on 31.3.2008.4. Interest accrued on investments Rs.1,000.5. Directors recommend 10% Dividend to its shareholders and transfer of Rs.500 toDevelopment fund.6. Charge 5% Depreciation of furniture.7. Closing stock of consumers goods is valued at cost Rs.70,000.8. Provide Rs.100 for education Fund.

Q.2.From the following Trial balance and the adjustments given in respect ofMittal Consumers Co-operative Society, Malkapur, prepare the Final Accountsfor the year ended 31.3.2008.

Trial Balance as on 31.3.2008


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Particulars Debit

(Rs.)

Credit

(Rs.)Opening Stock of Furniture and Machinery 10,000 -Share Capital - 75,000Deposits from Members - 90,000Printing and Stationery 3,000 -Investment in shares of District co-operative bank 60,000 -

Investment in shares of co-operative Purchase and

Sales Society

36,000 -

Loan from Bank (Unsecured) - 92,000Loan to Members 1,35,00

0

-

Interest Earned on loan given to member - 45,000Purchase of Fertilizers and Machinery 3,70,00

0

-

Sales of Fertilisers and Machinery - 4,50,000Office Equipment 25,000 -

Office Rent 5000 -Salaries 25000 -

Travelling Expenses 5000 -Carriage Inward 3500 -Freight 1500 -Interest Paid 8000 -Reserve Fund - 1,86,000Cash in hand 51,000 -

Cash at Bank 2,00,00

0

-

Total 9,38,00

0

9,38,00

0Adjustments:

1. Closing Stock of Fertilisers and Machinery as on 31.3.2008 was Rs 70,000.2. Outstanding office rent Rs. 1,000.3. Office Equipments are to be depreciated @5%.4. Audit Fees are to be paid of Rs. 6,500.5. Directors recommend a dividend to Members @ 10%.

6. Contribute to Education Fund Rs. 100.

Q3.From the following Trial Balance for the year ended 31.3.2008 and theadjustments in respect of Kumar Consumers Co-operative Society, Vashi,Prepare the Final Accounts for the year ended 31.3.2008.

Trial Balance

Particulars Debit(Rs.)

Credit(Rs.)

Share Capital

Reserve Fund

Purchases

Stock in 1st April,2007

Carriage Inward

Salaries and Allowances to Staff

Building Fund

-

-

12,00,0

00

2,00,00

0

10,000

1,40,00

8,00,000

2,00,000

-

-

-

-

1,40,000


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Share Capital Redemption Fund

Contribution to Staff provident fund

Staff Provident Fund

Sales

Bad Debts

Reserve for Bad and Doubtful Debts

Postage

Machinery at Cost

Travelling Expenses

Bonus to Employees

Printing and Stationery

Insurance

Building (at Cost)

Furniture (at Cost)

Depreciation Fund

Sundry Debtors

Sundry Creditors

Investment in shares of co-operative

Societies

Staff Provident Fund Investment

Fixed Deposit with District Central Co-op

Bank

Sundry Expenses

Repairs to Building

Interest on Fixed Deposit

Dividend Received on Shares

Transfer Fees

Profit and Loss Appropriation a/c balance

of last year

Cash at Bank

Cash in hand

0

-

-

10,000

-

-

8,000

-

6,000

28,000

10,000

10,000

3,500

11,000

6,00,00

0

1,00,00

0

-

2,00,00

0

-

1,20,00

0

34,000

1,60,00

0

10,000

20,000

-

-

-

-

1,00,00

0

25,000

-

34,000

16,00,00

0

-

20,000

-

-

-

-

-

-

-

-

90,000

-

25,000

-

-

-

-

-

16,000

12,000

5,00020,000

-

-


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6,500

Total 29,87,0

00

29,87,0

00

Adjustments:1. Closing Stock on 31.3.2008 was Rs.3,20,000.2. Salaries unpaid on 31.2.2008 were Rs.8,000.3. Prepaid Insurance is Rs.1,500.

4. Provide Reserve for Bad and Doubtful Debts @ 5%.5. Provide Depreciation for the year as shown below:6. Transfer to Education fund Rs.100.7. Audit Fees are Outstanding for the year Rs.5,000.8. Provide for Share Capital Redemption fund Rs.3,000.9. Directors recommend Dividend to members @ 10 %.

Q4.Following is the Trial Balance of Omtex Consumers Co-operative Society Ltd.for the year ended 31.3.2008.You are required to prepare trading and Profitand Loss Account for the year ended 31.3.2008 and a Balance Sheet as on thatdate.

Trial Balance

Debit Balance Rs. Credit Balance Rs.

