Amity Solution Download for Case Study

 300

Category:

Description

CASE STUDY

Download Amity Solution MBA Instantly

Following is the trial balance of Amar as on 31st March, 2011:
Amount Amount
Capital Account 80,000
Drawing Account 6,000
Stock (1.4.2010) 45,000
Purchases 2,60,000
Sales 3,10,000
Furniture 10,000
Sundry Debtors 40,000
Freight and Octroi 4,600
Trade Expenses 500
Salaries 5,500
Rent 2,400
Advertising Expenses 5,000
Insurance Premium 400
Commission 1,300
Discount 200
Bad Debts 1,600
Provision for Bad Debts 900
Creditors 20,000
Cash in hand 5,200
Bank 5,800
Goodwill (at cost) 20,000

4,12,200 4,12,200

Adjustments:
(a) Stock on 31st March, 2011 was valued at Rs. 53,000.
(b) Salaries have been paid only for 11 months.
(c) Unexpired insurance included in the figure of Rs 400 appearing in trial balance is Rs 100.
(d) Commission earned but not yet received amounting to Rs 122 is to be recorded in books of account.
(e) Provision for bad debts is to be brought upto 3% of sundry debtors.
(f) Manager is to be allowed a commission of 10% of net profits after charging such commission.
(g) Furniture is depreciated @10% per year.
(h) Only 1/4th of advertising expenses is to be written off.
Prepare trading and profit and loss account for the year ended 31st March, 2011 and balance sheet as on that date. Transferred

Question 1: How much gross profit will be transferred to Profit & Loss Account?
( )”60,000″
( )”55,500″
( )”53,000″
( )”53,400″

Question 2: Freight & Octroi expence will be debit (Dr.) to Account.
( )None
( )Both (a & b)
( )P&L account
( )Trading A/c

Question 3: Amount of outstanding is ..
( )600
( )500
( )700
( )1000

Question 4: How much amount of advertising expenses is to be written off in 2011
( )3000
( )1500
( )1300
( )1250

Question 5: How much Insurance Permium expence will be debit (Dr.) to P&L account?
( )300
( )250
( )400
( )500

Question 6: How much Bad Debts will be debit (Dr.) to P&L account.
( )2800
( )3700
( )1900
( )2000

Question 7: Net Profit of ABC Ltd. For the year ended 31st March 2011 is .
( )37520
( )36520
( )35000
( )37000

Question 8: Total Liabilities of ABC ltd. As on 31st March 2011 is ..
( )”1,35,722″
( )”1,30,500″
( )”1,40,533″
( )”1,35,000″

Question 9: Debtors amount after provision for bad debts is
( )”38,500″
( )”38,200″
( )”38,800″
( )”38,900″

Question 10: Value of Furniture after depreciation is
( )10000
( )9000
( )11000
( )10500

.woocommerce-message { background-color: #98C391 !important; }