PROJECT - Icbseocean.weebly.com/uploads/2/8/1/5/28152469/projects.pdf · [XI – Accountancy] 228 Students should analyse the transactions on the basis of these papers and process

227 [XI – Accountancy]

Scope

(i) The scope of the unit is to understand accounting as an information

system for the generation of accounting information and preparation of

accounting reports.

(ii) It is advised that the working knowledge of Tally software will be

given to the students for generation of accounting software. For this,

the teachers may refer chapter 4 of Class XII NCERT text book on

Computerised Accounting System.

PROJECT - I

PROJECT WORK IN ACCOUNTANCY CLASS XI

In Accounting, Project Work is introduced at XI class for 10 marks. At

this level, the accountancy teachers require to help the students in the project

in the following ways:

1. To provide knowledge to the students about Accounting Process.

2. Give the imaginary transactions data.

3. Show the original source document (Which is easily available).

4. To train the students for preparing vouchers.

5. Tell the students how to record transactions from vouchers.

6. To motivate students to collect various source documents.

7. To encourage students to prepare books of accounts with the help of

vouchers.

So, the commerce teacher will play a important role in preparation of

project in class XI. The teacher may provide various transactions to the students.

Some transactions are given below:

Ayan started business under the name AYAN & BROTHERS at NOIDA

on April 1, 2011 to deal in Books and Stationary material. He introduced Rs.

5,00,000 as capital out of which Rs. 1,00,000 was in cash and balance by

cheque. He enclosed the original papers relating to his business transactions

for the month of April, 2011.

[XI – Accountancy] 228

Students should analyse the transactions on the basis of these papers and

process the information through:

Various stages of accounting cycle.

Preparation of vouchers for each financial transaction.

Recording in the journal and subsidiary books.

SOURCE DOCUMENTS

Transaction 2


Transaction 3

CASH MEMORama Stores



Transaction 9


Transaction 12M/s Aryan & Brothers Noida

No. 1 Receipt (Original) Date : 14.04.2011

Received with thanks from M/s Ramesh Trading Co. sum of Rupees one lacfifty thousand only as part payment of Invoice no. 1, dated April 12, 2011 through cheque no. 486958 on ICICI BANK LTD. DELHI.

FOR AYAN & BROTHERS

Transaction 14

Carriage paid for unloading of goods Rs. 500 cash.


Transaction 16

BILL OF EXCHANGENOIDA

Stamp Date : 19.04.2011

one month after date pay M/s Ayan & Brothers or order the sum of Rupeestwenty thousand only, value received.

for AYAN & BROTHERSRs. 20,000To,M/s Vikas Ltd.

AYAN

Transaction 17

Mr. Ayan withdraw Rs. 3,000 from Bank Account for personal use

vide cheque no. 186930 on 20th April, 2011.

Transaction 18

Rs. 25,000 Wages paid to worker vide cheque No. 186931 on 20th

April 2011.

Transaction 19PROMISSORY NOTENOIDA

Date : 19.04.2011

Rs. 10,000Two month after date, I/We promise to pay M/s Sunlight Ltd. Or ordersum of Rupees Ten Thousand only for the value received.

for AYAN & BROTHERSAYAN


Transaction 20

Payment made for purchasing Printing and Stationary Material vide

cheque no. 186932, HDFC BANK LTD. on 25th April, 2011

Transaction 21

Salary of Rs. 15,000 paid for the month of April, 2011 by cheque

No. 186935.

Event as on 30th, April 2011

Inventory was counted and valued Rs. 1,08,950.




4,00,000

Sd/-Manager

Sd/-Accountant




1,50,000

Sd/-Manager

Sd/-Accountant


17

19.7


AYAN AND BROTHERS

VOUCHER for Transaction 21


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In t

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Ledger Accounts

Dr. Capital Account Cr.

Date Particulars J.F. Amt. Rs. Date Particular J.F. Amount Rs.

2011 2011

30-Apr To Balance c/d 5,00,000 1-Apr By Bank A/c 4,00,000

1-Apr By Cash A/c 1,00,000

5,00,000 5,00,000

2011

1-May By Balance b/d 5,00,000

Dr. Drawings Account Cr.


2011 2011

20-Apr To Bank A/c 3,000 30-Apr By Balance c/d 3,000

3,000 3,000

2011

1-May To Balance b/d 3,000

Dr. Furniture & Fixtures Account Cr.


2011 2011

2-Apr To Ram & Sons 95,000

8-Apr To Cash A/c 5,000 30-Apr By Balance c/d 1,00,000

1,00,000 1,00,000

2011

1-May To Balance b/d 1,00,000

Dr. Purchases Account Cr.


2011 2011

3-Apr To Bank A/c 85,000

15-Apr To Bank A/c 25,000

30-Apr To Purchases Book 2,49,000 30-Apr By Balance c/d 3,59,000

3,59,000 3,59,000

2011

1-May To Balance b/d 3,59,000


Dr. Office Equipment Account Cr.

DateParticulars J.F. Amt. Rs. Date Particular J.F. Amount Rs.

2011 2011


75,000 75,000

2011


Dr. Bill Receivable Account Cr.


2011 2011

19-Apr To Vikas Ltd. 20,000 30-Apr By Balance c/d 20,000

2011


Dr. Ram & Sons Account Cr.


2011 2011

12-Apr To Bank A/c 50,000 2-Apr By Furniture & 95,000

30-Apr To Balance c/d 45,000 Fixtures A/c

95,000 95,000

2011

1-May By Balance b/d 45,000

Dr. Discount Allowed Account Cr.


2011 2011

7-Apr To Sales A/c 500 30-Apr By Balance c/d 500

500 500

2011

1-May To Balance b/d 500


Dr. Sales Account Cr.

Date Particulars J.F. Amount Rs. Date Particular J.F. Amount Rs.

2011 2011

30-Apr To Balance c/d 3,15,000 7-Apr By Bank A/c 24,500

7-Apr By Discount Allowed 500

30-Apr By sales book 2,90,000

3,15,000 3,15,000

2011


Dr. Sunlight Ltd. Cr.


2011 2011

21-Apr To Bills Payable A/c 10,000 6-Apr By Purchases A/c 2,34,000

30-Apr To Balance c/d 2,39,000 14-Apr By Purchases A/c 15,000

2,49,000 2,49,000

2011


Dr. Bills Payable (Promissory Note) Account Cr.

