Accountancy Dk Goel 2016 Solutions for Class 11 Commerce Accountancy Chapter 12 Financial Statements are provided here with simple step-by-step explanations. These solutions for Financial Statements are extremely popular among class 11 Commerce students for Accountancy Financial Statements Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Accountancy Dk Goel 2016 Book of class 11 Commerce Accountancy Chapter 12 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Accountancy Dk Goel 2016 Solutions. All Accountancy Dk Goel 2016 Solutions for class 11 Commerce Accountancy are prepared by experts and are 100% accurate.

#### Question 1:

Question

 Trading Account  for the year ended March 31,2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 2,50,000 Sales 18,00,000 Purchases 7,00,000 Less: Sales Returns 36,000 17,64,000 Less: Purchases Returns 22,000 6,78,000 Closing Stock 6,00,000 Carriage Inward 34,000 Wages 2,06,000 Custom Duty 15,000 Gas, Fuel & Power 60,000 Dock Charges 8,000 Manufacturing Expenses 2,48,000 Factory Lighting 96,000 Gross Profit (Balancing Figure) 7,69,000 23,64,000 23,64,000

#### Question 2:

Question

 Trading Account  for the year ended March 31, 2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Adjusted  Purchases 15,00,000 Sales 21,40,000 Freight & Packing 15,000 Less: Return Inwards 40,000 21,00,000 Factory Expenses 60,000 Gross Profit (Balancing Figure) 5,25,000 21,00,000 21,00,000

Note: Closing Stock will not be shown on the Credit side of Trading Account since it has already been adjusted while calculating adjusted purchases.

Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock

#### Question 3:

Ascertain cost of Goods Sold and Gross Profit from the following:

 ₹ Opening Stock 32,000 Purchases 2,80,000 Direct Expenses 20,000 Indirect Expenses 45,000 Closing Stock 50,000 Sales 4,00,000 Sales Returns 8,000

#### Question 4:

Calculate Gross Profit on the basis of the following information:

 ₹ Purchases 6,80,000 Return Outwards 30,000 Carriage Inwards 20,000 Carriage Outwards 15,000 Wages 50,000
3/4 of the goods are sold for ₹ 6,00,000.

#### Question 5(A):

Calculate Closing Stock and Cost of Goods Sold:
Opening Stock ₹ 5,000; Sales ₹ 16,000; Carriage Inwards ₹ 1,000; Sales Returns ₹ 1,000; Gross Profit ₹ 6,000; Purchase ₹ 10,000; Purchase Returns ₹ 900.

#### Question 5(B):

Calculate Closing Stock from the following:

 Particulars (₹) Particulars (₹) Opening Stock 38,000 Sales 3,60,000 Purchases 3,40,000 Return Inwards 5,000 Return Outwards 4,000 Gross Loss 20,000 Freight Inwards 26,000

#### Question 6:

Question

 Trading Account for the year ended March 31, 2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Cost of Goods Sold 12,10,000 Sales 15,00,000 Gross Profit (Balancing Figure) 2,90,000 15,80,000 15,80,000

Note:

So, when the value of cost of goods sold is given, the items used to calculate it (i.e. opening stock, net purchases, direct expenses and closing stock) will not appear in the Trading Account.

Question

Question

#### Question 8:

Calculate the gross profit and cost of goods sold from the following information:
Net Sales ₹ 9,00,000
Gross Profit is 20% on cost.

#### Question 9:

Ascertain the value of closing stock from the following:

 ₹ Opening Stock 1,20,000 Purchases during the year 9,30,000 Sales during the year 15,60,000 Rate of Groos Profit 40% on Sales

#### Question 10:

Calculate closing stock from the following details:

 ₹ Opening Stock 4,80,000 Purchase 13,60,000 Sales 19,50,000

G.P. is 30% on Cost.

#### Question 11:

Calculate Net Sales and G.P. from the following:

 Cost of Goods Sold ₹ 4,50,000 G.P 25% on Sales

#### Question 12:

Question

 Profit and Loss Account for the year ended Dec. 31, 2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) General Expenses 12,000 Gross Profit 7,69,000 Charity 3,000 Interest on Investments 12,000 Office Lighting 5,000 Sundry Receipts 6,000 Law Charges 5,800 Discount Received 6,200 Advertisement 14,200 Commission Received 2,000 Bank Charges 1,200 Commission 7,000 Rent, Rates and Taxes 30,000 Indirect Expenses 2,100 Printing & Stationery 1,500 Carriage Outwards 20,000 Office Expenses 16,000 Fire Insurance Premium 18,000 Telephone Expenses 13,500 Establishment Expenses 2,500 Miscellaneous Expenses 7,100 Traveler’s Salary 60,000 Repair 4,300 Net Profit 5,72,000 7,95,200 7,95,200

#### Question 13:

Question

 Financial Statement of M/s Rajiv & Sons Trading Account  for the year ended March 31, 2005 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 50,000 Net Sales 11,00,000 Net Purchases 6,00,000 Closing Stock 70,000 Direct Expenses 60,000 Gross Profit (Balancing Figure) 4,60,000 11,70,000 11,70,000

 Profit and Loss Account for the year ended Dec. 31, 2005 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Administration Expenses 45,000 Gross Profit 4,60,000 Selling & Distribution Expenses 65,000 Loss by Fire 20,000 Net Profit 3,30,000 4,60,000 4,60,000

Working Notes:

Loss by Fire is a non-operating expense, thus, added to the net profit to arrive at operating profit.

