Financial Statements – I – Numerical Questions Solutions – Eduxir (2024)

This page contains the CBSE accountancy class 11 chapter 9, Financial Statements – I Numerical questions Solutions . You can find the questions/answers/solutions for the chapter 9 of CBSE class 11 accountancy in this page. So is the case if you are looking for CBSE class 11 Commerce related topic

Financial Statements – I Numerical Questions

This page contains solutions to numerical questions for the chapter 9, Financial Statements – I. If you’re looking for solutions theoretical questions, you can find them at Financial Statements – I

Financial Statements – I – Numerical Questions Solutions

1. From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2017, calculate the gross profit.

(₹)

Closing Stock

2,50,000

Net sales during the year

40,00,000

Net purchases during the year

15,00,000

Opening stock

15,00,000

Direct expenses

80,000

Trading account as on March 31, 2017 A/c

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Opening Stock

15,00,000

By Net Sales

40,000

To Net Purchases

15,00,000

By Closing Stock

2,50,000

To Direct Expenses

80,000

To Gross Profit

11,70,000

42,50,000

42,50,000

2. From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of :

(a)

Cost of goods available for sale

(b)

Cost of goods sold during the year

(c)

Gross Profit

(₹)

Opening Stock

25,000

Credit Purchases

7,50,000

Cash Purchases

3,00,000

Credit Sales

12,00,000

Cash Sales

4,00,000

Wages

1,00,000

Salaries

1,40,000

Closing stock

30,000

Sales return

50,000

Purchases return

10,000

Trading A/c of M/s Ahuja and Nanda A/c

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Opening stock

25,000

By Sales

To Purchases

Credit Sales

12,00,000

Credit Purchases

7,50,000

Cash Sales

4,00,000

Cash Purchases

3,00,000

16,00,000

10,50,000

Sales Return

(50,000)

15,50,000

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

Cost of goods available

=

Opening Stock + Net Purchases + Wages

=

₹ 25,000 + ₹ 10,40,000 + ₹ 1,00,000

=

₹ 11,65,000

Cost of goods sold

=

Opening Stock + Net Purchases + Wages – Closing Stock

=

₹ 25,000 + ₹ 10,40,000 + ₹ 1,00,000 – ₹ 30,000

=

₹ 11,35,000

Alternatively,

Cost of goods sold

=

Net Sales – Gross Profit

=

₹ 15,50,000 – ₹ 4,15,000

=

₹ 11,35,000

3. Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March31,2017.

(₹)

Opening Stock

50,000

Net sales

11,00,000

Net purchases

6,00,000

Direct expenses

60,000

Administration expenses

45,000

Selling and distribution expenses

65,000

Loss due to fire

20,000

Closing stock

70,000

Trading account of M/s Rajiv & Sons as on March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

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

In the given problem, we have

Indirect Expenses

=

Administrative Expenses + Selling and Distribution Expenses

=

₹ 45,000 + ₹ 65,000

=

₹ 1,10,000

Thus, we’ve

Operating Profit

=

Gross Profit + Other Incomes – Indirect Expenses

=

₹ 4,60,000 + ₹ 0 – ₹ 1,10,000

=

₹ 3,50,000

Note: The loss due to fire will be considered when calculating the net profit. But in the given problem we just have to calculate the operating profit and not net profit. So, the loss due to fire not considered.

4. Operating profit earned by M/s Arora & Sachdeva in 2016-17 was ₹17,00,000. Its non-operating incomes were ₹1,50,000 and non-operating expenses were ₹3,75,000. Calculate the amount of net profit earned by the firm.

The formula for computing the the operating profit is giving as

Operating Profit

=

Net Profit + Non-Operating Expenses – Non-Operating Incomes

⇒ ₹ 17,00,000

=

Net Profit + ₹ 3,75,000 – ₹ 1,50,000

⇒ ₹ 17,00,000

=

Net Profit + ₹ 2,25,000

⇒ Net Profit

=

₹ 17,00,000 – ₹ 2,25,000

=

₹ 14,75,000

5. The following are the extracts from the trial balance of M/s Bhola & Sons as on March 31, 2017

Account Title

Debit

Credit

Opening Stock

2,00,000

Purchases

8,10,000

Sales

10,10,000

10,10,000

10,10,000

(Only relevant items)

Closing Stock as on date was valued at ₹3,00,000.

