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Ask CBSE Class 11 Commerce Accountancy Part Ii question free ×

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Home /Doubts and Solutions/CBSE/Class 11 Commerce/Accountancy Part Ii

CBSE Class 11 Commerce Accountancy Part Ii Free Doubts and Solutions

CBSE - XI Commerce - Accountancy Part II

How to Set-off Output IGST (Rs. 1080) with Input CGST (Rs. 1200) and Input SGST (Rs. 1200) ?

Asked by MannPatidar1309 31st January 2021, 6:46 PM

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CBSE - XI Commerce - Accountancy Part II

TRANSACTIONS Mr H.s Kochar decided to start a TRAVEL WORLD business named SAMSONITE Salesp) Itd. A Trading Company On 1" April 2002 he invested a sum amount of 4,80,000 for this purpose he took a building costing 4,00,000 and spent 1,00,000 for its overhaul interior and fittings sepanitely to purchase the opening stock which is almost amounted to "1,80,000 he appointed ICICI Bank and secured loan to the extent of 75% of the cost of stock It was agreed that the loan will be repaid I four equal instalment as follows At the end of 1" year: "90,000+ 36,000 for the interest At the end of 2 year: 90,000+ 27000 for the interest At the end of 3 year: "90,000+ 18,000 for the interest At the end of 4 year 90,000+9,000 for the interest After commencing the TRAVEL WORD on 1" April, 2002 he had spent some amount of 10,000 for electric fittings on 5 April 2002 and on 16 April he placed on fixed deposit amount at bank by transferring from current account 100,000. on 18 April he spent 40,000 for getting pamphlets printed and distributed on 18 April goods costing 20,000 were Sold To Mr. kapoor at 40% trade discount on 10 July 2002 goods of 500 were returned to Mr. Kapoor on 19" July 2002 Transportation charges for 100 octroi 150 was paid in cash on 28 July 2002 trade expense charged paid in cash 500, On 30 July 2002 miscellancous expenses charged for newspaper, tea, coffee ete 800, on 15 September 2002 for 10,000 furniture purchased bags from company for 5,000 on 1 October 2002 on credit on 10 October 2002 was made by cheque for 800 was issued to petty cashier on 1 November 2002 and on Ist December 2002 the company gave 10% commission on sales up to 4 lakhs on 15 January 2003 Mr. kapoor who owned us 10,000 were declared insolvent and 25 paisa in a rupee is received at the end of year i.e. on 31" march 2003 interest o loan is paid deprecation on building at 20% on 4,00,000 salary paid to employees 10,000 cash sales for "4,00,000 on credit to debtors who paid 90.000 cash and rest 80,000 are debtors

Asked by souryasharma122 29th January 2021, 7:17 PM

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CBSE - XI Commerce - Accountancy Part II

sample paper of accounts

Asked by Arunagiri64646464 22nd November 2020, 10:19 AM

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CBSE - XI Commerce - Accountancy Part II

How to calculate cost of goods sold

Asked by rupareliyahari1234 12th February 2020, 10:15 PM

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CBSE - XI Commerce - Accountancy Part II

When to write provision of doubtful debts and further bad debts on dr. side and cr. side respectively?(adjustments in financial statements)

Asked by jhakanishka480 24th January 2020, 10:09 PM

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CBSE - XI Commerce - Accountancy Part II

Anusha did her Jewellery Design course from Begluru. She worked for an imitation jewellery firm for five years. After gaining work experience, on 1st April, 2019 she introduced a capital of 2,00,000 in cash and 18,50,000 by cheque and started her business of imitation jewellery under the brand name of ‘Aabhushan Home’ She took a loan of 4,00,000 from the Corp[oration Bank and borrowed 4,50,000 from her friend Kanishka who paid by cheque. On the same day she took premises on rent at 4,000 per month in Sec 18, Gurugram for setting up of her new factory. Anusha also purchased machinery for 7,00,000 and furniture for her office worth 80,000 and made payment by cheque. On the next day she withdrew 5,00,000 from her bank account for meeting day to day business expenses. She hired an assistant to help her in setting up the business at a salary 7,000 per month. Within one month, she was ready to manufacture imitation jewellery. On 1st May, she made purchases of raw material for 45,00,000 out of which 28,00,000 were still payable and hired seven workers on monthly wages of 7,000 per worker. On the same day she purchased a computer for 48,000 and installed it in her factory. The payment for the computer was made through a cheque. She also paid 40,000 by cheque to print catalogues for her products. On 1st July, 2019, Anusha took an insurance cover at a premium of 20,000 per annum. On 1st January, 2020, she purchased 10% investments worth 6,00,000 through bank. On 1st February, 2020 there was a fire in the factory that destroyed goods worth 1,50,000 out of which the insurance company admitted a claim of 60,000 on 31st March, 2020. By the end of the year, total sales amounted to 55,00,000. She withdrew 60,000 from bank for personal use. Anusha repaid 4,50,000 with 22,500 as an interest to Kanishka on account of the loan taken earlier however, interest on bank loan 45,000 is still due. Payment of all routine expenses such as wages, salary, 4 | P a g e rent, annual electricity charges 70,000 and carriage inward expenses 38,000 were made at the end of the year by cash. You are required to prepare the following: a) Journalize the above transactions, post them into ledger accounts and prepare trial balance for the year ended 31st March, 2020. b) Prepare Trading and Profit and Loss Account for the year ended 31st March, 2020 and Balance Sheet after considering the following adjustments: 1) Closing Stock 7,00,000 2) Depreciate Machinery and Furniture by20% per annum. 3) Outstanding Telephone Expenses amounted to 7,500. 4) Accrued Interest on Investments 15,000. c) Comment on the profitability of the firm when similar firms earn Gross Profit @ 30% and Net Profit @20% PREPARE JOURNAL, LEDGER,TRIAL BALANCE AND FINANCIAL STATEMENT .

Asked by tullu.chaturvedi022 8th January 2020, 7:41 PM

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CBSE - XI Commerce - Accountancy Part II

The following is the trial balance

Asked by satop5talks 29th December 2019, 10:14 PM

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CBSE - XI Commerce - Accountancy Part II

Book questions

Asked by Monjolika732 29th December 2019, 5:54 PM

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CBSE - XI Commerce - Accountancy Part II

Comprehensive problems class 11

Asked by anjli.saxena2003 22nd December 2019, 1:50 AM

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CBSE - XI Commerce - Accountancy Part II

what are the key points to be remembered while doing adjustments in preparation of financial statements?

Asked by jhakanishka480 20th December 2019, 12:32 PM

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