{"id":23337,"date":"2023-03-21T12:24:42","date_gmt":"2023-03-21T06:54:42","guid":{"rendered":"https:\/\/ncertsolutions.guru\/?p=23337"},"modified":"2023-03-21T17:03:26","modified_gmt":"2023-03-21T11:33:26","slug":"ncert-solutions-for-class-11-accountancy-chapter-9","status":"publish","type":"post","link":"https:\/\/ncertsolutions.guru\/ncert-solutions-for-class-11-accountancy-chapter-9\/","title":{"rendered":"NCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statements 1"},"content":{"rendered":"

Detailed, Step-by-Step NCERT Solutions for 11 Accountancy<\/a> Chapter 9 Financial Statements 1 Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation.<\/p>\n

Financial Statements 1 NCERT Solutions for Class 11 Accountancy Chapter 9<\/h2>\n

Financial Statements 1 Questions and Answers <\/span>Class 11 Accountancy Chapter 9<\/h3>\n

Test Your Understanding -I<\/span><\/p>\n

I. State True or False :<\/p>\n

(i) Gross profit is total revenue.
\n(ii) In trading and profit and loss account, opening stock appears on the debit side because it forms the part of the cost of sales for the current accounting year.
\n(iii) Rent, rates and taxes is an example of direct expenses.
\n(iv) If the total of the credit side of the profit and loss account is more
\nAnswer:
\n(i) True
\n(ii) True
\n(iii) False
\n(iv) True<\/p>\n

\"NCERT<\/p>\n

II. Match the items given under \u2018A\u2019 with the correct items under B\u2019:<\/p>\n

A – B<\/p>\n

(i) Closing stock is credited to — (a) Trial balance
\n(ii) Accuracy of book of account is tested by — (b) Trading account
\n(iii) On returning the goods to seller, the buyer sends — (c) Credit note
\n(iv) The financial position is determined by — (d) Balance sheet by
\n(v) On receiving the returned goods from the buyer, the seller sends — (e) Debit note from the buyer, the seller sends
\nAnswer:
\n(i) (b) Trading account
\n(ii) (a) Trial balance
\n(iii) (e) Debit note
\n(iv) (d) Balance sheet
\n(v) (c) Credit note<\/p>\n

Test Your Understanding -II<\/span><\/p>\n

Choose the correct option in the following questions :
\n1. The financial statements consist of:
\n(i) Trial balance
\n(ii) Profit and Loss account
\n(iii) Balance sheet
\n(iv) (i) & (iii)
\nAnswer:
\n(iv) (i) & (iii)<\/p>\n

2. ‘ Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:
\n(i) Operating Profit, Net Profit, Gross Profit
\n(ii) Operating Profit, Gross Profit, Net Profit
\n(iii) Gross Profit, Operating Profit, Net Profit
\n(iv) Gross Profit, Net Profit, Operating Profit
\nAnswer:
\n(iii) Gross Profit, Operating Profit, Net Profit<\/p>\n

3. While calculating operating profit, the following are not taken into account.
\n(i) Normal transactions
\n(ii) Abnormal items
\n(iii) Expenses of a purely financial nature
\n(iv) (ii) & (iii)
\n(v) (i) & (iii)
\nAnswer:
\n(iii) Expenses of a purely financial nature<\/p>\n

4. Which of the following is correct: ‘
\n(i) Operating profit = Operating profit – Non-operating expenses – Non-operating incomes
\n(ii) Operating profit = Net profit + Non-operating expenses + Non-operating incomes
\n(iii) Operating profit = Net profit + Non-operating expenses – Non-operating incomes
\n(iv) Operating profit = Net profit – Non-operating expenses + Non-operating incomes
\nAnswer:
\n(iii) Operating profit = Net profit + Non-operating expenses – Non-operating incomes<\/p>\n

Short Answer Type Questions<\/span><\/p>\n

Question 1.
\nWhat are the objectives of preparing financial statements?
\nAnswer:
\nWhen the business enterprise satisfy itself with the agreement of trial balance, then they proceeds to prepare the financial statement for their business. Now they are interested to know whether they have earned profit or incurred losses during the accounting period.<\/p>\n