You are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M/s Bhola & Sons.

Books of M/s Bhola & Sons
Journal

Date

Particulars

L.F.

Debit
Amount

Credit
Amount

2017

Mar 31

Trading A/c

Dr

10,00,000

To Opening Stock A/c

2,00,000

To Purchases A/c

8,10,000

(Being the balances from the opening stock and purchases accounts transferred to the Trading A/c)

Mar 31

Sales A/c

Dr.

10,10,000

Closing Stock A/c

Dr.

3,00,000

To Trading A/c

13,10,000

(Being the balances from the sales and closing stock A/c transferred to the Trading A/c)

Mar 31

Trading A/c

Dr.

3,00,000

To Profit and Loss A/c

3,00,000

(Being the balance from the Trading Account i.e. Gross proit transferred to the Profit and Loss A/c)

Trading A/c of M/s Bhola & Sons as on March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

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

3,00,000

3,10,000

3,10,000

Balance Sheet of M/s Bhola & Sons as on March 31, 2017

*Only relevant data is shown.

Liabilities

Amount

Assets

Amount

Closing Stock

3,00,000

6. Prepare trading and profit and loss account and balance sheet as on March 31, 2017 :

Account Title

Amount

Account Title

Amount

Machinery

27,000

Capital

60,000

Sundry debtors

21,600

Bills payable

2,800

Drawings

2,700

Sundry creditors

1,400

Purchases

58,500

Sales

73,500

Wages

15,000

Sundry expenses

600

Rent & taxes

1,350

Carriage inwards

450

Bank

4,500

Opening stock

6,000

Closing stock as on March 31, 2017 ₹22,400

Trading and Profit and Loss account for the year ended March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

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

To Sundry Expenses

600

By Gross Profit b/d

15,950

To Rent and Taxes

1,350

To Net profit

14,000

15,950

15,950

Balance sheet as on March 31, 2017

Liabilities

Amount

Assets

Amount

Capital

60,000

Non-Current Assets

Net Profit

14,000

Machinery

27,000

74,000

Current Assets

Drawings

2,700

71,300

Bank

4,500

Sundry Creditors

1,400

Closing Stock

22,400

Bills Payable

2,800

Sundry Debtors

21,600

75,500

75,500

7. The following trial balance is extracted from the books of M/sRam on March31,2017. You are required to prepare trading and profit and loss account and the balance sheet as on date :

Account Title

Amount

Account Title

Amount

Debtors

12,000

Apprenticeship premium

5,000

Purchases

50,000

Loan

10,000

Coal, gas and water

6,000

Bank overdraft

1,000

Factory wages

11,000

Sales

80,000

Salaries

9,000

Creditors

13,000

Rent

4,000

Capital

20,000

Discount

3,000

Advertisement

500

Drawings

1,000

Loan

6,000

Petty

500

Sales return

1,000

Machinery

5,000

Land and building

10,000

Income tax

100

Furniture

9,900

Trading and Profit and Loss account of M/sRam for the year ended March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Purchases

50,000

By Sales

80,000

To Coal, gas and water

6,000

Sales return

(1,000)

79,000

To Factory wages

11,000

To Gross profit c/d

12,000

79,000

79,000

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

500

17,000

17,000

Balance sheet of M/sRam as on March 31, 2017

Liabilities

Amount

Assets

Amount

Capital

20,000

Machinery

5,000

Net Profit

500

Land and Building

10,000

20,500

Furniture

9,900

Drawings

(1,000)

Loan (Lent)

6,000

Income tax

(100)

19,400

Debtors

12,000

Loan (Borrowed)

