TS Grewal Chapter 15 for Class 11 Solutions for Accountancy

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Class 11 Accountancy Chapter 15 – Financial Statements of Sole Proprietorship

Question 1:

Explain whether the below-mentioned expenses are revenue or capital.

i. Expenditure on building for painting and washing

ii. Spent ₹10,000 on platform construction for a machine which is new

iii. ₹25,000 expenses for factory building repair and washing

Solution:

Expenditure Reason
i. Capital Expenditure Spent on an asset to make it useful
ii. Capital Expenditure Spent on an asset to make it useful
iii. Revenue Expenditure Spent on maintaining with the asset

 

Question 2:

Arrange the gross profit of the following transaction.

Particulars Particulars
Debit Balances
Machinery
Building
Debtors
Drawings
Purchase
Wages
Bad Debts
Bank
2,00,000
1,50,000
2,70,000
90,000
9,50,000
5,00,000
10,000
1,50,000
Debit Balances (Contd.)
Opening Stock
Rent
Expenses Sundry
Carriage
Credit Balances
Capital A/c
Creditors
Sales
Commission
2,00,000
45,000
20,000
15,000
10,00,000
1,40,000
14,50,000
10,000

 

Solution:

Gross Profit
Particulars Particulars
To Opening Stock
To Purchase
To Wages
To Carriage
2,00,000
9,50,000
5,00,000
15,000
By Sales
By Closing Stock
By Gross Profit c/d
(Balancing Fig.)
14,50,000
60,000
1,55,000
16,65,000 16,65,000

 

Question 3:

Manage Gross profit till March 31st, 2018

Particulars Particulars
Stock opening (April 1st, 2017)
Packaging and Freight
Sales
25,000
10,000
1,90,000
Goods bought during the year
Stock closing (March 31st,2018)
Sales packaging expenses
1,40,000
30,000
6,000

 

Solution:

Gross Profit = Sales+Stock Closing-(Stock Opening+Goods bought+Packaging & Freight)
1,90,000+30,000-(25,000+1,40,000+10,000)
2,20,000-1,75,000
₹45,000

Note: Sales packaging expenses is not a direct expense. Thus, it is not considered will computing the gross profit.

Question 4:

Determine the gross profit of the following transaction.

Particulars Particulars
Opening Stock
Closing Stock
Purchase
Carriage on purchase
2,00,000
1,80,000
8,50,000
23,000
Carriage on Sales
Rent Office
Sales
30,000
58,000
14,07,000

 

Solution:

Dr. Trading Account Cr.
Particulars Particulars
To Opening Stock
To Purchase
To Carriage on purchase
To Gross Profit c/d
(Balancing Fig.)
2,00,000
8,50,000
23,000
5,14,000
By Sales
By Closing Stock
14,07,000
1,80,000
15,87,000 15,87,000

 

Question 5:

Prepare Trading account till March 31st, 2018.

Particulars Particulars
Stock till April 31st, 2017
Purchase
Sales
Carriage Inward
40,000
4,00,000
3,80,000
20,000
Return Outward
Salaries & Wages
Return Inward
Stock till March 31st, 2018
80,000
50,000
20,000
1,30,000

The net realizable market value of stock till March 31st, 2018 was 1,20,000.

Solution:

Trading Account
Particulars Particulars
To Opening Stock
To Purchase 4,00,000
Less: Return Outward (80,000)
To Carriage Inward
To salaries & wages
To Gross Profit c/d
(Balancing Fig.)
40,000
3,20,000
20,000
50,000
20,000
By Sales 3,80,000
Less: Return Inward (20,000)
By Closing Stock
3,60,000
1,20,000
4,80,000 4,80,000

 

Question 6:

Calculate the operating profit.

Particulars Particulars
Net Profit
Gain on selling a machine
Donation
1,00,000
15,000
2,000
Rent Received
Loan Interest
10,000
20,000

 

Solution:

Operating Profit = Net Profit-Rent Received-Gain on selling a machine+Loan Interest+Donation
1,00,000-10,000-15,000+20,000+2,000
97,000

 

Question 7:

Prepare Balance Sheet.

Particulars Dr.(₹) Cr. (₹)
Capital
Drawing
Creditors & Debtors
Hand Cash
Bank Cash
Plant
Furniture
Net Profit
General Reserve
Closing Stock
44,000
64,000
3,600
72,000
1,00,000
37,000
1,48,000
4,00,000
42,000
16,600
10,000
Total 4,68,600 4,68,600

 

Solution:

Balance Sheet
Liabilities Assets
Capital 4,00,000
Less:Drawing (44,000)
Add:Net Profit 16,000
General Reserve
Creditors
3,72,600
10,000
42,000
Plant
Furniture
Closing Stock
Debtors
Hand Cash
Bank Cash
1,00,000
37,000
1,48,000
64,000
72,000
3,600
4,24,600 4,24,600

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