Request a call back

Join NOW to get access to exclusive study material for best results

Class 11-commerce NCERT Solutions Accountancy Part II Chapter 9 - Financial Statements - I

Financial Statements - I Exercise 352

Solution NUM 1

 

 

Simmi and Vimmi Ltd. 

Trading Account

For the year ended 31st March 2017 

Dr.

Cr.

Particulars

 Rs.  

Particulars

Rs. 

To Opening Stock

15,00,000

By Net Sales

40,00,000

To Net Purchases

15,00,000

By Closing Stock

2,50,000

To Direct Expenses

80,000

 

 

To Gross Profit c/d

11,70,000

 

 

 

 

 

 

 

42,50,000

 

42,50,000

 

 

 

Financial Statements - I Exercise 353

Solution NUM 2

 

(a) Cost of Goods Sold Available for Sales

Cost of Goods Manufactured

= Opening Stock + Net Purchases + wages

 = 25,000 + 10,40,000 + 1,00,000

= Rs.11,65,000

 

(b) Cost of Goods Sold

= Opening Stock + Net Purchases + Wages + Closing stock

=25,000+10,40,000+1,00,000+30,000

= Rs.11,35,000

 

 

(c)  

 

M/s Ahuja and Nanda 

Trading Account 

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Opening Stock

 

25,000

By Sales

 

 

To Purchases

 

 

Add: Credit Sales

12,00,000

 

Add: Credit Purchases

7,50,000

 

Add: Cash Sales

4,00,000

 

Add: Cash Purchases

3,00,000

 

Less: Sales Return

(50,000)

15,50,000

Less: Purchases Return

(10,000)

10,40,000

By Closing Stock

 

30,000

 

 

 

 

 

 

To Wages

 

1,00,000

 

 

 

To Gross Profit

 

4,15,000

 

 

 

 

 

 

 

 

 

 

 

15,80,000

 

 

15,80,000

 

Gross Profit Rs.4,15,000

 

Solution NUM 3

 

 

M/s Rajiv and Sons 

Trading Account

For the year ended 31st March 2017

Dr.

Cr.

Particulars

Rs. 

Particulars

Rs. 

To Opening Stock

50,000

By Net Sales

11,00,000

To Net Purchases

6,00,000

By Closing Stock

70,000

To Direct Expenses

60,000

 

 

To Gross Profit

4,60,000

 

 

 

 

 

 

 

11,70,000

 

11,70,000

 

 

Operating Profit

= Sales - (Opening Stock + Net Purchases + Direct Expenses + Administration Expenses + Selling and Distribution Expenses) + Closing Stock

= 11,00,000 - (50,000 + 6,00,000 + 60,000 + 45,000 + 65,000) + 70,000

= Rs.3,50,000

 

 

Solution NUM 4

Net Profit = Operating Profit + Non-operating Income + Non-operating Expenses

= 17,00,000 + 1,50,000 + 3,75,000

= Rs.14,75,000

M/S Arora and Sachdeva earned in net profit 2013-14 =Rs.14,75,000

Solution NUM 5

 

M/s Bhola and Sons

Journal

Date 

Particulars 

 

L.F. 

Debit 

Rs. 

Credit 

Rs. 

2017

         

31 Mar

Trading A/c

Dr.

 

10,10,000

 
 

--------To Opening Stock A/c

     

2,00,000

 

--------To Purchase A/c

     

8,10,000

 

(Being balance from purchases account and stock account transferred to trading account)

       
           

31 Mar 

Sales A/c

Dr.

 

10,10,000

 
 

Closing Stock A/c

   

3,00,000

 
 

--------To Trading A/c

     

13,10,000

 

(Being balance from sales and closing stock transferred to trading account)

       
           

31 Mar 

Trading A/c

Dr.

 

3,00,000

 
 

--------To Profit and Loss A/c

     

3,00,000

 

(Being of Trading A/c ( gross profit) transferred to profit and loss A/c)

       

 

 

 

M/s Bhola and Sons 

Trading Account

For the year ended 31st March 2017 

Dr.

Cr.

Particulars

Rs. 

Particulars

Rs. 

To Opening Stock

2,00,000

By Sales

10,10,000

To Purchases

8,10,000

By Closing Stock

3,00,000

To Gross Profit c/d

3,00,000

 

 

 

 

 

 

 

13,10,000

 

13,10,000

 

 

 

Balance Sheet

as on March 31, 2017

Liabilities

Rs. 

Assets

Rs. 

 

 

Closing Stock

3,00,000

 

 

 

 

Financial Statements - I Exercise 354

Solution NUM 6

 

 

Trading  Account

For the year ended 31st March 2017 

Dr.

