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

Published on: 13/05/2022

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Questions:

Generic 5

5 x 5 = 25

From the trial balance of Ajith and the adjustments given below, prepare trading and profit and loss A/c for the year ended 31st March, 2016 and the balance sheet as on that date.

Particulars	Debit Rs.	Particulars	Credit Rs.
Opening stock	15,000	Capital	25,000
Furniture and fixtures	30,000	Returns outward	1,000
Purchases	40,000	Bills payable	10,000
Sales returns	2,000	Sales	1,24,000
Carriage inwards	10,000	Provision for doubtful debts	500
Office rent	23,000	Provision for discount on debtors	100
Sundry debtors	20,100
Bank balance	19,600
Bad debts	900
	1,60,600		1,60,600

Adjustments:
(a) Stock at the end of the year was Rs. 8,000
(b) Further bad debts amounted to Rs. 100
(c) Create 2% provision for doubtful debts on sundry debtors
(d) Create 1% provision for discount on sundry debtors.

Consider the following balances extracted from the books of Jain as on 31^st December, 2016. Prepare the final accounts.

Particulars	Rs.	Particulars	Rs.
Capital	20,000	Office Salaries	6,600
Debtors	8,000	Establishment expenses	4,500
Creditors	10,500	Selling expenses	2,300
Purchases	60,000	Furniture	10,000
Sales	80,000	Cash at bank	2,400
Income tax of Jain paid	500	Miscellaneous receipts	600
Opening stock	12,000	Drawings	4,800

Adjustments :
(a) Salaries outstanding for December, 2016 amounted to Rs. 600
(b) Provide depreciation on furniture @ 10% p.a.
(c) Provide interest on capital for the year @ 5% p.a.
(d) Stock on 31^st December, 2016 Rs. 14,000

Given below are the balances extracted from the books of Nagarajan as on 31^st March, 2016.

Particulars	Rs.	Particulars	Rs.
Purchases	10,000	Sales	15,100
Wages	600	Commission received	1,900
Freight inwards	750	Rent received	600
Advertisement	500	Creditors	2,400
Carriage outwards	400	Capital	5,000
Cash	1,200
Machinery	8,000
Debtors	2,250
Bills receivable	300
Stock on 1^st January, 2016	1,000
	25,000		25,000

Prepare the trading and profit and loss account for the year ended 31^st March, 2016 and the balance sheet as on that date after adjusting the following:
(a) Commission received in advance Rs. 400
(b) Advertisement paid in advance Rs. 150
(c) Wages outstanding Rs. 200
(d) Closing stock on 31^st March 2016, Rs. 2,100

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

Particulars	Rs.	Particulars	Rs.
Stock on 01.01.2016	9,000	Bad debts	1,200
Purchases	22,000	Sundry expenses	1,800
Sales	42,000	Discount allowed	1,700
Expenses on purchases	1,500	Expenses on sale	1,000
Bank charges paid	3,500	Repairs on office furniture	600

Adjustments:
a) Closing stock on, 31st December, 2016 was Rs. 4,500
b) Manager is entitled to receive commission @ 5% of net profit after providing such commission.

From the following particulars presented by Thilak for the year ended 31st March 2017, prepare profit and loss account.

Particulars	Rs.	Particulars	Rs.
Gross profit	1,00,000	Interest received	6,000
Rent paid	22,000	Bad debts	2,000
Salaries	10,000	Provision for bad debts (1-4-2016)	4,000
Commission (Cr.)	12,000	Sundry debtors	40,000
Discount received	2,000	Buildings	80,000
Insurance premium paid	8,000

Adjustments:
(a) Outstanding salaries amounted to Rs. 4,000
(b) Rent paid for 11 months
(c) Interest due but not received amounted to Rs. 2,000
(d) Prepaid insurance amounted to Rs. 2,000
(e) Depreciate buildings by 10%
(f) Further bad debts amounted to Rs. 3,000 and make a provision for bad debts @ 5% on sundry debtors
(g) Commission received in advance amounted to Rs. 2,000.

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Answers Key:

Generic 5

5 x 5 = 25

In the books of Ajith
Dr. Trading and Profit and Loss Account for the year ended 31st March, 2016 Cr.
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening Stock		15,000	By Sales	1,24,000
To Purchases	40,000		Less: Sales returns	2,000	1,22,000
Less: Returns outward	1,000	39,000	By Closing stock		8,000
To Carriage inwards		10,000
To Gross profit c/d		66,000
		1,30,000			1,30,000
To Office rent		23,000	By Gross profit b/d		66,000
To Provision for bad and doubtful debts (closing)	400
Add: Bad debts	900
Add: Further bad debts	100
	1,400
Less: Provision for bad and doubtful debts (opening)	500	900
To Provision for discount on debtors (closing)	196
Less: Provision for discount on debtors (opening)	100	96
To Net profit (transferred to capital A/c)		42,004
		66,000			66,000

**Balance Sheet as on 31st March 2016**
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital	25,000		Furniture and fixtures		30,000
Add: Net profit	42,004	67,004	Sundry debtors	20,100
Bills payable		10,000	Less: Further bad debts	100
				20,000
			Less: Provision for bad and doubtful debts (20,000 × 2%)	400
				19,600
			Less: Provision for discount (19,600 × 1%)	196	19,404
			Stock-in-trade		8,000
			Cash at bank		19,600
		77,004			77,004

In the books of Jain
Dr. Trading and Profit and Loss Account for the year ended 31^st December, 2016 Cr.

