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

Published on: 30/06/2021

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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

If 'adjusted purchases' and 'closing stock' are given in the trial balance, will you transfer 'closing stock' to trading account? Give reason.

Prepare a trading account of Mrs. Divya for the year ended 31^st December 2017.

Particulars	Rs.	Particulars	Rs.
Opening Stock	5,700	Sales	2,62,000
Purchases	1,58,000	Sales returns	600
Purchases returns	900	Closing stock	8,600

Prepare a trading account of Mr. Velu from the following figures:

Particulars	Rs.	Particulars	Rs.
Opening Stock	500	Sales	3,600
Purchases	2,500	Closing stock	300

What do you mean by direct expenses?

Definition of trading account.

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Answers Key:

Generic 2

5 x 2 = 10

No, closing stock will not be transferred to trading account because it already stands credited to trading account as adjusted purchases mean opening stock + purchases - closing stock.

Dr. Trading Account of Mrs. Divya for the year ending 31.12.2017 Cr.
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening stock		5,700	By Sales	2,62,000
To Purchases	1,58,000		Less: Sales returns	600	2,61,400
Less: Purchase returns	900	1,57,100	By Closing stock		8,600
To Gross profit c/d		1,07,200
		2,70,000			2,70,000

Dr. Trading account of Mr. Velu Cr.
Particulars	Rs.	Particulars	Rs.
To Opening stock	500	By Sales	3,600
To Purchases	2,500	By Closing stock	300
To Gross Profit c/d	900
(Transferred to Profit and loss A/c)
	3,900		3,900

All the expenses incurred on the purchase of goods and for bringing the goods to the go down or place of business' and to make them to saleable condition are known as direct expenses.

According to JR. Batliboi, "The Trading Account shows the results of buying and selling of goods. In preparing this Account, the general establishment changes are ignored and only the transactions in goods are included".