They also want to ascertain the business position at the end of the accounting period. For this purpose they prepare financial statements which are also called Final accounts. It is the last phase of accounting process. In our system of accounting, financial statements include Balance Sheet, Trading Account, Profit and Loss Account and explanatory schedules and notes.<\/p>\n

The main objectives of financial statement r\u00a7 to communicate financial position and performance of the business entities to the users of accounts. Financial position of a business entity is indicated through Balance Sheet and performance is indicated through Trading and Profit and Loss Account. ‘<\/p>\n

\"NCERT<\/p>\n

Main Objectives :
\n(1) To determine profit or loss of business.
\n(2) To know the financial position of business.
\n(3) To get information by the management from financial statement to plan and control business operations.
\n(4) To ascertain the earning capacity and growth aspects of the business.
\n(5) To know the solvency of the business.
\n(6) To determine the tax liability.<\/p>\n

Question 2.
\nWhat is the purpose of preparing trading and profit and loss account?
\nAnswer:
\nTrading Account – Trading Account is the first part of the financial statements. The trading account is designed to show the gross profit on sale of goods. The trading account contains the transactions of the trader relating to the commodities in which he deals, throughout the accounting period. All expenses either related to purchase of raw material or production or manufacturing are charged to the Trading A\/c i.e. Debited to Trading A\/c.<\/p>\n

It is prepared to find out Gross Profit or Gross Loss. If the sales are more than purchases and expenses the result is Gross Profit and vice-versa. Its main components are sales, services rendered and cost of such sales or services rendered. Trading account provides the data for comparison, analysis and planning for future growth.<\/p>\n

The main purpose for preparing trading account are following :
\n(1) It gives the information about the Gross Profit. Figures of different years compared and plans for future growth.
\n(2) Ratio of different materials or items with the Gross Profit helps businessman to improve its administration.
\n(3) Comparison of cost of goods sold with sales help trader to ascertain the price of the goods.
\n(4) Precautionary measure can be taken to avoid possible losses by analysing the items of direct expenses.<\/p>\n

Profit and Loss Account – Profit and Loss Account is the second part of the financial statement. Businessman is more interested in knowing his net income or net profit, which increases the owner’s equity. Net profit represents the excess of gross profit plus other revenue income over indirect expense.<\/p>\n

These indirect expenses are not shown in the trading account. In the debit side of Profit and Loss Account the indirect expenses are shown whereas in the credit side revenue incomes. If the debit side is less than credit side, it would be net profit and if the credit side is less than debit side it would be net loss.<\/p>\n

\u2018A Profit and Loss Account is an account into which all gains and losses are collected in order to ascertain the excess of gain over the losses or vice-versa.” – Prof. Carter
\nThe main purpose for preparing profit and loss account are following:
\n(1) To ascertain the net profit of business at the end of the accounting period.
\n(2) To compare the net profit of business of different years.
\n(3) To plan to increase the net profit of business.
\n(4) Proper allocation of net profit among the partners or parties interested in business.<\/p>\n

Question 3.
\nExplain the concept of cost of goods sold?
\nAnswer:
\nCost of goods sold = Opening stock + Net purchases + Direct expenses – Closing stock.
\nCost of goods sold implies what is the cost of goods sold during the year. It include only the direct expenses, not the indirect expenses. It is that cost which include the cost of raw materials and all the direct expenses like factory rent, wages, carriage, freight inward etc. It is also ascertained by following method :
\nCost of goods sold = Net sales – Gross profit<\/p>\n

Cost of goods sold include :
\nOpening stock that refers the closing stock of previous year.
\nNet purchases – This refers to the goods or raw materials purchased for resale or for manufacture. It include both cash and credit purchases. It can be ascertained by deducting purchase returns from the total purchases. It does not include the purchase of assets. It only include the purchase of goods for the purpose of resale.<\/p>\n

Direct expenses – Direct expenses are those expenses which are incurred on the goods purchased till they are brought to the place of business for sale. For example wages, wages and salary, power, factory rent, freight inward, import duty, power and fuel, carriage, carriage inward etc.<\/p>\n

\"NCERT<\/p>\n

Closing stock – The stock of goods remained unsold during the year. It means only raw material or unsold finished’ goods of those things which are traded by the firm.<\/p>\n

