NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

Accountancy Class 11

Commerce : NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

The document NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes is a part of the Commerce Course Accountancy Class 11.
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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: 

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
Closing stock Rs 35,000.
Answer :
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes 
Profit and Loss Account as on March 31, 2017
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
Balance Sheet as on March 31, 2017
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

Question.10 : Prepare trading and profit and loss account and balance sheet from the following particulars as on March 31, 2017.
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
Closing stock Rs 30,000.
Answer : Trading Account as on March 31, 2017
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

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.

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
Closing stock Rs 15,000.
Answer : Trading Account as on March 31, 2017.

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

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.

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
Closing stock Rs 8,000
Answer

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

Question.13 :  Prepare trading and profit and loss account from the following particulars of M/s Neema  Traders as on March 31, 2017.

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

Stock on March 31, 2017 Rs 16,000.
Answer :
Trading Account as on March 31, 2017
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
Profit and Loss Account as on March 31, 2017

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

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes

Closing stock, as on March 31, 2017 Rs 22,000. 
Answer :
NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
Note: As per solution, the Gross profit is Rs 1,48,500; however, the answer given in the  book is Rs 1,56,500.

NCERT Solution - Chapter 1 : Financial Statements - I(Part-2), Class 11, commerce | EduRev Notes
Balance Sheet as on March 31, 2017 

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

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