Page 228 - AAAXII

Model Test Papers M.217

Alternate Method: For Calculating Salaries to be debited to Income and Expenditure Account:
` `
Salaries paid during the year 67,500
Add: Outstanding (31.3.2018) 11,250
Prepaid (1.4.2017) 6,250 17,500
85,000
Less: Outstanding (1.4.2017) 18,750
Prepaid (31.3.2018) 3,750 22,500
Salaries to be debited to Income and Expenditure Account 62,500
3. Dr. CREDITORS FOR SPORTS MATERIAL ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d (Advances in the beginning) 6,250 By Balance b/d (Due) 18,750
To Bank A/c 67,500 By Stock of Sports Material A/c 62,500
To Balance c/d 11,250 (Credit Purchase—Balancing Figure)
By Balance c/d (Advances at the end) 3,750
85,000 85,000

4. Dr. STOCK OF SPORTS MATERIAL ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 18,750 By Income and Expenditure A/c 78,750
To Creditors for Sports Material A/c (Transfer) 62,500 (Sports Material Consumed—Bal. Fig.)
To Cash A/c (Purchases) (10% of ` 62,500) 6,250 By Balance c/d 8,750
87,500 87,500

Alternate Method: For Calculating Sports Material Consumed to be debited to Income and Expenditure Account:
`
Opening Stock of Sports Material 18,750
Add: Purchases (Cash + Credit) [` 6,250 + ` 62,500 (from Creditors for Sports Material A/c)] 68,750
87,500
Less: Closing Stock of Sports Materials 8,750
Sports Materials Consumed during the year to be debited to Income and Expenditure Account 78,750
14.
Dr. ANIL’S CAPITAL ACCOUNT Cr.
Particulars ` Particulars `
To Anil’s Executor’s A/c 79,500 By Balance b/d 30,000
(Balancing Figure) By Reserve Fund A/c 3,000
By Bhanu’s Capital A/c 11,250
By Chandu’s Capital A/c 7,500
By Revaluation A/c 22,500
By Profit and Loss Suspense A/c 3,750
By Interest on Capital A/c 1,500
79,500 79,500