Courses

Super 7 - Financial Statements Commerce Notes | EduRev

Crash Course of Accountancy - Class 11

Created by: Nipuns Institute

Commerce : Super 7 - Financial Statements Commerce Notes | EduRev

The document Super 7 - Financial Statements Commerce Notes | EduRev is a part of the Commerce Course Crash Course of Accountancy - Class 11.

All you need of Commerce at this link: Commerce

Q1.

(a) Calculate gross profit and cost of goods sold from the following information: Net Sales ₨ 8, 00,000 Gross Profit is 40% on Sales.

(b) Calculate gross profit and cost of goods from the following information: Net Sales ₨ 12,00,000 Gross Profit 33 1/3% on Sales.

Q2.

Calculate Closing Stock from the following:

Particulars	₨	Particulars	₨
Opening Stock	38,000	Sales	3,60,000
Purchases	3,40,000	Returns Inwards	5,000
Return Outwards	4,000	Gross Loss	20,000
Freight Inwards	26,000

b. ₨

Opening stock 20,000

Cash sales 60,000

Credit Sales 40,000

Purchase 70,000

Rate of Gross profit on 33 1/3%.

Q3.

Calculate gross profit when

Total Purchases during the year are ₨ 8,00,000

Return Outward ₨ 20,000

Direct expenses ₨ 60,000

2/3 of the goods are sold for ₨ 6,10,000.

Q4.

From the following balances prepare a Trading, Profit & Loss account and Balance sheet

Particulars	₨	Particulars	₨
Carriage on goods Purchased	8,000	Cash in hand	2,500
Carriage on Goods sold	3,500	Banker’s A/c (cr.)	30,000
Manufacturing Expenses	42,000	Motor Car	60,000
Advertisement	7,000	Drawings	8,000
Freight and Octroi	4,400	Audit fees	2,700
Lighting	6,000	Plant	1,53,900
Customer’s a/c	80,000	Repairs to plant	2,200
Supplier’s a/c	61,000	Stock at the end	76,000
Duty and clearing charges	5,200	Purchases Less Returns	1,60,000
Postage and Telegram	800	Commission on Purchases	2,000
Fire Insurance Premium	3,600	Incidental Trade exp.	3,200
Patents	12,000	Investments	30,000
Income Tax	24,000	Interest on Investments	4,500
Office expense	7,200	Capital A/c	1,00,000
		Sales Less Returns	5,20,000
		Rent	12,000
		Discount Paid	2,700
		Discount on purchases	3,400

Q5.

From the following balances prepare Final accounts as at 31st March, 2012:

Particulars	₨	Particulars	₨
Opening Stock	15,310	Capital	2,50,000
Purchases	82,400	Drawings	48,000
Sales	2,56,000	Sundry debtors	57,000
Returns (Dr.)	4,000	Sundry Creditors	14,000
Returns (Cr.)	2,400	Depreciation	4,200
Factory Rent	18,000	Charity	500
Custom Duty	11,500	Cash Balance	4,460
Coal, Gas and Power	6,000	Bank Balance	4,000
Wages,& salary	36,600	Bank Charges	180
Discount (Dr.)	7,500	Establishment Expenses	3,600
Commission (Cr.)	1,200	Plant	42,000
Bad-debts	5,850	Leasehold Building	1,50,000
Bad-debts Recovered	2,000	Goodwill	20,000
Apprentice Premium	4,800	Patents	10,000
Productive expenses	2,600	Trade Marks	5,000
Unproductive Expenses	5,000	Loan Cr.	25,000
Carriage	8,700	Interest on loan	3,000

The value of Closing stock on 31st March, 2012 was ₨ 25,400.

Q6.

