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11th CBSE Accountancy - Financial Statements Six Mark Question Paper

Published on: 04/10/2019

Financial Statements

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Questions:

Generic 6

10 x 6 = 60

Discuss the need of preparing the Balance Sheet

From the understated Trial Balance, prepare Trading and Profit & Loss Account and Balance Sheet:

Trial Balance as at 31st March, 2014
Particulars	Amount Rs	Particulars	Amount Rs
Debit Balances		Debit Balances
Debtors	52,720	General Expenses	29,420
Bills Receivable	1,00,000	Carriage Outward	94,240
Salaries (General)	10,000	Other Assets	11,38,840
Rates and Taxes	22,400	Drawings	10,000
Travelling Expenses	35,500	Stock on 1.4.2013	5,60,000
Insurances (General)	800	Cost of goods manufactured	11,11,980
Bad Debts	4,100	Credit Balances:
		Sales	17,40,000
		Profit & Loss Balance as on	1,20,000
		1.4.2013 Capital	13,10,000

Closing Stock of Finished Goods Rs.3,43,240

The following are the extracts from the trial balance of M/s Bhola & Sons as on March 31, 2014:

Particulars	Debit Rs	Credit Rs
Opening Stock	2,00,000
Purchases	8,10,000
Sales		10,10,000
	10,10,000	10,10,000

You are required to record the necessary journal entries and show how the above items will appear in the Trading and Profit & Loss Account and Balance Sheet of M/s Bhola & Sons. The value of closing stock on March 31, 2014 was Rs.3,00,000

Prepare Trading and Profit & Loss Account and a Balance Sheet as on 31st March, 2014 from the under mentioned Trial balance of M/s Sahni Bros. Closing stock was valued at Rs.9,000.

Trial Balance as on 31st March, 2014
Particulars	Debit Rs	Credit Rs
Opening Stock	10,000
Purchases and Sales	20,000	40,000
Purchases and Sales Returns	2,000	1,000
Discount	1,000	2,000
Capital and Drawings	5,000	65,000
Cash and Bank Overdraft	7,000	12,000
Debtors and Creditors	19,000	12,000
Carriage and Cartage	3,000
Freight Outward	4,000
Salaries and wages	6,000
Stationery	4,000
Land and Building	35,000
Plant and Machinery	15,000
Fixtures and Fittings	5,000
Bills Receivable and Payable	6,000	4,000
General Reserve		6,000
	1,42000	142,000

Following balance is extracted from the books of a trader. Ascertain Gross Profit, Operating Profit and Net Profit for the year ended March 31, 2014 :

Particulars	Amount (Rs.)
Sales	75,250
Purchases	32,250
Opening stock	7,600
Sales returns	1,250
Purchases returns	250
Rent	300
Stationery and printing	250
Salaries	3,000
Misc. expenses	200
Travelling expenses	500
Advertisement	1,800
Commission paid	150
Office expenses	1,600
Wages	2,600
Profit on sale of investment	500
Depreciation	800
Dividend on investment	2,500
Loss on sale of old furniture	300

Closing stock (March 31, 2014) valued at Rs. 8,000.

From the following balances obtained from the few accounts of Mr. K. Kaushik. Prepare the Trading and Profit & Loss Account for the year ended 31^st March, 2014 :

Particulars	(Rs.)	Particulars	(Rs.)
Stock on ApI 01, 2013	8,000	Bad debts	1,200
Purchases for the year	22,000	Rent	1,200
Sales for the year	42,000	Discount allowed	600
Purchase expenses	2,500	Commission paid	1,100
Salaries and wages	3,500	Sales expenses	600
Advertisement	1,000	Repairs	600

Prepare trading account only from the following Trial Balance of Priyanka Hotel as on 31^st March, 2014:

Particulars	Debit (Rs.)	Credit (Rs.)
Purchases	15,750
Sales		21,000
Returns Inward	600
Opening Stock	13,000
Freight Outward	65
Carriage Inward	50
Salaries and Wages	572
Rent and Taxes	226
Travelling Expenses	187
Discount Allowed	115
Commission	108
Bank A/c	6,647
Trade Creditors		2,700
Sundry Debtors	4,380
Capital		20,000
Drawings A/c	2,000
	43,700	43,700

Closing Stock was estimated at Rs.12,000

Calculate Gross Profit from the following information:

