Single Entry (karthik)

***************************** *******SINGLE ENTRY******* 1. Prasad a retailer adds 25% to the cost of goods to arrive at his selling prices. His Financial position at 30th June 1998. Particulars

Amount 5,000 3,825 7,175 2,200 3,000 2,000

Plant and machinery Stock at cost Debtors Cash at bank Creditors Loan from Z During the year ended 30th June 1999: (a) Paid Rs. 11,675 to Creditors for goods for resale. (b) Repaid Rs.500 of the loan from Z. (c) Purchased a typewriter for Rs. 700 (d) Withdrew from the bank Rs. 80 per month for personal expenses. (e) Paid into the bank lottery prize of Rs.300 (f) Paid income tax Rs.600(treat as drawings) (g) All sales are on credit and his business expenses were Rs. 1,290 At 30th June 1999 stock at cost was Rs.4, 000, debtor totaled Rs.7, 000 And creditors were Rs. 3, 500, the balance at bank amounted to Rs.1, 950. Prepare trading and profit & loss A/c for the year ended 1999 and balance sheet For the year ended at the date.

2. MR.Hari carries on a business and doses not keep his books on double entry basis. The following particulars have been extracted from his books. PARTICULARS 1stjuly97 30th June .Rs Rs (98) Plant and machinery 25,000 25,000 Stock 22,000 19,500 Debtors 8,000 25,500 Creditors 12,500 10,000 Cash 400 800 Bank 6,250 7,000(cr) The following cash transactions took place during the year ending 30th June 1998 Particulars

Amount Particulars

Received on account of cash sales Received from debtors

31,250

Amount

Payment for purchases 28,850 Payment to sundry creditors 1,32,000 1,60,000 General expenses of business 21,450 Wages 15,000 drawings 6,800 During the year, hari had taken goods from the business for his own consumption Which amounted to Rs.1, 950 .prepare trading and profit & loss A/c for the year ending? 30th June 1998 after charging the 10% depreciation on plant and machinery and also Balance sheet for the year ended for 30th June 1998. Mr. Prasad maintained his account on single entry system. His balance sheet for the Year ended 31st march 1997 and 31st march 1998 are as follows. 1 OMTEX – CLASSES “The home of text”

OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY******* 31st march 1997(Rs) 4,000 7,900 9,400 3,908 3,471 9,361 2,000

particulars Bills receivable Stock Creditors Cash Bills payable Debtors furniture

31st march 1998(Rs) 2,400 8,800 8,350 1,963 5,051 8,355 2,000

Form this cash book for the year 1997-98 you get the following information: Wages Rs. 900, bills payable Rs.3,000, bills receivable Rs.4,300, expenses Rs.700 Salary Rs.800, investment purchased Rs.1,000, sales Rs 1,200, purchases Rs.600 Received from debtors Rs. 2,450, paid to creditors Rs.1,425 ,income Rs.30 and Drawings Rs.1,500. On enquiry you are told that in 1997-98 discount allowed and received were Rs.400 and Rs.355 respectively. During the period, Prasad accepted bills for Rs.4,580 and received bills for Rs. 3,000. His bad debts were Rs. 560 and bills Receivable dishonoured Rs.300. Give the trading and profit & loss A/c and also B/S for the year ended 31st March 1998. 4. Shri HJ maintains his books on the single entry system and furnishes the following details to you for the year 1998.

