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Accountancy Project Workbook-Class-XII-Project 2 Financial Statement Analysis-E-Book

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Accountancy Project Workbook- Project 2 Financial Statement Analysis Class 12, E-Book

 

Financial Statement Analysis

You are required to :

(i) Give journal entries for these transactions and post them into ledger account and prepare a
Trial Balance.
(ii) Prepare Trading Account, Profit & Loss Account and Balance Sheet considering the following
adjustments:
(a) Interest is outstanding on Bank Loan Rs.12,000 and on Mrs. Vinod’s Loan Rs.2,000.
(b) Plant and Machinery is to be depreciated by 5% and Furniture by 10%.
(c) Closing Stock Rs.3,50,000.
(d) Wages outstanding Rs.30,000 and office rent outstanding Rs.5,000.
(e) Manager is entitled to a commission of 5% on net profit before charging such commission.
(iii) Find Gross Profit and Net Profit Ratio and also comment on the profitability and liquidity of the
business when Gross Profit of the similar firm is Rs.13,50,000 and Net Profit Rs.9,00,000.