Net sales – Net sales is sales returns deducted from the total sale. Cost of goods sold helps the trader to ascertain the price of goods and to plan to reduce them to increase his gross profit.<\/p>\n

Question 4.
\nWhat is a balance sheet? What are its characteristics?
\nAnswer:
\nBalance Sheet : The statement of assets and liabilities is known as Balance Sheet. It is a statement which sets out the assets, liabilities and capital of an entity as at a certain date. It is prepared as at a certain date and not for a period. It is prepared after the preparation of Profit and Loss Account. The total of the assets side must be equal to the total of the liabilities side i.e. the two sides of the Balance Sheet must be equal. If they are not equal, there is certainly an error somewhere.<\/p>\n

\u201cA Balance Sheet is an itemised list of the assets, liabilities and proprietorship of a business of on individual at a certain date.\u2019’ – Freeman<\/p>\n

\u201cBalance Sheet is a screen picture of the financial position of a going business at a certain moment.\u201d – Francis R. Stead<\/p>\n

\u201cA list of balances in the assets and liability accounts. This list depicts the position of assets and liabilities of a specific business at a specific point of time.\u201d<\/p>\n

– Committee on Terminology of American Institute of Certified Public Accountant (AICPA) . It is the report about the properties owned by the enterprise and the claims of the creditors and owner against these properties. Thus, Balance Sheet is a statement prepared with a view to measure the exact fianancial position of a business on a certain date. \u201e Characteristics of Balance Sheet<\/p>\n

(1) Statement not an account – The balance sheet is a statement and not an account. It has no debit or credit side and as such the words \u2018To\u2019 and \u2018By\u2019 are not used before the names of the account written therein. It is part of final accounts and prepared with the help of accounts. Yet it is not an account but a statement.<\/p>\n

(2) Prepared on a particular date – Balance Sheet is prepared on a particular date. It shows the position at that date and not for a period.<\/p>\n

(3) Summary of personal and real accounts – A balance sheet is a summary of the personal and real accounts. Debit of all personal and real accounts are transferred to the assets side and the credit balance of all personal and real accounts are transferred to the liabilities side.<\/p>\n

(4) Total of both side should be equal-The totals of liabilities and assets always are equal. If total are not equal, there must be some error.<\/p>\n

(5) Financial position of the business – It shows the financial position of the business concern.<\/p>\n

(6) What firm own and owes – It shows what the firm owes to outsiders and also what others owe to the firm.<\/p>\n

\"NCERT<\/p>\n

Question 5.
\nDistinguish between capital and revenue expenditure and state whether the following statements are items of capital or revenue expenditure :
\n(a) Expenditure incurred on repairs and white washing at the time of purchase of an old building in order to make it usable.
\n(b) Expenditure incurred to provide one more exit in a cinema hall in compliance with government order.
\n(c) Registration fees paid at the time of purchase of a building.
\n(d) Expenditure incurred in the maintenance of a tea garden which will produce tea after four years.
\n(e) Depreciation charged on a plant.
\n(f) The expenditure incurred in erecting a platform on which a machine will be fixed.
\n(g) Advertising expenditure, the benefits of which will last four years.
\nAnswer:
\nCapital expenditure consists of expenditure the benefit of which is not fully utilized in one accounting period but spread over several periods. It is the amount spent by an enterprise on purchase of fixed assets that are used in the business to earn income and are not intended for resale. Any expenditure which is undertaken for the purpose of increasing profits either
\n(i) by way of increasing earning capacity or
\n(ii) by decreasing cost.
\nRevenue expenditure consists of expenditure which are incurred in one accounting period, the benefit of which is consumed in the same period. It is the amount spent on running of a business. Those expenditure which are not capital expenditure are known as revenue expenditure. They are incurred to maintain the earning capacity of the business, whereas capital expenditure are incurred for improving the earning capacity of the business.
\nThe distinction between Capital Expenditure and Revenue Expenditure<\/p>\n\n\n\n\n\n\n\n\n
Basis\u00a0<\/strong><\/td>\nCapital Expenditure<\/strong><\/td>\nRevenue Expenditure<\/strong><\/td>\n<\/tr>\n
1. Earning Capacity<\/td>\nit increases the earning capacity of business.<\/td>\nIt is incurred to maintain the earning capacity of business.<\/td>\n<\/tr>\n
2. Recurring\/Non\u00adrecurring<\/td>\nIt is non-recurring by nature.<\/td>\nIt is recurring by nature.<\/td>\n<\/tr>\n
3. Purpose<\/td>\nIt is incurred to acquire fixed assets for the operation of business.<\/td>\nIt is incurred to conduct day to day business.<\/td>\n<\/tr>\n
4. Time of Benefit<\/td>\nIt benefits more than one accounting\u00a0 ear.<\/td>\nit normally benefits one accounting year.<\/td>\n<\/tr>\n
5. Depiction<\/td>\nIt is shown in the Balance Sheet.<\/td>\nit is shown in the Trading and Profit and l.oss Account.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