10,000

Petty cash

500

Creditors

13,000

Bank Overdraft

1,000

43,400

43,400

8. The following is the trial balance of ManjuChawla on March 31, 2017. You are required to prepare trading and profit and loss account and a balance sheet as on date :

Account Title

Debit Amount

Credit Amount

Opening stock

10,000

Purchases and sales

40,000

80,000

Returns

200

600

Productive wages

6,000

Dock and Clearning charges

4,000

Donation and charity

600

Delivery van expenses

6,000

Lighting

500

Sales tax collected

1,000

Bad debts

600

Misc. incomes

6,000

Rent from tenants

2,000

Royalty

4,000

Capital

40,000

Drawings

2,000

Debtors and Creditors

6,700

7,000

Cash

3,000

Investment

6,000

Patents

4,000

Land and Machinery

43,000

Closing stock ₹2,000.

Trading and Profit and Loss account of ManjuChawla for the year ended March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Opening Stock

10,000

By Sales

80,000

To Purchases

40,000

Sales Returns

(200)

79,800

Purchase returns

(600)

39,400

By Closing stock

2,000

To Productive wages

6,000

To Dock and Clearning charges

4,000

To Royalty

4,000

To Gross profit c/d

18,400

81,400

81,400

To Donation and charity

600

By Gross profit b/d

18,400

To Delivery Van Expenses

6,000

By Misc. Incomes

6,000

To Lighting

500

By Rent from Tenants

2,000

To Bad debts

600

To Net profit

18,700

26,400

26,400

Note: Royalty is usually the payment done to the owner of a patent or mine for using their patent or mine. Royalty adds to the cost of the production and should be considered in the trading account. This is what we did in our problem. Sometimes the question clearly states that the royalty should be considered as a sales expense. In this case we should consider the royalty in the profit and loss account (This is not the case here. This is just for your information)

Balance sheet of as on March 31, 2017

Liabilities

Amount

Assets

Amount

Capital

40,000

Patents

4,000

Net profit

18,700

Land and Machinery

43,000

58,700

Investment

6,000

Drawings

(2,000)

56,700

Debtors

6,700

Sales tax collected

1,000

Cash

3,000

Creditors

7,000

Closing stock

2,700

64,700

64,700

Note: We’ve considered the debtors as ₹6,700 instead of the given value of ₹6,0000 (this seems to be a typo in the text book).

9. The following is the trial balance of Mr.Deepak as on March 31, 2017. You are required to prepare trading account, profit and loss account and a balance sheet as on date :

Account Title

Debit Amount

Account Title

Credit Amount

Drawings

36,000

Capital

2,50,000

Insurance

3,000

Bills payable

3,600

General expenses

29,000

Creditors

50,000

Rent and taxes

14,400

Discount received

10,400

Lighting (factory)

2,800

Purchases return

8,000

Travelling expenses

7,400

Sales

4,40,000

Cash in hand

12,600

Bills receivable

5,000

Sundry debtors

1,04,000

Furniture

16,000

Plant and Machinery

1,80,000

Opening stock

40,000

Purchases

1,60,000

Sales return

6,000

Carriage inwards

7,200

Carriage outwards

1,600

Wages

84,000

Salaries

53,000

Trading and Profit and Loss account of Mr.Deepak for the year ended March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Opening stock

40,000

By Sales

4,40,000

To Purchases

1,60,000

Sales return

(6,000)

4,34,000

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

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

85,000

1,93,400

1,93,400

Balance sheet of as on March 31, 2017

Liabilities

Amount

Assets

Amount

Capital

2,50,000

Plant and machinery

1,80,000

Net profit

85,000

Furniture

16,000

3,35,000

Sundry debtors

1,04,000

Drawings

(36,000)

