CBSE Set Qa5 Accounts Sample Test Papers For Class 12th for students online
Accounts
Class - XII (CBSE)
You are on Set no 1 Answer 17 to 18
Q 17 From the following, prepare a Cash Budget for January, February and March, 1998:
| 1998 |
Cash
Sales (Rs.) |
Collection from
Debtors (Rs.) |
Purchases
(Rs.) |
Wages
(Rs.) |
| January February March |
40,000 44,000 56,000 |
20,000 26,000 33,000 |
25,000 24,800 23,700 |
5,000 5,200 6,800 |
Estimated Cash Balance on 1
January 1998 Rs. 10,000. In January a new machinery is to be purchased at Rs.
20,000 on credit, to be paid in two equal installments in February and March.
(Marks 6)
Ans 17
Cash Budget for the month of Jan - March'1998
|
Particulars
|
Jan
|
Feb
|
March
|
| Estimated
opening cash balance Add: Estimated Receipts - Cash Sales - Collection From Debtors Total estimated cash available A Less Estimated cash payments - Purchases - Wages - Machinery Total estimated cash payments B Closing Cash Balance A - B |
10000 40000 20000 70000 25000 5000 30000 40000 |
40000 44000 26000 110000 24800 5200 10000 40000 70000 |
70000 56000 33000 159000 23700 6800 10000 40500 118500 |
Q 18 From the following Balance
Sheet, prepare (i) Schedule of Changes in Working Capital and (ii) Funds Flow
Statement:
Balance Sheet
| Liabilities | 1994 Rs. |
1995 Rs. |
Assets | 1994 Rs. |
1995 Rs. |
| Share Capital 10% debentures Pand L A/C Creditors Provision for tax Depreciation Reserve (Plant) |
2,00,000 45,000 10,000 2,55,000 |
2,00,000 20,000 8,000 30,000 10,000 12,000 2,80,000 |
Plant Building Stock Debtors Bills Receivable P and L A/C |
70,000 80,000 60,000 30,000 10,000 5,000 2,55,000 |
1,00,000 75,000 50,000 40,000 15,000 2,80,000 |
Additional
information :
(a) Plant costing Rs. 15,000 was sold for Rs. 6,000. Accumulated Depreciation on
the same was Rs. 5,000.
(b) No depreciation was provided on Buildings during the year. (Marks 12)
Ans 18 Working Notes :
Plant A/C
|
To balance b/d
To Cash A/C (Purchases) (bal fig) |
70000 |
By cash A/C
(Sale) By Depreciation A/C By P/L A/C (Loss on Sale) By balance c/d |
6000 |
Depreciation Reserve
|
To Plant A/C
To balance c/d |
5000 |
By balance b/d
By P/L A/C |
10000 |
Adjusted P/L A/C
| To balance b/d To Plant A/C (loss on sale) To Depreciation Reserve To balance c/d |
5000 4000 7000 8000 24000 |
By funds from
operation (bal fig) |
24000 24000 |
Schedule of changes in Working
Capital
|
Particulars
|
1994
|
1995
|
Inc
|
Dec
|
| Stock Debtors Bill Receivable Total current assets A Creditors Provision for tax Total current liabilities B Working Capital A - B Increase in working capital |
60000 30000 10000 100000 45000 45000 55000 10000 65000 |
50000 40000 15000 105000 30000 10000 40000 65000 65000 |
10000 5000 15000 30000 |
10000 10000 10000 30000 |
* Prov for tax is taken as current liability
Funds flow statement
for the year ended on 31.12.95
|
Particulars
|
Amt.
|
Particulars
|
Amt
|
|
Funds from operation
Sale of Plant Sale of Building Issue of Debentures |
24000 |
Purchase of Plant
Increase in working capital |
45000 |
|
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