Cr.

Particulars

Rs. 

Particulars

Rs. 

To Opening Stock

6,000

By Sales

73,500

To Purchases

58,500

By Closing Stock

22,400

To Wages

15,000

 

 

To Carriage Inwards

450

 

 

To Gross Profit c/d

15,950

 

 

 

 

 

 

 

95,900

 

95,900

 

 

 

Profit and Loss Account

For the year ended 31st March 2017 

Dr.

Cr.

Particulars

Rs. 

Particulars

Rs. 

To Sundry Expenses

600

By Gross Profit b/d

15,950

To Rent and Taxes

1,350

 

 

To Net Profit c/d

14,000

 

 

 

 

 

 

 

15,950

 

15,950

 

 

 

Balance Sheet

as on 31st March 2017

 

Liabilities

Rs. 

Assets

Rs. 

Capital

60,000

 

Fixed Assets

 

-Add: Net Profit

14,000

 

Machinery

27,000

-Less: Drawings

(2,700)

71,300

Current Assets

 

Current Liabilities 

 

 

Bank

4,500

Sundry Creditors

 

1,400

Closing Stock

22,400

Bills Payable

 

2,800

Sundry Debtors

21,600

 

 

 

 

 

 

 

75,500

 

75,500

 

 

 

Solution NUM 7

 

 

M/s Ram

Trading Account

For the year ended 31st March 2017 

Dr.

 

Cr.

Particulars

Rs. 

Particulars

 

Rs. 

To Purchases

50,000

By Sales

80,000

 

To Coal, Gas and Water

6,000

---Less: Sales Return

(1,000)

79,000

To Factory Wages

11,000

 

 

 

To Gross Profit c/d

12,000

 

 

 

 

 

 

 

 

 

79,000

 

 

79,000

           

 

 

 

Profit and Loss Account

For the year ended 31st March 2017 

Dr.

Cr.

Particulars

Rs. 

Particulars

Rs. 

To Salaries

9,000

By Gross Profit b/d

12,000

To Rent

4,000

By Apprenticeship Premium

5,000

To Discount

3,000

 

 

To Advertisement

500

 

 

To Net Profit c/d

500

 

 

 

 

 

 

 

17,000

 

17,000

 

 

 

Balance Sheet

as on 31st March 2017

 

Liabilities

Rs. 

Assets

Rs. 

Capital

20,000

 

Machinery

5,000

--Add: Profit and Loss (Net Profit)

500

 

Land and Building

10,000

 

20,500

 

Furniture

9,900

--Less: Drawings

(1,000)

 

Loan (Given)

6,000

--Less: Income Tax

(100)

19,400

Debtors

12,000

Loan

 

10,000

Petty Cash

500

Creditors

 

13,000

 

 

Bank Overdraft

 

1,000

 

 

 

 

43,400

 

43,400

 

 

 

Financial Statements - I Exercise 355

Solution NUM 8

 

 

Books of Manju Chawla

Trading Account

 For the year ended 31st March 2017

Dr.

 

 

 

 

Cr.

Particulars

Rs. 

Particulars

Rs. 

To opening stock

 

10,000

By Sales

80,000

 

To Purchases

40,000 

 

Less: Sales Return

(200)

79,800

Less: Purchases Return

(600)

39,400

By Closing Stock

 

2,000

To Productive Wages

 

6,000

 

 

 

To Dock and Clearing Charges

 

4,000

 

 

 

To Royalty

 

4,000

 

 

 

To Gross Profit c/d

 

18,400

 

 

 

 

 

 

 

 

 

 

 

81,800

 

 

81,800

 

 

 

Profit and Loss Account

For the year ended 31st March 2017

 

Dr.

   

Cr.

 

Particulars 

 Rs. 

Particulars 

 Rs. 

 

To Donation and Charity 

600 

By Gross Profit b/d 

18,400 

 

To Delivery Van Expenses 

6,000 

By Misc. Income 

6,000 

 

To Lighting 

500 

By Rent from Tenants 

2,000 

 

To Bad Debts 

600 

   
 

To Net Profit c/d

18,700 

   
         
   

26,400 

 

26,400 

         

 

 

 

Balance Sheet

as on 31st March 2017

Liabilities 

 

Rs. 

Assets 

 

Rs. 

