2023 2024 Student Forum > Management Forum > Entrance Exams

 
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29th July 2014, 03:54 PM
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Join Date: Apr 2013
Re: ICWAI Financial Accounting Question Paper

Here I am providing the list of few questions of Financial Accounting Question Paper of ICWAI which you are looking for .

1. P maintains Accounts under single entry system and furnishes the following information for the year ending 31st December 2001:
1.1.2001
Rs. 31.12.2001
Rs.
Bank balance
Stock
Debtors
Furniture (After depreciation)
Building
Creditors 28,000
30,000
45,000
15,000
1,50,000
32,000 ?
40,000
33,000
18,000
?
36,000

Cost of goods sold during the year was Rs. 3,60,000, which constituted 75% of the Sales for the year. The rate of Gross Profit is 25% on Sales.

All purchases and sales are on credit and amounts received from customers and payments to suppliers are by cheque. P realised Rs. 10,000 in cash on the sale of scrap from which he paid Rs. 6,000 as freight on purchases and the balance was retained for his personal use.
Details of his other transactions with the bank are as under: Rs.
Receipts
Sale of Private Investment brought in as Capital
Sale of Office Furniture (book value Rs. 1,000) 1,50,000
800
Payments
10% Govt. Bonds (face value Rs. 1,40,000 purchased on 1.7.2001)
Salaries
Taxes (11 months ending 30.11.2001)
Printing and Stationary
Miscellaneous Expenses
Drawings 1,50,000
60,000
11,000
7,800
12,000
26,000

Bad Debts written off during the year were Rs. 7,000. Furniture has been depreciated by 10% and Building is to be depreciated by 2%.

The Shop assistant is entitled to a commission of 10% of net profit after charging his commission.
Prepare the Trading and Profit and Loss Account of his business for the year ending 31st December 2001 and the Balance Sheet as on that date. 20 (0)







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