Final Accounts of Sole Proprietors - I Three Marks Questions

11th Standard

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    10 x 3 = 30
  1. What are the need for preparation of trading account?

  2. What are the need for preparing a Balance sheet?

  3. What are the characteristics of balance sheet?

  4. Explain the types. of liabilities.

  5. What are the difference between trial balance and balance sheet.

  6. Prepare profit and loss account of Mrs. Nalini for the year ended 3pt December 2010 from the following:

    Particulars Rs. Particulars Rs.
    Gross profit 1,25,000 Discount paid 600
    Salaries 15,000 Discount received 1,000
    Rent 5,000 Interest paid 500
    Carriage outwards 1,000 Interest received 700
    Selling expenses 500 Commission earned 2,000
    Income from investment 1,500    
  7. From the following particulars, prepare a balance sheet of Mr. Moorthy as on 3st December 2013.'

    Particulars Rs. Particulars Rs.
    Capital 40,000 Drawings 4,400
    Debtors 6,400 Creditors 4,200
    Cash in hand 360 Cash at bank 7,200
    Furniture 1,000 Plant 10,000
    To Net profit 1,660 General reserve 1,000
    Closing stock 14,800    
  8. From the following information prepare balance sheet of Mrs. Nasreenkhan as at 3st December 2017.

    Particulars Rs. Particulars Rs.
    Goodwill 10,000 Sundry debtors  25,000
    Capital 90,000 Drawings 15,000
    Cash in hand 10,000 Land and buildings 30,000
    Investment 500 Bank 10,000
    Net profit 46,900 Creditors 31,500
    Bills receivable 6,500 Plant and Machinery 20,000
    Bills payable 5,350 Closing stock 40,000
    Furniture 6,750    
  9. Following is the trial balance of J. Subramaium on 31st March 2016. Pass the Closing entries and prepare the trading and profit and loss account for the year ended 31 st March 2016.
     

    Trial Balance as on 31st March 2016
    S.No. Particulars Debit
    Rs.
    Credit
    Rs.
    1. Capital A/c   30,000
    2. Stock A/c 6,000  
    3. Cash at bank 3,000  
    4. Cash in hand 1,320  
    5. Machinery A/c 18,000  
    6. Furniture and Fittings A/c 4,080  
    7. Purchases A/c 45,000  
    8. Wages 30,000  
    9. Fuel and Power 9,000  
    10. Factory Lighting 600  
    11. Salaries 21,000  
    12. Discount allowed 1,500  
    13. Discount received   900
    14. Advertising 15,000  
    15. Sundry office expenses 12,000  
    16. Sales A/c   1,50,000
    17. Sundry debtors 25,500  
    18. Sundry creditors   11,000
        1,92,000 1,92,000
  10. The following are some of the balances extracted from the ledger of Mr. Kalyana Sundaram as on 31st December 2016. Prepare a trading account.

    Particulars Debit
    Rs.
    Credit
    Rs
    .
    Stock 1.1.2016 12,500  
    Purchases 1,00,000  
    Sales   1,50,000
    Return outwards   5,000
    Return inwards 10,000  
    Salaries 4,400  
    Wages .7,500  
    Rent 2,750  
    Carriage inwards 2,500  
    Carriage outwards 750  
    Power, coal, gas 1,000  
    Stock on 31.12.20l6 was valued at Rs.14,000    

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