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#### Question 1:

Prepare a Trading Account from the following particulars for the year ended 31st March 2017:-

 Particulars (₹) Particulars (₹) Opening Stock 2,50,000 Purchases Returns 22,000 Purchases 7,00,000 Sales Return 36,000 Sales 18,00,000 Gas, Fuel and Power 75,000 Wages 2,06,000 Dock Charges 8,000 Carriage Inward 34,000 Factory Lighting 96,000 Carriage Outward 20,000 Office Lighting 5,000 Manufacturing Expenses 2,48,000

Closing Stock is valued at ₹ 6,00,000.

 Trading Account  for the year ended March 31,2017 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(A):

From the following information, prepare the Trading Account for the year ended 31st March, 2017:
Adjusted Purchases ₹ 15,00,000; Sales ₹ 21,40,000; Returns Inwards ₹ 40,000; Freight and Packing ₹ 15,000; Packing Expenses on Sales ₹ 20,000; Depreciation ₹ 36,000; Factory Expenses ₹ 60,000; Closing Stock ₹ 1,20,000.

 Trading Account  for the year ended March 31, 2017 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 2(B):

Calculate Gross Profit from the following information:

 ₹ Closing Stock 70,000 Wages 40,000 Salary 30,000 Sales 6,88,000 Adjusted Purchase 5,50,000

 Financial Statement of…. Trading Account  for the year ended … Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Adjusted Purchase 5,50,000 Sales 6,88,000 Wages 40,000 Gross Profit (Balancing Figure) 98,000 6,88,000 6,88,000

Note:

As adjusted purchases is given, it means opening and closing stock are already adjusted. So, these two stocks will not be considered while calculating Gross Profit.

#### Question 3(A):

Calculate cost of goods sold from the following:

 ₹ ₹ Opening Stock 40,000 Wages & Salaries 10,000 Net Purchases 50,000 Rent Paid 15,000 Net Sales 1,90,000 Closing Stock 15,000

Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses – Closing Stock

Cost of Goods Sold = 40,000 + 50,000 + 10,000 – 15,000 = ₹ 85,000

#### Question 3(B):

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(a):

Calculate gross profit and cost of goods sold from the following information:
Net Sales ₹ 8,00,000
Gross Profit is 40% on Sales

#### Question 6(b):

Calculate gross profit and cost of goods sold from the following information:

 Net Sales ₹ 12,000 Gross Profit $33\frac{1}{3}%$ on Sales

#### Question 7:

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 8:

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 Gross Profit 40% on Sales

#### Question 9:

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 10:

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

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

#### Question 11:

Prepare Profit and Loss Account for the year ended 31st March, 2017 from the following particulars:-

 Particulars (₹) Particulars (₹) General expenses 12,000 Gross profit 7,69,000 Charity 3,000 Carriage Outwards 20,000 Office Lighting 5,000 Office Expenses 16,000 Law Charges 5,800 Fire Insurance Premium 18,000 Advertisement 14,200 Telephone Expenses 13,500 Bank charges 1,200 Establishment expenses 2,500 Commission 7,000 Miscellaneous Expenses 7,100 Rent, Rates and Taxes 30,000 Discount Received 6,200 Interest on investments 12,000 Traveller's salary 60,000 Sundry Receipts 6,000 Repair 4,300 Indirect expenses 2,100 Commission Cr. 2,000 Printing and Stationery 1,500

 Profit and Loss Account for the year ended March 31, 2017 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 12:

Calculate the amount of gross profit, operating profit and net profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.

 ₹ Opening Stock 50,000 Net Sales 11,00,000 Net Purchases 6,00,000 Direct Expenses 60,000 Administration Expenses 45,000 Selling and Distribution Expenses 65,000 Loss due to Fire 20,000 Closing Stock 70,000

 Financial Statement of M/s Rajiv & Sons Trading Account  for the year ended March 31, 2017 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 March 31, 2017 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 13:

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 14:

A merchant has earned a Net Profit of ₹ 57,200 for the year ended 31st March, 2017. Other balances in his Ledger are as under:-

 Dr. Balances (₹) Cr. Balances (₹) Cash at Bank 4,800 Bills Payable 3,200 Cash in Hand 1,200 Creditors 61,300 Furniture and Fixtures 7,500 Loan 50,000 Debtors 80,100 Capital 3,32,300 Closing Stock 70,000 Motor Car 40,000 Building 1,50,000 Plant and Machinery 1,20,000 Bills Receivable 4,400 Investments 20,000 Drawings 6,000

Prepare his Balance Sheet as at 31st March, 2017.

 Balance Sheet as on March 31, 2017 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 15:

The Trial Balance shows the following balances as at 31st March, 2017:-

 Dr. Balances (₹) Cr. Balances (₹) Purchases 60,000 Capital 1,13,075 Sales Returns 1,500 Sales 1,27,000 Plant and Machinery 90,000 Purchases Returns 1,275 Opening Stock 40,000 Discount Received 800 Discount Allowed 350 Sundry Creditors 20,000 Bank Charges 100 Bills Payable 5,000 Sundry Debtors 45,000 Salaries 7,000 Wages 10,000 Freight : In 1,000 Freight : Out 1,200 Rent, Rates and Taxes 2,000 Advertisements 2,000 Cash at Bank 7,000 2,67,150 2,67,150

Closing Stock was valued at ₹ 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2017 and Balance Sheet as at that date.

