Sap-3. Accounting Q.1

Transcription

1 Sap-3 Accounting Q.1 Trading & PROFIT & LOSS A/c for the year ended PARTICULARS AMOUNT AMOUNT PARTICULARS AMOUNT AMOUNT TO opening stock 60,000 BY Sales TO purchases on cash 1,20,000 on cash 72,000 on credit 4,20,000 on credit 4,20,000 LESS: sales returns -60,000 4,80,000 LESS: purchase returns -60,000 LESS: advertisement -9,000 BY Closing stock 1,02,000 LESS: drawings -1,000 4,22,000 TO freight inwards 4,000 TO GROSS PROFIT 96,000 5,82,000 5,82, TO advertising 9,000 BY GROSS PROFIT 96,000 TO bad bebts 9,375 BY Discount received 11,500 TO rebate allowed 200 BY Rebate received 1,000 TO discount allowed 16,125 BY Accrued interest on 200 TO Discount on bill 500 GOVT.. Securities TO Loss by fire 20,000 TO deprreciation 12,000 TO EXPENCES ( BAL. FIG.) 19,500 TO NET PROFIT 22,000 1,08,700 1,08,700 BALANCE S HEET OF BHARAT AS AT LIABILITIES AMOUNT AMOUNT AS S ETS AMOUNT AMOUNT X's CAPITAL A/c FIXED ASSETS Opening balance 1,80,000 Opening balance 60,000 ADD: Net profit 22,000 LESS: Loss due to fire -20,000 LESS: Drawings -1,01,000 1,01,000 ADD: Addition 80,000 LESS: Depreciation -12,000 1,08,000 Creditors 30,000 Outstanding Business Expences 11,000 Closing stock 1,02,000 Bank Overdraft 1,39,700 Debtors 60,000 Bills Payable 25,000 Bills Receivable 5,000 Prepaid business expences 4,000 4% GOVT.. Securities 9,600 Interest Accrued 200 Due from cashier 17,900 3,06,700 3,06,700

2 WORKING NOTES: (i) calculation of cash & credit sales during the current year A. Previous year total sales (gross profit/ GP ratio) (80000/0.2) 4,00,000 B. ADD: Increase in sales during the current 80,000 C. Current year total sales (A) +(B) 4,80,000 D. LESS: cash of net sales (480,000 * 25%) 1,20,000 E. Net credit sales ( C - D) 3,60,000 F. ADD: sales returns 60,000 G. Gross credit sales (E + F) 4,20,000 (ii) calculation of cash and credit purchases during the current year RS. A. Current year's total sales 4,80,000 B. LESS: GROSS 20% 96,000 C. Cost of goods sold 3,84,000 D. ADD: Closing stock ( ) 1,02,000 E. ADD: material used in advertising 9,000 F. ADD: Goods used as drawings 1,000 G. LESS : Opening stock 60,000 H. LESS :Freight inwards 4,000 I. Total purchases 4,32,000 J. LESS: Cash purchases ( /6) 72,000 K. Net Credit Purchases 3,60,000 L. ADD: Purchase returns (360,000 / 6) 60,000 M. Gross Credit Purchases 4,20,000 Dr. DEBTORS A/c Cr. PARTICULARS AM OUNT PARTICULARS AM OUNT TO Balance b/d 50,000 BY sales returns A/c 60,000 TO Sales A/c 4,20,000 BY Bank A/c 9,375 TO creditors A/c (dis on endor. B/R) 25,000 BY Bad debts A/c 16,125 TO Bank A/c 12,500 BY Discount Allowed A/c 50,525 BY Bank A/c 2,02,100 BY Cash A/c 1,00,000 BY Balance c/d 60,000 5,07,500 4,98,125 RS.