(a) Expenditure incurred on repairs and white washing at the time of purchase of an old building in ordertomake it usable. Capital Expenditure
\n(b) Expenditure incurred to provide one more exit in a cinema hall in compliance with government order. Capital Expenditure
\n(c) Registration fees paid at the time of purchase of a building.
\nCapital Expenditure
\n(d) Expenditure incurred in the maintenance of a tea garden which will produce tea after four years. Capital Expenditure
\n(e) Depreciation charged on a plant. Revenue Expenditure
\n(f) The expenditure incurred in erecting a platform on which a machine will be fixed. Capital Expenditure
\n(g) Advertising expenditure, the benefits of which will last four years. Deferred Revenue Expenditure<\/p>\n

\"NCERT<\/p>\n

Question 6.
\nWhat is an operating profit?
\nAnswer:
\nOperating Profit (EBIT) – Profit earned through the normal operations i.e. dealing with business only not any other activity. Operating profit is the excess of operating revenue over operating expenses.<\/p>\n

It is arrived at by deducting the operating e.penses from gross profit. Operating expenses are those expenses which are related to the main activities of the business. They include office and administrative expenses and selling and distribution expenses, discount etc.
\nOperating Profit = Net Sales – Operating Cost = Net Sales – (Cost of goods sold + Administration and office expenses + Selling and distribution Expenses)
\nOr
\nOperating Profit = Net Profit + Non-operating Expenses – Non-operating Incomes
\nWhere Net Sales = Cash Sales + Credit Sales – Sales Return<\/p>\n

Long Answer Type Questions<\/span><\/p>\n

Question 1.
\nWhat are financial statements? What information do they provide?
\nAnswer:
\nMeaning of financial statements – Financial statements are those statements which reports the profitability and the financial position of the business at the end of the accounting period. At the end of the accounting period, financial statements are prepared to determine profit or loss and to know the financial position of the business. The statements are presented to users of accounting information for decision making.<\/p>\n

The term financial statements includes at least two basic statements which are as under :
\n(i) Income statement (or Trading and Profit and Loss Account) which shows results of business operations during the accounting period and<\/p>\n

(ii) Statement of financial position (or Balance Sheet) which shows financial position of an enterprise at a specified point of time.<\/p>\n

Preparation of financial statements is the last phase of the accounting process. \u2018The financial statements provide a summary of the accounts of a business enterprise, the balance sheet reflecting the assets, liabilities and capital as on a certain date and the income statement, showing the result of operations during a certain period.\u2019’ – John N. Myer<\/p>\n

When the business enterprise satisfy itself with the agreement of Trial Balance, then they proceeds to prepare the financial statements for their business. The main objective of financial statement is to communicate financial position and performance of the business entities to the user of accounts. Financial position of a business entity is indicated through Balance Sheet and performance is indicated through Trading and Profit and Loss Account. They help to ascertain the profit and loss occurring during the accounting period and the financial position of the business.<\/p>\n

Information provided by the financial statement to the different users:
\n(1) Management – The financial statements help the management in assessing the profitability of various activities and various departments. On their basis, the management can review the progress of the business and take decisions for controlling the non-profitable activities.<\/p>\n

(2) Investors – Shareholders or proprietors of the business are not generally involved in day-to-day working, they come to know the results of operations and financial position of the business only through the financial statements. They can assess the short-term and long-term financial soundness and earning capacity of the business with the help of financial statements.<\/p>\n

