{"id":23376,"date":"2023-03-04T13:43:36","date_gmt":"2023-03-04T08:13:36","guid":{"rendered":"https:\/\/ncertsolutions.guru\/?p=23376"},"modified":"2023-03-04T17:09:08","modified_gmt":"2023-03-04T11:39:08","slug":"ncert-solutions-for-class-11-accountancy-chapter-10","status":"publish","type":"post","link":"https:\/\/ncertsolutions.guru\/ncert-solutions-for-class-11-accountancy-chapter-10\/","title":{"rendered":"NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statements 2"},"content":{"rendered":"

Detailed, Step-by-Step NCERT Solutions for 11 Accountancy<\/a> Chapter 10 Financial Statements 2 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 2 NCERT Solutions for Class 11 Accountancy Chapter 10<\/h2>\n

Financial Statements 2 Questions and Answers <\/span>Class 11 Accountancy Chapter 10<\/h3>\n

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

Tick the correct answer :<\/p>\n

Question 1.
\nRahul\u2019s trial balance provide you the following information :
\nDebtors — Rs. 80,000
\nBad debts — Rs. 2,000
\nProvision for bad debts — Rs. 4,000
\nIt is desired to maintain a provision for bad debts of Rs. 1,000.
\nState the amount to be debited\/credited in Profit & Loss A\/c.
\n(a) Rs. 5,000 (Debit)
\n(b) Rs. 3,000 (Debit)
\n(c) Rs. 1,000 (Credit)
\n(d) None of these
\nAnswer:
\n(c) Rs. 1,000 (Credit)<\/p>\n

\"NCERT<\/p>\n

Question 2.
\nIf the rent of one month is still to be paid the adjustment entry will be :
\n(a) Debit outstanding rent account and Credit rent account.
\n(b) Debit profit and loss account and Credit rent account.
\n(c) Debit rent account and Credit profit and loss account.
\n(d) Debit rent account and Credit outstanding rent account.
\nAnswer:
\n(d) Debit rent account and Credit outstanding rent account.<\/p>\n

Question 3.
\nIf the rent received in advance Rs. 2,000. The adjustment entry will be :
\n(a) Debit profit and loss account and Credit rent account.
\n(b) Debit rent account Credit rent received in advance account.
\n(c) Debit rent received in advance account and Credit rent account.
\n(d) None of these
\nAnswer:
\n(b) Debit rent account Credit rent received in advance account.<\/p>\n

Question 4.
\nIf the opening capital is Rs. 50,000 as on April 1, 2005 and additional capital introduced Rs. 10,000 on January 1,2006. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31, 2006 will be:
\n(a) Rs. 5,250
\n(b) Rs. 6,000
\n(c) Rs. 4,000
\n(d) Rs. 3,000
\nAnswer:
\n(a) Rs. 5,250<\/p>\n

\"NCERT<\/p>\n

Question 5.
\nIf the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be :
\n(a) Rs. 1,300
\n(b) Rs. 1,000
\n(c) Rs. 300
\n(d) Rs. 700
\nAnswer:
\n(d) Rs. 700<\/p>\n

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

Question 1.
\nWhy is it necessary to record the adjusting entries in the preparation of final accounts?
\nAnswer:
\nIn order to ascertain the true profit or loss of the business for a particular year, it is necessary that all expenses and incomes relating to that year are taken into consideration. For example, if we want to as certain the net profit for the year ended on 31 st December and rent for the month of December has not yet been paid, it would be proper to include such rent along with the other expenses of the year.<\/p>\n

Similarly, it often happens that certain incomes like interest dividend, commission etc. are earned but not received during the year. Adjustment for such incomes must be made in the current year itself, so that the Profit & Loss Account may disclose the correct amount of net profit or loss and the Balance Sheet may present the true financial position of the business. Simply stated, while preparing Final Account it must be detected whether there is a transaction.<\/p>\n

(i) which has been omitted to be recorded in the books, or
\n(ii) which has been wrongly recorded in the books, or
\n(iii) of which only one aspect has been recorded in the books. Entries passed for such transactions are called \u2018adjustment entries\u2019.<\/p>\n

