Super 7 - Financial Statements Notes | Study Crash Course of Accountancy - Class 11 - Commerce
Commerce: Super 7 - Financial Statements Notes | Study Crash Course of Accountancy - Class 11 - 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:
a.
| 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.
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