\"NCERT<\/p>\n

(3) Potential Investors – Financial statements help them to know financial position, earning capacity and its prospects for growth of the business. Financial statements help them in making an assessment about how safe their investments will be.<\/p>\n

(4) Short-term Creditors – Financial statements help them to assess whether the enterprise will be able to pay their debts when they fall due and may decide to extend, maintain or restrict the credit allowed to the enterprise.<\/p>\n

(5) Long-term Creditors – Financial statements provide information to them about (i) whether enterprise will be able to pay the interests consistently and (ii) whether the company will be able to pay their debts when due. On this basis they may also decide to extend, maintain or restrict the loans extended to the enterprise.<\/p>\n

(6) Government – Financial statements provide information to Government to study the profit margins of various industries to announce or withdraw various concessions and to increase or decrease the excise duty. It also give information to regulate the activities of the enterprise, determine policy, compilation of national income statistics.<\/p>\n

(7) Employees – Financial statements gives information about the profit earned by the enterprises so that they can judge as to how much bonus and increase in their wages.<\/p>\n

(8) Tax Authorities – Financial statements provides information to the Income Tax Authorities and Sales Tax Authorities about the income earned and sale of the enterprises respectively. It helps them to assessment of the Income Tax and Sales Tax.<\/p>\n

Question 2.
\nWhat are the closing entries? Give four examples of closing entries?
\nAnswer:
\nClosing entries – The preparation of trading and profit and loss account requires that the balance of accounts of all concerned items are transferred to it for its compilation. The entries required for such transfer are termed as closing entries. The entries that are to be recorded in the journal for preparing the Trading and Profit and Loss Account, that is for transferring the various accounts to those two accounts, are known as closing entries.
\nClosing entries relating to Trading Account:
\n(1) Closing entry for those accounts which are to be transferred to Dr. side of
\nTrading Account –
\nTrading A\/c Dr.
\nTo Opening Stock A\/c
\nTo Purchases A\/c
\nTo Wages A\/c
\nTo Carriage Inwards A\/c
\nTo Freight A\/c
\nTo Power, Fuel and Gas A\/c
\nTo Factory Rent A\/c
\nTo Duty on Purchases A\/c
\nTo Wages and Salaries A\/c
\nTo Factpry Lighting A\/c
\nTo All other direct expenses A\/c (Being the transfer of above accounts to the Dr. side of Trading A\/c)<\/p>\n

(2) Closing entry for those accounts which are to be transferred to the Cr. side of Trading A\/c –
\nSales A\/c — Dr.
\nClosing Stock — Dr.
\nTo Trading A\/c
\n(Being the transfer of above account to the Cr. side of Trading A\/c)<\/p>\n

(3) If the credit side of the Trading Account exceeds the debit, the difference will be Gross Profit.
\nThe Gross Profit will be transferred to the credit side of Profit and Loss Account –
\nTrading A\/c — Dr.
\nTo Profit and Loss A\/c
\n(Being transfer of Gross Profit to the Profit and Lyss A\/c)<\/p>\n

(4) If the debit side of Trading Account exceeds the credit, the difference will be Gross Loss. It is transferred to debit side of
\nProfit and Loss A\/c
\nTrading A\/c — Dr.
\nTo Profit and Loss A\/c
\n(Being Gross Loss transferred to Profit and Loss A\/c)<\/p>\n

\"NCERT<\/p>\n

Closing entires related to Profit and Loss Account:
\n(1) Accounts of various indirect expenses and losses are transferred to the debit side of Profit and Loss Account – Profit and Loss A\/c Dr.
\nTo Salaries A\/c
\nTo Rent, Rates and Taxes A\/c
\nTo Printing A\/c
\nTo Stationary A\/c
\nTo Postage and Telegrams A\/c
\nTo General Expenses A\/c
\nTo All other indirect expenses A\/c – (Being the transfer of nominal accounts showing — Dr.
\nbalances to the debit side of Profit and Loss A\/c)<\/p>\n

