SOLUTIONS 12
NEB Grade 12 Accountancy Solutions
Question 1: Corporate Final Accounts
1.1 Trading Account
| Particulars | Amount (Rs.) | Particulars | Amount (Rs.) |
|---|---|---|---|
| To Opening Stock | 1,20,000 | By Sales Revenue (14,20,000 - 25,000) | 13,95,000 |
| To Purchases (8,50,000 - 15,000 loss) | 8,35,000 | By Closing Stock (1,60,000 - 20,000) | 1,40,000 |
| To Productive Wages (1,80,000 - 30,000 cap.) | 1,50,000 | ||
| To Factory Power & Fuel | 45,000 | ||
| To Carriage Inwards | 10,000 | ||
| To Gross Profit c/d | 3,75,000 | ||
| Total | 15,35,000 | Total | 15,35,000 |
1.2 Profit & Loss Account
| Particulars | Amount (Rs.) | Particulars | Amount (Rs.) |
|---|---|---|---|
| To Admin Salaries | 1,20,000 | By Gross Profit b/d | 3,75,000 |
| To Rent, Rates & Insurance | 42,000 | By Discount Received | 12,000 |
| To Director's Fees | 25,000 | ||
| To Depreciation (P&M + Furniture) | 73,300 | ||
| To Bad Debts & Prov. (10k + 4.6k) | 14,600 | ||
| To Interest on Bank Loan (O/S) | 15,000 | ||
| To Loss by Earthquake (Net) | 5,000 | ||
| To Provision for Tax (25% on NP) | 30,025 | ||
| To Net Profit after Tax c/d | 90,075 | ||
| Total | 3,87,000 | Total | 3,87,000 |
Working Notes (Final Accounts):
- Sale or Return: Goods costing 20,000 were sold for 25,000. Deduct 25k from Sales and 20k from Closing Stock (as it's still with customer).
- Capital Expenditure Error: Deduct 30k from Wages and add to P&M. New P&M = 4,50,000 + 30,000 = 4,80,000.
- Depreciation: P&M: (4.5L * 15%) + (30k * 15% * 6/12) = 67,500 + 2,250 = 69,750. Furniture: 80k * 10% = 8,000.
- Bank Loan Interest: 10% of 2L for 9 months (Kartik to Ashad) = 15,000.
Question 2: Unit Costing & Tender Sheet
2.1 Cost Sheet for 25,000 Units
| Component | Total (Rs.) | Per Unit (Rs.) |
|---|---|---|
| Raw Materials Consumed | 6,50,000 | 26.00 |
| Productive Direct Wages | 4,00,000 | 16.00 |
| Chargeable Direct Expenses | 50,000 | 2.00 |
| Prime Cost | 11,00,000 | 44.00 |
| Factory Overheads (75% of Wages) | 3,00,000 | 12.00 |
| Add: Opening WIP / Less: Closing WIP | (10,000) | - |
| Works Cost (Factory Cost) | 13,90,000 | 55.60 |
| Office Overheads (20% of Works Cost) | 2,78,000 | 11.12 |
| Cost of Production | 16,68,000 | 66.72 |
2.2 Tender Sheet for 10,000 Units
| Component | Calculation | Amount (Rs.) |
|---|---|---|
| Raw Materials | (26.00 * 1.20) * 10,000 | 3,12,000 |
| Direct Wages | (16.00 * 1.10) * 10,000 | 1,76,000 |
| Direct Expenses | 2.00 * 10,000 | 20,000 |
| Prime Cost | 5,08,000 | |
| Factory Overheads | 75% of 1,76,000 | 1,32,000 |
| Works Cost | 6,40,000 | |
| Office Overheads | 20% of 6,40,000 | 1,28,000 |
| Total Cost | 7,72,560 | |
| Profit (20% on Cost) | 7,72,560 * 20% | 1,54,512 |
| Quotation Price | 9,27,072 |
Question 3: Cash Flow Statement (Direct Method)
| Particulars | Details (Rs.) | Net Amount (Rs.) |
|---|---|---|
| A. Cash from Operating Activities | 3,23,000 | |
| 1. Cash from Customers (Sales + Dec. in Debtors) | 15,30,000 | |
| 2. Cash to Suppliers (COGS + Inc. Inv - Dec. Creditors) | (9,90,000) | |
| 3. Cash for Op. Expenses (Excl. Dep) | (1,72,000) | |
| 4. Income Tax Paid | (45,000) | |
| B. Cash from Investing Activities | (2,41,000) | |
| Sale of Machinery | 45,000 | |
| Purchase of Machinery (Balancing Fig.) | (3,10,000) | |
| Sale of Investments (20k + 4k profit) | 24,000 | |
| C. Cash from Financing Activities | (32,000) | |
| Issue of Equity Share (Incl. Premium) | 2,20,000 | |
| Redemption of Debentures | (1,00,000) | |
| Dividend Paid | (50,000) | |
| Interest Paid on Debentures | (102,000) | |
| Net Increase in Cash (A+B+C) | 50,000 | |
| Add: Opening Cash Balance | 1,30,000 | |
| Closing Cash Balance | 1,80,000 |
Working Notes (Cash Flow):
- Machinery Purchase: Opening 6L - Sold 80k + Purchased ? - Dep 1.5L = Closing 8.5L.
Calculated Purchase = 3,10,000. - Cash to Suppliers: COGS (9L) + Increase in Inventory (60k) + Decrease in Creditors (30k) = 9,90,000.
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