DateParticulars J.F. Amount Rs. Date Particular J.F. Amount Rs.

2011 2011

30-Apr To Balance c/d 10,000 21-Apr By Sunlight Ltd. 10,000

10,000 10,000

2011

1-May By Balance b/d 10,000

Dr. Vikas Ltd. Cr.


2011 2011

12-Apr To Sales A/c 45,000 19-Apr By Bills Receivable A/c 20,000

30-Apr By Balance c/d 25,000

45,000 45,000

2011



Dr. Ramesh Trading Co. Cr.


2011 2011

12-Apr To Sales A/c 2,45,000 14-Apr By Bank A/c 1,50,000

30-Apr By Balance c/d 95,000

2,45,000 2,45,000

2011


Dr. Advt. Expenses Account Cr.


2011 2011

10-Apr To Cash A/c 2,500 30-Apr By Balance c/d 2,500

2,500 2,500

2011


Dr. Printing & Stationary Account Cr.


2011 2011


2,000 2,000

2011


Dr. Carriage Inward Account Cr.


2011 2011

15-Apr To Cash A/c 500 30-Apr By Balance c/d 500

500 500

2011

1-May To Balance b/d 500


Dr. Wages Account Cr.


2011 2011


25,000 25,000

2011


Dr. Salaries Account Cr.


2011 2011


15,000 15,000

2011

1-May To Balance b/d 15,000 15,000

Trial Balance

Particulars Dr. Rs. Cr. Rs.

Cash A/c 92,000

Bank A/c 2,94,500

Capital A/c 5,00,000

Drawings A/c 3,000

Furniture & Fixtures 1,00,000

Purchases A/c 3,59,000

Sales A/c 3,15,000

Office Equipment A/c 75,000

Printing & Stationary A/c 2,000

Advertisement Exp. A/c 2,500

Carriage Inward A/c 500

Bill Receivable A/c 20,000

Bills Payable (Promissory Note) A/c 10,000

Discount Allowed A/c 500

Wages A/c 25,000

Salaries A/c 15,000

Ram & Sons 45,000

Sunlight Ltd. 2,39,000

Vikas Ltd. 25,000

Ramesh Trading Co. 95,000

Total 11,09,000 11,09,000


AYAN & BROTHERS

TRADING AND PROFIT AND LOSS ACCOUNT

For the period 1st April 2011 to 30th April 2011

Particulars Amount (Rs.) Particulars Amount (Rs.)

To Purchases 3,59,000 By Sales 3,15,000

To Carriage Inward 500 By Closing Stock 1,08,950

To Wages 25,000

To Gross Profit c/d 39,450

4,23,950 4,23,950

To Advt. Expenses 2,500 By Gross Profit b/d 39,450

To Discount Allowed 500

To Printing & Stationary 2,000

To Salary 15,000

To Net Profit 19,450

39,450 39,450

AYAN & BROTHERS

BALANCE SEET

As at 30th April 2011

Liabilities Amt. (Rs.) Assets Amt. (Rs.)

Capital Account Fixed Assets

Introduced 5,00,000 Office Equipment 75,000

Add: Net Profit 19,450 Furniture & Fixtures 1,00,000

For the period 5,19,450

Less: Drawings 3,000 5,16,450 Current Assets

Sundry Debtors 1,20,000

Current Liabilities Cash In Hand 92,000

Sundry Creditors (Goods) 2,39,000 Cash At Bank 2,94,500

Sundry Creditors (Others) 45,000 Bill Receivable 20,000

Bills Payable (Promissory note) 10,000 Closing Stock 1,08,950

8,10,450 8,10,450


PROJECT - II

Project work 2 (procedure)

Preparation of Bank Reconciliation Statement with the help of given

Cash Book and Pass Book.

If both the books (Cash Book and Pass Book) are given, the following

procedure will be adopted.

Step 1 : Tick off the items which are found both in the cash book and passbook/

bank statement. Put sign () before such items.

Items ticked () will neither be recorded in amended cash book nor in

Bank Reconciliation Statement.

Step 2 : The unticked items in the passbook will indicate that have not yet

been recorded in cash book.

These items will usually consist of:

(i) Direct deposits by customers in bank.

(ii) Bank charges.

(iii) Interest charged by bank.

(iv) Interest allowed by bank.

Step 3 : Balance the bank column of cash bok to know an updated balance.

Bank Reconciliation Statement is to be prepared on the basis of this updated

balance.

Step 4: Identify the unticked items on the Receipts side of the Cash Book.

These items generally consist of 'cheques deposit to the bank but not collected'.

Step 5 : Amended Cash Book is to be prepared on the basis of items identified

in step 1, 2, 3.

Bank reconciliation statement is to be prepared on the basis of items

identified in steps 4 and 5.


Project 1

The cash book of Shivalik Global Limited, showing the bank columns

only, is given below along with a copy of the Pass Book of its bank account

with Allahabad Bank for April, 2013.

You are required to prepare amended Cash Book and reconcile it with

Pass Book.

Shivalik Global Limited

Cash Book (Bank Column only)

Date Receipts L.F. Rs. Date Particulars L.F. Rs.

2013 2013

Apr. 1 Balance b/d 5,70,000 Apr. 1 Bishan Hari Bros. 39,200

Apr. 1 Bishambar & Co. 62,800 Apr. 1 Maruti Suzuki India 20,000

Apr. 4 P.L. Kataria 97,200 Apr. 3 J.P. Infra Ltd. 2,16,000

Apr. 8 Reliance Power Ltd. 36,400 Apr. 9 Surendra Pal 16,800

Apr. 13 Meena Singh 30,000 Apr. 9 India Visions Ltd. 1,96,000

Apr. 20 Krishna & Company 1,68,000 Apr. 10 Reliance Insurance 1,20,000

Apr. 28 House of Fashions Ltd. 37,600 Apr. 16 Shivam Garage 44,000

Apr. 23 Peddy Cash 20,000

Apr. 27 Sanjay & Co. 48,000

Apr. 28 Balance c/d 2,82,000

10,02,000 10,02,000

Allahabad Bank, Sansad Marg, New Delhi

Statement of Account No. 5984758722: Shivalik Global Limited

Date Details Debit Credit Balance

2013

Apr. 1 Balance 5,70,000 cr.

