Accounts Questions for Test 30 jan 2026
FEEN Weekly Test Series
Subject: Accountancy (Class 12)
Topic: Final Accounts of a Company
Question 1: The "Hidden Interest" Case
The following is the Trial Balance of ABC Ltd. as of 31st Chaitra, 2081:
| Particulars | Debit (Rs.) | Credit (Rs.) |
|---|---|---|
| Opening Stock | 40,000 | - |
| Purchases & Sales | 2,50,000 | 4,00,000 |
| Wages | 20,000 | - |
| Salaries | 35,000 | - |
| 10% Bank Loan (Taken on 1st Shrawan) | - | 1,00,000 |
| Machinery | 2,00,000 | - |
| Debtors & Creditors | 50,000 | 30,000 |
| Cash at Bank | 25,000 | - |
| Share Capital | - | 1,50,000 |
| P/L Appropriation (Opening) | - | 30,000 |
| Interest on Loan Paid | 5,000 | - |
| Rent & Rates | 15,000 | - |
| Total | 7,10,000 | 7,10,000 |
- Closing Stock was valued at Rs. 60,000.
- Goods worth Rs. 5,000 were distributed as free samples (Advertisement).
- Depreciate Machinery by 10% p.a.
- Outstanding Salaries amounted to Rs. 2,000.
- The Board of Directors proposed a 10% Dividend on Share Capital.
Required: a) Trading A/c b) Profit & Loss A/c c) P/L Appropriation A/c d) Balance Sheet
Question 2: The "Bad Debts" Trap
The following Trial Balance is extracted from the books of XYZ Industries Ltd.:
| Particulars | Debit (Rs.) | Credit (Rs.) |
|---|---|---|
| Purchases | 3,00,000 | - |
| Sales | - | 5,50,000 |
| Debtors | 60,000 | - |
| Bad Debts | 2,000 | - |
| Provision for Bad Debts | - | 4,000 |
| Furniture | 50,000 | - |
| Carriage Inward | 5,000 | - |
| General Expenses | 15,000 | - |
| Prepaid Insurance | 5,000 | - |
| Share Capital | - | 2,00,000 |
| General Reserve | - | 20,000 |
| Profit & Loss A/c (Cr) | - | 40,000 |
| Total | 8,14,000* | 8,14,000* |
*Note: Remaining Balancing Figure assumed as Fixed Assets/Cash for balancing purposes. Focus on Adjustments.
- Closing Stock valued at Rs. 80,000.
- Further Bad Debts to be written off Rs. 2,000.
- Create a Provision for Bad Debts @ 5% on Debtors.
- Transfer Rs. 10,000 to General Reserve.
- Provide Depreciation on Furniture @ 10%.
Required: Prepare Final Accounts of the company.
FEEN Weekly Test Series
Accountancy: Cash Flow & Cost Sheet
Topics: Classification of Cash Flows, Full Cash Flow Problem, Output Costing
Section A: The "Rapid Fire" Classification Test (35 Marks)
Instruction: For each item below, identify the correct Activity (Operating, Investing, Financing, or Cash Equivalent) and determine the Effect on Cash Flow (+ for Inflow, - for Outflow, or No Flow).
| S.N. | Item Name | Activity (O/I/F) | Effect (+ / -) |
|---|---|---|---|
| 1 | Cash Sales | ||
| 2 | Issue of Share Capital | ||
| 3 | Purchase of Machinery | ||
| 4 | Redemption of Debentures | ||
| 5 | Dividend Paid | ||
| 6 | Interest Received on Investment | ||
| 7 | Decrease in Debtors | ||
| 8 | Increase in Creditors | ||
| 9 | Depreciation on Plant | ||
| 10 | Goodwill Written Off (Amortization) | ||
| 11 | Sale of Old Furniture | ||
| 12 | Purchase of Goodwill | ||
| 13 | Increase in Prepaid Expenses | ||
| 14 | Decrease in Outstanding Salary | ||
| 15 | Tax Paid | ||
| 16 | Bank Overdraft (Increase) | ||
| 17 | Gain on Sale of Machinery | ||
| 18 | Loss on Sale of Investment | ||
| 19 | Share Premium Received | ||
| 20 | Purchase of Patents | ||
| 21 | Collection from Customers | ||
| 22 | Payment to Suppliers | ||
| 23 | Dividend Received | ||
| 24 | Increase in Inventory (Stock) | ||
| 25 | Bad Debts Recovered | ||
| 26 | Discount on Issue of Shares | ||
| 27 | Refund of Tax | ||
| 28 | Purchase of Marketable Securities | ||
| 29 | Brokerage Paid on Purchase of Land | ||
| 30 | Transfer to General Reserve | ||
| 31 | Interest Paid on Debentures | ||
| 32 | Preliminary Expenses Written Off | ||
| 33 | Short Term Loan Taken | ||
| 34 | Provision for Tax Charged (P&L) | ||
| 35 | Sale of Scrap |
Section B: Comprehensive Cash Flow (20 Marks)
Question: The Balance Sheets of FEEN Ltd. for the years 2079 and 2080 are given below:
| Liabilities | Year 2079 | Year 2080 | Assets | Year 2079 | Year 2080 |
|---|---|---|---|---|---|
| Share Capital | 4,00,000 | 5,00,000 | Fixed Assets | 3,50,000 | 5,20,000 |
| 10% Debentures | 1,00,000 | 50,000 | Investments | 50,000 | 80,000 |
| Share Premium | - | 10,000 | Inventory | 60,000 | 45,000 |
| Retained Earnings (P&L) | 40,000 | 75,000 | Debtors | 40,000 | 70,000 |
| Creditors | 35,000 | 55,000 | Cash & Bank | 90,000 | 50,000 |
| Provision for Tax | 15,000 | 25,000 | |||
| Total | 5,90,000 | 7,15,000 | Total | 5,90,000 | 7,15,000 |
- Sales for the year were Rs. 6,00,000. Cost of Goods Sold was Rs. 3,50,000.
