Please wait...
1800-212-7858 (Toll Free)
9:00am - 8:00pm IST all days
8104911739
For Business Enquiry

or

Thanks, You will receive a call shortly.
Customer Support

You are very important to us

For any content/service related issues please contact on this toll free number

022-62211530

Mon to Sat - 11 AM to 8 PM

NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 10 - Financial Statements

Share this:
Exercise/Page

NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 10 - Financial Statements Page/Excercise 423

Solution NUM 1

  

Books of M/s. Rahul Sons.

Trading A/c

for the year ending 31st March 2014

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Opening Stock

 

50,000

By Sales

1,80,000

 

To Purchases

1,75,000

 

Less: Sales Returns

(3,000)

1,77,000

Less: Purchase Returns

(2,000)

1,73,000

By Closing Stock

 

32,000

To Wages

 

3,000

By Gross Loss c/d

 

17,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,26,000

 

 

2,26,000

 

 

 

 

 

 

 

 

 

Profit and Loss A/c

 for the year ending 31st March 2014

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Gross Loss b/d

 

17,000

By Discount Received

 

500

To Salary

8,000

 

By Commission Received

4,000

 

Add: Outstanding Salary

1,000

9,000

Less: Advance Commission

(1,000)

3,000

To Discount Allowed

 

1,000

 

 

 

To Insurance

3,200

 

By Rent

6,000

 

Less: Insurance Prepaid

(800)

2,400

Add: Rent Receivable

2,000

8,000

To Rent Rates and Taxes

 

4,300

By Net Loss c/d

 

43,189

To Trade Expenses

 

1,500

 

 

 

To Bad-Debts

2,000

 

 

 

 

Add: Further Bad-Debts

1,000

 

 

 

 

Add: New Provision

4,050

 

 

 

 

Less: Old Provision

(2,500)

4,550

 

 

 

To Discount on Debtors

 

1,539

 

 

 

To Postage

 

300

 

 

 

To Telegram Expenses

 

200

 

 

 

To Depreciation on Building

 

6,600

 

 

 

To Repair and Renewals

 

1,600

 

 

 

To Travelling Expenses

 

4,200

 

 

 

To Legal Fees

 

500

 

 

 

 

 

54,689

 

 

54,689

 

 

 

 

 

 

 

 

 

Balance Sheet

As on 31st March 2014

Liabilities 

Rs. 

Assets 

Rs. 

Capital

3,00,000

 

Debtors

82,000

 

Less: Net loss

(43,189)

Less: Further Bad-debts

(1,000)

Less: Drawings

(32,000)

2,24,811

Less: New Provision

(4,050)

Bills payable

22,000

Less: Discount on Debtors

(1,539)

75,411

Loan

34,800

Bills Receivable

50,000

Advance Commission

1,000

Buildings

1,10,000

Outstanding Salary

1,000

Less: 6% Depreciation

(6,600)

1,03,400

Rent Receivable

2,000

Prepaid insurance

800

Closing Stock

32,000

Furniture and fittings

20,000

2,83,611

2,83,611

 

 

NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 10 - Financial Statements Page/Excercise 424

Solution NUM 2

M/s Green Club Ltd.

Trading A/c

 for the year ending 31st March 2014

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Opening Stock

 

35,000

By Sales

2,50,000

 

To Purchases

1,25,000

 

Less: Sales Returns

(25,000)

2,25,000

Less: Purchase Returns

(6,000)

1,19,000

By Closing Stock

 

10,000

To Wages

3,000

 

 

 

 

Less: Prepaid Wages

(1,000)

2,000

 

 

 

To Gross Profit c/d

 

79,000

 

 

 

 

 

 

 

 

 

 

 

2,35,000 

 

 

2,35,000 

 

 

 

 

 

 

 

 

Profit and Loss A/c

 for the year ending 31st March 2014

Dr.

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

Rs. 