Capital 

40,000 

 

Fixed Assets

   

Add: Net Profit 

18,700 

 

Patents 

  

4,000 

 

58,700

 

Land and Machinery 

  

43,000 

Less: Drawings 

(2000)

56,700  

Investment 

  

6,000 

Current Liabilities

   

Current Assets

   

Sales Tax Collected 

 

1,000

Debtors 

  

6,000 

Creditors

 

7,000

Cash 

  

3,700 

     

Closing Stock

 

2,000

   

64,700

   

64,700

 

Note:

a. There is a misprint in the trial balance given in the question. In order to match the trial balance, debtors have been taken as Rs.6,000; however, the debtors given in the trial balance is Rs.60,000.

b.  The trial balance is still showing a difference of Rs.700. Therefore, cash have been taken as Rs.3,700. However, the cash given in the trial balance is Rs.3,000. 

 

Solution NUM 9

 

 

Books of Mr. Deepak

Trading Account

 For the year ended 31st March 2017

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

 

 

Rs. 

To opening stock

 

40,000

By Sales

4,40,000

 

To Purchases

1,60,000 

 

Less: Sales Return

(6,000)

4,34,000

Less: Purchases Return

(8,000)

1,52,000

By Closing Stock

 

35,000

To Lighting factory

 

2,800

 

 

 

To Carriage Inwards

 

7,200

 

 

 

To Wages

 

84,000

 

 

 

To Gross Profit c/d

 

1,83,000

 

 

 

 

 

 

 

 

 

 

 

4,69,000

 

 

4,69,000

 

 

 

Profit and Loss Account

For the year ended March 31, 2017

 

Dr.

   

Cr.

 

Particulars 

 Rs. 

Particulars 

 Rs. 

 

To Insurance 

3,000 

By Gross Profit b/d 

1,83,000 

 

To General Expenses 

29,000 

By Discount Received 

10,400 

 

To Rent and Taxes 

14,400 

   
 

To Travelling Expenses 

7,400 

   
 

To Carriage Outwards 

1,600 

   
 

To Salaries 

53,000 

   
 

To Net Profit c/d

85,000 

   
   

1,93,400 

 

1,93,400 

         

 

 

 

Balance Sheet as on March 31, 2017

Liabilities 

Rs. 

Assets 

Rs. 

Capital 

2,50,000 

  

Fixed Asset

 

Add: Net Profit 

85,000 

  

Furniture

16,000

 

3,35,000

 

Plant and Machinery  

1,80,000 

Less: Drawings

(36,000)

2,99,000

Current Assets

 

Current Liabilities

   

Cash in Hand

12,600

Bills Payable

 

3,600

Bills Receivable

5,000

Creditors

 

50,000

Sundry Debtors

1,04,000

     

Closing Stock

35,000

   

3,52,600

 

3,52,600

 

Financial Statements - I Exercise 356

Solution NUM 10

 

 

Trading Account

 For the year ended March 31, 2017

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To opening stock

 

57,600

By Sales

5,60,000

 

To Purchases

3,52,000 

 

Less: Return Inwards

(9,600)

5,50,400

Less: Return outwards

(12,000)

3,40,000

By Closing Stock

 

30,000

To Carriage Inwards  

 

7,000 

 

 

 

To Fuel and Power 

 

24,800 

 

 

 

To Wages and Salaries 

 

28,800 

 

 

 

To Gross Profit c/d 

 

1,22,200 

 

 

 

 

 

 

 

 

 

 

 

5,80,400 

 

 

5,80,400 

 

 

Profit and Loss Account

For the year ended March 31, 2017

Dr. 

   

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

To Carriage Outwards 

3,360 

By Gross Profit  

1,22,200 

To Bad Debts 

9,950 

By Interest on Investment 

3,200 

To Repairs 

2,400 

By Miscellaneous Receipts 

160 

To General Expenses 

17,000 

   

To Net Profit c/d

92,850 

   

  

1,25,560 

 

1,25,560 

 

 

Balance Sheet as on March 31,2017

Liabilities 

Rs. 

Assets 

Rs. 

Capital 

3,48,000 

  

Fixed Assets

   

Add: Net Profit 

92,850 

4,40,850  

Land and Building 

 

2,88,000 

Loan 

 

16,000 

Investment 

 

32,000 

Current Liabilities

   

Current Assets

   

Creditors 

  

48,000

Debtors 

 

1,31,200 

Sales tax Collected

 

8,350

Cash in Hand

 

32,000

     

Closing Stock 

 

30,000 

   

5,13,200

   

5,13,200

 

 

Solution NUM 11

 

 

Books of Mr. A. Lal 

Trading Account

 For the year ended March 31, 2017

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To opening stock

 

16,000

By Sales

1,12,000

 

To Purchases

67,600 

 

Less: Return Inwards

(4,600)

1,07,400

Less: Return outwards

(3,200)

64,400

By Closing Stock

 

15,000

To Carriage Inwards  

 

1,400 

 

 

 

To Gross Profit c/d 

 

40,600 

 

 

 

 

 

 

 

 

 

 

 

1,22,400 

 

 

1,22,400 

 

 

 

Profit and Loss Account

For the year ended March 31, 2017

Dr. 

