Super 7 - Financial Statements Commerce Notes | EduRev

Crash Course of Accountancy - Class 11

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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.
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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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