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Q.1. You are required to prepare Trading and Profit and loss Account for the
year ended 31.3.2008 and a balance sheet as on that date from the Trial
balance for the year ended 31.3.2008 and adjustments given in respect of
Shania consumers co-operative society, Mumbai.
Trial Balance
Particulars Debit (Rs.) Credit
(Rs.)Share Capital - 50,000Calls in arrears 5,000 -Reserve fund - 7,500Development fund - 2,500Opening stock of consumers goods 55,000 -Furniture 24,000 -Education fund - 4,000Creditors for purchase - 10,000
Sundry Debtors 15,000 -Commission payable - 2,000
Salaries 35,500 -
Commission 8,700 -Rent & Taxes 10,000 -Postage 1,350 -Travelling and conveyance 1,200 -Printing & Stationery 1,500 -Dividend paid for 2007-08 4,500 -Audit Fees 2,000 -
Interest on Investment - 5,000Profit & loss Appropriation account
balance
- 30,000
Equipments 10,000 -Admission Fees - 250
Purchase 8,00,000 -Carriage & Coolie Charges 20,000 -Investments 50,000 -Sales - 10,30,000Cash in hand 12,500 -
Cash at bank 85,000 -Total 11,41,250 11,41,25
0
Adjustments:-
1. Outstanding Rent payable on 31.3.2008 was Rs.500.2. Outstanding salary payable on 31.3.2008 was Rs.1,000.
3. Of the salaries paid Rs.1,500 was as an advance to employee on 31.3.2008.4. Interest accrued on investments Rs.1,000.5. Directors recommend 10% Dividend to its shareholders and transfer of Rs.500 toDevelopment fund.6. Charge 5% Depreciation of furniture.7. Closing stock of consumers goods is valued at cost Rs.70,000.8. Provide Rs.100 for education Fund.
Q.2.From the following Trial balance and the adjustments given in respect ofMittal Consumers Co-operative Society, Malkapur, prepare the Final Accountsfor the year ended 31.3.2008.
Trial Balance as on 31.3.2008
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Particulars Debit
(Rs.)
Credit
(Rs.)Opening Stock of Furniture and Machinery 10,000 -Share Capital - 75,000Deposits from Members - 90,000Printing and Stationery 3,000 -Investment in shares of District co-operative bank 60,000 -
Investment in shares of co-operative Purchase and
Sales Society
36,000 -
Loan from Bank (Unsecured) - 92,000Loan to Members 1,35,00
0
-
Interest Earned on loan given to member - 45,000Purchase of Fertilizers and Machinery 3,70,00
0
-
Sales of Fertilisers and Machinery - 4,50,000Office Equipment 25,000 -
Office Rent 5000 -Salaries 25000 -
Travelling Expenses 5000 -Carriage Inward 3500 -Freight 1500 -Interest Paid 8000 -Reserve Fund - 1,86,000Cash in hand 51,000 -
Cash at Bank 2,00,00
0
-
Total 9,38,00
0
9,38,00
0Adjustments:
1. Closing Stock of Fertilisers and Machinery as on 31.3.2008 was Rs 70,000.2. Outstanding office rent Rs. 1,000.3. Office Equipments are to be depreciated @5%.4. Audit Fees are to be paid of Rs. 6,500.5. Directors recommend a dividend to Members @ 10%.
6. Contribute to Education Fund Rs. 100.
Q3.From the following Trial Balance for the year ended 31.3.2008 and theadjustments in respect of Kumar Consumers Co-operative Society, Vashi,Prepare the Final Accounts for the year ended 31.3.2008.
Trial Balance
Particulars Debit(Rs.)
Credit(Rs.)
