Commerce Exam > Commerce Notes > Financial Statements (Part - 2)
Financial Statements (Part - 2) - Commerce PDF Download
Page No 21.43:
Question 17:
Following is the Trial Balance of Sh. Damodar Parshad as at 31st March, 2016:-
Prepare a Trading and Profit and Loss Account for the year ended on 31-3-2016 and the Balance Sheet as at that date. The Stock on 31st March, 2016 was ₹ 22,000.
ANSWER:
Page No 21.44:
Question 18:
From the following balances extracted from the books of Sh. Badri Vishal on 31st March, 2017, prepare a Trading Account, P & L A/c and a Balance Sheet. Closing Stock valued on that date was ₹ 15,000.
ANSWER:
*Drawings = Household Expenses + Life Insurance Premium = 10,000 + 1,800 = Rs 11,800
Page No 21.45:
Question 19:
From the following balances of the Ledger of Sh. Akhileshwar Singh, prepare Trading and Profit & Loss Account and Balance Sheet:-
ANSWER:
Page No 21.46:
Question 20:
From the following balances prepare Final Accounts as at 31st March 2017:-
Value of Closing Stock was ₹ 36,500 on 31st March, 2017.
ANSWER:
Question 21:
Arrange assets in order of permanence:
Sundry Debtors, Stock, Investment, Land and Building, Cash in Hand, Motor Vehicle, Cash at Bank, Goodwill, Plant and Machinery, Furniture, Loose Tools, Marketable Securities.
ANSWER:
Assets in the order of Permanence:
1. Goodwill
2. Land and Building
3. Plant and Machinery
4. Motor Vehicle
5. Loose Tools
6. Furniture
7. Investment (Long-term)
8. Stock
9. Sundry Debtors
10. Marketable Securities (Short-term)
11. Cash at Bank
12. Cash in Hand
FAQs on Financial Statements (Part - 2) - Commerce
| 1. What are the main financial statements? |  |
Ans. The main financial statements are the income statement, balance sheet, and cash flow statement. These statements provide information about a company's financial performance, position, and cash flows.
| 2. How does an income statement differ from a balance sheet? | |
Ans. An income statement shows a company's revenues and expenses over a specific period, resulting in its net income or loss. On the other hand, a balance sheet provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time.
| 3. What information can be derived from a cash flow statement? | |
Ans. A cash flow statement provides information about a company's cash inflows and outflows from operating activities, investing activities, and financing activities. It helps analyze the company's ability to generate cash and its cash management practices.
| 4. How are financial statements useful for investors and stakeholders? | |
Ans. Financial statements are useful for investors and stakeholders as they provide insights into a company's financial health, performance, and potential risks. These statements help them make informed decisions regarding investments, lending, and other business transactions.
| 5. Can financial statements be used to compare the performance of different companies? | |
Ans. Yes, financial statements can be used to compare the performance of different companies. By analyzing and comparing their financial statements, investors and stakeholders can assess the relative strengths and weaknesses of the companies and make comparisons based on key financial ratios and indicators.
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