A note to the Students I-5 Chapterwise Marks Distribution of Previous Examinations (New Syllabus) I-7 CHAPTER 1 MEANING & SCOPE OF ACCOUNTING 1.1 CHAPTER 2 ACCOUNTING CONCEPTS, PRINCIPLES & CONVENTIONS 2.1 CHAPTER 3 ACCOUNTING STANDARDS 3.1 CHAPTER 4 ACCOUNTING POLICIES 4.1 CHAPTER 5 ACCOUNTING AS A MEASUREMENT DISCIPLINE - VALUATION PRINCIPLES, ACCOUNTING ESTIMATES 5.1 CHAPTER 6 CAPITAL AND REVENUE EXPENDITURE 6.1 CHAPTER 7 CONTINGENT ASSETS AND CONTINGENT LIABILITIES 7.1 CHAPTER 8 ACCOUNTING PROCESS (JOURNAL, LEDGER, TRIAL BALANCE, CASH BOOK, SUBSIDIARY BOOKS) 8.1 CHAPTER 9 BANK RECONCILIATION STATEMENT 9.1 CHAPTER 10 BILLS OF EXCHANGE 10.1 I-9 Contents
CHAPTER 11 RECTIFICATION OF ERRORS 11.1 CHAPTER 12 INVENTORY VALUATION 12.1 CHAPTER 13 DEPRECIATION 13.1 CHAPTER 14 SALE ON APPROVAL BASIS 14.1 CHAPTER 15 FINAL ACCOUNTS 15.1 CHAPTER 16 CONSIGNMENT ACCOUNTS 16.1 CHAPTER 17 PARTNERSHIP 17.1 CHAPTER 18 AVERAGE DUE DATE 18.1 CHAPTER 19 ACCOUNT CURRENT 19.1 CHAPTER 20 NOT FOR PROFIT ORGANIZATION 20.1 CHAPTER 21 SHARES 21.1 CHAPTER 22 DEBENTURES 22.1 CHAPTER 23 FINANCIAL STATEMENT OF COMPANIES [SCHEDULE III] 23.1 SOLVED PAPER : DECEMBER 2021 PRINCIPLES & PRACTICE OF ACCOUNTING P.1 SOLVED PAPER : JUNE 2022 PRINCIPLES & PRACTICE OF ACCOUNTING P.21 I-10
DESCRIPTIVE QUESTIONS Q.1 Discuss the limitations which must be kept in mind while evaluating the Financial Statements. [Nov. 2018, 4 Marks] Ans. Limitations of Financial Statements 1. Historical Cost i.e. 2. Perpetual Continuity & Periodical Account i.e 3. Strengths & Weaknesses FINAL ACCOUNTS CHAPTER 15 15.1
4.15.2Intangible assets 5. Window Dressing 6. Different Accounting Policies SHORT NOTES Q.1 Trading account Ans. Trading account Q.2 Profit and loss account Ans. Profit and loss account: i.e
15.3 Q.3 Balance sheet Ans. Balance sheet: i.e i.e i.e i.ei.e
Q.415.4Manufacturing A/c Ans. Manufacturing account: Q.5 Trial balance Ans. Trial balance: DIFFERENCES Q.1 Provision & Reserve Ans. Provision and Reserve:
15.5 Q.2 Capital reserve & Revenue reserve Ans. Capital reserve and Revenue reserve:
Ans. True: Q.5 Under the ‘liquidity approach’ assets which are most liquid are presented at the bottom of the balance sheet. Ans. False: Q.6 The proprietor of a shop feels that he has made a loss due to closing stock being zero. Ans. False:
TRUE OR FALSE
15.6
Ans. False: Q.2 Profit and loss account is a point statement whereas a balance sheet is a period statement. Ans. False: Q.3 The provision for discount on debtors is calculated before deducting the provision for doubtful debts from debtors Ans. False: Q.4 The gain from sale of capital assets need not be added to revenue to ascertain the net operating profit of a business.
Q.1 Profit and loss account shows the financial position of the concern.
