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 A | 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 A

Published on: 13/05/2022

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Questions:

Generic 5

5 x 5 = 25

From the Trial balance, given by Saif, prepare final accounts for the year ended 31st March 2018 in his books.

Debit Balances	Rs	Credit Balances	Rs
Land	40,000	Purchases returns	15,000
Opening stock	40,000	Bill payable	7,000
Machinery	66,000	Capital	1,50,000
Purchases	1,30,000	Sales	2,20,000
Wages	35,000	Creditors	60,000
Interest paid	13,000
Cash	2,300
Debtors	80,000
Bill receivable	15,000
Office rent paid	12,700
Furniture	3,000
Drawings	5,000
Sales returns	10,000
	4,52,000		4,52,000

Closing stock (31-12-2017) Rs. 14,500.

From the following balances extracted from the books of a trader, ascertain gross profit and net profit for the year ended March 31, 2017.

Particulars	Rs	Particulars	Rs
Sales	72,250	Purchases	32,250
Opening stock	7,600	Sales returns	1,250
Purchases returns	250	Rent	300
Stationery and printing (office)	250	Salaries	3,000
Miscellaneous expenses	200	Travelling expenses (on sales)	1,800
Advertisement	500	Commission paid	150
General expenses	2,500	Office Expenses	1,600
Dividend received	2,500	Wages	2,600
Loss on sale of old furniture	300	Profit on sale of investments	500

From the following information, prepare profit and loss account for the year ending 31st December 2016.

Particulars	Rs	Particulars	Rs
Gross loss	60,000	Printing and stationery (office)	2,000
Promotional expenses	5,000	Legal charges	5,000
Distribution expenses	15,000	Bad debts	1,000
Commission paid	7,000	Depreciation	2,000
Interest on loan paid	5,000	Rent received	4,000
Packing charges (on sales)	4,000	Loss by fire not covered by insurance	3,000
Dividend received	3,000

From the following trial balance of Sharan, prepare trading and profit and loss account for the year ending 31st December 2017 and balance sheet as on that date. The closing stock on 31st December 2017 was valued at Rs. 2,50,000.

Debit Balances	Rs.	Credit Balances	Rs.
Stock (1-1-2017)	2,00,000	Sundry creditors	12,000
Purchases	7,50,000	Purchases returns	30,000
Carriage inwards	75,000	Sales	10,20,000
Wages	3,65,000	Commission received	53,000
Salaries	1,20,000	Capital	33,00,000
Repairs	12,000
Rent and taxes	2,80,000
Cash in hand	97,000
Land	21,50,000
Drawings	1,66,000
Bank deposits	2,00,000
	44,15,000		44,15,000

From the following particulars, prepare profit and loss account for the year ended 31st December 2017.

Particulars	Rs	Particulars	Rs
Gross profit	21,05,000	Discount allowed	30,000
Trade expenses	20,000	Office lighting	19,800
Carriage on sales	1,00,000	Commission received	14,400
Office salaries	2,38,000	Interest on loan	22,000
Postage (office)	2,200	Stationery (office)	14,000
Legal charges	4,000	Export duty (on sales)	23,000
Audit fees	16,000	Miscellaneous receipts	5,000
Donation given	11,000	Travelling expenses related to sales	66,000
Sundry expenses	3,600	Selling expenses	53,200

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Answers Key:

Generic 5

5 x 5 = 25

Dr. In the Books of Mrs. Saif Trading and Profit and Loss account for the year ended 31.03.2018 Cr.
Deblt Balances	Rs.	Rs.	Credit Balances	Rs.	Rs.
To Opening stock		40,000	By Sales	2,20,000
To Wages		35,000	Less: Sales returns	10,000	2,10,000
To Purchases	1,30,000		By Closing stock		14,500
Less: Purchases returns	15,000	1,15,000
To Gross profit c/d		34,500
		2,24,500			2,24,500
To Office rent		12,700	By Gross profit b/d		34,500
To Interest paid		13,000
To Net profit c/d		8,800
(Transferred to Capital accounts)
		34,500			34,500