The necessity of Adjustments –
\n(1) To ascertain the true net profit or loss of the business.
\n(2) To ascertain the true financial position of the business.
\n(3) To make a record of the transactions omitted from the books.
\n(4) To rectify the errors committed in the books of accounts.
\n(5) To make a record of such expenses which have accrued but have not been paid.
\n(6) To make a record of such incomes which have accrued but have not been received.
\n(7) To provide for depreciation and other provisions.<\/p>\n

\"NCERT<\/p>\n

Question 2.
\nWhat is meant by closing stock? Show its treatment in final accounts?
\nAnswer:
\nClosing Stock – The amount of goods unsold at the end of the year is called Closing Stock. It is valued at Cost Price or Market Price, whichever is less. For example, certain goods were purchased for Rs. 1,00,000 but at present its market value is Rs. 1,20,000. It will be valued at Rs. 1,00,000 and not at Rs. 1,20,000.<\/p>\n

But suppose, if the market price of the same goods is Rs. 90,000 then it will be v alued at Rs. 90,000 and not Rs. 1,00,000. The basic principle underlying the valuation of closing stock is that anticipated losses should be taken into account, but all unrealized gains should be ignored.<\/p>\n

Closing Stock is incorporated in the books by means of the following entry –
\nClosing Stock A\/c — Dr.
\nTo Trading A\/c
\n(Being closing stock transferred to Trading A\/c)<\/p>\n

Treatment in Final Accounts – Generally, the closing stock is given outside the Trial Balance. This is so because closing stock is valued at the end of the year after the accounts have been closed. As such, Closing Stock will be shown at two places, i.e., on the credit side of the Trading A\/c and on the Assets side of Balance Sheet.<\/p>\n

If the Closing Stock appears inside the Trial Balance, it will be shown only on the Assets side of the Balance Sheet. Because this means that the entry to incorporate the closing stock in the books has already been passed and it has already teen deducted out of \u2018 Purchases Account\u2019 given in the Trial Balance.<\/p>\n

Question 3.
\nState the meaning of:
\n(a) Outstanding Expenses
\n(b) Prepaid Expenses
\n(c) Income Received in Advance
\n(d) Accrued Income.
\nAnswer:
\n(a) Outstanding Expenses – This term refers to those expenses which have become due during the accounting period for which the final accounts have been prepared but have not yet been paid. As they are the expenses of the current year, so they must be debited and charged from the profit and loss account of the current year. The expenses remained unpaid so far during the current year, so they are the liability of the firm.<\/p>\n

This happens particularly regarding those expenses which accure from day to day business operations but which are recorded only when they are paid. Example of such expenses are rent, salaries, wages, interest, etc. Some of these expenses may remain unpaid at the end of the accounting period and, therefore, no entry might have been passed in the books of account. For example, the firm pays Rs. 6,000 wages per month to its workers.<\/p>\n

\"NCERT<\/p>\n

Wages are paid on the first day of every month i.e.. wages for the month of March, 2005 will be paid in the month of April, 2005. The accounting period ends on 31 st March, 2005 and only 11 months wages have been actually paid up to this date. Wages for the month of March 2005 is still to be paid. It is outstanding. In order to ascertain the true profit or loss made during the accounting year ending 31 st March, 2005, it is necessary that such outstanding expenses are taken into account.<\/p>\n

The following journal entry will be passed in case of such outstanding expenses:
\n\"NCERT
\nWages Account is a nominal account and, therefore, it should be charged to the Profit & Loss Account, while the Outstanding Wages Account is a personal account representing the person to whom the wages have to be paid. It is, therefore, shown in the Balance Sheet on the liabilities side.<\/p>\n

(b) Prepaid Expenses – There are, however, several items of expenses that are usually paid in advance, e.g., fire insurance, telephone charges, etc., and at the time at balancing it is found that the whole of the period covered by the amount already spent has not yet expired. The proposition of the amount paid which relates to the next period is, therefore, to be carried forward to the next year.<\/p>\n