15.7 Q.7 Closing stock will never appear in the trial balance. Ans. False: Q.8 If Closing Stock appears in the Trial Balance: [Nov. 2018, 2 Marks] The closing inventory is then not entered in Trading Account. It is shown only in the balance sheet. Ans. True: PRACTICAL QUESTIONS Q.1 Particulars (Dr.) Balance (Cr.) Balance Additional information a. ` b. ` c. d Show. the extract of Profit & Loss Account & Balance Sheet for the above Solution:adjustments. Profit and Loss Account (Extract) Particulars Amount Particulars Amount
15.8 Particulars Amount Particulars Amount Balance Sheet (Extract) Liabilities Amount Assets Amount Q.2 Debit Balance ` Credit Balance ` Additional information: ` `
15.9 Solution: Trading and Profit and Loss Account of Shah for the Year ended on December 31, 2015 Particulars ` Particulars ` Less: ` ` 20,900 20,900 *` ` (2)(1) i.e
15.10 Balance Sheet of Shah as on December 31, 2015 Liabilities Amount ` Assets Amount ` Fixed Assets: Add Less:: Less:Less: Add Current Assets: Less: 1,02,160 1,02,160 Q.3 ` ` ` ` ` ` ` Solution: Bad Debts A/c Date Particulars ` Date Particulars ` 9,040 9,040 11,680 11,680 14,160 14,160 Provision for bad debts A/c Date Particulars ` Date Particulars ` ` 20,240 20,240
Extract of P&L Account for the year ended on 31-12-2014
Extract of P&L Account for the year ended on 31-12-2013 Cr.
)
15.11 Date Particulars ` Date Particulars ` ` 26,080 26,080 ` 20,960 20,960
Q.4 Trial Balance as at 31st March, 2016 (` ) Cr. (`
Extract of Balance Sheet as at 31st December, 2013 Less: Extract of Balance Sheet as at 31st December, 2014 Less: Extract of Balance Sheet as at 31st December, 2015 Less: Final Accounts of Proprietory Concern (Sole Trader)
Dr.
Dr.
Extract of P&L Account for the year ended on 31-12-2015
15.12 Dr. (` ) Cr. (` ) Additional Information: ` ` ` ` ` ` Solution: M/s Hari Trading and Profit and Loss Account for the year ended on 31.3.2016 Particulars ` Particulars `
15.13 Particulars ` Particulars ` M/s Hari Balance Sheet as on 31.3.2016 Liabilities ` Assets ` Adjustment Entries No. Particulars Dr. ` Cr. ` ` i.e ` `
15.14No. Particulars Dr. ` Cr. ` Transfer Entries/Book Closing Entries No. Particulars Dr. ` Cr. `
15.15 No. Particulars Dr. ` Cr. ` Q.5 Trial Balance Particulars Dr. ` Particulars Cr. `
15.16 Particulars Dr. ` Particulars Cr. ` 2,14,600 2,14,600 Adjustments: ` ` ` ` ` Solution : M/S K. Katrak Trading and Profit & loss Account for the year ended on 31.03.16 Particulars Amount Particulars Amount
15.17 Particulars Amount Particulars Amount Profit & loss Appropriation Account Particulars Amount Particulars Amount ` ` ` Balance sheet as at 31.03.16 Liabilities ` Assets ` Q.6
15.18 Particulars Dr. ` Cr. ` 2,97,380 2,97,380 Additional Information: i ` ii ` ` iii ` iv ` v ` viivi `
15.19 Solution: M/s. Rishabh Trading and P&L a/c for the year ended on 31st March, 2016 Particulars ` Particulars ` M/s. Rishabh Balance Sheet as on 31st March, 2016 Liabilities ` Assets `
15.20 Liabilities ` Assets ` Final Accounts of Partnership Firm Q.7 Trial Balance ` ` Total 4,42,500 Total 4,42,500
Rs. : 550 | USD : 37 AUTHOR : S.K. Agrawal , Manmeet Kaur PUBLISHER : TAXMANN DATE OF PUBLICATION : July 2022 EDITION : 6th Edition ISBN NO : 9789356223134 NO. OF PAGES : 484 BINDING TYPE : PAPERBACK Principles & Practice of Accounting (Accounts) | DescriptionCRACKER ORDER NOW This book is prepared exclusively for the Foundation Level of Chartered Accountancy Examination requirement. It covers the past exam questions & detailed answers strictly as per the new syllabus of ICAI. The Present Publication is the 6th Edition & updated till 30th April 2022 for CA-Foundation | New Syllabus | Dec. 2022/June 2023 exams. This book is authored by Dr. S.K. Agrawal & CA Manmeet Kaur, with the following noteworthy features: As per the latest syllabus of ICAI Coverage of this book includes All Past Exam Question CA Foundation Solved Paper – December 2021 | Principles & Practice of Accounting CA Foundation Solved Paper – June 2022 | Principles & Practice of Accounting Theoretical True/FalseShortIllustrationsQuestionsNotes [Marks Distribution] Chapter-wise marks distribution from May 2018 onwards