Apr. 2 Bishambar & Co. 62,800 6,32,800 cr.

Apr. 4 Maruti Suzuki India Ltd. 20,000 6,12,800 cr.

Apr. 5 Bishan Hari Bros. 39,200 5,73,600 cr.

Apr. 6 P.L. Kataria 97,200 6,70,800 cr.

Apr. 10 Reliance Power Ltd. 36,400 7,07,200 cr.


Apr. 14 Reliance Insurance 1,20,000 5,87,200 cr.

Meena Singh 30,000 6,51,200 cr.

Apr. 23 India Vision Ltd. 1,96,000 4,21,200cr.

Apr. 25 Krishna & Co. 1,68,000 5,89,200cr.

Apr. 25 Someshwar 41,200 5,48,000cr.

Apr. 25 Self 20,000 5,28,000cr.

Apr. 27 Chandramani 88,000 6,16,000cr.

Apr. 28 Bank Charges 15,200 6,00,800cr.

Solution :

Step 1 : Tick off the items which are found both in cash and pass book. Put

() sign before such items. Items ticked () will neither be recorded

in amended cash book nor in Bank Reconciliation Statement.

Step 2 : Unticked items in the Pass Book indicate items that have not yet been

recorded in the cash Book. These are :

(i) Payment of Rs. 41, 200 made to Someshwar on April 25.

(ii) Direct deposit by Chandramani Rs. 88,000 on April 27.

(iii) Bank charges of Rs. 15,200 charged by bank on April 28.

These items are to be recorded in Cash Book to update it.

Amended Cash Book

Date Receipts Rs. Date Payment Rs.

Apr. 28 Balance b/d 2,82,000 Apr. 28 Someshwar 41,200

Apr. 28 Chandramani 88,000 Apr. 28 Bank Charges 15,200

Apr. 28 Balance c/d 3,13,600

3,70,000 3,70,000

2013

Apr. 28 Balance b/d 3,13,600

Step 3 : Balance the bank columns of amended cash book to know an update

balance.

Step 4 : Identify the unticked items on receipt side of cash book. It is' cheque

deposited into bank but not collected'; 'House of fashions Ltd.' Rs.


37,600.

Step 5 : Identify unticked items on the payment side of cash book, These are:

JP infra Ltd. 2,16,000

Surendra Pal 16,800

Shivam Garage 44,000

Sanjay & Co. 48,000

Items identified in step 4 and 5 are to be shown in Bank Reconciliation

Statement.

Bank Reconciliation Statement

as on April 30, 2013

Particulars Plus items Minus Items

Balance as per Cash Book 3,13,600

Less : Cheques deposited but not cleared, 37,600

house of fashions Ltd.

Add: Cheques issued but not yet

Present for payment

J.P Infra Ltd. 2,16,000

Surendra Pal 16,800

Shivam Garage 44,000

Sanjay & Co. 48,000

3,24,800

Balance as per Pass Book 6,00,800

6,38,400 6,38,400


PROJECT-1

COMPREHENSIVE

Problem

Mr. Antriksh Samrat has completed his diploma in Textiles Now he has

started a cloth business after inspired by his uncle's cloths business.

He has invested Rs. 10,00,000 as capital out of which Rs. 5,00,000 as

cash and Rs. 5,00,000 by cheque on dated 1. April 2013.

The transactions related to business are as:-

2 April : Furniture purchased Rs. 1,80,000 from Gupta Furnitures.

4. April : Goods purchased Rs. 70,000 by Cheque.

5 April : Purchased office equipment Rs.70,000 by bank.

7 April : Goods sold Rs. 3,25,000 and deposited the same into Bank.

8 April : Purchased Furniture in cash Rs. 3,20,000.

9 April : Goods Purchased from Gwalior Textiles on credit.

Trouser cloths - 80,000

Shirt cloths - 10,000

Coat cloths - 1,40,000

T. Shirts - 30,000

Less 10% Trade Discount.

10 April : Paid Advertisement expense Rs. 12,500.

12 April : Goods sold to Bhola sons

285 Trousers Pieces @ 200 - 57,000

255 Shirts Pieces @ 100 - 25,500


40 S.P. White cloth pieces @ 500 - 20,000

137 coat pieces @ 1000 - 1,37,000

105 T. Shirts @ 100 - 10,500

13 April : Paid Rs. 1,50,000 to Gupta Furniture by cheque

14 April : Goods sold to star cloths store

50 Trousers piece @ 200 - 10,000

50 shirts peice @ 100 - 5,000

20 coat peice @ 1,000 - 20,000

24 White cloths @ 500 - 12,000

30 T. Shirts peice @ 100 - 3,000

15 April : Received a cheque Rs. 1,50,000 from Bhola sons and deposited

into bank.

16 April : Goods purchased from Gwalior Textiles :

White cloths - 5,000

Grey cloths - 10,000

16 April : Paid Rs.500 as Carriage inward.

16 April : Purchased goods Rs. 50,000 by cheque.

18 April : Antriksh withdraw from Bank Rs. 3,000 for personal use.

22 April : Paid wages Rs. 25,000 by cheque

23 April : Paid Rs. 2,000 for printing and stationary by cheque.

30 April : Paid salary to Employees Rs. 1,00,000 by cheques.

Stock at the end was Rs. 75000.

Prepare the followings :

- Journal

- Ledger is Accounts

- Trial Balance

- Trading and Profit and Loss Account

- Balance sheet.


Solution :

Date Particulars L.F. Dr. Rs. Cr. Rs.