These expenses are deducted in the Profit & Loss A\/c and shown as Assets in the Balance Sheet. For example, a trader spent Rs. 4,000 on advertisement for two years. Rs. 2,000 will be prepaid expenses.<\/p>\n

Following journal entry will be passed :
\n\"NCERT
\n(Being the transer of prepaid advertisement to Advertisement A\/c)<\/p>\n

(c) Income Received in Advance – Sometimes the businessman receives some amount in advance which is more than what he should have received in the current year for a particular item. Such an amount is a liability for him. For example, Rajender Gupta, has to receive Rs. 1,200 as Rent during the year from his tenant, but the tenant paid Rs. 1,500, Rs. 300 has been in advance which is concerned with the next year. Thus in the Profit & Loss A\/c it will be shown as Rent received in advance on credit side and in the Balance Sheet it will be shown as Liability. Its adjustments will be as follows :
\n\"NCERT
\n(Being rent received in advance brought into books)<\/p>\n

(d) Accrued Income – Sometimes it so happens that a trader earns an income but does not receive it up to the time of preparation of Final Accounts. Such an income is called income earned but not received or Accrued Income. For example, the trader receives an annual rent of Rs. 3,00 on his building but up to the time of preparation of Final Accounts he has received only Rs. 2,500.<\/p>\n

\"NCERT<\/p>\n

He is still entitled to receive Rs. 500 more. An adjustment is necessity for this amount before the final accounts are prepared otherwise the net profit will be reduced by Rs. 500. This amount is shown on the credit side of Profit & Loss A\/c and on the Assets side of the Balance Sheet. Its journal entry will be as follows :
\n\"NCERT<\/p>\n

Question 4.
\nGive the performa of income statement and balance in vertical form.
\nAnswer:
\nThe performa of income statement and balance sheet in vertical form are as follows :
\n\"NCERT
\n\"NCERT
\nUnder the vertical presentation, the Balance Sheet will appear as follows :
\n\"NCERT.
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 5.
\nWhy is it necessary to create a provision for doubtful debts at the time of preparation of final accounts?
\nAnswer:
\nGenerally, some of the businessman\u2019s money remains unpaid by his customers. It is that all the customers are not dishonest, but nobody knows of the future. A customer may become bankrupt, may become dishonest or may even die. His estates may not be able to pay the businessman\u2019s debt.<\/p>\n

The amount not recovered is called Bad Debt. It is shown on the debit side of the Profit & Loss A\/c. At the end of the year before closing the books of accounts the trader maintains a Reserve for Bad Debts on his Debtors. Belov\/ the Trial Balance it is given that Reserve be maintained on Debtors.<\/p>\n

This amount of Reserve is added in the amount of Bad Debts and shown on the debit side of the Profit & Loss A\/c and deducted from the amount of Sundry Debtors. Bad Debt is written in the Trial Balance and so shown only once i.e., in the Profit & Loss A\/c but the Reserve is given in the adjustments, it is shown at two places, in the Profit & Loss A\/c and in the Balance Sheet.<\/p>\n

It is not necessary that the whole of the Reserve is utilised in writing off the Bad Debts. The amount thus unutilised from the Reserve for Bad Debts is carried forward to the next year. It shows a credit balance. So, it is shown as Old Reserve on the credit side of the Profit & Loss A\/c.<\/p>\n

Note : The amount of Bad Debts is added to the amount of Bad Debts Reserve given in the Trial Balance and then shown on the Debit side of the Profit & Loss A\/c. If a credit balance of Old Bad Debts Reserve is also given in the Trial Balance it is deducted from the above total. But if the Old Reserve is more than the sum of Bad Debts and New Reserve the balance is shown on the credit side of the Profit & Loss A\/c.<\/p>\n

Question 6.
\nWhat adjusting entries would you record for the following :
\n(a) Depreciation
\n(b) Discount on debtors
\n(c) Interest on capital
\n(d) Manager\u2019s commission
\nAnswer:
\n(a) Depreciation – An asset purchased does not remain of the same value with the passage of time. Its value depreciates after sometimes. Its utility also declines. The value of a particular asset decreases because of the following reasons :<\/p>\n