 

 

Cr. 

 

Particulars 

Rs. 

Particulars 

Rs. 

 

To General Expenses 

2,400 

By Gross Profit b/d 

40,600 

 

To Bad Debts 

600 

By Discount Received 

1,400 

 

To Interest on Bank Overdraft 

600 

By Commission Received 

1,800 

 

To Insurance and Taxes 

4,000 

   
 

To Scooter Expenses 

200 

   
 

To Salaries 

8,800 

   
 

To Net Profit c/d

27,200 

   
         
   

43,800 

 

43,800 

         

 

 

Balance Sheet as on March 31, 2017

Liabilities 

Rs. 

Assets 

Rs. 

     

Fixed Assets

   

Capital 

50,000 

  

Building 

 

65,000 

Add: Net Profit 

27,200 

77,200 

Furniture 

 

5,200 

     

Scooter 

 

8,000 

Creditors 

 

16,000 

Current Assets

   

Bank Overdraft 

  

10,000 

Debtors 

 

6,000 

 

  

 

Closing Stock 

 

15,000 

 

  

 

Cash in Hand 

 

4,000

           
   

1,03,200

 

 

1,03,200

 

 

Financial Statements - I Exercise 357

Solution NUM 12

 

Books of M/s Royal Traders

Trading Account

For the year ended March 31, 2017

Dr. 

 

   

 

Cr. 

Particulars  

Rs. 

Particulars  

Rs. 

To Opening Stock 

 

20,000 

By Sales 

 

2,45,000 

To Purchases 

 

1,90,000 

By Closing Stock 

 

8,000 

To Carriage on Purchases 

 

1,500 

By Gross Loss c/d 

 

13,500 

To Wages 

 

55,000 

 

 

 
 

 

2,66,500 

 

 

2,66,500 

 

 

Profit and Loss Account

For the year ended March 31, 2017

Dr. 

   

Cr. 

 

Particulars 

Rs. 

Particulars 

Rs. 

 

To Gross Loss b/d 

13,500 

By Net Loss c/d

20,000 

 

To Postage 

300 

   
 

To Sundry Expenses 

1,700 

   
 

To Rent 

4,500 

   
   

20,000 

 

20,000 

         

 

 

Balance Sheet as on March 31, 2017

Liabilities 

Rs. 

Assets 

Rs. 

Capital 

2,00,000 

  

Fixed Assets

 

Less: Net loss

(20,000)

 

Machinery 

1,00,000 

Less: Drawings 

(9,000 )

1,71,000 

Furniture

35,000

Current Liabilities

   

Current Assets

 

Creditors 

  

10,000 

Debtors 

27,000 

Bills Payable 

  

4,000 

Closing Stock 

8,000 

     

Cash 

5,000 

 

  

 

Bank 

10,000 

  

  

1,85,000 

 

1,85,000 

 

 

Financial Statements - I Exercise 358

Solution NUM 13

 

Books of M/s Neema Traders 

Trading Account

 For the year ended March 31, 2017

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To opening stock

 

9,000

By Sales

1,80,000

 

To Purchases

1,64,000 

 

Less: Sales Return

(1,820)

1,78,180

Less: Purchases Return

(1,910)

1,62,090

By Closing Stock

 

16,000

To Carriage Inwards

 

1,000

 

 

 

To Wages

 

3,300

 

 

 

To Gross Profit c/d

 

18,790

 

 

 

 

 

 

 

 

 

 

 

1,94,180

 

 

1,94,180

 

 

Profit and Loss Account

For the year ended March 31, 2017

Dr. 

   

Cr. 

 

Particulars 

Rs. 

Particulars 

Rs. 

 

To Insurance 

1,610 

By Gross Profit b/d 

18,790 

 

To Interest 

1,100 

   
 

To Bad Debts 

250 

   
 

To Postage 

300 

   
 

To Discount 

1,000 

   
 

To Salaries 

3,000 

   
 

To Net Profit c/d

11,530 

   
         
   

18,790 

 

18,790 

         

 

 

Balance Sheet as on March 31, 2017

Liabilities 

Rs. 

Assets 

Rs. 

