1. Find out cost of goods sold when sales is Rs.
1,00,000 and Gross profit ratio is 25
% on Cost.
2. Find out sales when cost of goods sold is Rs.80,000 and gross profit ratio 20% on
sales.
3. From the following facts you are required to calculate total sales and total
purchases
(Ascertainment of Total Sales and Total Purchases)
Bills Receivables in the beginning- 7,800
Debtors in the beginning -30,800
Bills receivables received during the year -20,900
Cash Received from debtors -70,000
Bad debts written off -2,800
Returns Inwards -8,700
Bills receivables dishonoured -1,800
Bills receivables at the end -6,000
Debtors at the end -25,500
Cash Sales (as per cash book) -60,700
Opening balance of Bills payable -5,000
Opening Balance of Creditors -6,000
Closing Balance of Creditors-7,000
Closing Balance of Bills payable -4,000
Cash paid to creditors during the year -30,200
Bills payable (honoured) during the yexar- 8,900
Return outwards -1,200
Cash Purchases- 25,800
4. Prepare Total Debtors Account and Bills Receivables Account for the year
ending 31-3-2010 from the following details (Ascertainment of B/R during the
year )
Total sales during the year -1,15,000
Cash sales during the year -30,000
Return inwards during the year -450
Discount allowed during the year - 150
Cash received from debtors during the year-65000
Cash received against B/R during the year -2,500
Provision for bad debt made during the year – 700
Debtors on 31-3-2011 -40,000
Debtors in 31-3-2012 – 50,000
B/R on 31-3-2011- 2,000
Provision for Bad Debts on 31-3-2011 -900
Provision for Bad debts on 31-3- 2012 -700
5. [Link] who keeps his books by single entry, gives you the following
information for the year ending 31.3.2012
Summary of Cash Book
Particulars Amount Particulars Amount
To Balances at Bank 4,500 By Ramesh’s Drawing 7,520
To Sundry Debtors 40,000 By Trade Creditors 27,000
To Bills receivable realised 14,000 By Bills Payable 9,000
To Commission received 1,000 By Wages 12,000
To Cash sales 7,000 By Salaries 7,000
To Balance c/d (Bank O/D) 2,000 By Rent and Taxes 4,400
By Insurance 1000
By Carriage 250
By Advertising 330
68,500 68,500
By Balance b/d 2,000
Assets and Liabilities 1.4.2011 31.3.2012
Stock on hand 18,000 25,000
Debtors 14,000 16,000
Creditors 10,000 2,000
Bills receivables 5,000 6,000
Bills payable 2,000 500
Furniture 600 600
Building 12,000 12,000
Provision of Rs.1,450 is required for doubtful debts and depreciation at 5 % is to be
written off on building and furniture. Rs.3,000 is outstanding for wages and Rs.1,200
for salaries. Insurance has been prepaid to the extend of Rs.250. Legal expenses are
outstanding to the extent of Rs.700. Prepare Trading and Profit & Loss account and
balance sheet as on 31st ,March 2012.
6. From the following information ascertain Total sales and Total Purchases
(Homework)
Balances on : 1-4-2023 31-3-2024
Sundry Debtors 62,000 70,000
Bills Receivables 32,000 38,000
Sundry Creditors 40,000 50,000
Bills Payable 24,000 21,000
Transactions for the year 2023-14
Cash sales – 40,000
Cash Received from Debtors -1,60,000
Discount allowed to customers -5000
Return inwards -10,000
Return outwards -2,500
Cash received against bills receivable-48,000
Cash paid against bills payable -40,000
Cash purchases -25,000
Cash paid to creditors -1,10,000
Bad debts written off – 5,000
7. [Link] keeps his books by single entry system. From the following data
prepare Trading and Profit and Loss Account for the year ended 31.3.2012
together with Balance sheet as on that date
Interest charges – 200
Personal withdrawals- 4,000
Staff salaries – 17,000
Business expenses – 15,800
Payments to creditors – 30,000
Balances at bank on 31.3.2012- 4,850
Cash on hand 31.3.2012- 150
Receipts from debtors- 50,000
Cash sales – 30,000
Further details available are:-
Assets and Liabilities 1.4.2011 31.3.2012
Stock 18,000 20,400
Creditors 16,000 11,000
Debtors 44,000 60,000
Furniture 2,000 2,000
Premises 30,000 30,000
Provide 5% interest on Santhosh’s capital as on 1.4.2011. Provide Rs. 1,500 for
doubtful debts and 5 % depreciation on all fixed assets
8. Raghupathi did not maintain his books of accounts [Link] the following
data supllied to you prepare final accounts for the year ended 31.3.2012
Opening stock – 10,000
Creditors on 1.4.2011- 4,000
Cash on hand 1.4.2011 – 6,000
Furniture 1.4.2011- 2,000
Salaries- 6,800
Rent- 2,400
Other expenses- 4,800
Cash sales – 8,000
Cash received from debtors- 64,000
Cash paid to creditors- 36,000
Cash purchases – 4,000
Credit purchases – 60,000
Closing stock – 8,000
Debtors on 31.3.2012- 24,000
Drawings -8,000
Discount allowed to debtors – 2,000
Donation given to Prime Ministers drought relief fund -2,000
He informs you that he invariably sells his goods at a profit of 33 1/3 % on cost. Ignore
Depreciation
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