(i) The value of an asset decreases with the passage of time. If you buy a chair and want to sell it after a year it will not fetch the same price for which you had bought it. This particularly applies to plants and machinery.<\/p>\n

(ii) Sometimes the value of an asset falls due to some new inventions. For example, a better machine is invented which can work more in the same time. This would reduce the value of the old machine.<\/p>\n

(iii) Sometimes the value of an asset comes down due to a-change in fashion.<\/p>\n

(iv) If an asset is out of use for a long time, its value depreciates. It is necessary to value the asset properly. Entry for the depreciation Depreciation is shown on the debit side of Profit & Loss A\/c and also deducted from the asset in the Balance Sheet.<\/p>\n

(b) Discount on debtors – It is a normal practice in the business to allow cash discount to those debtors from whom the payment is received promptly or within a fixed period. Discount thus allowed will be an expense of the business and is therefore debited to the Profit & Loss Account.<\/p>\n

Since there will be certain debtors who will make easily payment in the next accounting year and will be allowed such discount, a provision for such discount is created in the current year itself. The process of creating a provision for discount. is the same as for the provision for doubtful debts.<\/p>\n

\"NCERT<\/p>\n

The following entry will be passed for this purpose :
\nProfit & Loss A\/c — Dr.
\nTo Provision for Discount on Debtors A\/c (Being provision for discount created on good debtors)
\nTreatment in Final Accounts – Such provisions is shown on the debit side of the Profit & Loss Account and is also deducted from Sundry Debtors on the Assets side of the Balance Sheet.<\/p>\n

(c) Interest on capital – Usually, in order to ascertain the true efficiency of the business, interest at a normal rate is charged on the capital invested by the proprietor in the business. Profits remaining after charging such interest may be considered as the real profits earned by the business enterprise.<\/p>\n

Capital invested by the proprietor is treated as a loan to the business earning interest at a fixed rate. If this amount had not been invested in the business, it would even then have earned some interest outside. As such, the proprietor wants interest for his capital and profit for the risk undertaken by him.<\/p>\n

For example, if 6% interest is to be allowed on the capital of Rs. 1,00,000, the adjusting entry for this will be as follows :
\nAdjustment Entry –
\nInterest on Capital A\/c — Dr. 6,000
\nTo Capital A\/c — ………………… — 6,000
\n(Being Interest allowed on capital)
\nTreatment in Final Account – Interest on capital is an expense for the business and hence it is shown on the debit side of Profit & Loss Accounts. At the same time, it is a gain to the proprietor and hence is added to his capital.<\/p>\n

(d) Manager\u2019s commission – Sometimes, the manager is entitled to a commission on profit which is usually calculated as a fixed percentage of profits. Suppose the profit earned by the firm is Rs. 80,000 without considering the commission which is at 5%. The commission will be then Rs. 4,000. The profit will be reduced to Rs. 76,000. As the amount of commission Rs. 4,000 is still to be paid and, therefore, should be treated as an outstanding expense. Accordingly, the entry is :
\nProfit & Loss A\/c — Dr.
\nTo Commission payable or Outstanding commission A\/c
\nCommission payable is a current liability and is shown in the Balance Sheet.<\/p>\n

Sometimes, however, the commission is to be calculated on profits remaining finally after the commission. If the rate of the commission is 5% then the profit remaining after the commission should be Rs. 100: the profit before the commission should be Rs. 105. That is in this case the commission of Rs. 5 should be out of every Rs. 105 of profit before the commission. The formula to calculate the commission in such a case is
\n\\(\\frac{\\text { Percentage of the commission }}{100+\\text { Percentage of the commission }} \\times \\begin{array}{c}
\n\\text { Net Profit before } \\\\
\n\\text { charging the commission }
\n\\end{array}\\)
\nIf the profit before commission is Rs. 80,000 and the manager is entitled to a commission of 5% after deducting the commission, the amount will be Rs. 3,810, Rs. 80,000\u00a0 5\/105. This amount of commission can be verified also. The profit after the commission is Rs. 76,190 and Rs. 3,810 is 5% of this figure. One can see that to calculate it at 5% of Rs. 80,000 will be wrong since Rs. 4,000 is not 5% of Rs. 76,000.<\/p>\n