2,99,000

Closing stock

35,000

Creditors

50,000

Bills receivable

5,000

Bills payable

3,600

Cash in hand

12,600

3,52,600

3,52,600

10. Prepare trading and profit and loss account and balance sheet from the following particulars as on March 31, 2017.

Account Title

Debit

Credit

Purchases and Sales

3,52,000

5,60,000

Return inwards and
Return outwards

9,600

12,000

Carriage inwards

7,000

Carriage outwards

3,360

Fuel and power

24,800

Opening stock

57,600

Bad debts

9,950

Debtors and Creditors

1,31,200

48,000

Capital

3,48,000

Investment

32,000

Interest on investment

3,200

Loan

16,000

Repairs

2,400

General expenses

17,000

Wages and salaries

28,800

Land and buildings

2,88,000

Cash in hand

32,000

Miscellaneous receipts

160

Sales tax collected

8,350

Trading and Profit and Loss A/c for the year ended March 31, 2017.

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Opening stock

57,600

By Sales

5,60,000

To Purchases

3,52,000

Return Inwards

(9,600)

5,50,400

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

To Carriage outwards

3,360

By Gross profit b/d

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

92,850

1,25,560

1,25,560

Balance sheet of as on March 31, 2017

Liabilities

Amount

Assets

Amount

Capital

3,48,000

Land and building

2,88,000

Net profit

92,850

4,40,850

Investment

32,000

Loan

16,000

Debtors

1,31,200

Creditors

48,000

Closing stock

30,000

Sales tax collected

8,350

Cash in hand

32,000

5,13,200

5,13,200

11. From the following trial balance of Mr. A. Lal, prepare trading, profit and loss account and balance sheet as on March 31, 2017

Account Title

Debit

Credit

Stock as on April 01, 2016

16,000

Purchases and Sales

67,600

1,12,000

Returns inwards and
outwards

4,600

3,200

Carriage inwards

1,400

General expenses

2,400

Bad debts

600

Discount received

1,400

Bank overdraft

10,000

Interest on bank overdraft

600

Commission received

1,800

Insurance and taxes

4,000

Scooter expenses

200

Salaries

8,800

Cash in hand

4,000

Scooter

8,000

Furniture

5,200

Building

65,000

Debtors and Creditors

6,000

16,000

Capital

50,000

Closing stock ₹15,000.

Trading A/c and Profit and Loss A/c of Mr. A. Lal for the year ended on March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Opening stock

16,000

By Sales

1,12,000

To Purchases

67,600

Return Inwards

(4,600)

1,07,400

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

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

27,200

43,800

43,800

Balance sheet of as on March 31, 2017

Liabilities

Amount

Assets

Amount

Capital

50,000

Building

65,000

Net Profit

27,200

77,200

Furniture

5,200

Creditors

16,000

Scooter

8,000

Bank overdraft

10,000

Debtors

6,000

Closing Stock

15,000

Cash in hand

4,000

1,03,200

1,03,200

12. Prepare trading and profit and loss account and balance sheet of M/s Royal Traders from the following balances as on March 31, 2017.

Account Title

Amount

Account Title

Amount

Stock

20,000

Sales

2,45,000

Cash

5,000

Creditors

10,000

Bank

10,000

Bills payable

4,000

Carriage on purchases

1,500

Capital

2,00,000

Purchases

1,90,000

Drawings

9,000

Wages

55,000

Machinery

1,00,000

Debtors

27,000

Postage

300

Sundry expenses

1,700

Rent

4,500

Furniture

35,000

Closing stock ₹8,000

Trading and Profit and Loss account of M/s Royal Traders for the year ended on March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

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

To Gross Loss b/d

13,500

By Net Loss

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

Amount

Assets

Amount

Capital

2,00,000

Machinery

1,00,000

Net loss

(20,000)

Furniture

35,000

Drawings

(9,000)

1,71,000

Debtors

27,000

Creditors

10,000

Closing Stock

8,000

Bills Payable

4,000

Bank

10,000

Cash

5,000

1,85,000

1,85,000

13. Prepare trading and profit and loss account from the following particulars of M/s Neema Traders as on March 31, 2017.