Fixed assets Debtors Creditors Stock Cash at bank The other information relating to the year 1998 is as follows:

20000 25000 15000 10000 5000

25000 40000 20000 15000 8000

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OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY******* Receipt from debtors 2,50,000 Payments to creditors 2,00,000 Discounts earned 5,000 Bad debts 7.000 Expenses paid 30,000 Drawings of Shri HJ 6,000 Cash sales 5,000 Cash purchases 11,000 Purchases returns 26,000 1. Depreciation fixed assets @ 10% of the balance sheet as at 31st dec 1998. 2. Provide for O/S liabilities for expenses of Rs 5,000 3. Provide a reserve for bad debts of Rs 2,500. You are required to prepare P/L a/c for the year 1998 and a balance sheet as at 31st Dec. 1998. 5.Shiva does not maintain his books of accounts on double entry system. From the following information prepare trading account, profit and loss A/c for the year 1988 and balance sheet at 31st dec1988. Particulars 31.12.198 31.12198 7 8 Debtors 18,000 31,900 Stock 9,800 ? Furniture 1,000 1,500 Creditors 6,000 4,500 Bills receivable 4,000 5,000 Bills payable 3,000 5,000

*Analysis of cash book: Receipts

Amount Payments

Amount

To balance b/d To debtors To capital To sales To bills receivable

5,000 60,800 2,000 1,500 3,000

44,000 10,000 500 3,000 1,800 3,000 5,000 1,000 4,000 72,300

By creditors By salaries By furniture By rent and taxes By other expenses By drawing By purchases By bills payable By balance c/d

72,300

Other information: Discount received Rs 700, discount received Rs 300, return inward Rs 1,000, returns Outward Rs 800. Furniture is to be depreciated at 10% .stock statement is missing but he sells goods at 30% profit on selling price . 6.Mr Naveneet keeps his book by single entry . An analysis of his cash book for the year ended 31st dec 1997 give the following particulars Particulars Received from sundry debtors Paid on capital Due to bank 1st January 1997 Payment to sundry creditors General expenses to business

Rs 6,000 1,500 500 2,500 1,000 3

OMTEX – CLASSES “The home of text”

OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY******* Wages Drawings Balance at bank Balance at hand

1,550 300 1,400 250

particulars

1st jan97 5,300 1,500 1,700 3,000

Debtors Creditors Stock Plant and fittings

31st dec97 8,000 1,950 1,900 3,000

The following information is also obtain: 1. Interest on capital should be provided at 10% per annum (drawing and payments for capital should be ignored ) 2. Depreciation at the rate of 10% per annum on plant and fittings should be provided 3. R.D.D should be created and maintained at 5% of sundry debtors 4. Bad debts during the year amounted to Rs 800 Prepare trading and profit and loss A/c for the year ended 31st dec 1997 and balance sheet For the year ended 31st dec 1997 7. Mr. joy keeps his books on the single entry system. Following information is available from his records: Asset and liabilities 1st july 30th 97 june98 Stock Bills receivable Debtors Bills payable Sundry creditors Cash and bank

28,000 8,000 14,000 4,000 12,000 3,000

30,000 6,000 18,000 5,000 9,000 5,000

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OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY*******

Summary of cash transactions: Receipts Amount Payments Opening balance Received from debtor Received against B/R

3,000 45,000 25,000 2,000

Amount

Payments to creditors Payments against bills payable Office expenses Domestic expenses Investments Closing balance

75,000

30,000 25,000 4,000 5,000 6,000 5,000 75,000

Investments consisted of 4% govt. bonds of the face value of Rs 10,000 and were purchased on 1st January 1998 . prepare trading and profit and loss a/c for the year ended &balance sheet for the year ended 30th June 1998. 8. Gopi does not know how to keep books of account. From the various records, certain particulars are extracted and analyzed as under: 1) Balance as at 1st july 1998 Liabilities Amount Assets Amount Capital Bills payable Sundry creditors

92,500 32,800 84,200

Furniture and fittings Motor car Stock of goods Sundry debtors Bills receivable Cash in hand

2,09,500 2) Cash transactions during the year ended 30thJune 1999 Receipts Amount Payments To balance b/d To receipts form Dr’s To bills receivable To sales

12,400 1,15,000 14,200 1,03,000

By investments at par (17% govt bonds on 31st dec 1998) By wages By purchases By drawings By bills payable By salaries By general charges By payment to creditors By balance c/d