\"NCERT<\/p>\n

Question 7.
\nWhat is meant by provision for discount on debtors?
\nAnswer:
\nIt is a normal practice in the business to allow cash discount to those debtors from whom the payment is recei ved promptly or within a fixed period. Discount thus allowed will be an expenses of the business and is therefore debited to the Profit & Loss Account.<\/p>\n

Since there will be certain debtors who will make early payment in the next accounting year and will be allowed such discount, a provision for such discount is created in the current year itself. The process of creating a provision for discount is the same as for the provision for doubtful debts.<\/p>\n

The following entry will be passed for this purpose :
\nProfit & Loss A\/c — Dr.
\nTo Provision for Discount on Debtors A\/c<\/p>\n

Treatment in Final Accounts – Such provision is shown on the debit side of the Profit & Loss Account and is aiso deducted from Sundry Debtors on the Assets side of the Balance Sheet. It should be noted that discount will be allowed only to those debtors who will make prompt payment. As such, the provision for discount is calculated on good debtors left after deducting further bad debts given in adjustments and the provision for doubtful debts required to be made at the end of year.<\/p>\n

In other words, first of all, further bad debts given in adjustments will be deducted from Debtors and than provision for doubtful debts will be calculated on the balance of Debtors and lastly, provision for discount will be calculated on the remaining amount of Debtors.<\/p>\n

Question 8.
\nGive the journal entries for the following adjustments :
\n(a) Outstanding salary Rs. 3,500.
\n(b) Rent unpaid for one month at Rs. 6,000 per annum.
\n(c) Insurance prepaid for a quarter at Rs. 16,000 per annum.
\n(d) Purchase of furniture costing Rs. 7,000 entered in the purchases books.
\nAnswer:
\n\"NCERT
\n\"NCERT<\/p>\n

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

Question 1.
\nWhat are adjusting entries? Why are they necessary for preparing final accounts?
\nAnswer:
\nIn order to ascertain the true profit or loss of the business for a particular year, it is necessary that all expenses and income relating to that year are taken into consideration. For example, if we want to ascertain the net profit for the year ended on 31 st December and rent for the month of December has not yet been paid, it would be proper to include such rent along with the other expenses Of the year.<\/p>\n

Similarly, it often happens that certain income, like interest, dividend, commission etc. are earned but not received during the year. Adjustment for such incomes must be made in the current year itself, so that the profit and loss account may disclose the correct amount of net profit or loss and the Balance Sheet may present the true financial position of the business. Simply stated, while preparing Final Accounts it must be detected whether there is a transaction<\/p>\n

(i) which has been omitted to be recorded in the books, or
\n(ii) which has been wrongly recorded in the books, or
\n(iii) of which only one aspect has been recorded in the books. Entries passed for such transactions are called \u2018adjustment entries\u2019.<\/p>\n

\"NCERT<\/p>\n

The necessity of Adjustment-
\n(1) To make a record of such incomes which have accrued but have not been received.
\n(2) To make a record of such expefr\u00a7es which have accrued but have not been paid.
\n(3) To rectify the errors committed in the books of accounts.
\n(4) To make a record of the transactions omitted from the books.
\n(5) To ascertain the true net profit and loss of the business.
\n(6) To ascertain the true financial position of the business.
\n(7) To provide for depreciation and other provisions.<\/p>\n

Suppose, a firm closes its books on 31st March and rent for the month of March has not yet been paid. This amount has to be paid in any case; the expenses has been incurred. Therefore, it would be proper to include the rent for this month along with other expenses of the year.<\/p>\n

Take another example, insurance premium has been paid for twelve months beginning 1 st October. It is apparent that insurance protection will be available for six months this year and for six months next year. Half of the premium therefore, should be treated as expenses of the next year.<\/p>\n

