Principles and Practice of Accounting - May 2025

2. (a) Following errors were found in the books of XYZ. Give necessary 10 entries to correct them : (i) A purchase of goods from R amounting to = 10,000 has been wrongly entered through the sales book. (ii) Furniture purchased for office use amounting to % 25,000 has been entered in the purchase day book. (iii) Minor repairs to the Furniture Account amounting to = 1,500 were debited to Furniture Account. (iv) Wages amounting to % 3,000 paid to…

Receipts and Payments Account of ABC Club for the year ended 12 March 31, 2025 was as follows : (Figures are in ‘000) Receipts Amount Payments Amount Cash in hand 150 | Ground man’s Fee 1,125 Balance at Bank as per Moving Machine 2,250 i Pass Book : | — Deposit Account 3,345 | Ground Rent 375 — Current Account 900 | Cost of Teas 375 Bank Interest 45 | Fares 600 Donations and 3,900 | Printing & Office 420…

2022, Maritime Limited purchased second hand machine for % 1,20,000 and reconditioned the same by spending Z% 18,000. In 1‘ January, 2023 a new machine was purchased for % 72,000. On 30" June, 2024 the machine purchased on 1%t January, 2023 was sold for % 48,000 and another machine was installed at a cost of % 90,000. Rate of depreciation is 15% on original cost every year. ount from 1% July, 2022 to 31" March, 2025. Show the Machinery Acc…

(a) R Ltd. invited applications for issuing 1,00,000 equity shares of = 10 15 each at a premium of % 2 per share. The amounts were payable as follows : On application & allotment - % 6 per share (including premium) Balance on the First & Final Call Applications were received for 2,50,000 shares. Applications for 1,00,000 equity shares were rejected and pro-rata allotment was made to the remaining applicants. The first & final call was made. The amount was…