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journal sheet

The document contains a series of accounting transactions that require journal entries and calculations related to financial ratios, such as Debt-Equity Ratio, Quick Ratio, and Proprietary Ratio. It includes specific scenarios involving insolvency, compensation received, and various business transactions. Additionally, it provides exercises to compute Gross Profit, Sales, and Closing Stock based on given financial data.

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Prabhu j
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8 views

journal sheet

The document contains a series of accounting transactions that require journal entries and calculations related to financial ratios, such as Debt-Equity Ratio, Quick Ratio, and Proprietary Ratio. It includes specific scenarios involving insolvency, compensation received, and various business transactions. Additionally, it provides exercises to compute Gross Profit, Sales, and Closing Stock based on given financial data.

Uploaded by

Prabhu j
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Score too high, as much as, you can desire

1.

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5.

36, Idgah Hills, Above SBI, Opp. Jingel Bell School,Bhopal (Contact 0755 4271215)

IIT-Jee | AIEEE (ISEET)| AIPMT (NEET) | XII | XI | X | IX | VIII | VII


Score too high, as much as, you can desire

6. Journalize the following transaction

7. Journalise the following transactions in the books of Ram Prakash Gupta:


(i) Vijay Kumar is declared insolvent Received from his Official Receiver a first and
final compensation. of 60 paise in the Rupee on a debt of Rs. 5,000.
(ii) Ram Kumar has compounded with his customers . Accepted a compensation of
60 paise in the rupee on a debt of Rs. 5,000 due from him.
(iii) Sunil Kumar who owed Rs. 2,000 has failed. He pays a compensation of 30 paise
in the rupee.
(iv) Rajani Kant is declared insolvent. A final compensation of 25 paise in the rupee is
received from his estate out of Rs. 5,000.

8. Journalise the following transactions:


(i) Paid Rs. 200 in cash as wages on installation of a machine.
(ii) Sold goods to Manohar, list price Rs. 4,000, trade discount 10% and cash discount
5%. He paid the amount’on the same day and availed the cash discounts.
(iii) Supplied goods costing Rs. 1,200 to Sohan, issued invoice at 10% above cost less
5% trade discount.
(iv) Received commission Rs. 5,000 half of which is in advance.
(v) Paid landlord Rs. 1,200 for rent. One third of the premises is occupied by the
proprietor for / his own reisdence.

9. Pass Journal Entries for the following:


(i) Received Rs. 4,000 from Mahesh which were written off as bad debts in the
previous year.
(ii) Salaries due to clerks Rs. 7,500.
(iii) Out of the rent paid this year, Rs. 2,000 relates to the next year.
(iv) Provide 10% depreciation on furniture costing Rs. 5,000:
(v) Provide 10% interest on capital amounting to Rs. 1, 00,000.
(vi) Goods used In making furniture (Sale Price Rs. 2,000; Cost Rs 1,500).
(vii) Charge interest on drawings Rs. 1,000.

10.

36, Idgah Hills, Above SBI, Opp. Jingel Bell School,Bhopal (Contact 0755 4271215)

IIT-Jee | AIEEE (ISEET)| AIPMT (NEET) | XII | XI | X | IX | VIII | VII


Score too high, as much as, you can desire

1.
a. What will be the impact of ‘ Redemption of Debenture ‘ on a Debt Equity Ratio of 2:1 of a company.
Give reasons
b. Quick ratio of a company is 1.5:1. State giving reasons whether the ratio will
improve, decline or not change on payment of dividend by the company
c. State with reason whether the Debt Equity ratio of a company will increase ,decrease or
not change due to payment of already declared Dividend
d. State with reason whether the Liquid Ratio of a company will increase ,decrease or not
change due to sale of goods on credit
e. A comp[any had current liabilities worth Rs .1,00,000 .After that it acquire Stock
worth Rs. 20000 on credit and its current ratio was 2.5 after purchasing stock .
calculate current
f. asset and working capital after and before purchase of stock.

2. Calculate Proprietary Ratio from the followings: 3


Particulars Amounts(Rs.)
Closing Stock 60,000
9% Preference Shares 400,000
Security Premium 30,000
General Reserve 10,000
Other Current Assets 110,000
Current Liabilities 180,000
Fixed Assets 350,000
Operating Expenses 25,000

3. From the following Balance Sheet and other information, calculate the following ratios: 3
a. Debt-Equity Ratio;
b. Debtors Turnover Ratio.

Other Information:
Sales during the year amounted to Rs. 1,80,000.

36, Idgah Hills, Above SBI, Opp. Jingel Bell School,Bhopal (Contact 0755 4271215)

IIT-Jee | AIEEE (ISEET)| AIPMT (NEET) | XII | XI | X | IX | VIII | VII


Score too high, as much as, you can desire

4. Following figures have been extracted from Shivalika Mills Ltd.: 4


Stock in the beginning of the year Rs. 60,000,
Stock at the end of the year Rs. 1,00,000,
Stock Turnover ratio 8 times,
Selling price 25 per cent above cost.
Compute the amount of Gross Profit and Sales.

5. From the following informations, find Closing Stock. 4


a) Stock Turnover Ratio = 6 Times b) Gross Profit = Rs. 60,000
c) Gross Profit Ratio = 20% d) Closing Stock was Rs. 5,000 in excess of Opening Stock.

6. From the following pertaining to two companies—A Ltd. and B Ltd., belong to plastic
industry, calculate the Gross Profit Ratio of the two companies. Which company is doing
better? 3

7. Following is the Balance Sheet of XYZ Ltd. as on 3 1.3.2007: Calculate Return on


Investment

4
8. .Calculate current asset of the company 4
a. Inventory turnover ratio is 6 times
b. Stock in the beginning is Rs. 8000 more than the stock at the end
c. Sales Rs. 216000
d. Gross profit 20% on the cost ,Current liabilities Rs. 80000 Acid test ratio 0.75:1

36, Idgah Hills, Above SBI, Opp. Jingel Bell School,Bhopal (Contact 0755 4271215)

IIT-Jee | AIEEE (ISEET)| AIPMT (NEET) | XII | XI | X | IX | VIII | VII

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