2013

Apr.., 1 Cash A/c Dr. 5,00,000

Bank A/c Dr. 5,00,000

To Capital A/c 10,00,000

(The business started with cash

and Bank by Antriksh

Apr., 2 Furniture A/c Dr. 1,80,000

To Gupta Furnitures 1,80,000

(The furniture purchased on credit)

Apr., 4 Purchases A/c Dr. 70,000

To Bank A/c 70,000

(The goods purchased by cheque)

Apr., 5 Office Equipment A/c Dr. 70,000

To Bank A/c 70,000

(The Office equipment Purchased)

Apr., 7 Bank A/c Dr. 3,25,000

To sales A/c 3,25,000

(The goods sold and deposit

in Bank)

Apr., 8 Furniture A/c Dr. 3,20,000

To Cash A/c 3,20,000

(The furniture purchased in cash)

Apr., 9 Purchases A/c Dr. 2,34,000

To Gwalior Textiles 2,34,000

(The goods Purchased from Gwalior)

Textile at 10% Discount

Apr., 10 Advertisement Exp. A/c Dr. 12,500

To Cash A/c 12,5000

(The paid for advertisement

expense)

Apr., 12 Bhola sons Dr. 2,45,000

To Sales A/c 2,45,000


(The goods sold to Bhola sons)

AT 2% Trade discount

Apr., 13 Gupta Furnitures Dr. 1,50,000

To Bank A/c 1,50,000

(The amount paid by cheque)

Apr., 14 Star cloth Store Dr. 45,000

To sales A/c 45,000

(The goods sold at 10% Discount)

Apr., 15 Bank A/c Dr. 1,50,000

To Bhola Sons 1,50,000

(The cheque receive and deposit)

Apr., 16 Purchases A/c Dr. 15,000

To Gwalior Textiles 15,000

(The goods purchased on credit)

Apr., 16 Carriage Inwards A/c Dr. 500

To Cash A/c 500

(The carriage inward paid)

Apr., 16 Purchases A/c 50,000

To Bank A/c 50,000

(The goods purchase and paid

by cheque)

Apr. 18 Drawings A/c Dr. 3,000

To Bank A/c 3,000

(The amount withdraw from

Bank for personal use)

Apr., 22 Wages A/c Dr. 25,000

To Bank A/c 25,000

(The Paid for wages)

Apr. 23 Printing and stationery A/c Dr. 2,000

To Bank A/c 2,000

(The paid for printing and

Stationary)

Apr., 30 Salaries A/c Dr. 1,00,000


(The paid for salary)


Dr.

Cash

Boo

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of

An

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Purchases Book

Date Particulars Bill No. L.F. Detail Amount

2013

9 Apr.., Gwalior Textiles - 27

Trouser cloths 80,000

Shirt cloths 10,000

Coat cloth 1,40,000

T. Shirt 30,000

2,60,000

Less 10% Trade Discount – 26,000 2,34,000

16 Apr. Gwalior Textiles: 171

White Cloths 5,000

Grey cloths 10,000 15,000

30 Apr. Purchases A/c Dr. 2,49,000

Sales Book

Date Particulars Inv.. L.F. Detail Amount

2013

12 Apr. Bhola Sons

285 Trousers @ 250 57,000

255 Shirts @ 100 25,500

40 Sp. White cloth @ 500 20,000

137 Coat peices @ 1000 1,37,000

105 T. Shirts @ 100 10,500

2,50,000

Less 2% Trade Discount – 5000 2,45,000

14 Apr. Star cloths Store

50 Trousers @ 200 10,000

50 Shirt @ 100 5,000

20 Coat cloth @ 1000 20,000

24 white cloths @ 500 12,000

30 T. Shirt @ 100 3,000

50,000

Less 10% Trade Discount – 5000 45,000

30 Apr. Sales A/c Cr. 2,90,000


Ledger

Dr. Capital Accoutns Cr.

Date Receipts J.F. Rs. Date Particulars J.F. Rs.

2013 2013

30, Apr. To Balance c/d 10,00,000 Apr. 1 By cash A/c 5,00,000

Apr. 1 By Bank A/c 5,00,000

10,00,000 10,00,000

2013

1 May By Balance b/d 10,00,000

Dr. Drawings A/c Cr.


2013 2013

18, Apr. To Bank A/c 3,000 Apr.30 By Balance c/d 3,000

3,000 3,000

2013

1, May To Balance B/d 3,000

Dr. Furniture Accoutns Cr.


2013 2013

2, Apr. To Gupta Furn. 1,80,000 Apr. 30 By Balance c/d 5,00,000

8, Apr. To Cash A/c 3,20,000

5,00,000 5,00,000

2013

1 May To Balance b/d 5,00,000

Dr. Purchases Accoutns Cr.


2013 2013

4, Apr. To Bank A/c 70,000 Apr. 30 By Balance c/d 3,69,000

16, Apr. To Balance A./c 50,000

30, Apr. To Purch. Book 2,49,000

3,69,000 3,69,000

2013



Dr. Offie Equipment Accoutns Cr.


2013 2013

5, Apr. To Bank A/c 70,000 Apr. 30 By Balance c/d 70,000

70,000 70,000

2013

1 May To Balance b/d 70,000

Dr. Gupta Furnitures Cr.


2013 2013

13, Apr. To Bank A/c 1,50,000 Apr. 2 By Furniture A/c 1,80,000

30 Apr. To Balance c/d 30,000

1,80,000 1,80,000

1 May By Balance b/d 30,000



2013 2013

30, Apr. To Balance c/d 6,15,000 Apr. 7 By Bank A/c 3,25,000

30 Apr. By Sales Book 2,90,000

61,5000 6,15,000

2013

1 May By Bal b/d 6,15,000

Dr. Gwaliar Textiles Cr.


2013 2013

30, Apr. To Balance c/d 2,49,000 Apr. 9 By Purchases A/c 2,34,000

Apr. 16 By Purchases A/c 15,000

2,49,000 2,49,000

2013

1 May By Balance b/d 2,49,000


Dr. Star Cloths Store Cr.


2013 2013

12, Apr. To Sales A/c 45,000 Apr. 30 By Balance c/d 45,000

45,000 45,000

2013


Dr. Bhola Sons Cr.


2013 2013

12, Apr. To Sales Book 2,45,000 Apr. 15 By Bank A/c 1,50,000

Apr. 30 By Balance c/d 95,000

2,45,000 2,45,000

2013


Dr. Advertisement Expenses Account Cr.


2013 2013

10, Apr. To Cash A/c 12,500 Apr. 30 By Balance c/d 12,500

12,500 12,500

2013


Dr. Printing & Stationary Account Cr.


2013 2013


2013




2013 2013

16, Apr. To Cash A/c 500 Apr. 30 By Balance c/d 500

2013

1 May To Balance b/d 500




2013 2013


2013


Dr. Salaries Account Cr.


2013 2013

30, Apr. To Bank A/c 1,00,000 Apr. 30 By Balance c/d 1,00,000

1,00,000 1,00,000

2013


Trial Balance as on April 30, 2013

Particulars Dr. R.s Cr. Rs.