Share Capital
Reserve Fund
Purchases
Stock in 1st April,2007
Carriage Inward
Salaries and Allowances to Staff
Building Fund
-
-
12,00,0
00
2,00,00
0
10,000
1,40,00
8,00,000
2,00,000
-
-
-
-
1,40,000
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Share Capital Redemption Fund
Contribution to Staff provident fund
Staff Provident Fund
Sales
Bad Debts
Reserve for Bad and Doubtful Debts
Postage
Machinery at Cost
Travelling Expenses
Bonus to Employees
Printing and Stationery
Insurance
Building (at Cost)
Furniture (at Cost)
Depreciation Fund
Sundry Debtors
Sundry Creditors
Investment in shares of co-operative
Societies
Staff Provident Fund Investment
Fixed Deposit with District Central Co-op
Bank
Sundry Expenses
Repairs to Building
Interest on Fixed Deposit
Dividend Received on Shares
Transfer Fees
Profit and Loss Appropriation a/c balance
of last year
Cash at Bank
Cash in hand
0
-
-
10,000
-
-
8,000
-
6,000
28,000
10,000
10,000
3,500
11,000
6,00,00
0
1,00,00
0
-
2,00,00
0
-
1,20,00
0
34,000
1,60,00
0
10,000
20,000
-
-
-
-
1,00,00
0
25,000
-
34,000
16,00,00
0
-
20,000
-
-
-
-
-
-
-
-
90,000
-
25,000
-
-
-
-
-
16,000
12,000
5,00020,000
-
-
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6,500
Total 29,87,0
00
29,87,0
00
Adjustments:1. Closing Stock on 31.3.2008 was Rs.3,20,000.2. Salaries unpaid on 31.2.2008 were Rs.8,000.3. Prepaid Insurance is Rs.1,500.
4. Provide Reserve for Bad and Doubtful Debts @ 5%.5. Provide Depreciation for the year as shown below:6. Transfer to Education fund Rs.100.7. Audit Fees are Outstanding for the year Rs.5,000.8. Provide for Share Capital Redemption fund Rs.3,000.9. Directors recommend Dividend to members @ 10 %.
Q4.Following is the Trial Balance of Omtex Consumers Co-operative Society Ltd.for the year ended 31.3.2008.You are required to prepare trading and Profitand Loss Account for the year ended 31.3.2008 and a Balance Sheet as on thatdate.
Trial Balance
Debit Balance Rs. Credit Balance Rs.
Interest Paid
Bank Charges
Salaries
Contribution to staff Provident
Fund
Travelling Expenses
Rent, Rates and Taxes
Postage
Printing and stationery
Audit Fees
General Expenses
Bad Debts
Bonus to Employees
Opening Stock
Purchases
Carriage & Freight
Investment in Government
Securities
Investment in Shares of Co-op
Societies
Investment to Staff Provident
Fund
2,800
200
18,000
1,000
250
2,250
1,150
1,200
500
1,100
500
2,000
10,000
1,10,0
00
1,000
13,000
12,000
4,000
28,000
42,000
Sales
Share Transfer Fees
Dividend
Interest on Investment
Bank Interest
Commission
Sale of Forms
Share Capital
Reserve Fund
Share Capital
Redemption fund
Education Fund
Staff Provident Fund
Depreciation Fund
Building Fund
Bad Debts Reserve
Loans from Bank
Loans from government
Sundry Creditors
2,00,0
00
100
2,000
1,800
7,000
6,500
500
50,000
10,000
5,000
500
4,000
8,000
5,000
2,000
12,000
12,000
13,600
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Sundry Debtors
Buildings
Furniture and Fittings
Insurance
Repairs
Freehold Land
Cash in hand
Cash at Bank
18,000
1,700
1,300
28,000
5,050
35,000
Total 3,40,0
00
Total 3,40,0
00
Adjustments:1. Closing Stock Valued at Rs.25,000.2. Outstanding Expenses:
Items Rs.
Rent 25
0Interes
t
20
03. Contribution to Education Fund Rs.100.4. Provide for Contribution to Share Capital Redemption Fund Rs.1,000.5. Insurance Paid in advance Rs.200.6. Interest accrued in Investment but not received Rs.200.7. Create Bad Debts Reserve of Rs.3,000.8. Provide Depreciation on Building at 5 % and on furniture and Fittings at 5%.
9. Directors recommend Dividend of 10%.
Q5.From the following Trial Balance of Shrines Co-operative Purchase and salesSociety Ltd. as on 31.3.2008: Prepare Trading and Profit and Loss Account forthe year ended 31.3.2008 and Balance sheet as on that date after Consideringthe adjustments thereafter.
Trial balance as on 31.3.2008
Particulars Debit
(Rs.)
