MGT101 Financial Accounting Assignment No. 2 Deadline 24 June 2010

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Question 1:
Prepare a Bank Reconciliation Statement of XYZ Company of Mr. A as on 31st
March. 2010 from the particulars given below:
1. Balance as per pass book Rs.50,000
2. Insurance premium of Rs.1,500 was directly paid by the bank for which there is
no record in the cash book.
3. Interest of Rs.700 is credited by the bank in the pass book which is not
recorded in the cash book
4. Cheques for a total amount of Rs.20,000 were deposited into the bank in March
but a cheque for Rs.2,500 out of them was credited in April.
5. A cheque of Rs.6,500 was deposited into the bank in March but in April the
cheque was returned by the bank as dishonored.
6. A cheque or Rs.5,000 was issued in March but it was not presented to the bank
in the same month.
7. A customer paid into the bank Rs.300 directly as appeared in the pass book but
not in the cash book.
8. Interest Rs.1000 credited by bank but not recorded in cash book.

Question 2:
ABC Limited Co. bought an asset costing Rs.10,000 on 1st January. The
company depreciates fixed assets @10 p.a. The asset is disposed off at the end
of 4th year at Rs.6,100.
Required:
1. Prepare the fixed asset schedule showing the columns of Years, Cost,
Depreciation charges, Accumulated depreciation and Written down value for
four years by using Diminishing balance method.
2. Calculate the profit or loss on the disposal of fixed asset under Diminishing

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MGT101 Financial Accounting Assignment No. 2 Deadline 24 June 2010

1: Prepare a Bank Reconciliation Statement of XYZ Company of Mr. A as on
31st March. 2010 from the particulars given below:

1. Balance as per pass book Rs.50,000

2. Insurance premium of Rs.1,500 was directly paid by the bank for which there is no
record in the cash book.

3. Interest of Rs.700 is credited by the bank in the pass book which is not recorded in
the cash book

4. Cheques for a total amount of Rs.20,000 were deposited into the bank in March but
a cheque for Rs.2,500 out of them was credited in April.

5. A cheque of Rs.6,500 was deposited into the bank in March but in April the cheque
was returned by the bank as dishonored.

6. A cheque or Rs.5,000 was issued in March but it was not presented to the bank in
the same month.

7. A customer paid into the bank Rs.300 directly as appeared in the pass book but not
in the cash book.

8. Interest Rs.1000 credited by bank but not recorded in cash book.

As only the bank reconciliation statement is requested, it can be prepared directly as
follows:

XYZ Company.
Balance as per Bank Statement
As on 31 March 2010

1. Balance as per pass book--------------------------------- 50,000
2. Insurance Premium paid by Bank---------------------------- (1,500)
3. Interest credited by bank------------------------------------700
4. Uncredited cheque---------------------------------------- (2,500)
5. Cheque dishonored---------------------------------------- (6,500)
6. Unpresented cheques--------------------------------------- 5,000
7. Customer directly paid amount-------------------------------- 300
8. Interest credited by bank----------------------------------- 1,000
-----------------------------------------------------------------------------
Balance Statement as per Bank------------------------------ Cr 46,500


Question 2: ABC Limited Co. bought an asset costing Rs.10,000 on 1st January.
The company depreciates fixed assets @10 p.a. The asset is disposed off at the
end of 4th year at Rs.6,100.
Required:

1. Prepare the fixed asset schedule showing the columns of Years, Cost, Depreciation
charges, Accumulated depreciation and Written down value for four years by using
Diminishing balance method.

2. Calculate the profit or loss on the disposal of fixed asset under Diminishing balance
method.
Solution

vuhelp MGT101.jpg

Book Value after 4 Years = Rs 6,925.50
Sale Price = Rs 6,100
Profit / Loss = Loss of Rs 825.50