Mgt101 Assignment-2 solution
Monday, June 21, 2010 Posted In MGT Edit This1: 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
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. Unaccredited 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
| Year | Cost of Asset (Rs) | Depreciation (Rs) | Accumulated Depreciation (Rs) | Written Down Value – WDV (Rs) |
| Year # 1 | 10,000 | Rs 10,000 x 10% x 6/12 = Rs 500 | Rs 500 | Rs 9,500 |
| Year # 2 | | Rs 9,500 x 10% = Rs 950 | Rs 1,450 | Rs 8,550 |
| Year # 3 | | Rs 8,550 x 10% = Rs 855 | Rs 2,305 | Rs 7,695 |
| Year # 4 | | Rs 7,695 x 10% = Rs 769.50 | Rs 3074.50 | Rs 6,925.50 |