Interest Paid

Bank Charges

Salaries

Contribution to staff Provident

Fund

Travelling Expenses

Rent, Rates and Taxes

Postage

Printing and stationery

Audit Fees

General Expenses

Bad Debts

Bonus to Employees

Opening Stock

Purchases

Carriage & Freight

Investment in Government

Securities

Investment in Shares of Co-op

Societies

Investment to Staff Provident

Fund

2,800

200

18,000

1,000

250

2,250

1,150

1,200

500

1,100

500

2,000

10,000

1,10,0

00

1,000

13,000

12,000

4,000

28,000

42,000

Sales

Share Transfer Fees

Dividend

Interest on Investment

Bank Interest

Commission

Sale of Forms

Share Capital

Reserve Fund

Share Capital

Redemption fund

Education Fund


Depreciation Fund

Building Fund

Bad Debts Reserve

Loans from Bank

Loans from government

Sundry Creditors

2,00,0

00

100

2,000

1,800

7,000

6,500

500

50,000

10,000

5,000

500

4,000

8,000

5,000

2,000

12,000

12,000

13,600


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Sundry Debtors

Buildings

Furniture and Fittings

Insurance

Repairs

Freehold Land

Cash in hand

Cash at Bank

18,000

1,700

1,300

28,000

5,050

35,000

Total 3,40,0

00

Total 3,40,0

00

Adjustments:1. Closing Stock Valued at Rs.25,000.2. Outstanding Expenses:

Items Rs.

Rent 25

0Interes

t

20

03. Contribution to Education Fund Rs.100.4. Provide for Contribution to Share Capital Redemption Fund Rs.1,000.5. Insurance Paid in advance Rs.200.6. Interest accrued in Investment but not received Rs.200.7. Create Bad Debts Reserve of Rs.3,000.8. Provide Depreciation on Building at 5 % and on furniture and Fittings at 5%.

9. Directors recommend Dividend of 10%.

Q5.From the following Trial Balance of Shrines Co-operative Purchase and salesSociety Ltd. as on 31.3.2008: Prepare Trading and Profit and Loss Account forthe year ended 31.3.2008 and Balance sheet as on that date after Consideringthe adjustments thereafter.

Trial balance as on 31.3.2008

Particulars Debit

(Rs.)

Credit

(Rs.)


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Share Capital

Reserve Fund

Creditors

Profit and Loss Account

1.4.2007

Opening Stock

Furniture and Equipment

Container Deposit

Salaries

Sundry Debtors

Commission

Rent and Taxes

Postage

Travelling and Conveyance


Admission Fees

Purchases

Collie Charges, Freight and

Cartage

Investment

Sales

Cash in hand

Bank Balance

Development Fund

-

-

-

-

3,92,00

0

1,24,00

0

32,000

3,00,00

0

60,000

88,000

60,000

8,000

18,000

14,000

-

63,40,0

00

1,60,00

0

2,40,00

0

-

6,000

4,00,00

0

-

3,36,000

60,000

40,000

1,76,000

-

-

-

-

-

-

-

-

-

-

2,000

-

-

-

76,20,000

-

-

8,000

Total 82,42,0

00

82,42,0

00

Adjustments:1. Closing Stock is valued at Rs.4,40,000.2. Outstanding Rent Rs.4,000 and Commission Payable Rs.20,000.3. Rs.8,000 Salary was paid as advance as on 31.3.2008.4. Accrued Income on Investment Rs.20,000.5. Provide 10% Depreciation on Furniture and equipments.

Q6. From the following Trial Balance of Katrina Co-operative Society Ltd.Mumbai as on 31.3.2008, Prepare Trading and Profit and Loss Account for the


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year ended on 31.3.2008 and Balance Sheet as on that date after consideringthe adjustments given.

Trial Balance

Particulars Debit

(Rs.)

Credit

(Rs.)Share Capital

Calls in Arrears

Reserve Fund

Common Goods Fund

Opening Stock of

Consumers Goods

Furniture

Education Fund

Sundry Creditors

Sundry Debtors

Commission Payable

Salaries

Commission

Rent, Rates and Taxes

Postage

Land

Interest on Investment

Equipment

Purchases

Investment

Sales

Cash in hand

Cash at Bank

-

10,000

-

-

1,10,00

0

48,000

-

-

30,000

-

71,000

17,400

20,000

12,100

9,000

-

20,000

16,40,0

00

1,00,00

0

-

25,000

1,70,00

0

1,60,000

-

15,000

5,000

-

-

8,000

20,000

-

4,000

-

-

-

-

-

10,000

-

-

-

20,60,50

0

-

-

Total 22,82,5

00

22,82,5

00Adjustment:1. Outstanding rent payable on 31.3.2004 was Rs.1,000.2. Charge 5% depreciation on furniture.3. Closing Stock of consumers goods is valued at cost Rs.1,40,000.4. Interest accrued on Investment Rs.2,000.5. Outstanding salary on 31st March, 2008 was Rs.2,000 & Rs.3,000 paid in advance.6. Authorised capital 20,000 shares of Rs.10 each.