57,000 14,700 51,500 49,500 24,400 12,400 2,09,500 Amount 30,000

2,44,600

9,400 40,500 24,000 30,700 15,300 5,400 80,800 8,500 2,44,600

Amount Particulars

Amount

3) Remaining transactions Particulars Bills receivable drawn Discount to customer Bills payable accepted

6,300 2,300

Sales(credit) Purchases(credit) Stock of goods on 30th june 1999

75,200 29,600 41,700

9,600 5

OMTEX – CLASSES “The home of text”

OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY******* Discount received

700

Provide for doubtful debts at 5% on debtors outstanding. Provide depreciation on furniture and fitting at 10% and on motor car at 20%. Prepare final accounts. 9. you are given the following information form the books of Shri ashok who maintains his accounts on single entry system. Balance sheet as on 1st Jan 1998 Liabilities Amount Assets Amount Bank loan Sundry creditors Ashok capital

Receipts To balance b/d To sales To sales of plant and machinery To receipts form Dr’s To loan form desai

7,000 25,000 12,000 44,000

1,000 12,000 14,000 8,000 9,000 44,000

Cash transactions Amount Payments

Amount

1,000 8,000 3,000 37,000 9,100

Cash in hand Sundry debtors Stock in trade Plant and machinery Buildings

By bank loan repaid By salaries By wages By payment to creditors By office expenses By drawings By purchase of furniture By balance b/d

58,100

5,000 4,400 1,400 40,000 900 3,000 2,000 1,400 58,100

Other transactions: Total sales Rs 62,000, discount allowed Rs 800, total purchases Rs 47,000, discount received Rs 700 , stock in trade(31.12.98) Rs 21,000 10. You are required to prepare a trading and profit & loss for the year ended 31st march 2000 and balance sheet as on 31st march 2000. Balance sheet as on 31.03.99 Liabilities Amt Assets Amt Creditors Bills payable capital

20,000 40,000 1,00,00 0

Cash Banks Bills receivable Debtors Stock Furniture Plant

1,60,00 0 Cash A/c for the year ended as on 31stmarch2000 Particulars Amt Particulars Balance Cash 5,000 Bank 10,000 Cash sales Collection form debtors Bills receivable

15,000 35,000 80,000 75,000

Drawings Wages Payment to creditors Bills paid Sundry expenses Rent, rates and taxes Balance

5,000 10,000 20,000 25,000 20,000 10,000 70,000 1,60,00 0 Amt 12,000 20,000 35,000 60,000 30,000 20,000

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OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY******* Cash Bank

3,000 25,000

2,05,00 0

28,000 2,05,00 0

Additional information : Particulars Debtors Creditors Bills receivable Bills payable Stock in trade on 31st march 2000 Bills receivable in hand dishonoured during the year Bills payable dishonoured Bills receivable endorsed Bills receivable as endorsed dishonoured Discount allowed Discount received

Amt 40,00 0 25,00 0 30,00 0 50,00 0 30,00 0 5,000 2,000 15,00 0 2,000 1,000 2,000

11. Valchand commenced business as a food merchant on 1st January 1997 with a capital of Rs.20, 000 . On the same date he purchased furniture and fittings for cash Rs 8,000. From the following particulars obtained from his books kept by single entry you are required to prepare a trading and profit & loss account for the year ended 31st dec 1997 and balance sheet as on that date:Sales (inclusive of cash Rs.20, 000) 40,000 Purchases (inclusive of cash Rs.12, 000) 34,000 Drawings 2,400 Salaries of staff 3,600 Bad debts written off 1,000 Business expenses 1,400 Valchand took food worth 1,000 form the shop for private use and paid Rs 400 to his son , but omitted to record these transactions in his books . On 31st dec 1997 his sundry debtors were Rs 10,400 and sundry creditors Rs.7,200. Stock in hand on 31st dec 1997 was Rs 13,000. 7 OMTEX – CLASSES “The home of text”

OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY******* 12. Mr. Subhash Chandra prajapati maintain the following record Particulars 1999 Cash at bank 4,000 Cash in hand 500 Stock in trade 24,000 Debtors ? Creditors 23,500 Furniture 3,000 Motor vehicle 8,000

2000 15,00 0 800 22,80 0 40,00 0 22,80 0 ? ?

