Question 5:
Ascertain Gross Profit from the following:
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|
` |
|
` |
|
Opening Stock |
2,00,000 |
Carriage on Sales |
30,000 |
|
Closing
Stock |
1,80,000 |
Office Rent |
58,000 |
|
Purchases |
8,50,000 |
Sales |
14,07,000 |
|
Carriage on Purchases |
23,000 |
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|
Answer:
|
Trading Account |
|||
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Dr. |
|
Cr. |
|
|
Particulars |
(Rs) |
Particulars |
(Rs) |
|
Opening Stock |
2,00,000 |
Sales |
14,07,000 |
|
Purchases |
8,50,000 |
Closing Stock |
1,80,000 |
|
Carriage on Purchases |
23,000 |
|
|
|
Gross Profit (Balancing
Figure) |
5,14,000 |
|
|
|
|
15,87,000 |
|
15,87,000 |
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|
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|
Note: Carriage
on Sales and Office Rent are the Indirect Expenses, therefore, these are not
considered to compute the amount of Gross Profit.
Question 6:
From the following information, prepare Trading Account for the year ended
31st March, 2022:
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` |
|
` |
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Stock on 1st April, 2018 |
40,000 |
Returns
Outward |
80,000 |
|
Purchases |
4,00,000 |
Wages and Salaries |
50,000 |
|
Sales |
3,80,000 |
Returns Inward |
20,000 |
|
Carriage
Inwards |
20,000 |
Stock on 31st March, 2022 |
1,30,000 |
Net Realisable Value (Market Value) of stock as on
31st March, 2022 was `
1,20,000.
Answer:
|
Trading
Account for
the year ended March 31, 2022 |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
( `) |
Particulars |
( `) |
||||
|
Opening Stock |
40,000 |
Sales |
3,80,000 |
|
|||
|
Purchases |
4,00,000 |
|
Less: Return Inwards |
(20,000) |
3,60,000 |
||
|
Less: Return Outwards |
(80,000) |
3,20,000 |
Closing Stock |
1,20,000 |
|||
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Carriage Inwards |
20,000 |
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|
||||
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Wages and Salaries |
50,000 |
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|
||||
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Gross Profit (Balancing
Figure) |
50,000 |
|
|
||||
|
|
4,80,000 |
|
4,80,000 |
||||
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||||
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Note: Closing
Stock is taken at its Market Price (i.e. Rs 1,20,000)
instead of its Cost (i.e. Rs 1,30,000). This is because, as per Principle of
Conservatism, Closing stock is taken at Cost or Market Price whichever is less.
Question 7:
From the following information, prepare Trading Account for the year ended
31st March, 2022:
Adjusted Purchases `
6,60,000; Sales `
7,44,000; Closing Stock `
50,400; Freight and Carriage Inwards `
3,600; Wages `
6,000; Freight and Cartage Outwards `
2,000.
Answer:
|
Trading
Account for
the year ended March 31, 2022 |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
( `) |
Particulars |
( `) |
||
|
Purchase (Adjusted) |
6,60,000 |
Sales |
7,44,000 |
||
|
Freight and Carriage Inwards |
3,600 |
|
|
||
|
Wages |
6,000 |
|
|
||
|
Gross Profit (Balancing
Figure) |
74,400 |
|
|
||
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|
7,44,000 |
|
7,44,000 |
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Notes:
1. Freight and Carriage Outwards are indirect expenses, therefore it is not
recorded in the Trading Account.
2. Closing Stock (i.e. Rs 50,400) is not recorded in the Trading Account as it
is already adjusted in the amount of Adjusted Purchases.
Question 8:
Following balances appear in the Trial Balance of a firm as on 31st March, 2022:
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|
|
` |
|
Opening
Stock: |
Raw
Material |
80,000 |
|
|
Finished
Goods |
1,40,000 |
|
Purchases |
|
3,60,000 |
|
Sales |
|
7,00,000 |
|
Returns: |
Purchases |
10,000 |
|
|
Sales |
6,000 |
|
Wages |
|
1,30,000 |
|
Factory
Expenses |
|
90,000 |
|
Freight: |
Inwards |
20,000 |
|
|
Outwards |
30,000 |
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At
the end of the accounting period, stock was: |
|
|
|
Raw
Materials |
|
70,000 |
|
Work-in-Process |
|
20,000 |
|
Finished
Goods |
|
1,10,000 |
Prepare Trading Account of the firm.
Answer:
|
Financial
Statement of…. |
|||||||
|
Trading
Account for
the year ended March 31,2022 |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
( `) |
Particulars |
( `) |
||||
|
Opening Stock |
|
Sales |
7,00,000 |
|
|||
|
Raw Materials |
80,000 |
|
Less: Return Inwards |
6,000 |
6,94,000 |
||
|
Finished Goods |
1,40,000 |
2,20,000 |
Closing
Stock |
|
|||
|
Purchases |
3,60,000 |
|
Raw Materials |
70,000 |
|
||
|
Less: Return Outwards |
10,000 |
3,50,000 |
Work-in-Progress |
20,000 |
|
||
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Freight Inwards |
20,000 |
Finished Goods |
1,10,000 |
2,00,000 |
|||
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Wages |
1,30,000 |
|
|
||||
|
Factory Expenses |
90,000 |
|
|
||||
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Gross Profit (Balancing
Figure) |
84,000 |
|
|
||||
|
|
8,94,000 |
|
8,94,000 |
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Note: Freight outwards is an indirect expense. It will be recorded in Profit & Loss A/c.
Click below for more Questions
Ts Grewal Solution 2022-2023
Class 11th
Chapter 18 – Financial Statements of a Sole Proprietorship
Question No. 1 To 4
Question No. 5 To 8
Question No. 9 To 12
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11th TS Grewal’s Accountancy Solutions