Commerce Exam > Commerce Notes > Accountancy Class 11 > NCERT Solution (Part - 2) - Financial Statements-I
NCERT Solution (Part - 2) - Financial Statements-I | Accountancy Class 11 - Commerce PDF Download
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce.
Question.9 : The following is the Trial Balance of Mr. Deepak as on March 31, 2017. You are required to prepare trading account, profit and loss account and a balance sheet as on date:
Closing stock Rs 35,000.
Answer :
Profit and Loss Account as on March 31, 2017
Balance Sheet as on March 31, 2017
Question.10 : Prepare trading and profit and loss account and balance sheet from the following particulars as on March 31, 2017.
Closing stock Rs 30,000.
Answer : Trading Account as on March 31, 2017
Question.11 : From the following trial balance of Mr. A. Lal, prepare trading, profit and loss account and balance sheet as on March 31, 2017.
Closing stock Rs 15,000.
Answer : Trading Account as on March 31, 2017.
Question.12 : Prepare trading and profit and loss account and balance sheet of M/s Royal Traders from the following balances as on March 31, 2017.
Closing stock Rs 8,000
Answer
Question.13 : Prepare trading and profit and loss account from the following particulars of M/s Neema Traders as on March 31, 2017.
Stock on March 31, 2017 Rs 16,000.
Answer :
Trading Account as on March 31, 2017
Profit and Loss Account as on March 31, 2017
Note: As per the solution, the gross profit, net profit and the total of balance sheet are Rs 18,790, Rs 11,530 and Rs 2,70,770 respectively; whereas, as per the answer given in the book, these are Rs 17,850, Rs 10,590 and Rs 2,69,830.
Question.14 : From the following balances of M/s Nilu Sarees as on March 31, 2017. Prepare trading and profit and loss account and balance sheet as on date.
Closing stock, as on March 31, 2017 Rs 22,000.
Answer :
Note: As per solution, the Gross profit is Rs 1,48,500; however, the answer given in the book is Rs 1,56,500.
Balance Sheet as on March 31, 2017
Note: The trial balance given in the question has an error, as the balance of the debit exceeds the credit side by an amount of Rs 21,330. Therefore, in order to match the two sides of the balance sheet, suspense account has been opened with an amount equal to the difference amount, i.e. by Rs 21,330.
Q15: Prepare the trading and profit and loss accounts of M/s Sports Equipments for the year ended March 31, 2017, and the balance sheet as on the same date.
Answer: 
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FAQs on NCERT Solution (Part - 2) - Financial Statements-I - Accountancy Class 11 - Commerce
| 1. What are financial statements? |  |
Ans. Financial statements are formal records of the financial activities and position of a business, person, or other entity. They provide information about the entity's financial performance, including its income, expenses, assets, liabilities, and equity, over a specified period of time.
| 2. What is the purpose of financial statements? | |
Ans. The purpose of financial statements is to provide relevant and reliable information about the financial performance and position of an entity. These statements are used by various stakeholders such as investors, creditors, management, and government authorities to make informed decisions regarding the entity's financial health, profitability, and future prospects.
| 3. What are the types of financial statements? | |
Ans. The three main types of financial statements are:
1. Income Statement: Also known as the statement of profit and loss, it summarizes the revenues, expenses, and resulting net income or loss of an entity for a specific period.
2. Balance Sheet: It presents the financial position of an entity at a specific point in time, showing its assets, liabilities, and equity.
3. Cash Flow Statement: This statement provides information about the cash inflows and outflows of an entity during a specific period, categorizing them into operating, investing, and financing activities.
| 4. How are financial statements prepared? | |
Ans. Financial statements are prepared by following generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS). The process involves recording financial transactions, classifying them into appropriate categories, and summarizing them in the respective statements. The accounting records, including journals and ledgers, are used to compile the financial statements, ensuring accuracy and compliance with the relevant accounting standards.
| 5. Why are financial statements important for investors? | |
Ans. Financial statements play a crucial role in helping investors assess the financial health and performance of a company. By analyzing the financial statements, investors can evaluate the profitability, liquidity, solvency, and growth potential of a business. This information helps them make informed investment decisions and determine the value and risk associated with investing in a particular entity. Financial statements also provide insights into the management's ability to generate returns and allocate resources efficiently.
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