Question 9:
From the following information, prepare Trading account for the year ended
31st March, 2022:
Adjusted Purchases `
5,50,000; Sales `
6,25,000; Freight and Carriage Inwards `
3,000; Wages `
7,000; Freight and Cartage Outwards `
2,500; Closing Stock `
50,000.
Answer:
|
Trading
Account for
the year ended March 31, 2022 |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
( `) |
Particulars |
( `) |
||
|
Purchase (Adjusted) |
5,50,000 |
Sales |
6,25,000 |
||
|
Freight and Carriage Inwards |
3,000 |
|
|
||
|
Wages |
7,000 |
|
|
||
|
Gross Profit (Balancing
Figure) |
65,000 |
|
|
||
|
|
6,25,000 |
|
6,25,000 |
||
|
|
|
|
|
||
|
|
|
|
|
|
|
Notes:
1. Freight and Carriage Outwards are indirect expenses, therefore it is not
recorded in the Trading Account.
2. Closing Stock (i.e. Rs 50,000) is not recorded in the Trading Account as it
is already adjusted in the amount of Adjusted Purchases.
Question 10:
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 93,000
Question 11:
From the following, prepare Profit and Loss Account of Sohan
Lal as it would appear in the 1st year that ended
31st March, 2022:
|
|
` |
|
` |
|
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, 2022 |
|||
|
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 12:
From the following information, prepare Profit and Loss Account for the year
ended 31st March, 2022:
|
|
` |
|
` |
|
Gross Profit |
1,20,000 |
Discount
Received |
6,000 |
|
Rent |
5,000 |
Printing and Stationery |
4,000 |
|
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 |
1,000 |
|
|
Answer:
|
Profit
and Loss Account for the year ended March 31, 2022 |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
( `) |
Particulars |
( `) |
|
Rent |
5,000 |
Gross Profit |
1,20,000 |
|
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 |
4,000 |
|
|
|
Legal Charges |
10,000 |
|
|
|
Bad Debts |
2,000 |
|
|
|
Loss by Fire |
6,000 |
|
|
|
Depreciation |
4,000 |
|
|
|
Net Profit (Balancing Figure) |
36,000 |
|
|
|
|
1,34,000 |
|
1,34,000 |
|
|
|
|
|
Note: `1,000 Input IGST after
adjusting against Output IGST will be shown on the asset side of the balance
sheet.
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