Principles and Practice of Accounting - July 2021

(a) Mr. Ratan was unable to agree the Trial Balance last year and wrote 10 off the difference to the Profit and Loss Account of that year. Next year, he appointed a Chartered Accountant who examined the old books and found the following mistakes: (i) Purchase of a scooter was debited to conveyance account % 30,000. Mr. Ratan charges 10% depreciation on scooter. (ii) Purchase account was over cast by % 1,00,000. NEX (3) NEX Marks (iii) A credit purchase…

Ramesh lent & 1,50,000 to Deepak on 1‘ January, 2016 at the rate of 5 12% per annum. The loan is repayable as under : (i) % 10,000 on 1* January, 2017 (ii) % 20,000 on 1* January, 2018 Gii) ₹30,000.on 1* January, 2019 (iv) % 40,000 on 1* January, 2020 (v) % 50,000 on 1* January, 2021 You are required to determine the average due date for settling all the above installments by a single payment and compute interest.…

5. (a) From the following information prepare the Purchase Book of 5 M/s. Shyam & Company : (i) Purchased from Red & Company on credit : ~ 10 pair of black shoes @ ₹ 800 per pair — Spair of brown shoes @ 900 per pair Less : Trade Discount @ 10% (ii) Purchased Computer from M/s. Rahul. Enterprises on credit for % 40,000. NEX 9). (iii) Purchased from Blue & Company in cash : — 5 pair of black…

(a) X Limited invited applications for issuing 75,000 equity shares of 10 15 each at a premium of % 5 per share. The total amount was payable as follows : - 9 per share (including premium) on application and allotment — Balance on the First and Final Call Applications for 3,00,000 equity shares were received. Applications for 2,00,000 equity shares were rejected and money refunded. Shares wate allotted on pro-rata basis to the remaining applicants. The first and final call…