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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Creative 3 Mark Questions with Solution Part - II

Published on: 30/06/2021

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Questions:

Generic 3

5 x 3 = 15

From the following information prepare balance sheet of Mrs. Nasreenkhan as at 31^st December 2017.

Particulars	Rs.	Particulars	Rs.
Goodwill	10,000	Sundry debtors	25,000
Capital	90,000	Drawings	15,000
Cash in hand	10,000	Land and buildings	30,000
Investment	500	Bank	10,000
Net profit	46,900	Creditors	31,500
Bills receivable	6,500	Plant and Machinery	20,000
Bills payable	5,350	Closing stock	40,000
Furniture	6,750

The following Balances are taken from the books of M/s. Riya Ltd. Prepar Profit and Loss Account for the year ended 31^stmarch 2005.

Particulars	Rs.	Particulars	Rs.
Gross profit	5,25,000	Salaries & Wages	1,00,000
Rent	10,000	Depreciation	5,000
Interest on Loan	5,000	Office expenses	1,500
Distribution Charges	2,500	Salesman salary	8,000
Bad debts	2,200	Stationery and printing	500
Commission received	3,000	Discount received	2,000
Interest received	5,000	Advertising	9,000
Taxes and Insurance	2,000

From the following particulars, prepare a balance sheet of Mr. Moorthy as on 31^st December 2013.

Particulars	Rs.	Particulars	Rs.
Capital	40,000	Drawings	4,400
Debtors	6,400	Creditors	4,200
Cash in hand	360	Cash at bank	7,200
Furniture	1,000	Plant	10,000
To Net profit	1,660	General reserve	1,000
Closing stock	14,800

Prepare profit and loss account of Mrs. Nalini for the year ended 31^st December 2010 from the following:

Particulars	Rs.	Particulars	Rs.
Gross profit	1,25,000	Discount paid	600
Salaries	15,000	Discount received	1,000
Rent	5,000	Interest paid	500
Carriage outwards	1,000	Interest received	700
Selling expenses	500	Commission earned	2,000
Income from investment	1,500

What are the difference between trial balance and balance sheet.

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Answers Key:

Generic 3

5 x 3 = 15

Balance sheet of Mr. Nasreenkhan as on 31.12.20 17
Liabilities	Rs.	Rs.	Assets	Rs.
Creditors		31,500	Cash in hand	10,000
Bills payable		5,350	Bank	10,000
Capital	90,000		Sundry debtors	25,000
Add: Net Profit	46,900		Bills receivable	6,500
	1,36,900		Closing stock	40,000
Less: Drawings	15,000	1,21,900	Investments	500
			Land and Buildings	30,000
			Furniture	6,7500
			Plant & Machinery	20,000
			Goodwill	10,000
		1,58,750		1,58,750

Dr. Profit and Loss Account of M/s. Riya Ltd. for the year ended 31.03.2002 Cr.
Particulars	Rs.	Particulars	Rs.
To Rent	15,000	By Gross profit	5,25,000
To Interest on Loan	5,000	By. Commission received	3,000
To Distribution charges	2,500	By Interest received	5,000
To Bad debts	2,200	By Discount received	2,000
To Taxes no insurance	2,200
To Salaries and wages	1,00,000
To Depreciation	5,000
To Office expenses	1,500
To Salesman salary	8,000
To Stationery and printing	500
To Advertising	9,000
To Net profit	3,89,300
(Transferred to Capital A/c)
	5,35,000		5,35,000

Balance sheet of Mr. Moorthy as on 31.12.2013
Liabilities	Rs.	Rs.	Assets	Rs.
Creditors		4,200	Cash in hand	360
General reserve		1,000	Cash at bank	7,200
Capital	40,000		Debtors	6,400
Add: Net Profit	1,6600		Closing stock	14,800
	41,660		Furniture	3,700
Less: Drawings	4,400	3,7,260	Plant	10,000

		42,460		42,460

Dr. Profit and loss account of Mrs. Nalini for the year ending 31.12.2010 Cr.
Particulars	Rs.	Particulars	Rs.
To Salaries	15,000	By Gross profit	1,25,000
To Rent	5,000	By Income from investments	1,500
To Carriage outwards	1,000	By Discount received	1,000
To Selling expenses	500	By Interest received	700
To Discount paid	600	By Commission earned	2,000
To interest paid	500
To Net profit	1,07,600
(Transferred to P&LAlc)
	1,30,200		1,30,200

The following are the differences between trial balance and balance sheet.

Basis	Trial Balance	Balance Sheet
1. Nature	Trial-Balance is a list of ledger balances on a particular date	Balance sheet is a statement showing the position of assets and liabilities on a particular date.
2. Purpose	Trial Balance is prepared to check the arithmetical accuracy of the Accounting entries made.	Balance sheet is prepared to ascertain the financial position of a business
3. Format	The trial balances contains debit balances and credit balances.	The- items are grouped as assets and liabilities.
4. Stage	It is prepared before the preparation of final accounts.	It is prepared after preparing trial balance and trading and profit and loss account.
5. Order	Balances shown in the trial balance need not be in order	Balances shown in the balance sheet must be in order.
6. Compulsion	Preparation of trial balance is not compulsory.	Preparation of the balance sheet is compulsory in certain cases.