(2) Balances of all the accounts of incomes and gain will be transferred to the credit side of Profit and Loss Account –
\nInterest Received A\/c — Dr
\nCommission Received A\/c – Dr
\nRent Received A\/c – Dr
\nApprentice Premium A\/c – Dr
\nIncome from other sources A\/c – Dr
\nMiscellaneous Receipts A\/c – Dr
\nTo Profit and Loss A\/c – Dr
\n(Being transfer of nominal accounts showing Cr. balances to the credit side of Profit and Loss A\/c)<\/p>\n

(3) If the credit side of Profit and Loss Account exceeds the debit the difference will be the Net Profit.
\nNet Profit transferred to the Capital Account –
\nProfit and Loss A\/c — Dr.
\nTo Capital A\/c
\n(For the transfer of net profit to capital A\/c)<\/p>\n

(4) If the debit side of Profit and Loss Account exceeds the credit, the difference will be the Net Loss.
\nNet Loss transferred to the Capital Account –
\nCapital A\/c — Dr.
\nTo Profit and Loss A\/c (For the transfer of net loss to Capital A\/c)<\/p>\n

Question 3.
\nDiscuss the need of preparing a Balance Sheet.
\nAnswer:
\nBalance Sheet is a component of financial statement that shows balance of liabilities, equities and assets of a business entity as on a particular date. Balance Sheet is not an account. Balance of liabilities, equities and assets are not closed by transferring to Balance Sheet, balance of those accounts are simply carried forward to the next accounting period. Balance Sheet displays the liabilities, equities and assets position generally at the end of accounting period.<\/p>\n

It is sheet of balance of ledger accounts which are still open after the transfer of all nominal accounts to the Trading and Profit and Loss Account. Balance of all the personal and real accounts are grouped as assets and liabilities. Liabilities are shown on the left side of the Balance Sheet and assets on the right side.<\/p>\n

\u201cA business form showing what is owed and what the proprietor is worth, is called a Balance Sheet.\u201d – Kurlson
\n\u201cThe Balance Sheet is statement prepared with a view’ to measure the exact financial position of a business on a certain fixed date.\u201d – J.R. Balliboi<\/p>\n

\u201cThe Balance Sheet is a statement at a particular date showing on one side the trader\u2019s property and possessions and on the other hand the liabilities.\u201d -A. Palmer<\/p>\n

\"NCERT<\/p>\n

Need of preparing a “Balance Sheet :
\n(1) The main objective of preparing a Balance Sheet is to ascertain the true financial position of the business at a particular point of time.
\n(2) It gives information about the exact amount of capital at the end of the year and the addition or deduction made into it in the current year.
\n(3) It helps in ascertaining the nature and cost of various assets of the business such as the amount of closing stock, amount owing from debtors, amount of fictitious assets etc.
\n(4) It helps in ascertaining the nature and amount of various liabilities of the business.
\n(5) It helps in preparing the opening entries at the beginning of the next year.
\n(6) It helps in finding out whether the firm is solvent or not. The firm is solvent if the assets exceeds the external liabilities. It would be insolvent if opposite is the case.<\/p>\n

Question 4.
\nWhat is meant by Grouping and Marshalling of assets and liabilities. Explain the ways in which a balance sheet may be marshalled.
\nAnswer:
\nGrouping and Marshalling of assets and liabilities – The assets and liabilities shown in the Balance Sheet are properly grouped and presented in a particular order. The term \u2018grouping\u2019 means showing the items of similar nature under common heading for example, the amount owing from various customers will be shown under the heading “Sundry Debtors\u2019. ‘Marshalling’ is the arrangement of various assets and liabilities in a proper order.<\/p>\n

\u2018Marshalling\u2019 of Balance Sheet can be made in two ways :
\n(1) In order of liquidity-According to this method, an asset which is most easily convertible into cash such as cash in hand is written first and then will follow those assets which are comparatively less easily convertible, so that the least liquid assets such as goodwill, is shown last. In the same way, those liabilities which are to be paid at the earliest will be written first. In other words, current liabilities are written first of all, then fixed or long-term liabilities and lastly, the proprietor\u2019s capital.<\/p>\n

Proforma of a Balance Sheet in the order of liquidity will be as follows :
\n\"NCERT<\/p>\n

