11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Book Back 3 Mark Questions with Solution Part - I updated Book back Questions | QB365

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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Book Back 3 Mark Questions with Solution Part - I updated Book back Questions

Published on: 13/05/2022

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Questions:

Generic 3

5 x 3 = 15

From the following particulars, prepare balance sheet in the books of Bragathish as on 31st December 2017:

Particulars	Rs	Particulars	Rs
Capital	80,000	Cash in hand	20,000
Debtors	12,800	Net profit	4,800
Drawings	8,800	Plant	43,200

Prepare profit and loss account in the books of Kirubavathi for the year ended 31st December, 2016 from the following information:

Particulars	Rs	Particulars	Rs
Gross Profit	12,500	Interest received	100
Discount allowed	60	Carriage outwards	100
Rent	500

Compute cost of goods sold from the following information:

Particulars	Rs	Particulars	Rs
Opening stock	10,000	Indirect expenses	5,000
Purchases	80,000	Closing stock	15,000
Direct expenses	7,000

From the following details for the year ended 31st March, 2018, prepare trading account.

Particulars	Rs	Particulars	Rs
Opening stock	2,500	Returns inwards	7,000
Purchases	27,000	Coal and gas	3,300
Sales	40,000	Carriage inwards	2,600
Wages	2,500	Closing stock	5,200
Returns outwards	5,200

What is meant by grouping and marshalling of assets and liabilities?

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Answers Key:

Generic 3

5 x 3 = 15

Balance as on 31st December 2017
Liabilities	Rs.	Rs.	Assets	Rs.
Capital	80,000		Debtors	12,800
Add: Net profit	4,800		Cash in hand	20,000
	84,800		Plant	43,200
Less: Drawings	8,800	76,000
		76,000		76,000

Dr. In the Books of Mrs. Kirubavathi Profit and Loss account for the year ended 31.12.2016 Cr.
Particulars	Rs.	Particulars	Rs.
To Discount allowed	60	By Gross profit	12,500
To Rent	500	By Interest received	100
To Carnage outwards	100
To Net profit (transferred to capital account)	11,940
	12,600		12,600

Calculation of Cost of goods sold:
Particulars	Rs.
Total Purchases	80,000
Add: Direct expenses	7,000
To Octroi on purchase of goods	87,000
Less: Indirect expenses	5,000
Cost of goods sold	82,000

Dr. Trading account for the year ended 31.03.2018 Cr.
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening Stock		2,500	By Sales	40,000
To Purchases	27,000		Less: Return inwards	7,000	33,000
Less: Returns outwards	5,200	21,800	By Closing stock		5,200
To Coal and gas		3,300
To Wages		2,500
To Carriage inwards		2,600
To Gross profit c/d		5,500
		38,200			38,200

(i) The assets and liabilities shown in the balance sheet are grouped and presented in a particular order. The term 'grouping' means showing the items of similar nature under a common heading.
(ii) For example, the amount due from various customers will be shown under the head 'Sundry Debtors'.
(iii) Similarly, under the head 'Current Assets', the balance of cash, bank, debtors, stock and other current assets will be shown.
(iv) 'Marshalling' is the arrangement of various assets and liabilities in a proper order.
(v) Marshalling can be made in one of the following two ways :
(a) In the order of liquidity.
(b) In the order of permanence