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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Book Back 2 Mark Questions with Solution Part - I updated Book back Questions

Published on: 13/05/2022

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Std: 11th Standard - Accountancy

chapter: - Book back Questions

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Questions:

Generic 2

5 x 2 = 10

From the following balances taken from the books of Victor, prepare trading account for the year ended December 31, 2017:

Particulars	Rs	Particulars	Rs
Adjusted purchases	80,000	Closing stock	7,000
Sales	90,000	Carriage inwards	3,000
Royalty on purchases of goods	4,000	Import duty on purchases of goods	6,000
Octroi on purchase of goods	2,000	Dock charges on purchases	5,000
Cost of goods manufactured	5,000

Prepare trading account in the books of Sivashankar from the following figures

Particulars	Rs	Particulars	Rs
Opening stock	1,500	Purchases	3,500
Sales	4,600	Closing stock	1,300

What are the objectives of preparing trading account?

Name any two direct expenses and indirect expenses.

What are fixed assets?

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Answers Key:

Generic 2

5 x 2 = 10

Dr. In the Books of Mr. Victor Trading account for, the year ended 31.12.2017 Cr.
Particulars	Rs.	Particulars	Rs.
To Adjusted purchases	80,000	By Sales	90,000
To Royalty on purchases of goods	4,000	By Gross loss c/d	15,000
To Octroi on purchase of goods	2,000
To Carriage inwards	3,000
To Cost of goods manufactured	5,000
To Import duty on purchase of goods	6,000
To Dock charges	5,000
	1,05,000		1,05,000

Dr. Trading Account Cr.
Particulars	Rs.	Particulars	Rs.
To Opening stock	1,500	By Sales	4,600
To Purchases	3,500	By Closing stock	1,300
To Gross Profit c/d	900
	5,900		5,900

(i) Trading account provides information about Gross Profit or Grass Loss.
(ii) It provides an opportunity to safeguard against possible losses.
(iii) It provides information about direct expenses and direct incomes.

i) Direct expenses:
(a) Carriage inwards or Freight inwards
(b) Wages
ii) Direct expenses :
(a) Office expenses.
(b) Administration expenses
(c) Selling expenses

Fixed assets are those assets which are acquired or constructed for continued use in the business and last for many years such as land and building, plant and machinery, motor vehicles, furniture, etc.