Balance as on 31st March 2018
Liabilities	Rs.	Rs.	Assets	Rs.
Bills payable		7,000	Land	40,000
Capital	1,50,000		Machinery	66,000
Add: Net profit	8,800		Cash	2,300
	1,58,800		Debtors	80,000
Less: Drawings	5,000	1,53,800	Bills receivable	15,000
Creditors		60,000	Furniture	3,000
			Closing stock	14,500
		2,20,800		2,20,800

Dr. Trading arid Profit and Loss account for the year ended 31.03.2017 Cr.
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening stock		7,600	By Sales	72,250
To Purchases	32,250		Less: Sales return	1,250	71,000
Less: Purchases returns	250	32,000
To Wages		2,600
To Gross profit c/d		28,800
		71,000			71,000
To Stationery and printing		250	By Gross-profit b/d		28,800
To Miscellaneous expenses		200	By Dividend received		2,500
To Advertisement		500	By Profit on sale of investments		500
To General expenses		2,500
To Loss on sale of old furniture		300
To Rent		300
To Salaries		3,000
To Travelling expenses		1,800
To Commission paid		150
To Office expenses		1,600
To Net profit c/d		21,200
(Transferred to capital accounts)
		31,800			31,800

Dr. Profit and Loss A/c for the year ending 31.12.2016 Cr.
Particulars	Rs.	Particulars	Rs.
To Gross loss	60,000	By Dividend received	3,000
To Promotional expenses	5,000	By Rent received	4,000
To Distribution expenses	15,000	By Net Loss	1,02,000
To Commission paid	7,000	(Transferred to capital account)
To Interest on loan paid	5,000
To Packing charges	4,000
To Printing and Stationery	2,000
To Legal charges	5,000
To Bad debts	1,000
To Loss by fire	3,000
To Depreciation	2,000
	1,09,000		1,09,000

In the books of Sharan
Dr. Trading and profit and loss account for the year ending 31st December, 2017 Cr.
Particulars	Rs.	Rs.	Particulars	Rs .
To Opening stock		2,00,000	By Sales	10,20,000
To Purchases	7,50,000		By Stock (closing)	2,50,000
Less: Purchases returns	30,000	7,20,000	By Gross loss c/d	90,000
To Carriage inwards		75,000
To Wages		3,65,000
		13,60,000		13,60,000
To Gross loss b/d		90,000	By Commission received	53,000
To Salaries		1,20,000	By Net loss (transferred to capital account)	4,49,000
To Repairs		12,000
To Rent and taxes		2,80,000
		5,02,000		5,02,000

Balance sheet as on 31st December, 2017
Liabilities	Rs.	Rs.	Assets	Rs.
Capital	33,00,000		Land	21,50,000
Less: Net loss	4,49,000		Stock in trade	2,50,000
	28,51,000		Bank deposits	2,00,000
Less: Drawings	1,66,000	26,85,000	Cash in hand	97,000
Sundry creditors		12,000
		26,97,000		26,97,000

Dr. Profit and loss account for the year ended 31st December, 2017 Cr.
Particulars	Rs	Particulars	Rs
To Trade expenses	20,000	By Gross Profit b/d	21,05,000
To Carriage on sales	1,00,000	By Commission received	14,400
To Office salaries	2,38,000	By Miscellaneous receipts	5,000
To Postage	2,200
To Legal charges	4,000
To Audit fees	16,000
To Donation given	11,000
To Sundry expenses	3,600
To Selling expenses	53,200
To Discount allowed	30,000
To Office lighting	19,800
To Interest on loan	22,000
To Stationery (office)	14,000
To Export duty	23,000
To Travelling expenses	66,000
To Net Profit (transferred to capital account)	15,01,600
	21,24,400		21,24,400