Particulars	Amount (Rs.)	Particulars	Amount(Rs.)
Opening stock	15,000	Purchases returns	1,000
Purchases	25,000	Sales returns	2,000
Sales	60,000	Carriage	3,000
Salaries and wages	4,000	Octroi	1,000
Motive power	3,000	Freight outward	4,000
Closing stock	12,000	Wages	7,000

Prepare a Trading Account of M/s Pushpanjali from the following information related to 2013-14:

(Rs.)
Opening stock	60,000
Purchases	3,00,000
Sales	7,50,000
Purchases returns	18,000
Sales returns	30,000
Carriage on purchases	12,000
Carriage on sales	15,000
Factory rent	18,000
Office rent	18,000
Dock and Clearing charges	48000
Freight and Octroi	6,500
Coal, Gas and Water	10,000

10.

Prepare a Trading Account from the following particulars for the year ended March 31, 2012:

(Rs.)
Opening stock	37,500
stock	1,05,000
Sales	2,70,000
Wages	30,000

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Answers Key:

Generic 6

10 x 6 = 60

The needs to prepare a Balance Sheet are given below:
(i) It helps in determining the nature and book value of various assets, such as fixed assets, investments, current assets, etc. at the end of an accounting period.
(ii) It helps in ascertaining the nature and amount of various liabilities like long-term liabilities, current liabilities, provisions, etc., which a business owes.
(iii) It discloses important information about capital invested in a business like additional capital invested during the accounting period, drawings of the owners and profit (or loss) added to (or deducted from) the capital of the business

Trading And Profit & Loss Account
Dr for the year ended 31st March, 2006 Cr
Particulars	Amount Rs	Particulars	Amount Rs
To Opening Stock of finished goods	5,60,000	By Sales	17,40,000
To Cost of goods manufactured	11,11,980	By Closing Stock of finished goods	3,43,240
To Gross Profit c/d	4,11,260
	20,83,240		20,83,240
To Salaries (General)	10,000	By Gross Profit b/d	4,11,260
To Rent and Taxes	22,400
To Travelling Expenses	35,500
To Insurance (General)	800
To Bad Debts	4,100
To General Expenses	29,420
To Carriage Outward	94,240
To Net Profit transferred to
Capital A/c	2,14,800
	4,11,260		4,11,260

Balance Sheet as at 31st March, 2014
Liabilities		Amount Rs	Assets	Amount Rs
CapitalAcrount:			Closing Stock	3,43,240
Opening Balance	13,10,000		Debtors	52,720
Less: Drawing	10,000	13,00,000	Bills Receivable	1,00,000
Profit and Loss A/c			Other Assets	11,38,840
Opening Balance	1,20,000
Add: Current
Year's profit	2,14,800	3,34,800
		16,34,800		16,34,800

In the Books of M/s Bhola and Sons Journal
Date	Particulars		Debit amount Rs	Credit amount Rs
2014 Mar-31	Trading A/c	Dr	10,10,000
	To Opening Stock A/c			2,00,000
	To Purchases A/c			8,10,000
	(Being balances from Purchases Account and Stock Account transferred to TradingAccount
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 balance from sales and closing stock transferred to Trading Account)
Mar-31	Trading A/c	Dr	3,00,000
	To Profit and Loss (Gross Profit) A/c			3,00,000
	(Being balance of Trading Account (gross profit) transferred to Profit and Loss Account

Trading Account for the year ended March 31, 2014
Particulars	Amount Rs	Particulars	Amount Rs
To Opening Stock	2,00,000	By Sales	10,10,000
To Purchases	8,10,000	By Closing Stock	3,00,000
To Profit and Loss A/c
(Gross Profit)	3,00,000
	13,10,000		13,10,000

Balance Sheet as at March 31, 2014
Liabilities	Amount Rs	Assets	Rs
		Closing Stock	3,00,000

Dr Trading Account for the year ended March 31, 2014 Cr
Particulars		Amount Rs	Particulars		Amount Rs
To Opening Stock		10,000	By Sales	40,000
To Purchases	20,000		Less : Sales Returns	-2,000	38,000
Less : Purchases Returns	1,000	19,000	By Closing Stock		9,000
To Carriage and Cartage		3,000
ToGross Profit transferred to P/L A/c		15,000
		47,000			47,000

