NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

Accountancy Class 11

Commerce : NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

The document NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes is a part of the Commerce Course Accountancy Class 11.
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Page Number : 376

Numerical questions
Question.1 : From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2003, calculate the gross profit.
 NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

Answer :

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

Question.2 : From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of:
(a) Cost of goods available for sale
(b) Cost of goods sold during the year
(c) Gross Profit
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes 
Answer :
(a) Cost of Goods Sold Available for Sales
Or
Cost of Goods Manufactured = Opening Stock + Net Purchases + Wages
= 25,000 + 10,40,000 + 1,00,000
= Rs 11,65,000
(b) Cost of Goods Sold = Opening Stock + Net Purchases + Wages - Closing Stock
= 25,000 + 10,40,000 + 1,00,000 - 30,000
= Rs 11,35,000
Or
Cost of Goods Sold = Net Sales - Gross Profit
= 15,50,000 - 4,15,000
= Rs 11,35,000

(c)

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

Gross Profit Rs 4,15,000

Question.3 : Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv and Sons for the year ended March 31, 2005.
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
Answer :

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
Operating Profit = Sales - (Opening Stock + Net Purchases + Direct Expenses + Administration Expenses + Selling and Distribution Expenses) + Closing Stock
= 11,00,000 - (50,000 + 6,00,000 + 60,000 + 45,000 + 65,000) + 70,000
= Rs 3,50,000

Question.4 :  Operating profit earned by M/s Arora and Sachdeva in 2005-06 was Rs 17,00,000. Its non operating incomes were Rs 1,50,000 and non-operating expenses were Rs 3,75,000.  Calculate the amount of net profit earned by the firm.
Answer : Net Profit = Operating Profit + Non-operating Income - Non-operating Expenses
= 17,00,000 + 1,50,000 - 3,75,000
= Rs 14,75,000
Net profit earned by M/S Arora and Sachdeva in 2005-06 is Rs 14,75,000.

Question.5 : The following are the extracts from the trial balance of M/s Bhola and Sons as on March 31, 2005

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

(Only relevant items)
Closing Stock as on date was valued at Rs 3,00,000.
You are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M/s Bhola and Sons.
Answer :

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

Question.6 : Prepare trading and profit and loss account and balance sheet, as on March 31, 2017 : 

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

Closing stock, as on March 31, 2017 Rs 22,400. 

Answer :
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

Question.7 : The following trial balance is extracted from the books of M/s Ram on March 31, 2017. You are required to prepare trading and profit and loss account and the balance sheet as on date: 

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
Answer :
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes

Question.8 : The following is the trial balance of Manju Chawla on March 31, 2017. You are required to prepare trading and profit and loss account and a balance sheet as on date: 

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes 
Closing stock Rs 2,000. 
Answer :

NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
Note: As per the solution, net profit is Rs 18,700; however, according to the answer given in the book, it is Rs 18,400.
NCERT Solution - Chapter 1 : Financial Statements - I (Part-1), Class 11, commerce | EduRev Notes
Note: There is a misprint in the trial balance given in the question. In order to match the trial balance, debtors have been taken as Rs 6,700; however, the debtors given in the trial balance is Rs 60,000.

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