Particulars	Rs.	Rs.	Particualars	Rs.
To Opening Stock		12,000	By Sales	80,000
To Purchases		60,000	By Closing Stoc	14,000
To Gross Profit c/d		22,000
		94,000		94,000
To Office salaries	6,600		By Gross Profit b/d	22,000
Add: Outstanding	600	7,200	By Miscellaneous receipts	600
To Establishment expenses		4,500
To Selling expenses		2,300
To Depreciation on furniture (10,000 x 10%)		1,000
To Interest on capital (20,000 x 5%)		1,000
To Net profit		6,600
(transferred to capital A/c)
		22,600		22,600

**Balance Sheet as on 31st December, 2016**
Liabilities		Rs.	Rs.	Assets	Rs.	Rs.
Capital		20,000		Furniture	10,000
Add: Net profit		6,600		Less: Depreciation	1,000	9,000
Add: Interest on capital		1,000		Stock in trade		14,000
		27,600		Debtors		8,000
Less: Drawings	4,800			Cash at bank		2,400
Income tax	500	5,300	22,300
Creditors			10,500
Office salaries outstanding			600
			33,400			33,400

In the books of Nagarajan
Dr. Trading and Profit and Loss Account for the year ended 31^st March, 2016 Cr.

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening stock		1,000	By Sales		15,100
To Purchases		10,000	By Closing stock		2,100
To Wages	600
Add: Outstanding	200	800
To Freight inwards		750
To Gross profit c/d		4,650
		17,200			17,200
To Advertisement	500		By Gross profit b/d		4,650
Less: Prepaid	150	350	By Commission received	1,900
advertisement		400	Less: Received in	400	1,500
To Carriage outwards			advance		600
To Net profit (transferred to capital a/c)		6,000	By Rent received
		6,750			6,750

**Balance Sheet as on 31^st March, 2016**
Particulars	Rs.	Rs.	Particulars	Rs.
Capital	5,000		Machinery	8,000
Add: Net profit	6,000	11,000	Stock in trade	2,100
Creditors		2,400	Debtors	300
Commission received in			Bills receivable	2,250
advance		400	Advertisement prepaid	150
Outstanding wages		200	Cash	1,200
		14,000		14,000

**Dr. Trading and Profit and Loss Account for the year ended 31^st December 2016 Cr.**
Particulars	Rs.	Particulars	Rs.
To Opening stock	9,000	By Sales	42,000
To Purchases	22,000	By Closing stock	4,500
To Expenses on purchases	1,500
To Gross profit c/d	14,000
	46,500	By Gross profit b/d	46,500
To Bank charges	3,500		14,000
To Bad debts	1,200
To Sundry expenses	1,800
To Discount allowed	1,700
To Expenses on sale	1,000
To Repairs on office furniture	600
To Manager’s commission	200
To Net profit (transferred to capital A/c)	4,000
	14,000		14,000

Working note:
Commission = Net profit before charging commission × \(\frac{Rate \ of \ commission}{(100+Rate \ of \ commission)}\times 100\)
Net profit = 14,000 – (3,500 + 1,000 + 1,200 + 1,800 + 1,700 + 600) = Rs. 4,200
Manager’s commission = 4,200 × \(\frac{5}{105}=\) Rs. 200.

**Dr. Profit and Loss Account for the year ended 31^st March 2017 Cr.**
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Rent	22,000		By Gross profit b/d		1,00,000
Add: Outstanding (22,000 x 1/11)	2,000	24,000	By Commission	12,000
To Salaries	10,000		Less: Received in advance	2,000	10,000
Add: Outstanding	4,000
To Insurance premium	8,000	14,000	By Discount received		2,000
Less: Prepaid insurance	2,000		By Interest received	6,000
To Provision for bad and doubtful debts (closing)	1,900	6,000	Add: Accrued	2,000	8,000
Add: Bad debts	3,000
Add: Further bad debts	2,000
	6,900
Less: Opening provision for bad and doubtful debts	4,000	2,900
To Depreciation on building (80,000 x 10%)		8,000
To Net profit (transferred to capital A/c)		65,100
		1,20,000			1,20,000