In a firm there are number of transactions related to expenses and incomes which have to be adjusted. If such items are not adjusted or brought into current years books of account, the final accounts w ill not reveal the true and fair picture of the result. At such items which need to be brought into books of account at the time of preparing final accounts are called \u2018adjustments\u2019. Journal entries are passed to effect the required adjustments these entries are known as adjusting entries.<\/p>\n

\"NCERT<\/p>\n

Question 2.
\nWhat is meant by provision for doubtful debts? How are the relevant accounts prepared and what journal entries are recorded in final accounts? How is the amount for provision for doubtful debts calculated?
\nAnswer:
\nEven after deducting the amount of actual bad-debts from the Debtors, the list of Debtors at the end of the year may include some debts which are either bad or doubtful. As the amount of actual loss on account of current year bad-debts would be known only in the next year when the amount is realised from Debtors, a provision is created to cover any possible loss on account of bad-debts likely to occur in future.<\/p>\n

Such a provision is created at a fixed percentage on Debtors every’ year and is called \u2018Provision for Bad and Doubtful Debts\u2019. The term \u2018Provision\u2019 should be used instead of\u2018Reserve\u2019 because the aim is not to strengthen die financial position of the business but to cover an expected future loss.<\/p>\n

Treatment in Final Accounts – The amount of Provision for Doubtul Debts on the one hand, is shown on the debit side of the Profit & Loss Account and on the other hand, is deducted from Sundry Debtors on the assets side of tire Balance Sheet, so that the Debtors may appear at their realisable value in the Balance Sheet .
\n\"NCERT<\/p>\n

In the above illustration, the provision of Rs. 3,000 created in 2005 will be carried forward to the next year and will be shown on the credit side of the Trial Balance of the year 2006. This provision of Rs. 3,000 is termed as \u2018New Provision\u2019 in the year 2005 and the same provision of Rs. 3,000 will be termed as \u2018Old Provision’ in the year 2006. In 2006 when the bad-debts actually occur, the bad-debts will be net from this old provision. At the end of2006, a fresh provision (New Provision) is made again on the amount of Debtors of a fixed percentage.<\/p>\n

The amount of bad-debts is added to the amount of New Provision on the debit side of Profit & Loss Accounts and the amount of Old Provision will be deducted from the total of the two. The amount of Old Provision will be given on the credit side of the Trial Balance or in other words, the amount of provision which is given on the credit side of the Trial Balance will be treated as Old Provision.<\/p>\n

\"NCERT<\/p>\n

As the New Provision is given in adjustments, it will also be deducted from Debtors on the assets side of Balance Sheet in order to complete its double entry.<\/p>\n

Example :
\n\"NCERT<\/p>\n

Question 3.
\nShow the treatment of prepaid expenses, depreciation, closing stock at the time of preparation of final accounts :
\n(a) when given inside the trial balance?
\n(b) When given outside the trial balance?
\nAnswer:
\n(a) When the following items given inside the Trial Balance :
\n(i) Prepaid expenses :
\nTreatment In :
\nProfit & Loss A\/c : No entry Balance Sheet:
\nShown on the Assets side as a current asset.<\/p>\n

(ii) Depreciation :
\nTreatment In :
\nProfit & Loss A\/c :
\nShown on the Debit side of Profit & Loss Account Balance Sheet: No entry<\/p>\n

(iii) Closing Stock :
\nTreatment In :
\nProfit & Loss A\/c : No entry Balance Sheet:
\nShown on. the Assets side as a current asset.<\/p>\n

(b) When the following items given outside the Trial Balance :
\n(i) Prepaid Expenses :
\nAdjusting Entry :
\nPrepaid Expenses A\/c — Dr.
\nTo Expenses A\/c Adjusting In :
\nTrading A\/c :
\nDeduct from the concerned item on the debit side
\nor
\nProfit & Loss A\/c :
\nDeduct from the concerned item on the debit side.
\nBalance Sheet:
\nShown on the assets side.<\/p>\n

