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FRA Midterm Question@PGEXP

This document provides instructions for a midterm question paper with two sections. Section A involves preparing a statement of profit and loss and balance sheet from an unadjusted trial balance and additional information. Section B involves answering two out of three questions, including: [1] calculating inventory and cost of goods sold using different methods, [2] passing journal entries for various business transactions, and [3] discussing the importance of accounting information from different stakeholder perspectives. The midterm is out of a total of 100 marks.

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satyam pandey
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51 views3 pages

FRA Midterm Question@PGEXP

This document provides instructions for a midterm question paper with two sections. Section A involves preparing a statement of profit and loss and balance sheet from an unadjusted trial balance and additional information. Section B involves answering two out of three questions, including: [1] calculating inventory and cost of goods sold using different methods, [2] passing journal entries for various business transactions, and [3] discussing the importance of accounting information from different stakeholder perspectives. The midterm is out of a total of 100 marks.

Uploaded by

satyam pandey
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

FRA MIDTERM QUESTION

PGEXP 2021-2023

Total mark 100

Section A: 50 Marks (1 * 50)

1. Following is the unadjusted Trail balance of Abhishek Priyanka Diprava & Co as on 31.03.2020

Store Equipment 20000

Accumulated depreciation, 2000


store equipment

Merchandise inventory 17130

Office supplies 3690

Trade receivable 4900

Cash 2100

Prepaid store rent 3600

Prepaid Insurance 600

Trade payable 3900

Share Capital 10000

Retained Earning 2320

Sales 95160

Sales Return and allowances 430

Sales discount 1280

Purchase 43750

Purchase return and 90


allowances

Purchase discount 1440

Freight In 3100

Office salary expenses 1100


Sales salary expenses 4300

Advertisement expenses 4000

Interest expenses 1000

Telephone expenses 320

Store rent expenses 2750

Delivery expenses 860

Total 114910 114910

Prepare the statement of profit and loss and Balance sheet after considering following adjustment
(50)

a. Estimated depreciation on store equipment, 1000


b. Ending merchandise inventory, 23180

Section B: 50 marks (2 * 25)

Attend any two out of followings questions.

1. The following information is available from the records of Sabyasachi Ranjeet Trupti & Co.

Data Details Units Unit cost

Oct 1 Inventory 100 12

Oct 9 Purchase 250 14

Oct 14 Purchase 350 15

Oct 23 Purchase 200 18

Oct 28 Purchase 100 20

Oct 31 Inventory 200

Determine the cost of the ending inventory and the cost of goods sold using FIFO, LIFO and WAC
methods. (25)

2.
a. Pass the journal entries for the following events for the period (1.04.2019-31.03.2020). (25)
I. Discounted a bill of 4600 with a bank at 5% interest on the face value of the bill.
II. Purchases a furniture of 36000 after getting a trade discount @ 10%, transportation cost
was 1500
III. Theft of an equipment. The cost of the equipment is 22500 and accumulated depreciation is
17500. The estimated scarp value of the equipment is 2500.
IV. Theft of goods which cost is 5200, but the NRV (Net realizable value) is 5000.
V. Recovered 5200 from Mr. Shekhar. The firm had charged a bad debt of 16800 against Mr.
Shekhar in Jan. 2019.
VI. Paid insurance of 24000 in the month of July. The insurance is for one year @ 2000 per
month.
VII. Firm’s pass book got credited due to deposit of 5000
VIII. Debentures worth 62000 got converted into common stocks.
IX. The owner brought a furniture of 8900 from his home to the office for which he has not
taken money.
X. Goods worth 12300 transferred from the store to the office to be used as furniture.
3. Imagining yourself in the position of different stakeholders, discuss the importance of
accounting information. (25)

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