Reference no: EM13257542
Q. A firm of manufactures, whose books areclosed on 31st December purchased machinery for 50,000on 15 January, 1980. Additional machinery was acquired for Rs.10,000 on 1st July, 1981 and for Rs.16, 466 on14th April, 1984. Certain machinery, which originallycost Rs.10, 000 in 1980, was sold for Rs.5000 on 30thJune, 1983.
Given the machinery account for 5 years writing off depreciationat 10% on the written down value.
Q. In taking out a Trial balance, abookkeeper finds that he is out Rs.1600 excess debit. Being desirous of closing his books, he places the difference to a newly opened suspense account. In the next period, he discovers the following discrepancies.
a) An item of sale for Rs.11800 wasposted to the Sales A/c as Rs. 19000.
b) The total of the sales returnsbook has been added Rs.200 short.
c) An amount of Rs. 7400 receivedfrom a customer has been credited to his account as Rs.14600.
d) Rs.300000 paid for purchase ofbuilding has been charged to the ordinary purchase account.
e) A sum of Rs.19000 written off frombuilding A/c as depreciation has not posted to depreciationA/c.
f) An amount receivedfrom a debtor of Rs.19400 has been debited to his account asRs.15800.
Required: Given rectifying entries and preparesa suspense account.
Q. Classify the following as capital and revenue expenses.
Payment made by X Ltd. To Y Ltd. Engaged in a similar businesswith a view to stopping the production by Y Ltd. For a period ofone year to avoid inventory pile up of X Ltd.
Interest paid on loan taken for payment of income tax of theproprietor of the business.
Loss caused by theft of cash committed by cashier (i) if duringbusiness hours. (ii) If after business hours.
Damages paid by a transport company to its passengers injuredin an accident.
Expenditure incurred for raising loans.
Expenses of registration of trade mark.
Legal expenses incurred in connection with renewal oflease.
Amount paid towards sales tax liability.
Commission paid on net profit of the company to agents.
A transfer property to B on consideration that B should mark anannual payment to A during his life time.
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