(2) In order of permanance – This method is just opposite to the first method. Assets which are most difficult to be converted into cash such as Goodwill are written first and the assets which are most liquid such as cash in hand are written last. Those liabilities which are to be paid last, will be written first. The proprietor\u2019s capital is written first of all, then fixed or long-term liabilities and lastly the current liabilities. Proformance of a Balance sheet in order of permanance will be as follows:
\n\"NCERT<\/p>\n

Notes:
\n(i) The total of Balance Sheet of both sides is always equal.
\n(ii) Prepaid expenses are treated as current assets. Though cash cannot be realised from prepaid expenses, the sendee will be available against these without further payment.<\/p>\n

Numerical Questions<\/span><\/p>\n

Question 1.
\nFrom the following balances taken from the hooks of Simmi and Vimmi Ltd. for the year ending March 31, 2011, calculate the gross profit.
\nClosing Stock — 2,50,000
\nNet sales during the year — 40,00,000
\nNet purchases during the year — 15,00,000
\nOpening stock — 15,00,000
\nDirect expenses — 80,000
\nSolution:
\nGross Profit = Net Sales – Cost of Goods Sold
\nCost of Goods Sold = Opening Stock + Net Purchases + Direct Expenses – Closing Stock<\/p>\n

Cost of Goods Sold = Rs. 15,00,000 + Rs. 15,00,000 + Rs. 80,000 – Rs. 2,50,000
\n= Rs. 28,30,000
\nGross Profit = Rs. 40,00,000 – Rs. 28,30,000 = Rs. 11,70,000.<\/p>\n

Question 2.
\nFrom the following balances extracted from the books of M\/s. Ahuja and Nanda, calculate the amount of:
\n(a) Cost of goods available for sale
\n(b) Cost of goods sold during the year
\n(c) Gross profit
\nOpening stock — 25,000
\nCredit purchases — 7,50,000
\nCash purchases — 3,00,000
\nCredit sales — 12,00,000
\nCash sales — 4,00,000
\nWages — 1,00,000
\nSalaries — 1,40,000
\nClosing stock — 30,000
\nSales return — 50,000
\nPurchases return — 10,000
\nAnswer:
\n(a) Cost of goods available for sale = Opening Stock + Net Purchases + Direct Expenses
\nNet Purchases = Cash Purchases + Credit purchases – Purchases Return
\nNet Purchases = Rs. 3,00,000 + Rs. 7,50,000 – Rs. 10,000 = Rs. 10,40,000
\nDirect Expenses = Wages = Rs. 1,00,000
\nCost of goods available for sale = Rs. 25,000 + Rs. 10,40,000
\n+ Rs. 1,00,000 = Rs. 11,65,000.<\/p>\n

\"NCERT<\/p>\n

(b) Cost of goods sold during the year = Opening Stock + Net Purchases + Direct Expenses – Closing Stock
\n= Rs. 25,000 + Rs. 10,40,000 + Rs. 1,00,000 – Rs. 30,000 = Rs. 11,35,000.
\n(c) Gross Profit = Net Sales – Cost of goods sold
\nNet Sales = Cash Sales + Credit Sales – Sales Returns
\n= Rs. 12,00,000 + Rs. 4,00,000 – Rs. 50,000 = Rs. 15,50,000
\nGross Profit =Rs. 15,50,000-Rs. 11,35,000 = Rs. 4,15,000.<\/p>\n

Question 3.
\nCalculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M\/s. Rajiv & Sons for the year ending March 31,2011.
\nOpening stock — 50,000
\nNet sales — 11,00,000
\nNet purchases — 6,00,000
\nDirect expenses — 60,000
\nAdministration expenses — 45,000
\nSelling and distribution expenses — 65,000
\nLoss due to fire — 20,000
\nClosing stock — 70,000
\nAnswer:
\nGross Profit = Net Sales – Cost of Goods Sold Cost of Goods Sold = Opening Stock + Net Purchases + Direct Expenses – Closing Stock
\nCost of Goods Sold = Rs. 50,000 + Rs. 6,00,000 + Rs. 60,000 – Rs. 70,000′
\n= Rs. 6,40,000
\nGross Profit = Rs. 11,00,000 – Rs. 6,40,000 = Rs. 4,60,000
\nOperating Profit = Net Sales – Operating Cost
\n= Net Sales – (Cost of goods sold + Administration and office expenses + Selling and Distribution expenses)
\nRs. 11,00,000 – (Rs. 6,40,000 TRS. 45,000 + Rs. 65,000)
\n= Rs. 3,50,000.<\/p>\n

