ASSIGNMENT – II
Dear Students,
I have posted the
questions for Assignment -II. Write meaning about each topic, before you start
the problem. The last date to submit the assignment on 13-06-2022.
RETIREMENT OF A
PARTNER
1. A, B and C are
partners in a business, sharing profits and losses in ratio of 3:2:1. Their
balance sheet on 30th June, 2007 was as follows:
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
1,600 |
Cash in Hand |
600 |
|
Reserve fund |
6,000 |
Cash at bank |
1,000 |
|
Capitals: |
|
Sundry Debtors |
9,000 |
|
A |
10,000 |
Stock in hand |
7,000 |
|
B |
10,000 |
Machinery |
6,000 |
|
C |
10,000 |
Factory building |
14,000 |
|
|
37,600 |
|
37,600 |
On that date
C retires from business. It is agreed to adjust the values of assets as
follows:
(a)
To make a
provision of 5 % on sundry debtors for doubtful debts.
(b)
To depreciate
stock by 5% and machinery by 10 %.
(c)
Factory buildings
to be revalued at Rs. 15,100.
Show
the revaluation account and the partners capital accounts and prepare balance
sheet of the continuing partners as on July 1, 2007.
ANS: Balance sheet
– 37,300
DEPARTMENTAL
ACCOUNTING
2.
M/s Vijay cloth
store submitted the following particulars and information about their
departmental stores for the year ended 31st December 1986.
|
|
Hosiery |
Garments |
Cloth |
|
Opening Stock |
33,000 |
27,000 |
1,05,000 |
|
Purchases less returns |
90,000 |
60,000 |
2,25,000 |
|
Sales less returns |
1,80,000 |
1,20,000 |
2,70,000 |
|
Wages |
15,000 |
9,000 |
- |
|
Closing Stock |
21,000 |
72,000 |
81,000 |
Expenses
paid:
|
|
Rs. |
|
Salaries |
60,000 |
|
Rent |
10,800 |
|
Printing |
4,800 |
|
Electricity |
2,160 |
|
Sundry expenses |
2,850 |
i)
Transfers from
cloth department to hosiery Rs. 6,000 and to Garments Rs. 63,000.
ii)
Salaries Rs.
48,000 were paid to 20 salesmen on a uniform scale. The number of salesmen in
the three departments were 4,5 and 11 respectively. Allocate the remaining salary
in equal proportion to the three departments.
iii)
Space occupied by
the departments was equal.
iv)
Printing expenses
were to apportioned in 1:1:2 ratio respectively.
v)
The electricity
points in each department were 3,4 and 9 respectively.
Prepare
the departmental trading and profit and loss account for the year ended 31st
December 1986.
ANS:
Gross Profit: Hosiery – Rs. 57,000; Garments – Rs. 33,000; Cloth – Rs. 90,000
Net Profit: Hosiery – Rs. 37,295;
Garments – Rs. 11,060; Cloth – Rs. 51,035.
[HINT: Apportion Sundry expenses in Sales ratio]
3.
Krishna of Ramesh Nagar
purchased goods for his three departments as follows:
Dept X -200 units 
Dept Y-
1,400 units Total cost Rs.
5,100
Dept Z – 400 units
Sales of the three departments were as follows.
Dept X – 180 units @ Rs. 15 per unit
Dept Y – 1,500 units @ Rs. 18
per unit
Dept Z – 450 units @ Rs. 6 per
unit
Other information about stock in the
beginning was as follows:
Dept X – 100 units
Dept Y – 400 units
Dept Z – 60 units
Krishna Nagar informs you that the
rate of gross profit is the same in all departments. You are required to
prepare departmental trading account.
ANS: Gross Profit = X – Rs. 2,250; Y – Rs.
22,500; Z – Rs. 2,250.
FIRE
INSURANCE CLAIMS
4. A fire
occurred on 25th April 2007 in the premises of a company. From the
following particulars ascertain the amount of claim to be lodged in case of the
loss of stock which was insured.
|
|
Rs. |
|
Stock on 1-1-2007 |
2,50,000 |
|
Purchases from 1-1-2007 to date of fire |
10,00,000 |
|
Wages |
2,00,000 |
|
Manufacturing expenses |
1,00,000 |
|
Sales from 1-1-2007 to the date of fire |
15,00,000 |
The gross profit ratio is 15%. The stock salvaged was estimated at Rs.
57,500.
ANS: Gross
profit – 2,25,000, Claim to be lodged – 2.17,500.
