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

Financial Statements - I Exercise 352

Solution NUM 1

Simmi and Vimmi Ltd. Trading Account For the year ended 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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 31^st 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