Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:
Cr. (Rs.)
Dr. (Rs.)
10,000
46,000
1,50,200
3,400
22,660
600
38,600
840
1,640
280
3,300
4,000
200 29,000
Drawings
Stack on 01/01/2019
Purchases and Purchases Returns
Cash in Hand
Bank Balance
Freehold Premises
Trade Expenses Printing, stationery and Advertising
Professional Charges
Commission Received
Investments as on 1" Jan. @ 10% Interest on above
Sundry Debtors and Creditors Wages
Salaries Capital
Income Tax Discount allowed and received
Sales Returns and Sales
Bills Receivable /Bills Payable
Office furniture
Rent, Rates and Insurance Bad Debts Provisions
Total Adjustments:
36,000
25,000
14,000
1,14,000
1,600
6,300
550 3.200
4,600
2,08,950
10,000
3,050
4,000
670 3.71,320
3,71,320
(a) Provide for wages Rs. 5,000.
(b) Write Off 5% depreciation on freehold premises and 10% on office furniture.
(c) Insurance to the extent of Rs. 200 relates to 2021.
(d) Stock on 31.12.2020 is Rs. 5,20,00 (e) Charge interest on capital 5% and on drawings Rs. 300.
(1) Further bad debts are Rs. 1.000.
(g) Provide for doubtful debts @ 5% on sundry debtors
(h) Make provisions for discount on debtors and reserve for discount on creditors @2%.
Extracted text: 4G+ 8:12 AM | 0.0KB/s Vo LTE 99% Rishabh Ttn SIGNMENT Course Cod4 minutes ago 04 Accounting for Managers МMPC-004/TMA 2021-22 Course Title Assignement Code : Coverage All Blocks Note: Attempt all questions and submit this assignment to the coordinator of your study centre. Last date of submission for July 2021 Session is 30“ November 2021 and for January 2022 Session is 30" April 2022. Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the ended 31" December, 2020 and Balance Sheet as on that date: year Dr. (Rs.) Cr. (Rs.) Drawings Stock on O1/01/2019 Purchases and Purchases Returns 10,000 46,000 1,50,200 3,400 22,660 38,600 600 Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received 840 1,640 280 3,300 Investments as on 1" Jan. @ 10% Interest on above 4,000 200 29,000 Sundry Debtors and Creditors Wages Salaries 36,000 25,000 14,000 Capital Income Tax Discount allowed and received Sales Returns and Sales 1,14,000 1,600 6,300 S50 4,600 2,08,950 10,000 Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions 3,200 3,050 4,000 670 Total 3,71,320 3,71,320 Adjustments: (a) Provide for wages Rs. 5,000. (b) Write Off S% depreciation on freehold premises and 10% on office furniture. (c) Insurance to the extent of Rs. 200 relates to 2021. (d) Stock on 31.12.2020 is Rs. 5,20,00. (e) Charge interest on capital 5% and on drawings Rs. 300. (f) Further bad debts are Rs. 1,000. (g) Provide for doubtful debts e 5% on sundry debtors. (h) Make provisions for discount on debtors and reserve for discount on creditors @2%. Q2. What is activity based costing (ABC)? How product costs are determined in ABC? Discuss the benefits of ABC. Q3. What is variance? Explain the need for variance control and discuss the importance of variance control in operational and management control. Q4. From the following information presented by a firm for the year ended 31" December, prepare the Balance Sheet: Sales to Net Worth Current Liabilities to Net Worth Total Debts to Net Worth Fixed Assets to Net Worth Current Ratio Sales to Stock 5 Times 50% 60% 60% 2. 1OTimes