From the following balances of the Ledger of Sh. Akhileshwar prepare Trading and Profit & Loss Account and Balance Sheet:

	Dr. ₨	Cr. ₨
Stock on 1-4-2011	30,000
Stock on 31-3-2012	46,200
Purchas and Sales	2,30,000	3,45,000
Returns	12,500	15,200
Commission on Purchases	1,200
Freight, Octroi and Carriage	26,000
Wages and Salary	10,800
Fire Insurance Premium	820
Business Premises	40,000

Sundry Debtors	26,100
Sundry Creditors		26,700
Goodwill	8,000
Patents	8,400
Coal, gas and Power	7,600
Printing and stationery	2,100
Postage and Telegram	710
Travelling Expenses	4,250
Drawings	7,200
Depreciation	1,000

General Expenses	8,350
Capital
Investments		89,760
Interest on Investments	8,000
Custom duty on Imported Goods		800
Cash in Hand	4,500
Banker’s Account	2,570
Commission		5,200
Loan on Mortgage	4,600	4,400
Interest on Loan		30,000

B/P	3,000
B/R		2,280
Income tax	4,540
Horse and Carts	3,000
Discount on Purchases	20,300
	5,21,750	5,21,750

Q7.

From the following balances prepare Final Accounts as at 31st March 2010:

Particulars	₨	Particulars	₨
Stock 1-4-2009	23,500	Freight In	1,100
Purchases	46,800	Freight Out	3,000
Sales	1,30,000	Rent (Factory 1/3, Office 2/3)	7,500
Productive expenses	27,000	Legal expenses	800
Unproductive Expenses	5,800	Miscellaneous Receipts	500
Trade expenses	1,200	Sundry debtors	30,000
Returns In	6,600	Sundry creditors	16,100
Returns Out	2,800	Donation	600
Loose Tools	7,200	Bad debts	4,750
Trade Marks	5,000	Bad debts recovered	4,000
Discount Cr.	2,100	Bank charges	2,800
Salaries	9,600	Loan on Mortgage	20,000
Fixed Deposit with Punjab National Bank	10,000	Interest on Loan	2,400
Cash in hand	1,300
Motor Vehicles	50,000
Leasehold Land	60,000
Capital	1,37,450
Life Insurance Premium	6,000

Value of Closing Stock was ₨36,500 on 31st March, 2010.

Offer running on EduRev: Apply code STAYHOME200 to get INR 200 off on our premium plan EduRev Infinity!

Download EduRev app here for Commerce preparation.

Up next >

Introduction - Financial Statements: With Adjustments

Doc | 12 pages

Illustrations - Financial Statements: With Adjustments

Doc | 15 pages

Test: Financial Statements And Their Analysis - 1

Test | 10 ques | 10 min

Test: Financial Statements And Their Analysis - 2

Test | 20 ques | 20 min

Very Short Answer Type Questions - Financial Statements: With Adjustments

Doc | 6 pages

(HOTS) Questions - Financial Statements: With Adjustments

Doc | 2 pages

< Previous

(HOTS) Questions - Financial Statements

Doc | 4 pages

Very Short Answer Type Questions - Financial Statements

Doc | 10 pages

Illustrative - Financial Statements

Doc | 11 pages

Test: Financial Statements Of Sole - 2

Test | 20 ques | 20 min

Content Details

Views: 44
Rating: 4.9 (16)
Jan 22, 2019
Commerce

Description

Super 7 - Financial Statements Commerce Notes | EduRev notes for Commerce is made by best teachers who have written some of the best books of Commerce. It has gotten 44 views and also has 4.9 rating. You can download Free Super 7 - Financial Statements Commerce Notes | EduRev pdf from EduRev by using search above. You can also find Super 7 - Financial Statements Commerce Notes | EduRev ppt and other Commerce slides as well. If you want Super 7 - Financial Statements Commerce Notes | EduRev Tests & Videos, you can search for the same too. Commerce Super 7 - Financial Statements Commerce Notes | EduRev Summary and Exercise are very important for perfect preparation. You can see some Super 7 - Financial Statements Commerce Notes | EduRev sample questions with examples at the bottom of this page. Complete Super 7 - Financial Statements Commerce Notes | EduRev chapter (including extra questions, long questions, short questions, mcq) can be found on EduRev, you can check out Commerce lecture & lessons summary in the same course for Commerce Syllabus. EduRev is like a wikipedia just for education and the Super 7 - Financial Statements Commerce Notes | EduRev images and diagram are even better than Byjus! Do check out the sample questions of Super 7 - Financial Statements Commerce Notes | EduRev for Commerce, the answers and examples explain the meaning of chapter in the best manner. This is your solution of Super 7 - Financial Statements Commerce Notes | EduRev search giving you solved answers for the same. To Study Super 7 - Financial Statements Commerce Notes | EduRev for Commerce this is your one stop solution.