Account Title

Amount

Account Title

Amount

Buildings

23,000

Sales

1,80,000

Plant

16,930

Loan

8,000

Carriage inwards

1,000

Bills payable

2,520

Wages

3,300

Bank overdraft

4,720

Purchases

1,64,000

Creditors

8,000

Sales return

1,820

Capital

2,36,000

Opening stock

9,000

Purchases return

1,910

Machinery

2,10,940

Insurance

1,610

Interest

1,100

Bad debts

250

Postage

300

Discount

1,000

Salaries

3,000

Debtors

3,900

Stock on March 31, 2017 ₹16,000.

Trading and Profit and Loss account of M/s Neema Traders for the year ended March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Opening stock

9,000

By Sales

1,80,000

To Purchases

1,64,000

Sales return

(1,820)

1,78,180

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

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

11,530

18,790

18,790

Balance sheet as on March 31, 2017

Liabilities

Amount

Assets

Amount

Capital

2,36,000

Building

23,000

Net profit

11,530

2,47,530

Plant

16,930

Loan

8,000

Machinery

2,10,940

Creditors

8,000

Debtors

3,900

Bills payable

2,520

Closing stock

16,000

Bank overdraft

4,720

2,70,770

2,70,770

Note: Note that the answers for gross profit, net profit and balance sheet totals provide in the text book have typo and hence the answers in our solution differ from those provided in the text book.

14. From the following balances of M/s Nilu Sarees as on March 31, 2017. Prepare trading and profit and loss account and balance sheet as on date.

Account Title

Amount

Account Title

Amount

Opening stock

10,000

Sales

2,28,000

Purchases

78,000

Capital

70,000

Carriage inwards

2,500

Interest

7,000

Salaries

30,000

Commission

8,000

Commission

10,000

Creditors

28,000

Wages

11,000

Bills payable

23,700

Rent & taxes

2,800

Repairs

5,000

Telephone expenses

1,400

Legal charges

1,500

Sundry expenses

2,500

Cash in hand

12,000

Debtors

30,000

Machinery

60,000

Investments

90,000

Drawings

18,000

Closing stock as on March 31, 2017 ₹22,000.

Trading and Profit and Loss account of M/s Nilu Sarees for the year ended March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

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

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

1,10,300

1,63,500

1,63,500

Note: Note that the text book has a typo with the value of the gross profit where it is give as ₹1,56,500 but in our solution we got it as ₹1,48,500

Balance sheet as on March 31, 2017

Liabilities

Amount

Assets

Amount

Capital

70,000

Machinery

60,000

Net profit

1,10,300

Investments

90,000

1,80,300

Debtors

30,000

Drawings

(18,000)

1,62,300

Closing stock

22,000

Creditors

28,000

Cash in hand

12,000

Bills payable

23,700

2,14,000

2,14,000

Note: Note that the bills payable is printed with a typo as 2,370 in the text book instead of the 23,700. We’ve considered the correct value of 23,700 in the balance sheet.

15. Prepare trading and profit and loss account of M/s Sports Equipments for the year ended March 31, 2017 and balance sheet as on that date :

Account Title

Debit Amount

Credit
Amount

Opening stock

50,000

Purchases and sales

3,50,000

4,21,000

Sales returns

5,000

Capital

3,00,000

Commission

4,000

Creditors

1,00,000

Bank overdraft

28,000

Cash in hand

32,000

Furniture

1,28,000

Debtors

1,40,000

Plants

60,000

Carriage on purchases

12,000

Wages

8,000

Rent

15,000

Bad debts

7,000

Drawings

24,000

Stationery

6,000

Travelling expenses

2,000

Insurance

7,000

Discount

5,000

Offline expenses

2,000

Closing stock as on March 31, 2017 ₹2,500

Trading and Profit and Loss account of M/s Sports Equipment for the year ended March 31, 2017

Dr.

Cr.