Question 4.
\nOperating profit earned by M\/s. Arora & Sachdeva in 2005-06 was Rs. 17,00,000. Its non-operating incomes were Rs. 1,50,000 and non-operating expenses were Rs. 3,75,000. Calculate the amount of net profit earned by the firm.
\nAnswer:
\nOperating Profit = Net Profit + Non-operating expenses – Non-operating incomes
\nNet Profit = Operating Profit – Non-operating expenses + Non-operating incomes
\n= Rs. 17.00,000 – Rs. 3,75,000 + Rs. 1,50,000
\n= Rs. 14,75.000.<\/p>\n

Question 5.
\nThe following are the extracts from the trial balance of M\/s. Bhola & Sons as on March 31,2011
\n\"NCERT
\n(only relevant items)
\nClosing stock as on date was valued at Rs. 3,00,000.
\nYou are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M\/s. Bhola & Sons.
\nAnswer:
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 6.
\nPrepare trading and profit and loss account and balance sheet as on March 31,2011 :
\n\"NCERT
\n\"NCERT
\nAnswer:
\n\"NCERT<\/p>\n

Question 7.
\nThe following trial balance is extracted from the books of M\/s. Ram on March 31,2011. You are required to prepare trading and Profit and Loss Account and the Balance Sheet as on date :
\n\"NCERT
\nAnswer:
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 8.
\nThe following is the trial balance of Manju Chawla on March 31, 2011. You are required to prepare Trading and Profit and Loss Account and a Balance Sheet as on date :
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Note: Students please note that there is a difference of Rs. 700 in debit side of trial balance, which should be shown on the Assets side of the Balance Sheet as \u2018Suspense Account
\nAnswer:
\n\"NCERT
\n\"NCERT<\/p>\n

Question 9.
\nThe following is the trial balance of Mr. Deepak as on March 31,2011. You are required to prepare trading account, profit and loss account and a balance sheet as on date :
\nAnswer:
\n\"NCERT<\/p>\n

Question 10.
\nPrepare trading and profit and loss account and balance sheet from the following particulars as on March 31,2011.
\n\"NCERT
\nAnswer:
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 11.
\nFrom the following trial balance of Mr. A. Lai, prepare trading, profit and loss account and balance sheet as on March 31, 2011 :
\n\"NCERT
\nAnswer:
\n\"NCERT
\n\"NCERT<\/p>\n

Question 12.
\nPrepare trading and profit and loss account and balance sheet of M\/s. Royal Traders from the following balances as on March 31,2011:
\n\"NCERT
\n\"NCERT
\nAnswer:
\n\"NCERT<\/p>\n

Question 13.
\nPrepare trading and profit and loss account from the following particulars of M\/s. Neema Traders on March 31,2011 :
\n\"NCERT
\nAnswer:
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 14.
\nFrom the following balances of M\/s. Nilu Sarees as on March 31, 2011 prepare trading and profit and loss account and balance sheet as on date :
\n\"NCERT
\nAnswer:
\n\"NCERT<\/p>\n

Question 15.
\nPrepare trading and profit and loss acount of M\/s. Sports Equipments for the year ended March 31, 2011 and balance sheet as on that date :
\n\"NCERT
\nAnswer:
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n","protected":false},"excerpt":{"rendered":"

Detailed, Step-by-Step NCERT Solutions for 11 Accountancy Chapter 9 Financial Statements 1 Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation. Financial Statements 1 NCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statements 1 Questions and Answers Class 11 Accountancy …<\/p>\n

NCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statements 1<\/span> Read More »<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[4],"tags":[],"yoast_head":"\nNCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statements 1 - NCERT Solutions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ncertsolutions.guru\/ncert-solutions-for-class-11-accountancy-chapter-9\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statements 1 - NCERT Solutions\" \/>\n<meta property=\"og:description\" content=\"Detailed, Step-by-Step NCERT Solutions for 11 Accountancy Chapter 9 Financial Statements 1 Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation. 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