11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Book Back 5 Mark Questions with Solution Part - I updated Book back Questions Set B | QB365

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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Book Back 5 Mark Questions with Solution Part - I updated Book back Questions Set B

Published on: 13/05/2022

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Questions:

Generic 5

5 x 5 = 25

Prepare trading and profit and loss account and balance sheet in the books of Deri, a trader, from the following balances as on March 31, 2018.

Debit Balances	Rs	Credit Balances	Rs
Stock	10,000	Sales	1,22,500
Cash	2,500	Creditors	5,000
Bank	5,000	Bills payable	2,000
Freight inwards	750	Capital	1,00,000
Purchases	95,000
Drawings	4,500
Wages	27,500
Machinery	50,000
Debtors	13,500
Postage (office)	150
Sundry expenses	850
Rent paid	2,500
Furniture	17,250
	2,29,500		2,29,500

Closing stock (31st March, 2018) Rs. 8,000.

Prepare trading and profit and loss account in the books of Ramasundari for the year ended 31st December 2017 and balance sheet as on that date from the following information:

Particulars	Rs	Particulars	Rs
Opening stock	2,500	Sales	7,000
Wages	2,700	Purchases	3,300
Closing Stock	4,000	Salary	2,600
Discount received	2,500	Capital	52,000
Machinery	52,000	Cash at Bank	6,400
Creditors	8,000

From the following balances obtained from the books of Mr. Ganesh, prepare trading and profit and loss account.

Particulars	Rs	Particulars	Rs
Stock on 01.01.2017	8,000	Bad debts	1,200
Purchases for the year	22,000	Trade expenses	1,200
Sales for the year	42,000	Discount allowed	600
Expenses on purchases	2,500	Commission allowed	1,100
Financial charges paid	3,500	Selling expenses	600
Expenses on sale	1,000	Repairs on office vehicles	600

Closing stock on December 31.12.2017 was Rs. 4,500.

From the following details, prepare profit and loss account.

Particulars	Rs	Particulars	Rs
Gross profit	50,000	Interest received	2,000
Office rent	10,000	Discount received	3,000
Depreciation on office assets	8,000	Carriage outwards	2,500
Discount allowed	12,000	Insurance on office building	3,500
Advertisement	4,000	General expenses	3,000
Audit fees	1,000	Freight inwards	1,000

From the following information, prepare trading and profit and loss account of Abdul Rahuman for the year ending 31st December 2016 and balance sheet as on that date. The closing stock on 31st December 2016 was valued at Rs. 2,000.

Particulars	Rs	Particulars	Rs
Opening stock	500	Purchases	1,300
Sales	5,000	Wages	700
Discount received	500	Salary	500
Building	50,000	Capital	50,000
Cash in hand	4,500

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Answers Key:

Generic 5

5 x 5 = 25

Dr. In the Books of Deri Trading and Prout and loss account for the year ended 31.03.2018 Cr.
Particulars	Rs.	Particulars	Rs.
To Opening stock	10,000	By Sales	1,22,500
To Purchases	95,000	By Closing Stock	8,000
To Freight inwards	750	By Gross loss c/d	2,750
To Wages	27,500
	1,33,250		1,33,250
To Gross loss b/d	2,750	By Net loss c/d	6,250
To Postage	150	(Transferred to capital a/c)
To Rent paid	2,500
To Sundry expenses	850
	6,250		6,250

Balance Sheet
Liabilities	Rs.	Rs.	Assets	Rs.
Capital	1,00,000		Cash	2,500
Less: Net loss	6,250		Bank	5,000
	93,750		Machinery	50,000
Less: Drawings	4,500	89,250	Debtors	13,500
Creditors		5,000	Furniture	17,250
Bills payable		2,000	Closing stock	8,000
		96,250		96,250

Dr. In the Books of Ramasundari Trading and Profit and Loss account for the year ended 31.12.2017 Cr.
Particulars	Rs.	Particulars	Rs.
To Opening stock	2,500	By Sales	7,000
To Wages	2,700	By Closing stock	4,000
To Purchases	3,300
To Gross profit c/d	2,500
	11,000		11,000
To Salary	2,600	By Gross-profit b/d	2,500
To Net profit c/d	2,400	By Dividend received	2,500
(Transferred to Capital accounts)
	5,000		5,000

Balance as on 31st December 2017
Liabilities	Rs.	Rs.	Assets	Rs.
Capital	52,000		Machinery	52,000
Add: Net profit	2,400	54,400	Cash at bank	6,400
Creditors		8,000	Closing stock	4,000
		62,400		62,400

Dr. In the Books of Mr. Ganesh Trading and profit and loss account for the year ended 31.12.2017 Cr.
Particulars	Rs.	Particulars	Rs.
To Opening stock	8,000	By Sales	42,000
To Purchases	22,000	By Closing Stock	4,500
To Expenses on purchases	2,500
To Gross profit c/d	14,000
(Transferred to profit and loss a/c	46,500		46,500
To Financial charges	3,500	By Gross profit c/d	14,000
To Expenses on sale	1,000
To Bad debts	1,200
To Trade expenses	1,200
To Discount allowed	600
To Commission allowed	1,100
To Selling expenses	600
To Repairs on office vehicles	600
To Net profit c/d	4,200
(Transferred to capital a/c)
Gross profit	14,000		14,000

Dr. Profit and Loss A/c Cr.
Particulars	Rs.	Particulars	Rs.
To Office rent	10,000	By Gross profit	50,000
To Depreciation on office assets	8,000	By Interest received	2,000
To Discount allowed	12,000	By Discount received	3,000
To Advertisement	4,000
To Audit fees	1,000
To Carriage outwards	2,500
To General expenses	3,000
To Insurance on office building	3,500
To Net profit	11,000
(Transferred to capital account)
	55,000		55,000

In the books of Abdul Rahuman Trading Profit and Loss Account
Particulars	Rs	Particulars	Rs
To Opening stock	500	By Sales	5,000
To Purchases	1,300	By Closing stock	2,000
To Wages	700
To Gross profit c/d	4,500
	7,000		7,000
To Salary	500	By Gross profit b/d	4,500
To Net profit (transferred to capital account)	4,500	By Discount received	500
	5,000		5,000