Expenses/Losses

Amount

Revenues/Gains

Amount

To Opening stock

50,000

By Sales

4,21,000

To Purchases

3,50,000

Sales Returns

(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

To Gross Loss b/d

1,500

By Commission

4,000

To Rent

15,000

By Net Loss

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

Amount

Assets

Amount

Capital

3,00,000

Plants

60,000

Net Loss

(41,500)

Furniture

1,28,000

Drawings

(24,000)

2,34,500

Debtors

1,40,000

Creditors

1,00,000

Closing Stock

2,500

Bank overdraft

28,000

Cash in hand

32,000

3,62,500

3,62,500

I am an experienced accountant and financial analyst with a deep understanding of the concepts related to CBSE class 11 accountancy. I have extensive knowledge of financial statements, trading accounts, profit and loss statements, and balance sheets. My expertise is grounded in practical application and a thorough grasp of accounting principles.

Now, let's break down the concepts covered in the provided article on CBSE class 11 accountancy, Chapter 9 - Financial Statements – I Numerical Questions Solutions:

  1. Calculation of Gross Profit:

    • Understand the relationship between opening stock, net purchases, direct expenses, and closing stock.
    • Utilize the trading account format to calculate gross profit.
  2. Cost of Goods Sold and Gross Profit:

    • Calculate cost of goods available for sale and cost of goods sold using opening stock, net purchases, wages, and closing stock.
    • Understand the alternative method for calculating cost of goods sold using net sales and gross profit.
  3. Gross Profit and Operating Profit:

    • Distinguish between gross profit and operating profit.
    • Calculate operating profit using gross profit, net sales, and indirect expenses (administrative and selling/distribution expenses).
  4. Net Profit Calculation:

    • Use the formula for operating profit to compute net profit when non-operating incomes and expenses are given.
  5. Journal Entries and Preparation of Trading and Profit and Loss Account:

    • Record necessary journal entries for opening stock, purchases, and sales.
    • Understand the format for preparing the trading and profit and loss account.
  6. Preparation of Trading and Profit and Loss Account and Balance Sheet:

    • Structure a trading and profit and loss account.
    • Compile a balance sheet by categorizing assets and liabilities.
  7. Complete Trading and Profit and Loss Account and Balance Sheet:

    • Prepare a comprehensive trading and profit and loss account.
    • Create a balance sheet with detailed listings of assets and liabilities.
  8. Preparation of Trading and Profit and Loss Account and Balance Sheet - Part 2:

    • Develop trading and profit and loss account with additional details.
    • Formulate a balance sheet that reflects the financial position of the entity.
  9. Trial Balance Extraction and Financial Statements Preparation:

    • Extract trial balance data.
    • Utilize trial balance information to prepare trading and profit and loss accounts and balance sheets.
  10. Calculation of Net Profit and Balance Sheet Preparation:

    • Calculate net profit using trial balance data.
    • Organize assets and liabilities to create a balanced balance sheet.
  11. Trading and Profit and Loss Account and Balance Sheet Preparation:

    • Prepare a trading and profit and loss account and a balance sheet based on the trial balance.
  12. Preparation of Financial Statements from Trial Balance:

    • Understand the relationship between trial balance, financial statements, and closing stock.
    • Construct trading and profit and loss accounts and balance sheets.
  13. Financial Statements and Balance Sheet Preparation:

    • Compile financial statements using trial balance data.
    • Create a balance sheet that summarizes the financial position of the business.
  14. Trading and Profit and Loss Account and Balance Sheet from Trial Balance:

    • Extract trial balance data.
    • Use trial balance information to generate trading and profit and loss accounts and balance sheets.
  15. Calculation of Gross Profit, Net Profit, and Balance Sheet Preparation:

    • Calculate gross profit and net profit.
    • Prepare a balance sheet based on the calculated profits and other financial data.

This comprehensive set of exercises covers various aspects of financial statements, trading accounts, profit and loss statements, and balance sheets, providing students with practical application scenarios to enhance their understanding of accountancy concepts.

Financial Statements – I – Numerical Questions Solutions – Eduxir (2024)
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