Dr Profit and Loss Account for the year ended March 31, 2014 Cr
Particulars	Amount Rs	Particulars	Amount Rs
To Discount	1,000	By Gross profit transferred from
To Freight Outward	4,000	'Irading A/c	15,000
To Salaries and wages	6,000	By Discount	2,000
To Stationery	4,000
To Net profit transferred to Capital A/c	2,000
	17,000		17,000

Balance Sheet of M/s Sahm Bros.
Dr as at March 31, 2014 Cr
Liabilities		Amount Rs	Assets	Amount Rs
Bank Overdraft		12,000	Cash-in-hand	7,000
Creditors		12,000	Debtors	19,000
Bills Payable		4,000	Closing stock	9,000
Capital	65,000		Bills Receivable	6,000
Add: Net profit	2,000		Land and Building	35,000
	67,000		Plant and Machinery	15,000
Less: Drawings	5,000	62,000	Fixtures and Fittings	5,000
General Reserve		6,000
		96,000		96,000

Dr. Trading And Profit & Loss Account for the year ended March 31, 2014 Cr.
Particulars		Amount (Rs.)	Particulars		Amount (Rs.)
To Opening Stock		7600	By Sales	75250
To Purchases	32250		Less: Sales returns	1250	74000
Less: Pur. returns	250	32000	By Closing Stock		8000
To Wages		2600
To Gross Profit c/d		39800
		82000			82000
To Rent		300	By Gross Profit b/d		39800
To Stationery and Printing		250
To Salaries		3000
To Misc. expenses		200
To Travelling expenses		500
To Advertisement expenses		1,800
To Commission paid		150
To Office expenses		1,600
To Depreciation		800
To Operating Profit c/d		31,200
		39,800			39,800
To Loss on sale of old furniture		300	By Operating profit bid		31,200
To Net Profit (transferred to capital account)		33,900	By Profit on sale of Investment		500
			By Dividend on Investment		2,500
		34,200			34,200

In the Books of K. Kaushik Trading Account for the year ended March 31, 2014

Particulars	Amount(Rs.)	Particulars	Amount (Rs.)
To Opening Stock	8,000	By Sales	42,000
To Purchases	22000	By Closing stock	4,500
To Purchase expenses	2500
To Gross Profit c/d	14,000
	46500		46500
To Salaries and Wages	3,500	By Gross Profit b/d	14000
To Rent	1,200
To Advertisement	1,000
To Commission	1,100
To Discount allowed	600
To Bad debts	1,200
To Sales expenses	600
To Repairs	600
To Net Profit	4,200
(Transferred to capital account)
	14,000		14,000

In the Books of Priyanka Hotels Trading Account for the year ended 31^st March, 2014

Particulars	Amount	Particulars		Amount
To Opening Stock	13,000	By Sales	21000
To Purchases	15,750	Less : Returns	600	20,400
To Carriage Inwards	50	By Closing Stock		12,000
To Gross Profit transf. to P/L A/c.	3,600
	3,600			32,400

Calculation of Gross Profit :
Gross profit = Net sales - Cost of goods sold
= 58,000 - 41,000 = Rs. 17,000.
Working Notes:

(i) Cost of goods sold:	(Rs.)
Opening stock	15000
+ Net purchases	24000
+ Direct expenses	14000
	53000
(-) Closing stock	12000
	41000

(ii) Net Purchases = Purchases - Purchases returns
= Rs. 25,000 - Rs. 1,000 = Rs. 24,000
(iii) Net sales = Sales - Sales returns
= Rs. 60,000 - Rs. 2,000 = Rs. 58,000
(iv) Direct expenses = Motive power + Carriage + Octroi + Wages
= Rs. 3,000 + Rs. 3,000 + Rs. 1,000 + Rs. 7,000 = Rs. 14,000

Particulars		Amount(Rs.)	Particulars		Amount(Rs.)
To Opening stock		60,000	By Sales	7,50,00
To Purchases	3,00,000		Less : Sales returns	30,000	7,20,000
Less : Purchases returns	18,000	2,82,000
To Carriage on purchases		12,000
To Factory rent		18,000
To Dock and Clearing charges		48,000
To Freight and Octroi		6,500
To Coal, Gas and Water		10,000
To Gross Profit c/d		2,83,500
		7,20,000			7,20,000