#### Question 14:

Calculate operating profit from the following:

 ₹ Net Profit 5,00,000 Dividend Received 6,000 Loss on sale of Furniture 12,000 Loss by Fire 50,000 Salaries 1,20,000 Interest on Loan from Bank 10,000 Rent Received 24,000 Donation 5,100

Note: Salary being an operating expense was already taken into account while determining net profit, thus, it will be ignored now.

#### Question 15:

Question

 Balance Sheet as on March 31, 2012 Liabilities Amount (Rs) Assets Amount (Rs) Capital 3,32,300 Fixed Assets Add: Net Profit 57,200 Furniture & Fixtures 7,500 Less: Drawings 6,000 3,83,500 Motor Car 40,000 Loan 50,000 Building 1,50,000 Plant & Machinery 1,20,000 Current Liabilities Current Assets Creditors 61,300 Closing Stock 70,000 Bills Payable 3,200 Debtors 80,100 Bills Receivable 4,400 Investments 20,000 Cash at Bank 4,800 Cash in Hand 1,200 4,98,000 4,98,000

#### Question 16:

Question

 Trading Account for the year ended March 31, 2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 40,000 Sales 1,27,000 Purchases 60,000 Less: Sales Returns 1,500 1,25,500 Less: Purchases Returns 1,275 58,725 Closing Stock 35,000 Wages 10,000 Freight inwards 1,000 Gross Profit (Balancing Figure) 50,775 1,60,500 1,60,500

 Profit and Loss Account for the year ended March 31, 2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Discount Allowed 350 Gross Profit 50,775 Bank Charges 100 Discount Received 800 Salaries 7,000 Freight Outwards 1,200 Rent, Rates and Taxes 2,000 Advertisement 2,000 Net Profit 38,925 51,575 51,575

 Balance Sheet as on March 31, 2012 Liabilities Amount (Rs) Assets Amount (Rs) Capital 1,13,075 Fixed Assets Add: Net Profit 38,925 1,52,000 Plant & Machinery 90,000 Current Liabilities Current Assets Sundry Creditors 20,000 Sundry Debtors 45,000 Bills Payable 5,000 Cash at Bank 7,000 Closing Stock 35,000 1,77,000 1,77,000

#### Question 17:

Question

 Financial Statements of Sh. Damodar Parshad Trading Account  for the year ended March 31, 2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 10,000 Sales 98,650 Purchases 58,000 Less: Return Inwards 3,520 95,130 Less: Return Outwards 2,600 55,400 Closing Stock 22,000 Wages 2,000 Carriage on Purchase 2,360 Duty on Imported Goods 2,700 Gross Profit (Balancing Figure) 44,670 1,17,130 1,17,130

 Profit and Loss Account  for the year ended March 31, 2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Carriage on sales 710 Gross Profit 44,670 Office Salaries 4,800 Discount Received 750 Rent & Taxes 2,400 Commission 1,200 Bad Debts 600 Discount Allowed 640 Scooter Repairs 850 Commission 1,800 Interest on X’s Loan 1,500 Net Profit 33,320 46,620 46,620

 Balance Sheet as on March 31, 2010 Liabilities Amount (Rs) Assets Amount (Rs) Capital 40,000 Fixed Assets Add: Net Profit 33,320 Land & Building 20,000 Less: Drawings 6,000 67,320 Scooter 6,600 Loan from X 10,000 Current Liabilities Current Assets Creditors 5,600 Closing Stock 22,000 Bills Payable 3,000 Debtors 25,400 Creditors for Rent 500 Bills Receivable 3,500 Cash at bank 7,820 Cash in hand 1,100 86,420 86,420

#### Question 18:

Question

 Financial Statements of Sh. Badri Vishal Trading Account for the year ended March 31, 2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 18,000 Sales 1,80,000 Purchases 1,50,000 Less: Return Inwards 4,000 1,76,000 Less: Return Outwards 6,000 1,44,000 Closing Stock 15,000 Freight 8,500 Carriage Inwards 2,000 Power 2,200 Gross Profit (Balancing Figure) 16,300 1,91,000 1,91,000