Cash A/c 1,67,000 -

Bank A/c 5,05,000 -

Capital A/c - 10,00,000

Drawing A/c 3,000 -

Furniture A/c 5,00,000 -

Purchases A/c 3,69,000 -

Sales A/c - 6,15,000

Office equipment A/c 70,000 -

Printing & Stationary A/c 2,000 -

Advertisement Expenses A/c 12,500 -

Carriage Inward A/c 500 -

Wages A/c 25,000 -

Salary A/c 1,00,000 -

Gupta Furniture - 30,000


Gwalior Textile - 2,49,000

Star cloth store 45,000

Bhola Sons 95,000

Total 18,94,000 18,94,000

Trading and Profit & loss Account

Dr. for Month of April 2013 Cr.

Particulars Amount Particulars Amount

To Purchase 3,69,000 By Sales 6,15,000

To carriage inward 500 By closing stock 75,000

To wages 25,000

To Gross Profit 2,95,500

6,90,000 6,90,000

To Salary 1,00,000 By Gross Profit 2,95,500

To Printing & Stationary 2,000

To Advertise Exp. 12,500

To Net Profit transfered 1,81,000

2,95,500 2,955,00

Dr. Balance Sheet as on April 30, 2013 Cr.

Liabilities Amount Assets Amount

Capital 10,00,000 Fixed Assets

Add.No. Brofit +1,81,000 Furniture 5,00,000

11,81,000 Office exquipment 70,000

Less Drawing -3,000 11,78,000 Current Assets

S. Debtors 1,40,000

Current Liabilities Cash 1,67,000

Bank 5,05,000

S.Creditors 2,79,000 Stock 75,000

14,57,000 14,57,000


PIE CHART

Comparison of Direct Expenses and Gross profit with Net Sales.

Gross profit

48.05%Direct Exp

51.95%

Amount Percentage Degree

Sales 6,15,000 100% 360°

Direct Exp. 3,19,500 51.95% 187°

Gross Profit 2,95,500 48.05% 173°

Comparision of all Expenss, net profit with Sales.

D irected & Indirect

Ex p.70.6%

N et P ro fit

29.4 %

Amount Percentage Degree

Sales 6,15,000 100% 360°

Direct & Indirect Exp. 4,34,000 70.6% 254°

Net Profit 1,81,000 29.4% 106°


PROJECT - 2

COMPREHENSIVE

Source Material : ‘Lakshika Herbal Beauty products’ project statement

A reputed Management Institute in assistance with Entrepreneur Skill

Development Ltd. (ESDL) Organised a camp for the students pursuing BBA,

BBS, MBA or other professional courses to encourage entrepreneurial skills.

This Institute and ESDL, displayed 50 small business projects which could be

started with an investment of Rs. 20,00,000. The ESDL also promised to buy

the entire production of the first year. It promised to supply the required

machinery and at a much subsidised rates. It also had a scheme to give loans

up to 50% of the working capital requirement.

A large number of people visited the camp. There were project

demonstrations by ESDL advisors and experts. Lakshika who was pursuing

BBS from the same Management Institute, also attended the Camp because

she was inclined to start her own business. Lakshika was very impressed by

the demonstration of the small business project on Herbal beauty products.

The project was economically viable. She was convinced that she will defiitely

succeed in carrying out the project. She entered into agreement with the ESDL

who agreed to arrange supplier of the necessary plant for Rs. 60,000 on turnkey

basis. She had sufficient open space at her residence in a colony. She got the

machine fixed and the payment was made in the installments of Rs. 10,000

annually over a period of six years, She went through the literature provided

by the ESDL and searched various websites to know the addresses of the raw

materials. She placed necessary orders for the raw material and arranged for

workers who will operate the machine and do other necessary orders for the

raw material and arranged for workers who will operate the machine and do

other necessary production work. She set up a small workable office and

decided to do all office work herself. All supplies were on a credit for two

weeks.


She formally inaugurated the production on April 1,2001. She invited all

her friends, relatives and neighbor and other residents of her colony on the

very first day and distributed free samples of the herbal face wash produced

in her small factory. It was very reasonably priced. The price was very much

lower than other brands in the market. She visited ten other colonies around

her colony. She told the people there, as to how her herbal beauty products are

better than others. She liberally distributed free samples to all the residents of

colony. Her product was really good and was accepted by all those who used.

It. Within three months she could sell whatever she produced every week.

Her initial investment was Rs. 80,000 out of which she paid the first

installment of plant on April I, 2011. She opened a Bank Account with Rs.

60,000 on the same date. She had an old e-bike worth Rs. 20,000 which she

decided to use in her business. She also purchased furniture for Rs. 12,000.

Thus, her total investment was Rs. 1,00,000. The payments to suppliers were

made on the 15th and 30th of each months. The salaries and wages were paid

only on the 7th of each month. The sales were mostly for cash. The cash sale

was deposited in the bank the next day. The sale to local customers was on

credit for one week. All the customers were honest and paid the amount as and

when due.

The following expenses incurred and revenue realized during the year

ended march 31, 2012.

Rs.

1. Raw Material purchased on credit 12,00,000

2. Cash paid to the suppliers 9,80,000

3. Cash sales 16,00,000

4. Wages paid for eleven months 2,31,000

5. Office expenses 19,000

6. Power bills paid 25,000

7. Drawings 2,52,000

8. Packing and distribution expenses 10,000

9. Cash received from customers 4,25,000


Other balances as on March 31, 2012 were as follows :

Rs.

1. Closing stock 25,000

2. Plant 60,000

3. Furniture 12,000

4. Debtors 75,000

5. E-bike 20,000

Depreciation was charged @ 10% p.a. on both plant and furniture and @

20% on e-bike. Salaries are outstanding for one month. Free samples were

distributed amounting Rs. 12,000.

Required

Judge the performance of Lakshita during her first year in business.