To Bad Debts

3,500

 

By Gross Profit b/d

79,000

Add: Further Bad-debts

1,500

 

By Interest on Accrued Investment  

1,155

Add: New Provision

2,910

 

By Discount

1,000

Less: Old Provision

(4,500)

3,410

By Interest Received

5,400

To Discount on Debtors

 

2,280

 

 

To Postage and Telegram

 

600

 

 

To Salary

 

12,300

 

 

To Rent and Rates

 

1,000

 

 

To Packing and Transport

 

500

 

 

To General Expenses

 

400

 

 

To Insurance

 

4,000

 

 

To Discount

 

3,500

 

 

To Depreciation on Machinery

 

1,000

 

 

To Lighting and Heating

 

5,000

 

 

To Net Profit c/d

 

52,565

 

 

 

 

 

 

 

 

 

86,555 

 

86,555 

 

 

 

 

 

 

 

Balance Sheet

as on 31st March 2014

Liabilities 

Rs. 

Assets 

Rs. 

Creditors

10,000

Cash in hand

20,000

Bills Payable

20,000

Cash at bank

40,000

Capital

75,000

Add: Net profit

52,565

1,27,565

Debtors

50,000

Less: Further Bad-Debts

(1,500)

Less: New provision

(2,910)

Less: Discount on Debtors

(2,280)

43,310

Investment

23,100

Add: Interest on Investment

1,155

24,255

Machinery

20,000

Less: Depreciation

(1,000)

19,000

Prepaid Wages

1,000

Closing Stock

10,000

1,57,565 

1,57,565 

 

 

NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 10 - Financial Statements Page/Excercise 425

Solution NUM 3

 

M/s Runway Shine Ltd.

Trading A/c

 for the year ending 31st March 2014

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Opening Stock

 

50,000

By Sales

2,50,000

 

To Purchases

1,50,000

 

Less: Return Inwards

(2,000)

2,48,000

Less: Return Outwards

(4,500)

1,45,500

By Closing Stock

 

32,500

To Carriage Inwards

 

4,500

 

 

 

To Wages

2,400

 

 

 

 

Add: Outstanding Wages

100

2,500

 

 

 

To Gross Profit c/d

 

78,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,80,500

 

 

2,80,500

 

 

 

 

 

 

 

 

Profit and Loss A/c

for the year ending 31st March 2014

Dr.

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

Rs. 

To Carriage Outward

 

400

By Gross Profit b/d

78,000

To Printing and Stationery

 

4,500

By Interest Received  

3,500

To Discount

 

400

By Discount Received

400

To Bad Debts

1,500

 

By Interest Received on Investment  

1,600

Add: Further Bad Debts

1,000

 

 

 

Add: New Provision

2,600

5,100

 

 

To Discount on Debtors

 

500

 

 

To Insurance

 

2,500

 

 

To Postage and telegraphs

 

400

 

 

To Commission

 

200

 

 

To Interest

1,000

 

 

 

Add: outstanding Interest

200

1,200

 

 

To Repair

 

440

 

 

To Lighting Charges

 

500

 

 

To Telephone Charges

 

100

 

 

To Depreciation on motor car

 

1,250

 

 

To Net profit c/d

 

66,010

 

 

 

 

 

 

 

 

 

83,500

 

83,500

 

 

 

 

 

 

 

Balance Sheet

as on 31st March 2014

Liabilities 

Rs. 

Assets 

Rs. 

Capital

1,00,000

Cash in Hand

77,800

Add: Net profit

66,010

1,66,010

Add: Interest Received

1,600

79,400

Creditors

1,25,000

Cash at Bank

60,800

Bills payable

6,040

Investment

32,000

Outstanding interest

100

Debtors

53,000

Outstanding Wages

200

Less: Further bad debts

(1,000)

Less: New Provision

(2,600)

Less: Discount on Debtors

(500)

48,900

Motor Car

25,000

Less: Depreciation

(1,250)

23,750

Bills receivable

20,000

Closing Stock

32,500

2,97,350

2,97,350

 

 

Note: In the NCERT book, Net Profit is given as Rs.60,060 and Balance Sheet total is given as Rs.2,97,400. But as per the solution Net Profit is Rs.60,010 and total of Balance Sheet is Rs.2,97,350.

NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 10 - Financial Statements Page/Excercise 426

Solution NUM 4

Trading A/c

 for the year ending 31st March 2014

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Opening Stock

 

50,000

By Sales

3,50,000

 

To Purchases

1,25,500

 

Less: Return

(2,000)

3,48,000

Less: Return Outwards

(2,500)

1,23,000

By Closing Stock

 

40,000

To Carriage

 

100

 

 

 

To Power

 

3,900

 

 

 

To Gross Profit c/d

 

2,11,000

 

 

 

 

 

 

 

 

 

 

 

3,88,000

 

 

3,88,000

 

 

 

 

 

 

 

 

Profit and Loss A/c

for the year ending 31st March 2014

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To General Expenses

  

2,000

By Gross Profit b/d

  

2,11,000

To Insurance

  

12,400

By Rent

 

5,000

To Bad Debts

2,000

 

By Interest

 

2,000

Add: Provision for Bad Debts

1,625

3,625

By Accrued Interest on Loan

 

150

To Light and Water

 

1,200

 

 

 

To Trade Expenses

2,000

 

 

 

 

Add: Outstanding Trade Expenses

300

2,300

 

 

 

To Salary and Wages

5,400

 

 

 

 

Add: Outstanding Salary

500

5,900

 

 

 

To Depreciation on Building

 

3,440

 

 

 

To Depreciation on Machinery

 

1,725

 

 

 

To Net profit c/d

 

1,85,560

 

 

 

 

 

2,18,150

 

 

2,18,150

 

 

 

 

 

 

 

 

 

Balance Sheet

as on 31st March 2014

Liabilities 

Rs. 

Assets 

Rs. 

Capital

3,00,000

Cash in Hand

21,200

Add: Net Profit

1,85,560

Cash at Bank

12,000

Less: Drawings

(10,000)

4,75,560

Freehold Land

3,20,000

Patents

1,20,000

Creditors

25,000

Sundry Debtors

32,500

Bills payable

1,71,700

Less: Provision for bad debts

(1,625)

30,875

Outstanding Trade Expenses

300

Outstanding Salary

500

Building

86,000

Less: Depreciation

(3,440)

82,560

Machinery 

34,500

Less: Depreciation

(1,725)

32,775

Motor vehicle

10,500

Loan

3,000

Add: Interest on Loan

150

3,150

Closing Stock

40,000

6,73,060

6,73,060

-

 

 

Working Note: 

Calculation the Outstanding interest on loan

Loan = 3,000

Interest = 15%

Months (1/9/2013 to 31/12/2013) = 4 months

 

NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 10 - Financial Statements Page/Excercise 427

Solution NUM 5

  

Trading A/c

 for the year ending 31st March 2014

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Opening Stock

 

25,000

By Sales

2,76,000

 

To Purchases

1,80,000

 

Less: Return Inwards

(7,000)

2,69,000

Less: Return Outwards

(2,000)

1,78,000

By Closing Stock

 

45,000

To Wages

 

10,000

 

 

 

To Freight

 

4,000

 

 

 

To Gross Profit c/d

 

97,000

 

 

 

 

 

 

 

 

 

 

 

3,14,000

 

 

3,14,000

 

 

 

 

 

 

 

 

Profit and Loss A/c

for the year ending 31st March 2014

Dr.

 

 

 

Cr.

Particulars 

Rs. 

Particulars 

 

Rs. 

To Trade Expenses

2,400

By Gross Profit

 

97,000

To Printing and Stationery

2,000

By Old Provision for Bad Debts

4,000

 

To Rent Rates and Taxes

5,000

Less: Bad Debts

(1,000)

 

To Discount Allowed

2,000

Less: New Provision

(1,600)

1,400

To Depreciation on Motor Car

5,100

 

 

 

To Depreciation on Furniture and F.

1,000

 

 

 

To Depreciation on P and M (70,000)

4,200

 

 

 

To Depreciation on P and M (30,000)

900

 

 

 

To Net Profit Before Manager's Commission

75,800

 

 

 

 

 

 

 

 

 

98,400

 

 

98,400

 

 

 

 

 

To Manager's Commission

6,891

By Balance b/d 

 

75,800

To Net Profit After Commission

68,909

 

 

 

 

 

 

 

 

 

75,800

 

 

75,800

 

 

 

 

 

 

 

Balance Sheet

as on 31st March 2014 

Liabilities 

Rs. 

