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Q.1 Ali and Ahmed carrying business separately as contractors jointly take up the work of constructing a Research Complex of Yousaf Tanneries Ltd, at an agreed price of Rs.250000 payable in cash Rs.
200000 and in fully paid shares of a company for balance Rs.50000. A joint bank account is opened in which Ali and Ahmed paid Rs.62500 and Rs.75000 respectively. The following expenses were incurred in completing the construction and the contract price was duly received.
i) Wages paid Rs.75,000.
ii) Materials purchased for Rs.50000.
iii) Material supplied by Ali from his stock Rs.22500.
iv) Consulting Engineers fees paid by Ahmed Rs.5000.
The accounts were closed. Ali taking up all the shares of the company at an agreed value of Rs.40,000 and Ahmed taking the remaining stock of materials at Rs.7,500. Profit or loss is shared by Ali and Ahmed equally. Required: Prepare the necessary ledger accounts assuming that a separate set of books are maintained for the joint venture transactions.
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Q. 2 Ahsan Seeds Limited was incorporated with a nominal capital of Rs.10,00,000 composed of equity shares of Rs.10 each. The following trial balance was extracted from the books as on 31st December
1993.
Dr. Rs. Cr. Rs.
Share Capital (fully called- up)...................................
4,00,000
Stock......................................................................
1,00,000
Gross Profit.............................................................
2,00,000
Sundry Debtors and Creditors................................... 1,45,000
30,000
Fixed Assets (at cost):
Furniture........................................................
60,000
Motor Car......................................................
21,000
Premises........................................................
2,00,000
Depreciation provision up to 31st December, 1992:
Furniture........................................................
10,000
Motor Car......................................................
6,000
Premises........................................................
5,000
Salaries...................................................................
35,000
Printing and Stationery............................................. 1000
Postage and Telegrams............................................ 1,500
Motor Car Expenses................................................
4,500
Investments in Shares (at cost)................................. 15,000
Dividends................................................................
1,500
Audit fee.................................................................
750
Directors fee...........................................................
1200
Profit and Loss Account
31-12-1992......................... 26,000
Cash at Bank...........................................................
91,680
Cash in Hand...........................................................
1,870
Total:.....................................................................
6,78,500 6,78,500
The following further particulars are available:
Market value of shares as on 31st December 1993 Rs.16,000.
Depreciation to be provided on Furniture at 10% Motor Car at 20%. Premises at 2.5%.
Provision to be made for: Taxation Rs.70,000; Proposed dividend at
15%.
You are required to draw up the:
Profit and Loss Account for the year 1993
Profit and Loss Appropriation Account. Balance Sheet as the December 1993.