Credit
(Rs.)
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Share Capital
Reserve Fund
Creditors
Profit and Loss Account
1.4.2007
Opening Stock
Furniture and Equipment
Container Deposit
Salaries
Sundry Debtors
Commission
Rent and Taxes
Postage
Travelling and Conveyance
Printing and Stationery
Admission Fees
Purchases
Collie Charges, Freight and
Cartage
Investment
Sales
Cash in hand
Bank Balance
Development Fund
-
-
-
-
3,92,00
0
1,24,00
0
32,000
3,00,00
0
60,000
88,000
60,000
8,000
18,000
14,000
-
63,40,0
00
1,60,00
0
2,40,00
0
-
6,000
4,00,00
0
-
3,36,000
60,000
40,000
1,76,000
-
-
-
-
-
-
-
-
-
-
2,000
-
-
-
76,20,000
-
-
8,000
Total 82,42,0
00
82,42,0
00
Adjustments:1. Closing Stock is valued at Rs.4,40,000.2. Outstanding Rent Rs.4,000 and Commission Payable Rs.20,000.3. Rs.8,000 Salary was paid as advance as on 31.3.2008.4. Accrued Income on Investment Rs.20,000.5. Provide 10% Depreciation on Furniture and equipments.
Q6. From the following Trial Balance of Katrina Co-operative Society Ltd.Mumbai as on 31.3.2008, Prepare Trading and Profit and Loss Account for the
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year ended on 31.3.2008 and Balance Sheet as on that date after consideringthe adjustments given.
Trial Balance
Particulars Debit
(Rs.)
Credit
(Rs.)Share Capital
Calls in Arrears
Reserve Fund
Common Goods Fund
Opening Stock of
Consumers Goods
Furniture
Education Fund
Sundry Creditors
Sundry Debtors
Commission Payable
Salaries
Commission
Rent, Rates and Taxes
Postage
Land
Interest on Investment
Equipment
Purchases
Investment
Sales
Cash in hand
Cash at Bank
-
10,000
-
-
1,10,00
0
48,000
-
-
30,000
-
71,000
17,400
20,000
12,100
9,000
-
20,000
16,40,0
00
1,00,00
0
-
25,000
1,70,00
0
1,60,000
-
15,000
5,000
-
-
8,000
20,000
-
4,000
-
-
-
-
-
10,000
-
-
-
20,60,50
0
-
-
Total 22,82,5
00
22,82,5
00Adjustment:1. Outstanding rent payable on 31.3.2004 was Rs.1,000.2. Charge 5% depreciation on furniture.3. Closing Stock of consumers goods is valued at cost Rs.1,40,000.4. Interest accrued on Investment Rs.2,000.5. Outstanding salary on 31st March, 2008 was Rs.2,000 & Rs.3,000 paid in advance.6. Authorised capital 20,000 shares of Rs.10 each.
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Q7.Shahrukh Co-operative Society rendering Loans and Rationing facilities toits members has the Trial Balance as on 31.3.2008 as follows:
Trial Balance
Name of Accounts Debit
(Rs.)
Credit
(Rs.)Member Share capital
Members Deposit
Dead stock
Printing & Stationery
Bank Share Purchased
Sahakari Sangh share
Purchased
Bank Loan (simple)
Members Loan
Interest on Members
Loan
Purchase of Rationing
Grains
Sale of Rationing Grains
Office Rent
Salaries
Travelling Expenses
Freight
Coolie Charges
Bank Current Account
Bank Interest
Reserve and Other Funds
Cash balance
-
-
7,000
750
5,000
2,000
-
83,250
-
1,20,00
0
-
9,000
10,550
1,250
1,300
900
33,500
26,250
-
100
14,100
30,000
-
-
-
-
31,000
-
53,150
-
1,27,500
-
-
-
-
-
-
-
45,100
-
Total 3,00,85
0
3,00,85
0Adjustments:1. Closing Stock of Rationing Grains on 31.3.2008 was Rs.35,000.2. Outstanding Office Rent is Rs.1,000.3. Provide for Audit Fees due Rs.600.4. Provide Depreciation on Deadstock at 5%.5 Provide Bad debts Reserve Rs.1,500.