Processing the information

Journal


2011

Apr.., 1 Plant A/c Dr. 60,000

To vender (ESDL) A/c 60,000

(Being a plant purchased on

installment basis from the ESDL)

E-bike A/c Dr. 20,000

Cash A/c Dr. 80,000

To capital A/c 1,00,000

(Being the amount introduced

as capital both in cash and in

the from of e-bike)

Vendor (ESDL) A/c Dr. 10,000

To cash A/c 10,000

(Being the first installment paid to the ESDL)


Bank A/c Dr. 60,000

To cash A/c 60,000

(Being the bank account opened)

Furniture A/c Dr. 12,000

To Bank A/c 12,000

(Being furniture purchased)

Bank A/c Dr. 16,00,000


(Being cash sales during the year)

Debtors A/c Dr. 5,00,000


(Being credit sales during the year.

See debtors accounts)

Bank A/c Dr. 4,25,000

To Debtors A/c 4,25,000

(Being cash received from debtors)

Purchases A/c Dr. 12,00,000

To creditors A/c 12,00,000

(Being raw material purchased in

credit)

Creditors A/c Dr. 9,80,000


(Being of payment made to creditors)

Wages A/c Dr. 2,31,000


(Being wages paid for 11 months)

Office expenses A/c Dr. 19,000

To Bank A/c 19,000

(Being office expenses paid)

Power expenses A/c Dr. 25,000

To Bank A/c 25,000

(Being power expenses paid)

Drawings A/c Dr. 2,52,000


To bank A/c 2,52,000

(Being the amount drawn for

personal use)

Packing and Distribution A/c Dr. 10,000

To Bank A/c 10,000

(Being packing and distribution expenses paid)

Ledger


Date Particulars Rs. Date Particulars Rs.

2012 To Balance c/d 1,00,000 2011

31, Mar. April 1 By Cash A/c 80,000

April 1 By E-bike A/c 20,000

1,00,000 1,00,000

2002

April 1 By Balance b/d 1,00,000

Dr. Cash Account Cr.


2012 To Capital 80,000 2011

1, Apr. Apr. 1 By Bank A/c 60,000

Apr. 1 By Vendor (ESDL) 10,000

2012

Mar. 31 By balance c/d 10,000

80,000 80,000

Dr. Bank Account Cr.


2011

2012 To Cash A/c 60,000 Apr. 1 By furniture A/c 12,000

Apr. 1 To sales 16,00,000 Apr. 1 By creditors A/c 9,80,000

To debtors 4,25,000 By wages A/c 2,31,000

By office expenses A/c 19,000

By power expenses A/c 25,000

By drawings A/c 2,52,000


By packing and

distribution expenses A/c 10,000

2012

Mar. 31 By Balance c/d 5,56,000

2012 20,85,000 20,85,000

Apr.1 To Balance 5,56,000

Dr. Plant Account Cr.


2011 2012

Apr. 1 To Vendor (ESDL) 60,000 Mar. 31 By Balance c/d 60,000

Dr. Vendor (ESDL) Cr.


2011 2011

Apr. 1 To Cash A/c 10,000 Apr. 1 By Plant A/c 60,000

2012

Mar. 31 To Balance c/d 50,000

60,000 60,000

2012

Apr. 1 By Balance b/d 50,000

Dr. Furniture Account Cr.


2011 2012

Apr. 1 To Bank A/c 12,000 Mar. 31 By Balance c/d 12,000

12,000 12,000

2012

Apr. 1 To Balance b/d 12,000



2012 -

Mar., 31 To Trading A/c 21,00,000 - By Bank A/c 16,00,000

By debtors A/c 5,00,000

21,00,00 21,00,000


Dr. Debtors Account Cr.


- To sales A/c 5,00,000 - By Bank A/c 4,25,000

(Balancing fig.)

2012

Mar. 31 By balance c/d 75,000

5,00,000 5,00,000

2012

Apr.1 To balance b/d 75,000



2012

- To Bank A/c 2,31,000 Mar. 31 By Trading A/c 2,31,000

2,31,000 2,31,000

Dr. E-Bike Account Cr.


2011 2012

Apr. 1 To Capital A/c 20,000 Mar. 31 By Balance c/d 20,000

20,000 20,000

2012

Apr. 1 To Balance b/d 20,000



12,00,000 2012

- To creditors Mar. 31 By Trading A/c 12,00,000

12,00,000 12,00,000

Dr. Creditors Account Cr.


- To Bank A/c 9,80,000 - By Purchase A/c 12,00,000

2012

Mar. 31 To Balance c/d 2,20,000

12,00,000 12,00,000

2012

Apr. 1 By balance b/d 2,20,000


Dr. Office Expenses Account Cr.


2012

- To Bank A/c 19,000 Mar. 31 By profit and loss A/c 19,000

19,000 19,000

Dr. Power Expenses Account Cr.


2012

- To bank A/c 25,000 Mar. 31 By profit and loss A/c 25,000

25,000 25,000

Dr. Drawings Account Cr.


2012

- To Bank A/c 2,52,000 Mar. 31 By Balance A/c 2,52,000

2,52,000 2,52,000

2012

Apr. 1 To Balance b/d 2,52,000

Dr. Packing and Distribution Expenses Account Cr.


2012

- To Bank A/c 10,000 Mar. 31 By Profit and Loss A/c 10,000

10,000 10,000

Trial Balance

Particulars Rs. Particulars Rs

Cash A/c 10,000 Capital A/c 1,00,00

Bank A/c 5,56,000 Vendor (ESDL) 50,000

Plant A/c 60,000 Sales A/c 21,00,000

Furniture A/c 12,000 creditors 2,20,000

Debtors A/c 75,000

Wages A/c 2,31,000

E-bike A/c 20,000

Purchase A/c 12,00,000


Office expense A/c 19,000

Power expenses A/c 25,000

Drawings A/c 2,52,000

Packing and distribution

expenses A/c 10,000

24,70,000 24,70,000

Adjustments required :

• Unsold stock is Rs.25,000

• Free samples were distributed worth Rs. 12,000

• Depreciation at the rate of 10% on plant and furniture and at the rate

of 20% on e-bike

• Wages are outstanding for one month.

Adjustment entries :

Journal


2012 Stock A/c Dr. 25,000

Mar. 31 Free Samples A/c Dr. 12,000

37,000

To Trading A/c

(Being the amount of closing stock

and stock distributed as free samples)

i. Depreciation A/c Dr. 11,200

To Plant (@ 10%) 6,000

To Furnitures (@ 10%) 1,200

To e-bike (@ 20%) 4,000

(Being the amount of depreciation

charged)

ii. Wages A/c Dr. 21,000

To wages outstanding A/c 21,000

(Being the wages due for one month)

Note : the wages paid Rs. 2,31,000 are

for eleven month.