3 Dr. CREDITORS A/c Cr. PARTICULARS AM OUNT PARTICULARS AM OUNT TO Purchase returns A/c 60,000 BY balance b/d 25,000 TO Bank A/c 1,74,800 BY Purchases A/c 4,20,000 TO Cash A/c 43,700 BY Debtors A/c 25,000 TO Discount received A/c 11,500 ( Dishonoured endorsed B/R) TO Bills payable 1,00,000 TO Bills receivable (endorsed B/R) 50,000 TO balance c/d 30,000 4,70,000 4,70,000 Dr. Bills receivable A/c Cr. PARTICULARS AM OUNT PARTICULARS AM OUNT TO Debtors A/c ( B/R drawn) 1,00,000 BY Creditors A/c (Endorsed B/R) 50,000 ( bal fig.) BY Bank A/c 24,500 BY Discounting charges A/c 500 BY Bank A/c 9,800 BY Rebate allowed 200 BY Bank A/c 10,000 BY Balance c/d 5,000 1,00,000 1,00,000 Dr. Bills Payable A/c Cr. PARTICULARS AM OUNT PARTICULARS AM OUNT TO Bank A/c 25,000 BY creditors A/c 1,00,000 TO BankA/c 49,000 (B/P ACCEPTED ) TO rebate received A/c 1,000 (BAL FIG) TO Balance c/d 25,000 1,00,000 1,00,000 Dr. FIXED ASSETS A/c Cr. PARTICULARS AM OUNT PARTICULARS AM OUNT TO BALANCE b/d 60,000 BY loss by fire 20,000 TO Bank A/c (purchases) 80,000 BY depreciation A/c 12,000 ( BAL FIG.) BY balance c/d 1,08,000 1,40,000 1,40,000

4 CALCULATION OF OPENING CAPITAL BALANCE SHEET AS AT LIABILITIES AM OUNT ASSETS AM OUNT Outstanding business expences 55,000 Fixed assets 60,000 Trade creditors for goods 25,000 Stock 60,000 CAPITAL ( BAL FIG) 1,80,000 Trade Debtors 50,000 Cash 5,000 Bank 65,000 Prepaid Business Expences 20,000 2,60,000 2,60,000 Calculation of NET PROFIT FOR THE CURRENT YEAR: NET PROFIT for the current year = Closing Capital + Drawings Opening Capital = 1,01, ,01,000 1,80,000 = Rs. 22,000 Dr. Business expences A/c Cr. PARTICULARS AM OUNT PARTICULARS AM OUNT TO Prepaid expences A/c (Beg) 20,000 BY Outstanding Expences A/c (Beg) 55,000 TO Bank A/c (80% of 47500) 38,000 BY Profit & loss A/c 19,500 TO Cash A/c (20% of 47500) 9,500 BY Prepaid Expences (end) A/c 4,000 TO Outstanding Expences A/c 11,000 78,500 78,500 Dr. CAS H BOOK Cr. PARTICULARS CASH (RS.) BANK (RS.) PARTICULARS CASH (RS.) BANK (RS.) TO Balance b/d 5,000 65,000 BY cash purchases A/c 72,000 TO cash sales A/c 1,20,000 BY Creditors A/c 43,700 1,74,800 TO debtors A/c 2,02,100 BY Freight 4,000 TO Cash A/c ( C ) 50,525 BY Fixed assets 80,000 TO B/R A/c 1,00,000 BY Business expences A/c 9,500 38,000 TO Debtors A/c 24,500 BY Drawings A/c 80,000 20,000 TO B/R A/c 9,375 BY Bank A/c ( C ) 1,00,000 TO B/R A/c 9,800 BY Debtor A/c ( Dishonour of B/R) 12,500 TO Balance c/d 10,000 BY B/P 49,000 1,39,700 BY B/P 25,000 BY Govt. Securities 9,600 BY BALANCE C/d 17,900 (DEFALCATED BY CASHIER) 3,27,100 4,08,900 3,27,100 4,08,900

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7 Law, Ethics & Communication Q.1 Q.2

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11 Costing & Financial Management Q.1

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14 Q.5

15 Taxation Q.1 Rs.91,765 Q.5 Q.4

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19 Advanced Accounting Q.1

20 Q.2 Calculation of adjusted net profit PARTICULARS HEAD OFFICE (RS.) BRANCH (RS.) Profit as given in trial balance 14,660 3,060 Administrative service charge ,960 2,760 Depreciation of branch assets nil ,960 2,510 Stock stolen in transit (abnormal loss) Adjusted Net Profit 14,560 2,510 IN THE BOOKS OF BRANCH JOURNAL ENTRIES DATE PARTICULARS DR (RS) CR (RS.) PROFIT & LOSS A/c DR 300 TO HEAD OFFICE A/c 300 (Being share of head office administrative services to be borne by branch) PROFIT & LOSS A/c DR 250 TO HEAD OFFICE A/c 250 (Being depreciation on branch assets maintained in H.O. Books) PROFIT & LOSS A/c DR 2510 TO HEAD OFFICE A/c 2510 (Being adjusted profit transferred to head office A/c) IN THE BOOKS OF HEAD OFFICE JOURNAL ENTRIES DATE PARTICULARS DR (RS) CR (RS.) a) CASH-IN-TRANSIT A/c DR 1,000 TO BRANCH A/c 1,000 (Being cash remitted by branch but in transit) b) GOODS-IN-TRANSIT A/c DR 440 TO BRANCH A/c 440 (Being goods send to branch but in transit) c) BRANCH A/c DR 300 TO PROFIT AND LOSS A/c 300

