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

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

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.

The document Super 7 - Financial Statements Notes | Study Crash Course of Accountancy - Class 11 - Commerce is a part of the Commerce Course Crash Course of Accountancy - Class 11.
All you need of Commerce at this link: Commerce
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