Assets 

Rs. 

Capital

2,00,000

Cash in Hand

6,000

Add: Net Profit

68,909

 

Sundry Debtors

80,000

Less: Drawings

(20,000)

2,48,909

Less: New Provision

(1,600)

78,400

O/S Manager's Commission

 

6,891

Bank Overdraft

 

12,000

Furniture and Fixtures

20,000

Creditors

 

60,000

Less: 5% Depreciation

(1,000)

19,000

Bills Payable

 

15,400

Plant and Machinery

1,00,000

Less: 6%Depreciation (WN 2)

(4,200)

Less: 6%Depreciation (WN 2) 

(900)

94,900

Bills Receivable

14,000

Investments

40,000

Motor Car

51,000

Less: 10% Depreciation

(5,100)

45,900

Closing Stock

45,000

3,43,200

3,43,200

 

Working Notes:

 

2.

Out of the machinery of Rs.1,00,000, Rs.30,000 worth of machinery purchased on 01/07/2011 . Therefore, the depreciation on this machinery will be for 6 months at 6% p.a.

Note: In the NCERT book, Gross Profit is given as Rs.1,01,000. But as per the solution Gross Profit is Rs.97,000.

NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 10 - Financial Statements Page/Excercise 428

Solution NUM 6

Trading A/c 

Dr. 

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Opening Stock

 

75,550

By Sales

1,00,000

 

To Purchases

75,000

 

Less: Sales Inwards

(6,000)

94,000

Less: Return Outwards

(4,500)

70,500

By Closing Stock

 

35,000

To Freight

 

2,250

By Gross Loss c/d

 

19,300

 

 

 

 

 

 

 

 

1,48,300

 

 

1,48,300

 

 

 

 

 

 

 

 

Profit and Loss A/c 

Dr.

 

 

 

 

Cr.

Particulars 

 

Rs. 

Particulars 

 

Rs. 

To Gross Loss b/d

 

19,300

By Discount

 

3,500

To Bad Debts

3,000

 

By Interest Received

 

11,260

Add: Further Bad-Debts

1,000

 

By Interest on Drawings

 

814

Add: New Provision

4,950

 

By Net Loss c/d

 

27,482

Less: Old Provision

(1,500)

7,450

 

 

 

To Discount on Debtors

 

1,881

 

 

 

To Trade Expenses

 

2,500

 

 

 

To Printing and Stationery

 

5,000

 

 

 

To Rent, Rates and Taxes

3,450

 

 

 

 

Add: O/S Rent, Rates and Taxes

200

3,650

 

 

 

To Depreciation on Furniture

 

775

 

 

 

To Depreciation on Motor Car

 

2,500

 

 

 

 

 

 

 

 

 

 

 

43,056

 

 

43,056

 

 

 

 

 

 

 

 

Balance Sheet 

Liabilities 

Rs. 

Assets 

Rs. 

Bills Payable

 

85,550

Sundry Debtors

100,000

Sundry Creditors

 

25,000

Less: Further Debts

1,000

Capital

2,50,000

 

Less: New Provision

4,950

Less: Net Loss

(27,482)

Less: Discount on Debtors

1,881

92,169

Less: Drawings

(13,560)

 

 

 

Less: Interest on Drawings

(814)

2,08,144

Motor Car

25,000

 

 

 

 

Less: 10% Depreciation

(2,500)

22,500

Outstanding Rent, Rates and Taxes

 

200

 

 

 

Furniture and Fixtures

15,500

 

Less: 5% Depreciation

(775)

14,725

Investments

65,500

Cash in Hand

36,000

Cash at Bank

53,000

Closing Stock

35,000

3,18,894

3,18,894

 

 

Note: In the NCERT book, Gross Loss is given Rs.17,050, Net Loss is given as Rs.27,344 and Balance Sheet total is given as Rs.3,19,032. But as per the solution Gross Profit Total is Rs.19,300, Net Loss is Rs.27,482 and total of Balance Sheet is Rs.3,18,894.

NCERT Solution for Class 11 Commerce Accountancy Part II Chapter 10 - Financial Statements Page/Excercise 429

Solution NUM 7

  

Trading A/c 

Dr.