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Q7.Shahrukh Co-operative Society rendering Loans and Rationing facilities toits members has the Trial Balance as on 31.3.2008 as follows:

Trial Balance

Name of Accounts Debit

(Rs.)

Credit

(Rs.)Member Share capital

Members Deposit

Dead stock

Printing & Stationery

Bank Share Purchased

Sahakari Sangh share

Purchased

Bank Loan (simple)

Members Loan

Interest on Members

Loan

Purchase of Rationing

Grains

Sale of Rationing Grains

Office Rent

Salaries

Travelling Expenses

Freight

Coolie Charges

Bank Current Account

Bank Interest

Reserve and Other Funds

Cash balance

-

-

7,000

750

5,000

2,000

-

83,250

-

1,20,00

0

-

9,000

10,550

1,250

1,300

900

33,500

26,250

-

100

14,100

30,000

-

-

-

-

31,000

-

53,150

-

1,27,500

-

-

-

-

-

-

-

45,100

-

Total 3,00,85

0

3,00,85

0Adjustments:1. Closing Stock of Rationing Grains on 31.3.2008 was Rs.35,000.2. Outstanding Office Rent is Rs.1,000.3. Provide for Audit Fees due Rs.600.4. Provide Depreciation on Deadstock at 5%.5 Provide Bad debts Reserve Rs.1,500.

You are required to prepare Trading, Profit and Loss Account for the year ending on31.3.2008 and Balance Sheet as on that date.

Q8.Following is the Trial Balance of G. Consumers Co-operative Society as on31-03-08.


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Trial BalanceParticulars Debit

(Rs.)

Credit

(Rs.)Share Capital

Deposits from

Members

Sales

Purchase Returns

Suppliers

Interest on

Investment

Rebate Received

Common Good

Fund

Price Fluctuation

Fund

Reserve Fund

Cash in hand

Cash at Bank

Furniture

Purchases

Customers

Carriage Inward

Sales Return

Rent

Audit Fees

Sales tax

Staff Salary

Printing &

Stationery

Investment

Stock in Trade

Interest Paid

-

-

-

-

-

-

-

-

-

-

400

86,000

6,000

10,05,0

00

30,000

5,000

2,000

10,000

2,000

3,000

50,000

10,000

2,00,000

30,000

2,600

80,000

50,000

12,50,000

5,000

10,000

12,000

3,000

4,000

8,000

20,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total 14,42,0

00

14,42,0

00

Adjustments:1. Value of Closing Stock on 31.3.2008 was Rs.60,000.2. Depreciation on Furniture @ 10% p.a.


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3. Interest accrued on Deposits Rs.1,500 & Interest accrued on Investment Rs.6,000.4. Outstanding Salary of Rs.3,000.5. Outstanding Sales Tax of Rs.1,000.

You are required to Prepare Trading and Profit & Loss Account and Balance Sheetas on 31.3.2008.


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Q9.Following is the Trial Balance of Venkatesh Consumers co-operative Societyas on 31.3.2008

Trial BalanceParticulars Debit

(Rs.)

Credit

(Rs.)

Share Capital

Deposits from Members

Dead stock


Investment in DCC Bank

Investment in Shares of Sadhana Co-

op Society

Loans from Bank

Loans to Members

Interest on Members Loan

Purchase of Fertilizers and Machinery

Sales of Fertilizers and Machinery

Office Rent

Office Salary

Travelling Expenses

Carriage Inward

Freight Charges

Bank Current Account

Bank Interest

Reserve Fund

Cash in Hand

Bank saving Account

-

-

7,000

1,000

25,000

12,000

-

45,000

-

1,20,00

0

-

9,000

8,000

1,500

1,300

1,900

45,600

8,300

-

4,400

10,000

15,000

30,000

-

-

-

-

31,000

-

15,000

-

1,50,000

-

-

-

-

-

-

-

59,000

-

-

Total 3,00,00

0

3,00,00

0

Adjustments:1. Closing Stock of Fertilizers and Machinery as on 31.3.2008 was Rs.20,000.2. Outstanding Office rent Rs.3,000.3. Provide Depreciation @ 5% on Dead Stock.4. Create Provision for Bad and Doubtful Debts Rs.1,500.5. Provide for Audit Fees Rs.600.

You are required to prepare Trading and Profit & Loss Account for the year endingas on 31.3.2008 and Balance Sheet as on that date.


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Q10.The following Information is Supplied to you in connection with M.I.G. Co-operative Society,Bandra.

Prepare Final Accounts.

Balance Sheet as on 31.3.2007Liabilities Amount

(Rs.)

Assets Amount

(Rs.)

