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# NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 9 - Financial Statements - I

Exercise/Page

## NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 9 - Financial Statements - I Page/Excercise 364

Solution NUM 1

 Simmi and Vimmi Ltd.  Trading Account For the year ended 31st March 2014 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

## NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 9 - Financial Statements - I Page/Excercise 365

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 2014 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. 2014 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 2014 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, 2014 Liabilities Rs. Assets Rs. Closing Stock 3,00,000

## NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 9 - Financial Statements - I Page/Excercise 366

Solution NUM 6

 Trading  Account For the year ended 31st March 2014 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 2014 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 2014 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 2014 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 2014 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 2014 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

## NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 9 - Financial Statements - I Page/Excercise 367

Solution NUM 8

 Books of Manju Chawla Trading Account  For the year ended 31st March 2014 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 2014 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 2014 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 2014 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, 2014 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, 2014 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

## NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 9 - Financial Statements - I Page/Excercise 368

Solution NUM 10

 Trading Account  For the year ended March 31, 2014 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, 2014 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 31,2014 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, 2014 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, 2014 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, 2014 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

## NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 9 - Financial Statements - I Page/Excercise 369

Solution NUM 12

 Books of M/s Royal Traders Trading Account For the year ended March 31, 2014 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, 2014 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, 2014 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

## NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 9 - Financial Statements - I Page/Excercise 370

Solution NUM 13

 Books of M/s Neema Traders Trading Account  For the year ended March 31, 2014 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, 2014 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, 2014 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, 2014 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, 2014 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, 2014 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