Capital 

2,36,000 

  

Fixed Assets

 

Add: Net Profit 

11,530 

2,47,530 

Building 

23,000 

Loan 

  

8,000 

Plant 

16,930 

Current Liabilities

   

Machinery 

2,10,940 

Bills Payable

 

2,520

Current Assets

 

Bank Overdraft

 

4,720

Debtors 

3,900

Creditors

 

8,000

Closing Stock

16,000

   

2,70,770

 

2,70,770

 

Note: In the NCERT book, Gross Profit is given Rs.17,850, Net Profit is given as Rs.10,590 and Balance Sheet total is given as Rs.2,69,830. But as per the solution Gross Profit is Rs.18,790, Net Profit is Rs.11,530 and total of Balance Sheet is Rs.2,70,770.

Solution NUM 14

 

 

Books of M/s Nilu Sarees

Trading Account

For the year ended March 31, 2017 

Dr. 

 

   

 

Cr.

 

Particulars  

Rs. 

Particulars  

Rs. 

 

To Opening Stock 

 

10,000 

By Sales 

 

2,28,000 

 

To Purchases 

 

78,000 

By Closing Stock 

 

22,000 

 

To Carriage Inwards 

 

2,500 

 

 

 
 

To Wages 

 

11,000 

 

 

 
 

To Gross Profit c/d 

 

1,48,500 

 

 

 
   

 

   

 

 
   

 

2,50,000 

 

 

2,50,000 

             

 

 

Profit and Loss Account

For the year ended March 31, 2017

Dr. 

   

Cr. 

 

Particulars 

Rs. 

Particulars 

Rs. 

 

To Salaries 

30,000 

By Gross Profit b/d 

1,48,500 

 

To Commission 

10,000 

By Interest 

7,000 

 

To Rent and Taxes 

2,800 

By Commission 

8,000 

 

To Repairs 

5,000 

   
 

To Telephone Expenses 

1,400 

   
 

To Legal Charges 

1,500 

   
 

To Sundry Expenses 

2,500 

   
 

To Net Profit c/d

1,10,300 

   
         
   

1,63,500 

 

1,63,500 

         

 

 

Balance Sheet as on March 31, 2017

Liabilities 

Rs. 

Assets 

Rs. 

Capital 

70,000 

  

Fixed Assets

 

Add: Net Profit 

1,10,300 

 

Machinery 

60,000 

 

1,80,300 

 

Investments 

90,000 

Less: Drawings 

(18,000 )

1,62,300 

Current Assets 

 

Current Liabilities 

   

Debtors 

30,000 

Creditors 

 

28,000 

Closing Stock 

22,000 

Bills Payable 

 

23,700 

Cash in Hand 

12,000 

  

 

2,14,000  

 

2,14,000 

 

Note:

1. In the NCERT book, Gross Profit is given Rs.1,56,500. But as per the solution Gross Profit is Rs.1,48,500. 

2. There is a misprint in the trial balance given in the question. In order to match the trial balance, Bills payable have been taken as Rs.23,700; however, the bills payable given in the trial balance is Rs.2,370.

 

Financial Statements - I Exercise 359

Solution NUM 15

 

 

Books of M/s Sports Equipments 

Trading Account

 For the year ended March 31, 2017

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

 

 

Rs. 

To Opening Stock

 

50,000 

By Sales

4,21,000

 

To Purchases

 

3,50,000 

Less: Sales Return

(5,000)

4,16,000 

To Carriage on Purchases

 

12,000 

By Closing Stock

 

2,500 

To Wages

 

8,000 

By Gross Loss c/d 

 

1,500 

 

 

 

 

 

 

 

 

4,20,000 

 

 

4,20,000 

 

 

 

Profit and Loss Account

For the year ended March 31, 2017 

Dr. 

   

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

To Gross Loss b/d 

1,500 

By Commission 

4,000 

To Rent 

15,000 

By Net Loss c/d

41,500 

To Bad Debts 

7,000 

   

To Stationery 

6,000 

   

To Travelling Expenses 

2,000 

   

To Insurance 

7,000 

   

To Discount 

5,000 

   

To Office Expenses 

2,000 

   
       
 

45,500 

 

45,500 

 

Balance Sheet

as on March 31, 2017

Liabilities 

Rs. 

Assets 

Rs. 

Capital 

3,00,000 

  

Fixed Assets

   

Less: Net Loss 

(41,500)

  

Furniture 

 

1,28,000 

Less: Drawings 

(24,000)

2,34,500 

Plants 

 

60,000 

Current Liabilities

   

Current Assets

   

Creditors 

  

1,00,000 

Cash in Hand 

 

32,000 

Bank Overdraft 

  

28,000 

Debtors 

 

1,40,000 

     

Closing Stock 

 

2,500 

 

  

3,62,500 

   

3,62,500

 

 

Get Latest Study Material for Academic year 24-25 Click here
×