21 (Being share of administrative services debited to branch) d) PROFIT & LOSS A/c DR 400 TO BRANCH A/c 400 (Being stock stolen in transit and charged to branch but not admitted by them not covered by insurance) e) BRANCH A/c DR 250 TO BRANCH ASSETS A/c 250 (Being depreciation on branch assets charged to branch) f) BRANCH A/c DR 2,510 TO PROFIT & LOSS A/c 2,510 (Being branch net profit is transferred to PROFIT & LOSS A/c) BALANCE SHEET AS ON LIABILITIES Rs. RS. ASSETS RS. RS. CAPITAL 1,00,000 Fixed assets add adjusted net profit Head office 36,000 Head office 14,560 Branch 15,750 51,750 Branch 2,510 1,17,070 Stock Head office 34,200 Branch 10,740 44,940 Creditors Goods in transit Head office 3,960 Debtors 440 Branch 1,920 5,880 Head office 2,820 Branch 4,840 12,660 Cash Head office 10,740 Branch 1,420 12,160 Cash in transit 1,000 1,22,950 1,22,950

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24 Auditing & Assurance Q.1 Q.2

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29 Information Technology Q.1 (A). Network Virtualization: In IT, Virtualization is the process of creating logical computing resources from available physical resources. This is accomplished using virtualization software to create a layer of abstraction between workloads and the underlying physical hardware. Network Virtualization allows a large physical network to be provisioned into multiple smaller logical networks and conversely allows multiple physical LANs to be combined into a larger logical network. This behavior allows administrators to improve network traffic control, enterprise and security. (b).storage Virtualization: Storage virtualization is the apparent pooling of data from multiple storage devices, even different types of storage devices, into what appears to be a single device that is managed from a central console. Storage virtualization helps the storage administrator perform the tasks of backup, archiving, and recovery more easily -- and in less time -- by disguising the actual complexity of a Storage Area Network (SAN) 2. Making use of Underutilized Resources: Grid computing provides a framework forexploiting underutilized resources and has the possibility of substantially increasing the efficiency of resource usage by aggregating this unused storage into a much larger virtual data store. Resource Balancing: The grid can offer a resource balancing effect by scheduling grid jobs on machines with low utilization. This feature of grid computing handles occasional peak loads of activity in parts of a larger organization. Parallel CPU Capacity: A CPU-intensive grid application can be thought of as many smaller sub-jobs, each executing on a different machine in the grid. A perfectly scalable application will, for example, finish in one tenth of the time if it uses ten times the number of processors Virtual resources and virtual organizations for collaboration: The users of the grid can be organized dynamically into a number of virtual organizations, each with different policy requirements. These virtual organizations can share their resources such as data, specialized devices, software, services, licenses, and so on, collectively as a larger grid. Access to additional resources: In addition to CPU and storage resources, a grid can provide access to other resources as well. For example, if a user needs to increase their total bandwidth to the Internet to implement a data mining search engine, the work can be split among grid machines that have independent connections to the Internet. Reliability: High-end conventional computing systems use expensive hardware to increase reliability. The machines also use duplicate processors in such a way that when they fail, one can be replaced without turning the other off. Management: The grid offers management of priorities among different

30 projects. Aggregating utilization data over a larger set of projects can enhance an organization s ability to project future upgrade needs. When maintenance is required, grid work can be rerouted to other machines without crippling the projects involved. 3. Advantages of Cloud Computing: It is a cost efficient method to use, maintain and upgrade with almost unlimited storage. It provides an easy access to information and is usually competent enough to handle recovery of information. In the cloud, software integration occurs automatically and the entire system can be fully functional in a matter of a few minutes. Disadvantages of Cloud Computing: This technology is always prone to outages and other technical issues and surrendering all the company s sensitive information to a thirdparty cloud service provider makes the company vulnerable to external hack attacks and threats. 4. Delivery channels refer to the mode through which information or products are delivered to users. Delivery Channels for Information include the following: Intranet: Network within the company/enterprise; The most widely used delivery channel for information today; Internal newsletters and magazines; Staff briefings, meetings and other face-to-face communications methods; Notice boards in communal areas; Manuals, guides and other printed resources; Hand-held devices (PDAs, etc.); and Social networking sites like Facebook, WhatsApp etc. Strategic Management Q.1

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