Indian Institute of Management Kashipur

PGP 2017-19, Term I

Financial Accounting
Quiz1
Maximum Marks: 20 Time: 30 Minutes.
Name..................... Roll No.....................

Your grocer Mrs Neena Gupta, does not maintain books of accounts; However, she maintains
proper records of all credit transactions. She wants to estimate her profit for the financial year
2016-17.
On 1st April 2016; she had a cash balance of Rs 2750 in her cash box. She had two separate bank
accounts - one for business and other for personal use. On 1st April 2016, she had Rs 1,32,688 in
her business bank account and Rs 3,75,902 in her personal bank account. She had to pay Rs 28,900
to the grocery suppliers and had to collect 36,975 from various customers on that date. The
estimated value of stock was Rs 2,27,900 on that date.
She run her business in store which she has hired at a rent of Rs 15,000 per month. She pays rent
for a particular month in the first week of next month. The rent of March 2016 was paid on 3rd
April 2016. She has a residential house, which her husband had bought for Rs 60 lakhs in 2015.
After one year, on 31st March 2017; she has a cash balance of Rs 3580 in her cash box. She has Rs
1,74 983 in her business bank account and Rs 2,12,643 in her personal bank account. She has to
pay Rs 25,780 to the grocery suppliers and has to collect 42,873 from various customers on that
date. The estimated value of stock was Rs 3,21,650 on that date. She has also to pay the rent for
the month of March 2017.
During the year, she transferred Rs 1,25,000 from her business bank account to her personal bank
account.
Required:
1. Prepare Balance Sheet of Neena Gupta Grocery Store on 1st April, 2016 (8 Marks)
2. Prepare Balance Sheet of Neena Gupta Grocery Store on 31st March 2017 (8 Marks)
3. Estimate the profit earned by Grocery Store during Financial Year 2016-17 (4 Marks).
Name …………………… Roll No……………..
 Indian Institute of Management Kashipur
PGP 2017-19, Term I
Financial Accounting
Quiz1
Maximum Marks: 20 Time: 30 Minutes.
Name..................... Roll No.....................

Your grocer Mrs Rama Gupta, does not maintain books of accounts; However, she maintains
proper records of all credit transactions. She wants to estimate her profit for the financial year
2016-17.
On 1st April 2016; she had a cash balance of Rs 2750 in her cash box. She had two separate bank
accounts - one for business and other for personal use. On 1st April 2016, she had Rs 1,32,666 in
her business bank account and Rs 3,75,902 in her personal bank account. She had to pay Rs 28,900
to the grocery suppliers and had to collect 36,975 from various customers on that date. The
estimated value of stock was Rs 2,27,900 on that date.
She run her business in store which she has hired at a rent of Rs 15,000 per month. She pays rent
for a particular month in the first week of next month. The rent of March 2016 was paid on 3rd
April 2016. She has a residential house, which her husband had bought for Rs 60 lakhs in 2015.
After one year, on 31st March 2017; she has a cash balance of Rs 3580 in her cash box. She has Rs
1,74,890 in her business bank account and Rs 2,12,643 in her personal bank account. She has to
pay Rs 25,780 to the grocery suppliers and has to collect 42,873 from various customers on that
date. The estimated value of stock was Rs 3,21,650 on that date. She has also to pay the rent for
the month of March 2017.
During the year, she transferred Rs 1,25,000 from her business bank account to her personal bank
account.
Required:
1. Prepare Balance Sheet of Rama Gupta Grocery Store on 1st April, 2016 (8 Marks)
2. Prepare Balance Sheet of Rama Gupta Grocery Store on 31st March 2017 (8 Marks)
3. Estimate the profit earned by Grocery Store during Financial Year 2016-17 (4 Marks).
Name …………………… Roll No……………..
 Indian Institute of Management Kashipur
PGP 2017-19, Term I
Financial Accounting
Quiz1
Maximum Marks: 20 Time: 30 Minutes.
Name..................... Roll No.....................

Your grocer Mrs Shyama Gupta, does not maintain books of accounts; However, she maintains
proper records of all credit transactions. She wants to estimate her profit for the financial year
2016-17.
On 1st April 2016; she had a cash balance of Rs 2750 in her cash box. She had two separate bank
accounts - one for business and other for personal use. On 1st April 2016, she had Rs 1,42,600 in
her business bank account and Rs 3,75,902 in her personal bank account. She had to pay Rs 28,900
to the grocery suppliers and had to collect 36,975 from various customers on that date. The
estimated value of stock was Rs 2,27,900 on that date.
She run her business in store which she has hired at a rent of Rs 15,000 per month. She pays rent
for a particular month in the first week of next month. The rent of March 2016 was paid on 3rd
April 2016. She has a residential house, which her husband had bought for Rs 60 lakhs in 2015.
After one year, on 31st March 2017; she has a cash balance of Rs 3580 in her cash box. She has Rs
1,80,213 in her business bank account and Rs 2,12,643 in her personal bank account. She has to
pay Rs 25,780 to the grocery suppliers and has to collect 42,873 from various customers on that
date. The estimated value of stock was Rs 3,21,650 on that date. She has also to pay the rent for
the month of March 2017.
During the year, she transferred Rs 1,25,000 from her business bank account to her personal bank
account.
Required:
1. Prepare Balance Sheet of Shyama Gupta Grocery Store on 1st April, 2016 (8 Marks)
2. Prepare Balance Sheet of Shyama Gupta Grocery Store on 31st March 2017 (8 Marks)
3. Estimate the profit earned by Grocery Store during Financial Year 2016-17 (4 Marks).
Name …………………… Roll No……………..