You are required to prepare Trading, Profit and Loss Account for the year ending on31.3.2008 and Balance Sheet as on that date.
Q8.Following is the Trial Balance of G. Consumers Co-operative Society as on31-03-08.
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Trial BalanceParticulars Debit
(Rs.)
Credit
(Rs.)Share Capital
Deposits from
Members
Sales
Purchase Returns
Suppliers
Interest on
Investment
Rebate Received
Common Good
Fund
Price Fluctuation
Fund
Reserve Fund
Cash in hand
Cash at Bank
Furniture
Purchases
Customers
Carriage Inward
Sales Return
Rent
Audit Fees
Sales tax
Staff Salary
Printing &
Stationery
Investment
Stock in Trade
Interest Paid
-
-
-
-
-
-
-
-
-
-
400
86,000
6,000
10,05,0
00
30,000
5,000
2,000
10,000
2,000
3,000
50,000
10,000
2,00,000
30,000
2,600
80,000
50,000
12,50,000
5,000
10,000
12,000
3,000
4,000
8,000
20,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total 14,42,0
00
14,42,0
00
Adjustments:1. Value of Closing Stock on 31.3.2008 was Rs.60,000.2. Depreciation on Furniture @ 10% p.a.
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3. Interest accrued on Deposits Rs.1,500 & Interest accrued on Investment Rs.6,000.4. Outstanding Salary of Rs.3,000.5. Outstanding Sales Tax of Rs.1,000.
You are required to Prepare Trading and Profit & Loss Account and Balance Sheetas on 31.3.2008.
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Q9.Following is the Trial Balance of Venkatesh Consumers co-operative Societyas on 31.3.2008
Trial BalanceParticulars Debit
(Rs.)
Credit
(Rs.)
Share Capital
Deposits from Members
Dead stock
Printing & Stationery
Investment in DCC Bank
Investment in Shares of Sadhana Co-
op Society
Loans from Bank
Loans to Members
Interest on Members Loan
Purchase of Fertilizers and Machinery
Sales of Fertilizers and Machinery
Office Rent
Office Salary
Travelling Expenses
Carriage Inward
Freight Charges
Bank Current Account
Bank Interest
Reserve Fund
Cash in Hand
Bank saving Account
-
-
7,000
1,000
25,000
12,000
-
45,000
-
1,20,00
0
-
9,000
8,000
1,500
1,300
1,900
45,600
8,300
-
4,400
10,000
15,000
30,000
-
-
-
-
31,000
-
15,000
-
1,50,000
-
-
-
-
-
-
-
59,000
-
-
Total 3,00,00
0
3,00,00
0
Adjustments:1. Closing Stock of Fertilizers and Machinery as on 31.3.2008 was Rs.20,000.2. Outstanding Office rent Rs.3,000.3. Provide Depreciation @ 5% on Dead Stock.4. Create Provision for Bad and Doubtful Debts Rs.1,500.5. Provide for Audit Fees Rs.600.
You are required to prepare Trading and Profit & Loss Account for the year endingas on 31.3.2008 and Balance Sheet as on that date.
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Q10.The following Information is Supplied to you in connection with M.I.G. Co-operative Society,Bandra.
Prepare Final Accounts.
Balance Sheet as on 31.3.2007Liabilities Amount
(Rs.)
Assets Amount
(Rs.)
Share Capital
Reserve Fund
Dividend Equalisation
Fund
Members Deposits
Loans From SBI
Salary Payable
Profit and Loss Accounts
Balance
25,000
2,500
1,000
13,500
25,500
500
6,000
Cash in hand
Bank Current
Accounts
Shares in HDFC
Bank
Members Loans
Furniture &
Fixtures
Fixed deposits
250
1,600
150
57,000
5,000
10,000
74,000 74,000
Receipts and Payment A/c for the year ended 31.3.2008Receipts Amount
(Rs.)