Share Capital

Reserve Fund

Dividend Equalisation

Fund

Members Deposits

Loans From SBI

Salary Payable

Profit and Loss Accounts

Balance

25,000

2,500

1,000

13,500

25,500

500

6,000

Cash in hand

Bank Current

Accounts

Shares in HDFC

Bank

Members Loans

Furniture &

Fixtures

Fixed deposits

250

1,600

150

57,000

5,000

10,000

74,000 74,000

Receipts and Payment A/c for the year ended 31.3.2008Receipts Amount

(Rs.)

Payments Amount

(Rs.)Balance (1.4.2007)

Cash

Bank Current A/c

Loans from DenaBank

Share Capital

Deposits from

Members

Members Short Term

Loans

Entry Fees

Commission

Interest on Loans

Interest on Fixed

Deposits

Dividend

250

15,500

25,000

2,500

4,000

4,500

100

350

13,500

1,000

50

Bank Current A/c

Bank Loans

Share Capital

Furniture & Fixtures

Godrej Typewriter

Members Deposits

Staff salaries


Rent & Taxes

Travelling Expenses

Allowance

Interest on Bank Loan

Members Short Term

Loans

Audit Fees

Balance

12,600

14,000

700

1,000

4,000

500

2,000

500

1,000

1,100

1,500

1,250

18,500

250

7,850

Total 66,750 66,750

Adjustments:1. Salaries payable Rs.600.2. Provide depreciation @ 10% of Furniture and Fixtures and Typewriter


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3. Interest on loans to members is receivable Rs.2,100.4. Directors recommended dividend of 10%.

Q11.From the following Trial Balance of Soya Credit Co-operative Society,Nariman Point, Prepare Final Account for the year ended 31st March 2008.

Trial BalanceParticulars Amount

(Rs.)

Particulars Amount

(Rs.)

Loans to Members

Contribution to Provident

Fund

Insurance

Conveyance


Salary of MD

Staff Salary

Interest on Loan

Interest on Deposits

Furniture

Fixed deposits with other

Bank

Cash

Bank

7,00,000

480

1,040

3,420

960

12,000

27,200

1,920

19,200

1,680

60,000

4,360

30,580

Share Capital

Reserve Fund

Members Deposits

Unpaid Dividend

Staff Provident

Fund

Profit and Loss

2006-07

Interest

Renewal Fees

Sundry Income

Development Fund

Education Fund

2,00,000

18,000

5,40,000

400

4,800

7,000

86,000

800

640

4,000

1,200

Total 8,62,840 8,62,840

Adjustments:1. Interest due on members Deposits Rs.2,000.2. Interest due but not received Rs.4,800.3. Salary due Rs.1,200.4. Audit Fees due Rs.800.5. Depreciate Furniture by Rs.5,000.6. Directors propose to pay dividend of 5%.

7. Transfer Rs.100 to Education Fund and Rs.2,000 to Dividend Equalisation Fund.8. Appropriations out of profits of the year 2006-07 were approved as follows:Reserve Fund Rs.2,000Dividend Rs.2,000.


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Q12.You are required to prepare Profit and Loss of the year ended 31.3.2008and a Balance Sheet as on that date from the following trial Balance of ShrutiCo-operative Credit Society as on 31.3.2008 and other information given:

Trial Balance

Particulars Debit

(Rs.)

Particulars Credit

(Rs.)Cash in hand

Cash at Bank

Fixed Deposits with Maharashtra

State Co-op. Bank

Furniture

Interest on Deposits

Interest due on Loans

Salaries

Office Rent


Travelling Expense

Insurance Premium

Contribution to Provident Fund

Loan due from Members

350

7,000

77,500

3,500

40,000

4,000

15,000

2,500

200

300

500

1,000

15,00,0

00

Share Capital

Reserve Fund

Members Deposits

Unpaid Dividend

Dividend Equalisation

Reserve


Profit and Loss Appropriation

a/c Balance

Interest

Renewal Fees

Miscellaneous Income

Co-operative development

Fund

Education Fund

3,75,000

25,000

11,23,87

5

1,050

9,000

10,000

15,500

89,000

2,000

150

1,025

250

Total 16,51,8

50

16,51,8

50

Additional Information:1. Interest accrued on members deposits of Rs.2,500.2. Interest accrued but not received Rs.1,000.3. Addition to Furniture during the year Rs.500.4. Provide Depreciation @ 10% on closing balance of Furniture.5. Outstanding salary Rs.150.6. Advance Salary Rs.250.

7. Audit Fees due Rs.1,500.8. Authorised Capital; 50,000 shares of Rs.10 each.9. Directors have recommended the following appropriations:

a) Dividend to shareholders of 5%.b) Required amount to Reserve Fund.c) Transfer to Co-operative Development Fund @ 5% of Net Profit after

contributing to Reserve Fund.d) Transfer to Dividend Equalisation Reserve Rs.1,000.e) Addition to Building Fund Rs.5,000.


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m.com part i accounts question

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