Question
9:
From the following figures, calculate Operating Profit:
|
|
` |
|
` |
|
Net Profit |
1,00,000 |
Rent Received |
10,000 |
|
Gain on Sale of Machine |
15,000 |
Interest on Loans |
20,000 |
|
Donation |
2,000 |
|
|
Answer:
Operating Profit=Net Profit−Rent Received−Gain on Sale of Machine+Interest on Loan+Donation
=1,00,000−10,000−15,000+20,000+2,000
=Rs 97,000
Question 10:
From the following, prepare Profit and Loss Account of Gurman
as it would appear in the 1st year that ended 31st March, 2024:
|
|
` |
|
` |
|
Salaries and Wages |
30,000 |
Advertising |
10,000 |
|
Commission
Paid |
2,000 |
Discount Allowed |
18,000 |
|
Postage and Courier |
1,500 |
Rent Received |
17,000 |
|
Insurance |
3,000 |
Interest on Investment |
15,000 |
|
Interest
Paid |
4,000 |
Bad Debts |
9,000 |
|
Carriage
Outwards |
5,000 |
Brokerage
Paid |
950 |
The Gross Profit was 45% of sales, which amounted to `
6,50,000.
Also, pass the Journal entries.
Answer:
|
Profit
and Loss Account for
the year ended March 31, 2024 |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
(Rs) |
Particulars |
(Rs) |
|
Salaries and Wages |
30,000 |
Gross Profit (6,50,000
× 45%) |
2,92,500 |
|
Commission Paid |
2,000 |
Rent Received |
17,000 |
|
Postage and Telegram |
1,500 |
Interest on Investments |
15,000 |
|
Insurance |
3,000 |
|
|
|
Interest Paid |
4,000 |
|
|
|
Carriage Outwards |
5,000 |
|
|
|
Advertising |
10,000 |
|
|
|
Discount Allowed |
18,000 |
|
|
|
Bad Debts |
9,000 |
|
|
|
Brokerage Paid |
950 |
|
|
|
Net Profit (Balancing Figure) |
2,41,050 |
|
|
|
|
3,24,500 |
|
3,24,500 |
|
|
|
|
|
Question 11:
From the following information, prepare Profit and Loss Account for the year ended 31st March, 2024:
|
|
` |
|
` |
|
Gross Profit |
1,30,000 |
Discount
Received |
6,000 |
|
Rent |
5,000 |
Printing and Stationery |
14,000 |
|
Salary |
35,000 |
Legal Charges |
10,000 |
|
Commission Paid |
19,000 |
Bad Debts |
2,000 |
|
Interest
on Loan |
5,000 |
Loss by Fire |
6,000 |
|
Advertisement |
8,000 |
Depreciation |
4,000 |
|
Interest Received |
8,000 |
Input IGST A/c |
2,000 |
|
Output IGST A/c |
2,000 |
|
|
Answer:
|
Profit
and Loss Account for the year ended March 31, 2024 |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
( `) |
Particulars |
( `) |
|
Rent |
5,000 |
Gross Profit |
1,30,000 |
|
Salary |
35,000 |
Interest Received |
8,000 |
|
Commission Paid |
19,000 |
Discount Received |
6,000 |
|
Interest on Loan |
5,000 |
|
|
|
Advertisement |
8,000 |
|
|
|
Printing and Stationery |
14,000 |
|
|
|
Legal Charges |
10,000 |
|
|
|
Bad Debts |
2,000 |
|
|
|
Loss by Fire |
6,000 |
|
|
|
Depreciation |
4,000 |
|
|
|
Net Profit (Balancing Figure) |
36,000 |
|
|
|
|
1,44,000 |
|
1,44,000 |
|
|
|
|
|
Note: `2,000 Input IGST after
adjusting against Output IGST will be shown on the asset side of the balance
sheet.
Question 12:
From the following particulars, prepare Balance Sheet as at 31st March, 2024:
|
|
Dr. ( `) |
Cr. ( `) |
|
Capital |
… |
5,00,000 |
|
Drawings |
44,000 |
… |
|
Debtors
and Creditors |
64,000 |
42,000 |
|
Cash
in Hand |
3,600 |
… |
|
Cash
at Bank |
72,000 |
… |
|
Plant |
1,00,000 |
… |
|
Furniture |
37,000 |
… |
|
Net
Profit |
… |
16,600 |
|
General
Reserve |
… |
10,000 |
|
Closing
Stock |
1,48,000 |
… |
|
Total |
5,68,600 |
5,68,600 |
|
|
|
|
Answer:
|
Balance
Sheet as
on March 31, 2024 |
||||
|
Liabilities |
( `) |
Assets |
( `) |
|
|
Capital |
5,00,000 |
|
Plant |
1,00,000 |
|
Less: Drawings |
(44,000) |
|
Furniture |
37,000 |
|
Add: Net Profit |
16,600 |
4,72,600 |
Closing Stock |
2,48,000 |
|
General Reserve |
10,000 |
Debtors |
64,000 |
|
|
Creditors |
42,000 |
Cash at Bank |
72,000 |
|
|
|
|
Cash in Hand |
3,600 |
|
|
|
5,24,600 |
|
5,24,600 |
|
|
|
|
|
|
|
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 18 – Financial Statements of a Sole Proprietorship