Therefore wages for one month are

2,31,000/11 = Rs. 21,000


Trading and Profit & Loss account

Dr. for the year ended on March 31, 2012 Cr.



To Wages 2,31,000 By Closiong Stock 25,000

Add : Outstanding 21,000 2,52,000 By Stock Distributed as

To Power Expenses 25,000 Free Samples 12,000


21,37,000 21,37,000

To Free Samples (Advertising) 12,000 By Gross Profit 6,60,000

To Office Expenses 19,000

To Packing and Distribution 10,000

Expenses

To Depreciation on :

Plant 6,000

Furniture 1,200

E-bike 4,000 11,200

To Net Profit 6,07,800

6,60,000 6,60,000

Balance sheet of Lakshika

As on 31st March, 2012

Liabilities Rs. Assets Rs

Capital 1,00,000 Plant 60,000

Add : Net profit 6,07,800 Less : depreciation 6,000 54,000

7,07,800

Less : drawings 2,52,000 4,55,800 Furniture 12,000

Vender (ESDL) 50,000 Less : depreciation 1,200 10,800

Wages outstanding 21,000 E-bike 20,000

Creditors 2,20,000 Less : depreciation 4,000 16,000

Debtors 75,000

Stock 25,000

Cash 10,000

Bank 5,56,000

7,46,800 7,46,800


PROJECT -3

COMPREHENSIVE PROJECT

Mr. Deepak, after completing his graduation wants to start his own business

but he was little bit confused which business to start. Moreover, he was short

of funds also as only Rs.2,00,000 (to be used in business) were available with

him, which he saved by doing part time jobs during his graduation. He discussed

the matter with his father, Mr. Mahesh, a Bank Manager and decided to start

a shop dealing in man’s wear from 1st April 2012 His father also help him

in raising loan of Rs.10,00,000 from xyz Bank against his personal guarantee.

On 5th April 2012, Mr. Deepak opens a Bank A/c with Rs. 5,000 in xyz Bank

credited his Bank A/c with the amount of loan on 1st June 2012, after completing

all formalities, which is to be repaid in Ten equal yearly installments alongwith

with interest @ 12% p.a. on 31st March every year. Same day he purchased

a computer for Rs. 50,000 to maintain all the records regarding purchase, sales

and stock and make the payment by cheque. He also deposited Rs. 45,000 in

Bank.

It was also decided that all the purchases are to be made by cheques and

all receipts on account of sales were to be deposited into Bank. He named his

business as M/s Rajasthan Man’s wear and entered into a contract with a

distributer of Man’s wear on 15th June 2012. The distributer want him to make

all the payments with regard to the orders in advance. Mr. Deepak’s transactions

for the year ending on 31st March 2013 were as follows.

Rs.

Purchases (on 15 June 12) 15,00,000

Sales 25,00,000

Staff Salary 2,00,000

Telephone Expenses 50,000

Electricity charges 1,00,000


Packing charges 25,000

Insurance 1,00,000

Rent (Rs. 10,000 p.m.) 1,20,000

Carriage Inward. 55,000

Furniture purchased (on 1st June 12) 1,00,000

25% payment for furniture was made by cash and rest by cheque. All the

expenses were paid by cheque. Furniture and computer were depreciated @12%

p.a. The closing stock on 31st Mar. 2013 was valued at Rs. 1,00,000. A plot/

land for Rs.10,00,000 was also purchased on that day to construct shop in

future. you\are required to :

(1) journalise the transactions.

(2) Post all the items to the relevant Ledger Accounts

(3) Prepare Trial Balance.

(4) Prepare Trading and Profit & Loss A/c and Balance sheet at the end of

the year.

Journal


2012

Apr.. 1 Cash A/c Dr. 2,00,000

T Capital A/c 2,00,000

(Being business commenced)

Apr. 5 Bank A/c Dr. 5,000

To cash A/c 5,000

(Being Bank A/c opened)

June 1 Bank A/c Dr. 10,00,000

To Bank Loan A/c 10,00,000

(Being Bank Loan raised)

June 1 Computer A/c Dr. 50,000

To Bank A/c 50,000

(Being computer, purchased)


June 1 Bank A/c Dr. 45,000

To cash A/c 45,000

(Being cash deposited into Bank)

June 1 Furniture A/c Dr. 1,00,000

To Cash A/c 25,000

To Bank A/c 75,000

(Being furniture purchased & Payment

made in cash & by cheque)

June 15 Purchases A/c Dr. 15,00,000

To Bank A/c 15,00,000

(Being purchase made)

Mar. 31 Bank A/c Dr. 25,00,000


(Being sales made)

Mar. 31 Staff salary A/c Dr. 2,00,000


(Being staff salary paid)

Mar. 31 Telephone expenses A/c Dr. 50,000

To Bank A/c 50,000

(Being Telephone Expenses Paid)

Mar. 31 Electricity charges A/c Dr. 1,00,000


(Being electricity charges Paid)

Mar. 31 Packing charges A/c Dr. 25,000

To Bank A/c 25,000

(Being Packing Charges Paid)

Mar. 31 Insurance A/c Dr. 1,00,000


(Being Insurance Paid)

Mar. 31 Rent A/c Dr. 1,20,000


(Being rent Paid)

Mar. 31 Carriage Inward A/c Dr. 55,000

To Bank A/c 55,000

(Being carriage inward Paid)


Mar. 31 Bank loan A/c Dr. 1,00,000

Interest on loan A/c Dr. 1,00,000


(Being installment & interest

loan paid)

Mar. 31 Depreciation A/c Dr. 15,000

To Furniture A/c 10,000

To Computer A/c 5000

(Being depreciation charged on

furniture and computer)

Mar. 31 Land A/c Dr. 10,00,000

To Bank A/c 10,00,000

(Being plot land Purchased)



31.3.13 To Balance c/d 2,00,000 1.4.12 By Cash A/c 2,00,000

2,00,000 2,00,000

1.4.13 By Balance b/d 2,00,000

Dr. Cash Account Cr.


1.4.12 To Capital A/c 2,00,000 5.4.12 By Bank A/c 5,000

1.6.12 By Bank A/c 45,000

1.6.12 By Furniture A/c 25,000

By Balance 1,25,000

2,00,000 2,00,000

1.4.13 To Balance b/d 1,25,000

Dr. Bank Account Cr.


