Final Accounts ...

Maharaja Ltd. purchased goods worth Rs. 6,50,000. It sold goods costing Rs. 5,00,000 and had Rs. 2,25,000 in closing stock. Calculate the worth of goods lying on 1^st day of the year.

Rent of Rs. 10,000 is outstanding for March 2017 of XYZ Ltd. The  journal entry is:

Mr. Shiv was appointed as Manager on a salary of Rs. 22,000 p.m. He was appointed on 15^th September, 2016. He was also to get profit share of 5%. Profit for the year was Rs. 12,00,000. Calculate Mr. Shiv's total remuneration for the year 2016-17.

Ram Narayan had stock worth Rs. 15,000 on the 1^st day of the year. He bought goods worth Rs. 15,00,000. Goods were sold for Rs. 7,00,000 at 15% profit on sales. Calculate the closing stock.

Radhika Ltd. received interest of Rs. 10,000 in the financial year 2016-17. Rs. 1000 is received for the year 2015-16 and Rs. 2000 is received for the year 2017-18. Calculate interest to be transferred to Balance Sheet of 2016-17.

Abhishek Ltd. made credit sales of Rs. 5,00,000 during April, 2016 to July, 2016 and payment has been received for Rs. 1,50,000. Credit sales from August, 2016 to March, 2017 are Rs. 9,00,000. Calculate the provision for doubtful debts at 5% for the year 2016-17.

Mr. Suraj was a jeweller and he purchased jewellery worth Rs. 12,00,000. He withdrew Rs. 5,00,000 worth of jewellery for his own use. He gave Rs. 1,00,000 worth of jewellery to his mother and Rs. 2,00,000 worth of jewellery to his wife. He further bought Rs. 9,50,000 worth of jewellery for his shop. Calculate the drawings made by him.

Prachi Ltd. had a fire accident in its factory and goods worth Rs. 3,25,000 were destroyed. 70% claim was admitted by XYZ insurance co. and 20% claim was admitted by PQR insurance co. Calculate the insurance claim to be transferred to the Balance sheet.

Sujal Ltd. had a fire in its factory and goods worth Rs. 3,25,000 were destroyed. 70% claim was admitted by XYZ insurance co. and 20% claim was admitted by PQR insurance co. Calculate the loss to be transferred to P and L a/c.

Calculate the amount of Insurance Premium for Jaya Ltd. Debit balance of Rs. 1000 appears in the trial balance. For the year 2017, prepaid insurance is Rs. 200 and outstanding is Rs. 300.

An asset is bought for Rs. 5,00,000 on 1^st June, 2016 and the rate of depreciation is 15% for six months. Calculate the depreciation for the year 2016-17.

An asset was bought by Aaradhya Ltd. on 1^st July, 2016 for Rs. 1,50,000, rate of depreciation was 15% for 10 months. It was sold on 31^st March, 2017 at Rs. 2,00,000. Find the profit or loss to be transferred to P and L a/c for the year 2016-17.

Rent received during the year 2016-17 is Rs. 50,000. Rent accrued but not received during the year is Rs. 5000. Rent outstanding (dr.) during the year is Rs. 10,000. Calculate the rent received to be transferred to P and L a/c.