Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Commerce: Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The document Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy.
All you need of Commerce at this link: Commerce

Page No 21.38:
Question 1:
Prepare a Trading Account from the following particulars for the year ended 31st March 2017:-
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Closing Stock is valued at ₹ 6,00,000.
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Page No 21.39:
Question 2(A):
From the following information, prepare the Trading Account for the year ended 31st March, 2017:
Adjusted Purchases ₹ 15,00,000; Sales ₹ 21,40,000; Returns Inwards ₹ 40,000; Freight and Packing ₹ 15,000; Packing Expenses on Sales ₹ 20,000; Depreciation ₹ 36,000; Factory Expenses ₹ 60,000; Closing Stock ₹ 1,20,000.
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Note:  Closing Stock will not be shown on the Credit side of Trading Account since it has already been adjusted while calculating adjusted purchases.
Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock

Question 2(B): 
Calculate Gross Profit from the following information:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Note: As adjusted purchases is given, it means opening and closing stock are already adjusted. So, these two stocks will not be considered while calculating Gross Profit.

Question 3(A): 
Calculate cost of goods sold from the following:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses – Closing Stock
Cost of Goods Sold = 40,000 + 50,000 + 10,000 – 15,000 = ₹ 85,000

Question 3(B): 
Ascertain cost of Goods Sold and Gross Profit from the following:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Question 4: 
Calculate Gross Profit on the basis of the following information:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 21.40:
Question 5(A):
 
Calculate Closing Stock and Cost of Goods Sold:
Opening Stock ₹ 5,000; Sales ₹ 16,000; Carriage Inwards ₹ 1,000; Sales Returns ₹ 1,000; Gross Profit ₹ 6,000; Purchase ₹ 10,000; Purchase Returns ₹ 900.
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 5(B): 
Calculate Closing Stock from the following:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 6: 
From the following information, prepare the Trading Account for the year ended 31st March, 2017:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Note:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
So, when the value of cost of goods sold is given, the items used to calculate it (i.e. opening stock, net purchases, direct expenses and closing stock) will not appear in the Trading Account. 

Question 7(A):
Calculate gross profit and cost of goods sold from the following information:
Net Sales ₹ 8,00,000
Gross Profit is 40% on Sales
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 7(B):
Calculate gross profit and cost of goods sold from the following information:
Net Sales -   ₹ 12,000
Gross Profit    Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerceon sale
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 21.41:
Question 8:
Calculate the gross profit and cost of goods sold from the following information:
Net Sales ₹ 9,00,000
Gross Profit is 20% on cost.
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 9:
Ascertain the value of closing stock from the following:

     ₹
Opening Stock1,20,000
Purchases during the year9,30,000
Sales during the year15,60,000
Rate of Gross Profit40% on Sales

ANSWER:

Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce


Question 10:
Calculate closing stock from the following details:

     ₹
Opening Stock4,80,000
Purchase13,60,000
Sales19,50,000

G.P. is 30% on Cost.
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 11:
Calculate Net Sales and G.P. from the following:
Cost of Goods Sold     - ₹ 4,50,000
G.P.     - 25% on Sales
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 12:
Prepare Profit and Loss Account for the year ended 31st March, 2017 from the following particulars:-
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 21.42:
Question 13:
Calculate the amount of gross profit, operating profit and net profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - CommerceWorking Notes:
Operating Profit = Net Profit − Non-Operating Income + Non-Operating Expenses
= 3,30,000 − 0 + 20,000
= Rs 3,50,000
Loss by Fire is a non-operating expense, thus, added to the net profit to arrive at operating profit.

Question 14:
Calculate operating profit from the following:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Operating Profit = Net Profit − Non-Operating Income + Non-Operating Expenses
Non-Operating Income = Dividend Received + Rent Received
= 6,000 + 24,000 = 30,000
Non-Operating Expenses = Loss on Sale of Furniture + Loss by Fire + Interest on Loan + Donation = 12,000 + 50,000 + 10,000 + 5,100  = Rs 77,100
∴ Operating Profit = 5,00,000 − 30,000 + 77,100 = Rs 5,47,100
Note: Salary being an operating expense was already taken into account while determining net profit, thus, it will be ignored now.

Question 15:
A merchant has earned a Net Profit of ₹ 57,200 for the year ended 31st March, 2017. Other balances in his Ledger are as under:-
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Prepare his Balance Sheet as at 31st March, 2017.
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 21.43:
Question 16:
The Trial Balance shows the following balances as at 31st March, 2017:-
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Closing Stock was valued at ₹ 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2017 and Balance Sheet as at that date.
ANSWER:
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The document Financial Statements (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy.
All you need of Commerce at this link: Commerce

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