 Profit and Loss Account for the year ended March 31, 2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Interest on Overdraft 1,500 Gross Profit 16,300 Rent & Taxes 7,000 Commission Received 2,200 Commission 3,000 Interest Received 800 Sundry Expenses 3,900 Net Loss (Balancing Figure) 22,200 Salaries & Wages 20,000 Insurance Premium 1,600 Carriage Outwards 800 Audit Fees 1,700 Lighting 2,000 41,500 41,500

 Balance Sheet as on March 31, 2012 Liabilities Amount (Rs) Assets Amount (Rs) Capital 1,28,200 Fixed Assets Less: Net Loss 22,200 Freehold Property 30,000 Less: Drawings* 11,800 94,200 Motor Vehicle 39,800 Typewriter 8,000 Current Liabilities Current Assets Creditors 17,800 Closing Stock 15,000 Bank Overdraft 15,000 Debtors 32,600 Cash in hand 1,600 1,27,000 1,27,000

*Drawings = Household Expenses + Life Insurance Premium = 10,000 + 1,800 = Rs 11,800

#### Question 19:

Question

 Financial Statement of Sh. Akhilesh Singh Trading Account for the year ended March 31,2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 30,000 Sales 3,45,800 Purchases 2,30,000 Less: Sales Return 12,500 3,33,300 Less: Purchases Return 15,200 2,14,800 Freight, Octroi and Carriage 26,000 Commission on Purchases 1,200 Wages & Salaries 10,800 Coal, Gas and Power 7,600 Custom Duty on Imported Goods 4,500 Gross Profit (Balancing Figure) 38,400 3,33,300 3,33,300

 Profit and Loss Account for the year ended March. 31, 2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Fire Insurance Premium 820 Gross Profit 38,400 Printing & Stationery 2,100 Interest on Investments 800 Postage & Telegram 710 Commission Received 4,400 Travelling Expenses 4,250 Discount Received 1,600 Depreciation 1,000 General Expenses 8,350 Commission 4,600 Interest on Loan 3,000 Net Profit 20,370 45,200 45,200

 Balance Sheet as on March 31, 2012 Liabilities Amount (Rs) Assets Amount (Rs) Capital 89,760 Fixed Assets Add: Net Profit 20,370 Goodwill 8,000 Less: Income tax 3,000 Business Premises 40,000 Less: Drawings 7,200 99,930 Patents 8,400 Loan on Mortgage 30,000 Horses and Carts 20,300 Current Liabilities Current Assets Creditors 26,700 Closing Stock 46,200 Banker’s Account 5,200 Debtors 26,100 Bills Payable 2,280 Cash in Hand 2,570 Bills Receivable 4,540 Investment 8,000 1,64,110 1,64,110

#### Question 20:

Question

 Trading Account  for the year ended March 31, 2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 23,500 Sales 1,30,000 Purchases 46,800 Less: Return Inwards 6,600 1,23,400 Less: Return Outwards 2,800 44,000 Closing Stock 36,500 Freight Inwards 1,100 Productive Expenses 27,000 Rent (1/3 of 7,500) 2,500 Gross Profit (Balancing Figure) 61,800 1,59,900 1,59,900

 Profit and Loss Account for the year ended March 31, 2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Freight Outwards 3,000 Gross Profit 61,800 Unproductive Wages 5,800 Discount Received 2,100 Trade Expenses 1,200 Misc. Receipts 500 Salaries 9,600 Bad Debts Recovered 4,000 Rent (2/3 of 7,500) 5,000 Legal Expenses 800 Donation 600 Bad Debts 4,750 Bank Charges 2,800 Interest on Loan 2,400 Net Profit 32,450 68,400 68,400

 Balance Sheet as on March 31, 2010 Liabilities Amount (Rs) Assets Amount (Rs) Capital 1,37,450 Fixed Assets Add: Net Profit 32,450 Trade Marks 5,000 Less: Drawings (Life Insurance Premium) 6,000 1,63,900 Fixed Deposit with PNB 10,000 Loan on Mortgage 20,000 Motor Vehicles 50,000 Leasehold Land 60,000 Current Liabilities Current Assets Sundry Creditors 16,100 Closing Stock 36,500 Sundry Debtors 30,000 Cash in Hand 1,300 Loose Tools 7,200 2,00,000 2,00,000

#### Question 21:

Arrange assets in the order of permanence:
Sundry Debtors, Stock, Investment, Land and Building, Cash in Hand, Motor Vehicle, Cash at Bank, Goodwill, Plant and Machinery, Furniture, Loose Tools, Marketable Securities.

Assets in the order of Permanence:

1. Goodwill
2. Land and Building
3. Plant and Machinery
4. Motor Vehicle
5. Loose Tools
6. Furniture
7. Investment (Long-term)
8. Stock
9. Sundry Debtors
10. Marketable Securities (Short-term)
11. Cash at Bank
12. Cash in Hand

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