 Trading Account for the year ended March 31, 2017 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, 2017 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, 2017 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 16:

Following is the Trial Balance of Sh. Damodar Parshad as at 31st March, 2016:-

 Dr. Balances (₹) Cr. Balances (₹) Stock 1-4-2015 10,000 Discount Received 750 Purchases 58,000 Return Outwards 2,600 Wages 4,700 Sales 98,650 Returns Inwards 3,520 B/P 3,000 Carriage on Purchases 2,360 Sundry Creditors 5,600 Carriage on Sales 710 Creditors for Rent 500 Office Salaries 4,800 Capital 40,000 Rent and Taxes 2,400 Loan from X 10,000 Cash 1,100 Commission 1,200 Bank Balance 7,820 Bad-debts 600 Discount allowed 640 Land and Building 20,000 Scooter 6,600 Scooter Repairs 850 B/R 3,500 Commission 1,800 Sundry Debtors 25,400 Interest on X's Loan 1,500 Drawings 6,000 1,62,300 1,62,300

Prepare a Trading and Profit and Loss Account for the year ended on 31-3-2016 and the Balance Sheet as at that date. The Stock on 31st March, 2016 was ₹ 22,000.

 Financial Statements of Sh. Damodar Parshad Trading Account  for the year ended March 31, 2016 Dr. Cr. Particulars Amount (₹) Particulars Amount (₹) 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 4,700 Carriage on Purchase 2,360 Gross Profit (Balancing Figure) 44,670 1,17,130 1,17,130

 Profit and Loss Account  for the year ended March 31, 2016 Dr. Cr. Particulars Amount (₹) Particulars Amount (₹) 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, 2016 Liabilities Amount (₹) Assets Amount (₹) 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 17:

From the following balances extracted from the books of Sh. Badri Vishal on 31st March, 2017, prepare a Trading Account, P & L A/c and a Balance Sheet. Closing Stock valued on that date was ₹ 15,000.

 Dr. (₹) Cr. (₹) Capital 1,28,200 Household Expenses 10,000 Sales 1,80,000 Return inwards 4,000 Return outwards 6,000 Purchases 1,50,000 Cash at Shop 1,600 Bank Overdraft 15,000 Interest on Overdraft 1,500 Creditors 17,800 Stock at the Commencement 18,000 Freight 8,500 Rent and Taxes 7,000 Debtors 32,600 Commission 3,000 2,200 Freehold property 30,000 Sundry expenses 3,900 Salaries and wages 20,000 Life Insurance Premium 1,800 Insurance Premium 1,600 Motor Vehicle 39,800 Typewriter 8,000 Interest 800 Carriage inwards 2,000 Carriage outwards 800 Power 2,200 Audit Fee 1,700 Lighting 2,000 3,50,000 3,50,000

 Financial Statements of Sh. Badri Vishal Trading Account for the year ended March 31, 2017 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, 2017 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, 2017 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 18:

From the following balances of the Ledger of Sh. Akhileshwar Singh, prepare Trading and Profit & Loss Account and Balance Sheet :-

 Dr. ₹ Cr. ₹ Stock on 1-4-2016 30,000 Stock on 31-3-2017 46,200 Purchases and Sales 2,30,000 3,45,800 Returns 12,500 15,200 Commission on Purchases 1,200 Freight and Carriage 26,000 Wages and Salary 10,800 Fire Insurance Premium 820 Business Premises 40,000 Sundry Debtors 26,100 Sundry Creditors 26,700 Goodwill 8,000 Patents 8,400 Coal, Gas and Power 12,100 Printing and Stationery 2,100 Postage 710 Travelling Expenses 4,250 Drawings 7,200 Depreciation 1,000 General Expenses 8,350 Capital 89,760 Investments 8,000 Interest on Investments 800 Cash in Hand 2,570 Banker's Account 5,200 Commission 4,600 4,400 Loan on Mortgage 30,000 Interest on Loan 3,000 B/P 2,280 B/R 4,540 Income Tax 3,000 Horses and Carts 20,300 Discount on Purchases 1,600 5,21,740 5,21,740

 Financial Statement of Sh. Akhilesh Singh Trading Account for the year ended March 31,2017 Dr. Cr. Particulars Amount (₹) Particulars Amount (₹) 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 and Carriage 26,000 Commission on Purchases 1,200 Wages & Salaries 10,800 Coal, Gas and Power 12,100 Gross Profit (Balancing Figure) 38,400 3,33,300 3,33,300

 Profit and Loss Account for the year ended March. 31, 2017 Dr. Cr. Particulars Amount (₹) Particulars Amount (₹) 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, 2017 Liabilities Amount (₹) Assets Amount (₹) 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 19:

From the following balances prepare Final Accounts as at 31st March 2017:-

 Particulars (₹) Particulars (₹) Stock 1-4-2016 23,500 Freight In 1,100 Purchases 46,800 Freight Out 3,000 Sales 1,30,000 Rent (Factory 1/3, Office 2/3) 7,500 Productive Expenses 27,000 Legal Expenses 800 Unproductive Expenses 5,800 Miscellaneous Receipts 500 Trade Expenses 1,200 Sundry Debtors 30,000 Returns In 6,600 Sundry Creditors 16,100 Returns Out 2,800 Donation 600 Loose Tools 7,200 Bad-Debts 4,750 Trade Marks 5,000 Bad-Debts Recovered 4,000 Discount Cr. 2,100 Bank Charges 2,800 Salaries 9,600 Loan on Mortgage 20,000 Fixed Deposit with Punjab National Bank 10,000 Interest on Loan 2,400 Cash in Hand 1,300 Motor Vehicles 50,000 Leasehold Land 60,000 Capital 1,37,450 Life Insurance Premium 6,000

Value of Closing Stock was ₹ 36,500 on 31st March, 2017.

 Trading Account  for the year ended March 31, 2017 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, 2017 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, 2017 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 20:

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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