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Page No 19.38:

Question 1:

Question

Answer:

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
       



Page No 19.39:

Question 2:

Question

Answer:

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

Page No 19.39:

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

Answer:

Page No 19.39:

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.

Answer:

Page No 19.39:

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.

Answer:



Page No 19.40:

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    

Answer:

Page No 19.40:

Question 6:

Question

Answer:

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.

Page No 19.40:

Question 7(a):

Question

Answer:

Page No 19.40:

Question 7(b):

Question

Answer:

Page No 19.40:

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.

Answer:

Page No 19.40:

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

Answer:



Page No 19.41:

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.

Answer:

Gross Profit = 30% on Cost Let the Cost of Goods sold be 'x'Gross Profit = 30100xCost of Good Sold  = Sales  Gross Profit   x  =  19,50,000  30100x   x + 30100x = 19,50,000            100x + 30x100=19,50,000    x = 19,50,000 × 100130= Rs 15,00,000Cost of Good Sold  = Opening Stock + Net Purchases + Direct Expenses  Closing Stock               15,00,000 =  4,80,000 + 13,60,000 + 0  Closing Stock        Closing Stock  = 18,40,000  15,00,000                                = Rs 3,40,000

Page No 19.41:

Question 11:

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

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

Answer:

Gross Profit = 25% on Sales or 14 on Sales14 on Sales = 13rd on Cost Gross Profit = 13 × 4,50,000       = Rs 1,50,000Cost of Good Sold = Sales  Gross Profit                4,50,000 =  Sales  1,50,000          Sales = Rs 6,00,000 

Page No 19.41:

Question 12:

Question

Answer:

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
       

Page No 19.41:

Question 13:

Question

Answer:

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:

Operating Profit = Net Profit  Non-Operating Income + Non-Operating Expenses                           = 3,30,000  0 + 20,000                           = Rs 3,50,000 
Loss by Fire is a non-operating expense, thus, added to the net profit to arrive at operating profit.



Page No 19.42:

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

Answer:

Operating Profit = Net Profit  Non-Operating Income + Non-Operating ExpensesNon-Operating Income = Dividend Received + Rent Received                                    = 6,000 + 24,000                                    = 30,000Non-Operating Expenses = Loss on Sale of Furniture + Loss by Fire + Interest on Loan + Donation                                        = 12,000 +​ 50,000 + 10,000 + 5,100                                        = Rs 77,100 Operating Profit = 5,00,000  30,000 + 77,100                               = Rs 5,47,100 

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

Page No 19.42:

Question 15:

Question

Answer:

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
       

Page No 19.42:

Question 16:

Question

Answer:

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
       



Page No 19.43:

Question 17:

Question

Answer:

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
       



Page No 19.44:

Question 18:

Question

Answer:

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

Page No 19.44:

Question 19:

Question

Answer:

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
       



Page No 19.45:

Question 20:

Question

Answer:

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
       



Page No 19.46:

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.

Answer:

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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