On 31st March 2017, Ram purchased goods worth Rs 10,000 from market & sold them for Rs 15,000 on the same day. On 1st April, he purchased goods worth Rs 20,000 & sold them for Rs 25,000 on 5th April. There are no more transactions uptill 31st Dec 2017. What shall be the profit for the Financial Year & Calendar Year respectively?

Rs 10,000 & Rs 5,000

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Rs 5,000 & Rs 5,000

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Rs 5,000 & Rs 10,000

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Rs 10,000 & Rs 10,000

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Solution

The correct option is C
Rs 5,000 & Rs 10,000

For the Financial Year - Upto 31st March 2017
Purchases = Rs 10,000
Sales = Rs 15,000
Profit = Rs 5,000

For the Calendar Year - Upto 31st Dec 2017
Purchases = Rs 30,000
Sales = Rs 40,000
Profit = Rs 10,000

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On 1st October 2011 they sold out furniture for Rs 60,000 which was purchased on 1st April 2009. Prepare Furniture Account and Depreciation Account for the year 2009-10, 2010-11 and 2011-12 assuming that the financial year closes on 31st March every year.

Journalise the following transactions in the books of Nana.

Debit balances on 1st April 2012:-

Cash in hand Rs 5,000; Cash at Bank Rs 95,000' Land & Building Rs 2,10,000; Furniture Rs 15,000; Debtors Rs 10,000.

Credit Balances on April 1, 2012:- Creditors Rs 10,000; Bank Loan Rs 28,000.

Transactions during the month of April 2012:-

2012 April	1	Purchased goods worth Rs 30,000 for cash less Trade Discount.
	3	Sold goods to Meena Rs 25,000.
	7	Purchased goods from Seema worth Rs 12,000.
	9	Goods costing Rs 1,100 distributed as free samples.
	12	Received an amount of Rs 1,500 from Vikram which was previously written off as bad.
	14	Purchased goods from Bhushan Rs 30,000 at 10% Trade Discount and paid him 1/3^rd amount in cash after getting 5% cash discount.
	20	Received cash gift Rs 10,000 from Father-in-law with which purchased shares of Infosis Co.
	24	Payment of Bank loan with interest Rs 6,000 [Interest amount Rs 1,500]
	28	Sold goods to Anil Rs 50,000 at 10% trade discount and received half the amount in cash, 5% cash discount allowed.
	29	Paid for Advertisement Rs 5,000.
	30	Withdrew cash Bank for personal purpose Rs 2,000.

A machine was purchased on 1st April, 2015 for Rs. 10,00,000. On 1st October 2015, another machine was purchased for Rs. 6,00,000. Estimated scrap values were Rs. 40,000 and Rs. 20,000 respectively. Depreciation is to be provided @ 10 % per annum on the machines under the reducing balance system.

(i) Show the machinery account for the year ended 31st March 2016 and 2017.

(ii) Show how the machinery account will appear in the balance sheet as at 31st March, 2017.

Akshay purchased machinery worth Rs 20,000 on 1st April 2006. He charges depreciation @ 10% on Written Down Value Method on 31st March every year.
On 1st July 2008 he sold a part of the Machinery for Rs 2,000 The original cost of which on 1st April 2006 was Rs 4,000
Prepare Machinery Account for first four years and pass Journal entries for 3rd year i.c. 2008-09

On the basis of the following information, calculate the amount of consumable goods to be shown in the Income and Expenditure Account for the year ended 31st December, 2017.

Stock of goods on 1-1-2017 Rs 50,000

Stock of goods on 31-12-2017 Rs 40,000

Amount paid for goods purchased Rs 2,00,000

Creditors of goods on 1-1-2017 Rs 20,000

Creditors for the goods on 31-12-2017 Rs 10,000

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The correct option is C Rs 5,000 & Rs 10,000 For the Financial Year - Upto 31st March 2017 Purchases = Rs 10,000 Sales = Rs 15,000 Profit = Rs 5,000 For the Calendar Year - Upto 31st Dec 2017 Purchases = Rs 30,000 Sales = Rs 40,000 Profit = Rs 10,000

The correct option is C
Rs 5,000 & Rs 10,000

For the Financial Year - Upto 31st March 2017
Purchases = Rs 10,000
Sales = Rs 15,000
Profit = Rs 5,000

For the Calendar Year - Upto 31st Dec 2017
Purchases = Rs 30,000
Sales = Rs 40,000
Profit = Rs 10,000