Problem 1:
Journalize the following transactions in the books of Mr. Walter:
a. Paid rent of building $ 12,000 half of the building is used by the proprietor for residential use.
b. Paid fire insurance of the above building in advance $ 1,000.
c. Paid life insurance premium $ 2,000. d) Paid income-tax $ 3,000.
d. Salary due to clerk $ 500.
e. Charge depreciation on furniture @ 10% p.a. for 1 month (furniture $ 12,000).
f. Provide interest on capital ($ 60,000) at 15% p.a. for 6 months.
g. Charge interest on drawing (10,000) at 18% p.a. for 6 months.
h. Provide interest on loan to Ram ($ 100,000) at 18% p.a. for 2 months.
i. Charge interest on loan to Shyam ($ 200,000) at 18% p.a. for 2 months.
j. Received commission $ 1,000 half of which is in advance.
k. Brokerage due to us $ 500.
Problem 2:
From following figures extracted from the books of Mr. XYZ, you are required to prepare a Trading & Profit & Loss Account for the year ended 31st March, 2008 and a Balance Sheet as on that date after making the necessary adjustments.
Problem 3:
Following is the Trial Balance of M/s. Trinity Foods as on 30th June 2007 (after closing Nominal Accounts). Prepare a Balance Sheet on the basis of this trial balance.
Problem 4:
Given below are the financial statements of Safal Enterprises, using the tool of ratio analysis comment on the profitability and liquidity position of the firm for the year 2006-07. Total no. of shares outstanding for the firm is 2.69crores. In the view of growth opportunities in the near future the firm has been maintaining a policy of 45% payout.
Problem 5:
Given below are the balance sheets of the two firms- Gloria Ltd and Victoria Ltd as on 31st March 2007.
Problem 1:
Find out the cost of raw material purchased from the data given below:
Problem 2:
The product of a manufacturing concern passes through two processes A and B and then to finished stock. It is ascertained that in process A normally 5% of the total input is scrap which realizes Rs. 80 per tone.
From the following information relating to process A for the month of August 2007, prepare process A account
Q .1) Is the profitability performance of the firm satisfactory? If not, how can it be improved?
2. How attractive is the firm from the short-term and long-term lenders, perspective? Does the firm appear to be the favorite destination in the automobile sector (two-wheelers and three-wheelers segment) for the lenders?
Q .3. How efficient is the firm been in utilizing the resources at its disposal? How do you think the company can improve upon its efficiency?
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University: AMITY Year: 2015