Cash transactions are as follows:Particulars Received form debtors Discount allowed Capital introduced on 01.07.2000 Payment to creditors Discount received Drawing Bad debts recover Salary is up to 30.11.00 Office rent is up to 31.10.00 Advertising Sundry expenses Motor maintain Printing Traveling expenses

Amt 1,30,00 0 2,000 10,000 1,20,00 0 1,500 8,000 400 11000 2,000 1,000 1,800 1,400 800 2,000

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OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY*******

Further information:He sells goods at 25% on selling price. Expenses o/s for printing & advertising is Rs 200 & 180. Allowed 8% p. a. interest on capital. Depreciation motor – 20 % , furniture -10% ,provide 5% on doubtful debts . Provide 2 ½ % discount on debtors .you are require to prepare trading and profit and loss for the year ended 31.12.2000 and balance sheet as on 31.12.2000 13. The books Gopal showed the following figures: 31st dec 1996 3,400 20,000 ? ? 3,000

Particulars Cash in hand and at bank Stock in trade Trade debtors Trade creditors Sundry assets

Cash book showed the followed figures : Particulars Receipts form debtors Private dividends paid in Indirect expenses Drawings Payments to creditors Discount allowed by them

31stdec 1997 19,950 25,000 35,000 18,500 -

Rs 1,36,00 0 2,000 19,650 4,600 1,12,00 0 1,200

Additional information: 1. Cost of goods sold during the year was Rs 1,05,300 2. He maintains a steady gross profit at the rate of 25% on sale . 3. Bad debts written off during the period Rs 400, and past bad debts (already written off) Recovered Rs.200. You are required to prepare: a) trading and profit &loss for the year ended 31.12.1997 9 OMTEX – CLASSES “The home of text”

OMTEX – CLASSES “The home of text”

***************************** *******SINGLE ENTRY******* b) balance sheet as on that date 14.The following is the balance sheet of uma as o 30th june1998. Liabilities Amt Assets Uma capital General reserve Creditors

96,000 30,500 62,000

Amt

Building Furniture Motorcar Stock Debtors Cash in hand Cash at bank

60,000 12,000 18,000 40,000 34,000 7,500 17,000 1,88,50 1,88,50 0 0 A fire occurred in the evening of 30th June 1999 in the premises of the trader, destroying all books and records .The cashier absconded with the available cash in the cash box. Mr.uma gives you the following information: 1.His sales for the year were 20% higher than the previous year. He sells his goods at cost plus 25%. 20% of the total sales were made for cash . There were no cash purchases. 2. From 1st July 1998,stock level was raised to 50,000 3. Collection from debtors amounted to Rs. 2,60,000 of which Rs. 60,000 was received in cash. 4. Business expenses amounted to Rs. 42,000 of which Rs 10,000 was outstanding on 30th June 1999 and Rs. 12,000 was paid by cheque. Creditors were paid by cheque only. 5. Analysis of the passbook revealed the following. Particulars Rs. Payment to creditors 2,75,00 Personal drawings 0 Cash deposited in the bank 15,000 Cash withdrawn from bank for office use 1,33,70 0 24,000

6.gross profit as per last year’s audited accounts was Rs.60,000 . Provide depreciation on building and furniture at 5% and motor car at 20% You are required to ascertain the defalcated by the cashier and prepare a trading and profit and loss for the year ended 30th June 1999 and a balance sheet for the year ended as on 30th June 1999.

10 OMTEX – CLASSES “The home of text”

OMTEX – CLASSES “The home of text”