5.4.12 To Cash A/c 5,000 1.6.12 By Computer A/c 50,000

1.6.12 To Bank Loan

A/c 10,00,000 1.6.12 By Furniture A/c 75,000

1.6.12 To Cash A/c 45,000 15.6.12 By Purchase A/c 15,00,000

31.3.13 To sales A/c 25,00,000 31.3.13 By staff salary A/c 2,00,000


31.3.13 By Telephone A/c 50,000

31.3.13 By Electricity A/c 1,00,000

31.3.13 By Packing Charge

A/c 25,000

31.3.13 By Insurance 1,00,000

31.3.13 By Rent A/c 1,20,000

31.3.13 By Carriage A/c 55,000

31.3.13 By Bank loan A/c 1,00,000

31.3.13 By Interest on loan

A/c 1,00,000

31.3.13 By Land A/c 10,00,000

31.3.13 By Balance c/d 75,000

35,50,000 35,50,000

To Balance b/d 75,000

Dr. Bank Loan Account Cr.


31.3.13 To Bank A/c 1,00,000 1.6.12 By Bank A/c 10,00,000

T Balance c/d 9,00,000

10,00,000 10,00,000

1.4.13 By Balance b/d 9,00,000



15.6.12 To Bank A/c 15,00,000 31.3.13 By Balance c/d 15,00,000

15,00,000 15,00,000

1.4.13 To Balance b/d 15,00,000



31.3.13 To Balance c/d 25,00,000 31.3.13 By Bank A/c 25,00,000

25,00,000 25,00,000

1.4.13 By Balance b/d 25,00.000

Dr. Computer Account Cr.


1.6.12 To Bank A/c 50,000 31.3.13 By Depreciation A/c 5,000


31.3.13 By Balance c/d 45000

50,000 50,000

1.4.13 To Balance b/d 45,000

Dr. Furniture Account Cr.


1.6.12 To Cash A/c 25,000 31.3.13 By Depreciation A/c 10,000

1.6.12 To Bank A/c 75,000 31.3.13 By Balance b/d 90,000

1,00,000 1,00,000

1.4.13 To Balance b/d 90,000

Dr. Staff Salary Account Cr.


31.3.13 To Bank A/c 2,00,000 1.6.12 By Balance c/d 2,00,000

2,00,00 2,00,000

1.4.13 To Balance b/d 2,00,000

Dr. Telephone Expenses Account Cr.


31.3.13 To Bank A/c 50,000 31.3.13 By Balance c/d 50,000

50,000 50,000

1.4.13 To Balance b/d 50,000

Dr. Electricity Account Cr.


31.3.13 To Bank A/c 1,00,000 31.3.13 By Balance A/c 1,00,000

1,00,000 1,00,000

1.4.13 To Balance b/d 1,00,000

Dr. Packing Charges Account Cr.


31.3.13 To Bank A/c 25,000 31.3.13 By Balance c/d 25,000

25,000 25,000

1.4.13 To Balance/d 25,000


Dr. Insurance Account Cr.


31.3.13 To Bank A/c 1,00,000 1.6.12 By Computer A/c 1,00,000

1,00,000 1,00,000

1.4.13 To Balance b/d 1,00,000

Dr. Rent Account Cr.


31.3.13 To Bank A/c 1,20,000 1.6.12 By Computer A/c 1,20,000

1,20,000 1,20,000

1.4.13 To Balance b/d 1,20,000



31.3.13 To Bank A/c 55,000 31.3.13 By Balance A/c 55,000

55,000 55,000

1.4.13 To Balanace b/d 55,000

Dr. Interest Account Cr.



1,00,000 1,00,000

1.4.13 To Balance b/d 1,00,000

Dr. Depreciation Account Cr.


31.3.13 To Furniture A/c 10,000 31.3.13 By Balance c/d 15,000

To Computer A/c 5,000

15,000 15,000

1.4.13 To Balance b/d 15,000

Dr. Land Account Cr.



10,00,000 1,00,000

1.4.13 To Balance b/d 10,00,000


Trial Balance as on 31.3.2013

Particulars Debit Balance Credit Balance

Capital A/c 2,00,000

Cash A/c 1,25,000

Bank A/c 7,5000

Bank Loan A/c 9,00,000

Purchase A/c 15,00,000

Sales A/c 25,00,000

Computer A/c 45,000

Furniture A/c 90,000

Staff Salary A/c 2,00,000

Telephone Expenses A/c 50,000

Electricity Charges A/c 1,00,000

Packing charges A/c 25,000

Insurance A/c 1,00,000

Rent A/c 1,20,000

Carriage inward A/c 55,000

Interest on Loan A/c 1,00,000

Depreciation A/c 15,000

Land A/c 10,00,000

36,00,000 36,00,000

Dr. Trading and profit & loss A/c for the year ending on 31.3.2013 Cr.



To carriage 55,000 By closing Stock 1,00,000


26,00,000 26,00,000

To Staff salary 2,00,000 By Gross profit 10,45,000

To Telephone expenses 50,000

To Electricity charges 1,00,000

To Packing charges 25,000

To Insurance 1,00,000

To Rent 1,20,000


To Interest on loan 1,00,000

To Depreciation 15,000

To Net profit 3,35,000

10,45,000 10,45,000

Dr. Balance sheet as at 31.3.2013 Cr.


Capital 2,00,000 Land 10,00,000

Add : Net Profit 3,35,000 5,35,000 Furniture 90,000

Computer 45,000

Bank Loan 9,00,000 Closing Stock 1,00,000

Bank 75,000

Cash 1,25,000

14,35,000 14,35,000

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0


Data relating to year 2012-13 of M/s Rajasthan Men’s wear

Cost of Goods sold = Opening Stock + Net Purchases

+ Direct Expenses – Closing stock

= 0 + 15,00,000 + 5,000 – 1,00,000

= 14,55,000

OR

Cost of Goods Sold = Net Sales – Gross Profits

= 25,00,000 – 10,45,000

= 14,55,000

Documents

PROJECT - Icbseocean.weebly.com/uploads/2/8/1/5/28152469/projects.pdf · [XI – Accountancy] 228 Students should analyse the transactions on the basis of these papers and process