- A machine costing Rs. 40,000 (Accumulated Depreciation Rs. 15,000) was sold for Rs. 20,000.
- Depreciation charged on Fixed Assets during the year was Rs. 35,000.
- Debentures were redeemed at a premium of 5%.
- Dividend paid during the year was Rs. 20,000.
- Tax paid during the year was Rs. 12,000.
Required: Prepare a Cash Flow Statement (Direct Method) showing Operating, Investing, and Financing activities.
Section C: Unit & Output Costing (20 Marks)
Question: FEEN Manufacturing Co. provides the following particulars for the year ended 2080:
| Stock of Raw Materials (1st Jan) | Rs. 40,000 |
| Stock of Raw Materials (31st Dec) | Rs. 25,000 |
| Purchase of Raw Materials | Rs. 2,50,000 |
| Carriage Inward | Rs. 10,000 |
| Direct Wages | Rs. 1,80,000 |
| Chargeable Expenses (Direct) | Rs. 20,000 |
| Work in Progress (1st Jan) | Rs. 15,000 |
| Work in Progress (31st Dec) | Rs. 20,000 |
| Factory Rent & Power | Rs. 50,000 |
| Office Salaries | Rs. 60,000 |
| Selling Commission | Rs. 2 per unit sold |
| Opening Stock of Finished Goods | 1,000 units @ Rs. 40 each |
- Units Produced during the year: 10,000 units
- Units Sold during the year: 9,000 units
- Profit Margin: 20% on Sales
Required: Prepare a Cost Sheet showing:
- Prime Cost
- Factory Cost Incurred & Factory Cost
- Cost of Production (COP)
- Cost of Goods Sold (COGS)
- Total Profit and Total Sales
Hint: Use FIFO method for valuing closing stock of finished goods unless specified otherwise.
FEEN Weekly Test Series
Subject: Cost Accounting (Class 12)
Topic: Unit or Output Costing (Cost Sheet & Tender)
Question 1: The Comprehensive Cost Sheet
The books of "Himalayan Manufacturing Co." provide the following data for the year ended 31st Chaitra:
| Particulars | Amount (Rs.) |
|---|---|
| Opening Stock of Raw Materials | 40,000 |
| Purchase of Raw Materials | 2,50,000 |
| Direct Wages | 1,50,000 |
| Carriage Inward | 5,000 |
| Factory Rent & Power | 30,000 |
| Opening Stock of Work-in-Progress (WIP) | 15,000 |
| Office Salaries & Expenses | 40,000 |
| Opening Stock of Finished Goods (500 units) | 35,000 |
| Selling Expenses | Rs. 2 per unit sold |
- Closing Stock of Raw Materials: Rs. 30,000
- Closing Stock of Work-in-Progress (WIP): Rs. 10,000
- Units Produced during the year: 4,500 units
- Closing Stock of Finished Goods: 1,000 units
- The company wants a Profit of 20% on Sales.
Required: Prepare a Cost Sheet showing:
a) Prime Cost b) Factory Cost c) Cost of Production d) Cost of Goods Sold e) Total Profit or Loss.
Question 2: The Tender Sheet Challenge
The following details are available from the cost records of a company for the year 2081:
| Particulars | Amount (Rs.) |
|---|---|
| Direct Materials | 2,00,000 |
| Direct Wages | 1,00,000 |
| Factory Overheads | 60,000 |
| Office & Administrative Overheads | 72,000 |
The company has received an order for a new job which estimates:
- Direct Materials: Rs. 6,000
- Direct Wages: Rs. 4,000
Adjustments for Tender:
- Factory Overheads are recovered as a percentage of Direct Wages.
- Office Overheads are recovered as a percentage of Factory Cost.
- The company intends to earn a Profit of 25% on Selling Price.
Required:
1. Calculate the necessary Overhead Percentages based on past data.
2. Prepare a Tender Sheet (Quotation) showing the price to be quoted.
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