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Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

Document Description: Financial Statements of Sole Proprietorship - (Part - 3) for Commerce 2022 is part of Financial Statements of Sole Proprietorship for TS Grewal Solutions - Class 11 Accountancy preparation. The notes and questions for Financial Statements of Sole Proprietorship - (Part - 3) have been prepared according to the Commerce exam syllabus. Information about Financial Statements of Sole Proprietorship - (Part - 3) covers topics like and Financial Statements of Sole Proprietorship - (Part - 3) Example, for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Financial Statements of Sole Proprietorship - (Part - 3).

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Page No 18.66:

Question 19: The following are the balances as on 31st March, 2019 extracted from the books of Dass:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

The stock on 31st March, 2019 was valued at ₹ 2,40,000.

You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2019.
ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce


Page No 18.66:

Question 20: From the following balances of Anand, prepare Trading Account, Profit and Loss Account, and Balance Sheet as at 31st March, 2019:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Value of goods on hand (31st March, 2019) was ₹ 1,43,000.
ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce



Page No 18.67:

Question 21: From the following balances, prepare Final Accounts of M/s Raja & Sons for the year ended 31st March, 2019:

Salary ₹ 5,400; Insurance ₹ 2,500; Cash ₹ 400; Purchases ₹ 84,170; Rent Received ₹ 3,150; Drawings ₹ 2,100; Bills Payable ₹ 3,900; Debtors ₹ 38,080; Stock (1st April, 2018) ₹ 29,500; Bank Overdraft ₹ 9,700; Carriage ₹ 2,200; Creditors ₹ 4,200; Trade Expenses ₹ 4,900; Sales Return ₹ 4,700; Machinery ₹ 12,000; Wages ₹ 45,000; Sales ₹ 1,47,200; Purchases Return ₹ 3,900; Capital ₹ 58,900; Closing Stock (31st March, 2019) ₹ 36,200.

ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce


Page No 18.67:

Question 22: From the following balances, prepare Final Accounts of M/s Mangal & Sons for the year ended 31st March, 2019:

Opening Stock ₹ 12,500; Bills Receivable ₹ 2,000; Sales ₹ 70,000; Purchases ₹ 37,500; Creditors ₹ 20,000; Salaries ₹ 3,850; Insurance ₹ 200; Debtors ₹ 32,500; Carriage ₹ 1,450; Commission ₹ 750; Interest ₹ 900; Printing ₹ 250; Bills Payable ₹ 3,150; Returns In ₹ 1,300; Returns Out ₹ 500; Bank ₹ 5,250; Rent and Taxes ₹ 1,300; Furniture ₹ 1,000; Capital ₹ 7,100; Stock on 31st March, 2019 ₹ 15,000.

ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce


Page No 18.67:

Question 23: From the following balances, prepare Trading and Profit and Loss Account and the Balance Sheet:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

Closing Stock was of ₹ 70,000 but its net realisable value was estimated at ₹ 60,000.
ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Note: Closing Stock is recorded at cost price or market price which is lower.

Page No 18.67:

Question 24: From the following balances taken from the books of Hari & Co., prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

Closing Stock was valued at ₹ 1,82,100. 
ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

Page No 18.68:

Question 25: From the following balances, as on 31st March, 2019, prepare Trading and Profit and Loss Account and Balance Sheet:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Closing Stock on 31st March, 2019 was valued at ₹ 14,500.
ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce


Page No 18.68:

Question 26: Trial Balance of Chatter Sen on 31st March, 2019 revealed the following balances:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

Stock on 31st March, 2019 was valued at ₹ 35,000.

Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at the date.
ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce


Page No 18.68:

Question 27: Following Trial Balance is extracted from the books of a merchant on 31st March, 2019:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Stock in Hand on 31st March, 2019 was valued at ₹ 32,500.
From the above, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date.
ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce


Page No 18.69:

Question 28: The following balances were extracted from the books of Harish Chandra on 31st March, 2019:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

Stock on 31st March, 2019 was valued at ₹ 2,35,000.

Prepare final accounts for the year ended 31st March, 2019.

ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Working Note:

(1) GST Set off

Output IGST-Input CGST-Input SGST= 30,000-15,000-15,000=Nil

GST Payable/Receivable=Nil

Hence, Computation of GST won't affect the Balance Sheet.

Page No 18.69:

Question 29: From the following Trial Balance and additional information of Mr. Gaurav, a proprietor, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

Closing Stock at cost ₹ 1,00,000 but its market value is ₹ 88,500.

ANSWER:
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce
Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce

Working Notes:

(1) GST Set off

First: Output CGST-Input CGST= 12,500-10,000=2,500

Second: Output SGST-Input SGST= 12,500-10,000=2,500

GST Payable=Output CGST+Output SGST=2,500+2,500=5,000

(2) Closing Stock has been taken at its Market Price (i.e. Rs 88,500) and not on its Cost. This is because, as per the Principle of Conservatism, Closing Stock is taken at Cost or Market Price whichever is less.

The document Financial Statements of Sole Proprietorship - (Part - 3) Notes | Study TS Grewal Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course TS Grewal Solutions - Class 11 Accountancy.
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