Payments Amount
(Rs.)Balance (1.4.2007)
Cash
Bank Current A/c
Loans from DenaBank
Share Capital
Deposits from
Members
Members Short Term
Loans
Entry Fees
Commission
Interest on Loans
Interest on Fixed
Deposits
Dividend
250
15,500
25,000
2,500
4,000
4,500
100
350
13,500
1,000
50
Bank Current A/c
Bank Loans
Share Capital
Furniture & Fixtures
Godrej Typewriter
Members Deposits
Staff salaries
Printing & Stationery
Rent & Taxes
Travelling Expenses
Allowance
Interest on Bank Loan
Members Short Term
Loans
Audit Fees
Balance
12,600
14,000
700
1,000
4,000
500
2,000
500
1,000
1,100
1,500
1,250
18,500
250
7,850
Total 66,750 66,750
Adjustments:1. Salaries payable Rs.600.2. Provide depreciation @ 10% of Furniture and Fixtures and Typewriter
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3. Interest on loans to members is receivable Rs.2,100.4. Directors recommended dividend of 10%.
Q11.From the following Trial Balance of Soya Credit Co-operative Society,Nariman Point, Prepare Final Account for the year ended 31st March 2008.
Trial BalanceParticulars Amount
(Rs.)
Particulars Amount
(Rs.)
Loans to Members
Contribution to Provident
Fund
Insurance
Conveyance
Printing and Stationery
Salary of MD
Staff Salary
Interest on Loan
Interest on Deposits
Furniture
Fixed deposits with other
Bank
Cash
Bank
7,00,000
480
1,040
3,420
960
12,000
27,200
1,920
19,200
1,680
60,000
4,360
30,580
Share Capital
Reserve Fund
Members Deposits
Unpaid Dividend
Staff Provident
Fund
Profit and Loss
2006-07
Interest
Renewal Fees
Sundry Income
Development Fund
Education Fund
2,00,000
18,000
5,40,000
400
4,800
7,000
86,000
800
640
4,000
1,200
Total 8,62,840 8,62,840
Adjustments:1. Interest due on members Deposits Rs.2,000.2. Interest due but not received Rs.4,800.3. Salary due Rs.1,200.4. Audit Fees due Rs.800.5. Depreciate Furniture by Rs.5,000.6. Directors propose to pay dividend of 5%.
7. Transfer Rs.100 to Education Fund and Rs.2,000 to Dividend Equalisation Fund.8. Appropriations out of profits of the year 2006-07 were approved as follows:Reserve Fund Rs.2,000Dividend Rs.2,000.
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Q12.You are required to prepare Profit and Loss of the year ended 31.3.2008and a Balance Sheet as on that date from the following trial Balance of ShrutiCo-operative Credit Society as on 31.3.2008 and other information given:
Trial Balance
Particulars Debit
(Rs.)
Particulars Credit
(Rs.)Cash in hand
Cash at Bank
Fixed Deposits with Maharashtra
State Co-op. Bank
Furniture
Interest on Deposits
Interest due on Loans
Salaries
Office Rent
Printing and Stationery
Travelling Expense
Insurance Premium
Contribution to Provident Fund
Loan due from Members
350
7,000
77,500
3,500
40,000
4,000
15,000
2,500
200
300
500
1,000
15,00,0
00
Share Capital
Reserve Fund
Members Deposits
Unpaid Dividend
Dividend Equalisation
Reserve
Staff Provident Fund
Profit and Loss Appropriation
a/c Balance
Interest
Renewal Fees
Miscellaneous Income
Co-operative development
Fund
Education Fund
3,75,000
25,000
11,23,87
5
1,050
9,000
10,000
15,500
89,000
2,000
150
1,025
250
Total 16,51,8
50
16,51,8
50
Additional Information:1. Interest accrued on members deposits of Rs.2,500.2. Interest accrued but not received Rs.1,000.3. Addition to Furniture during the year Rs.500.4. Provide Depreciation @ 10% on closing balance of Furniture.5. Outstanding salary Rs.150.6. Advance Salary Rs.250.
7. Audit Fees due Rs.1,500.8. Authorised Capital; 50,000 shares of Rs.10 each.9. Directors have recommended the following appropriations:
a) Dividend to shareholders of 5%.b) Required amount to Reserve Fund.c) Transfer to Co-operative Development Fund @ 5% of Net Profit after
contributing to Reserve Fund.d) Transfer to Dividend Equalisation Reserve Rs.1,000.e) Addition to Building Fund Rs.5,000.
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