(ii) Depreciation :
\nAdjusting Entry :
\nDepreciation A\/c Dr.
\nTo Assets A\/c Adjustment In :
\nTrading A\/c : No Entry Profit & Loss A\/c :
\nShown on the debit side.
\nBalance Sheet:
\nDeduct from the concerned asset on the assets side.<\/p>\n

\"NCERT<\/p>\n

(iii) Closing Stock:
\nAdjusting Entry :
\nClosing Stock A\/c Dr.
\nTo Trading A\/c Adjustment In :
\nTrading A\/c :
\nAdd to the credit side.
\nProfit & Loss A\/c : No entry Balance Sheet:
\nShown on the assets side.<\/p>\n

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

Question 1.
\nPrepare a Trading and Profit & Loss Account for the year ending December 31, 2010, from the balance extracted from M\/s Rahul Sons. Also prepare a Balance Sheet at the end of the year.
\n\"NCERT
\n\"NCERT
\nAdjustments :
\n(1) Commission received in advance Rs. 1,000.
\n(2) Rent receivable Rs. 2,000.
\n(3) Salary outstanding Rs. 1,000 and insurance prepaid Rs. 800.
\n(4) Further bad debts Rs. 1,000 and provision for bad debts @ 5% on debtors and discount on debtors @ 2%.
\n(5) Closing stock Rs. 32,000.
\n(6) Depreciation on building @ 6% p.a.
\nAnswer:
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

\"NCERT<\/p>\n

\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 2.
\nPrepare a Trading and Profit & Loss Account of M\/s Green Club Ltd. for the year ending December 31,2010 from the following figures taken from his trial balances :
\n\"NCERT<\/p>\n

Adjustments:
\n(1) Depreciation charged on machinery @ 5%. p.a.
\n(2) Further bad debts Rs. 1,500. discount on debtor @5%
\nand make a provision on debtors @6%.
\n(3) Wages prepaid Rs. 1,000.
\n(f) Interest on investment @ 5% p.a.
\n(5) Closing stock 10,000.
\nAnswer:
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 3.
\nThe following balances has been extracted from the trial of M\/s Runway Shine Ltd. Prepare a Trading and Profit & Loss Account and a Balance Sheet as on December 31,2010.
\n\"NCERT<\/p>\n

\"NCERT
\nAdjustments :
\n(1) Further had debts Rs. 1,000. Discount on debtors Rs. 500 and make a provision on debtors @. 5%.
\n(2) Interest received on investment @ 5%.
\n(3) ages and \u00a1nterest outstanding Rs. 1oo and Rs. 200 respectively
\n(4) Depreciation charged on motor car @ 5% p.a.
\n(5) Closing stock Rs. 32,500.
\nAnswer:
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 4.
\nThe following balances have been extracted from the trial of M\/s Haryana Chemical Ltd. You are required to prepare a Trading and Profit & Loss Account and Balance Sheet as on December 31, 2010 from the given information :
\n\"NCERT
\nAdjustments :
\n(1) Closing stock was valued at the end of the year Rs. 40,000.
\n(2) Salary amounting Rs. 500 and trade expense Rs. 300 are due.
\n(3) Depreciation charged on building and machinery are @ 4% and @ 5% respectively.
\n(4) Make a provision of @ 5% on sundry debtors.
\nSolution :
\n\"NCERT
\n\"NCERT<\/p>\n

Question 5.
\nFrom the following information prepare Trading and Profit & Loss Account of M\/s Indian Sports House for the year ending December 31, 2011:
\n\"NCERT
\nAdjustments :
\n(1) Closing Stock was Rs. 45.000.
\n(2) Provision for bad debts is to be maintained (a 2% on debtors.
\n(3) Depreciation charged on : furniture and fixture a 5%, plant and machinery @ 6% and motor car @ 10%.
\n(4) A machine of Rs. 30,000 was purchased on July 1,2011.
\n(5) The manager is entitle to a commission of @ 10% of the net profit after charging such commission.
\nAnswer:
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 6.
\nPrepare the Trading and Profit & Loss Account and a Balance Sheet of M\/s Shine Ltd. from the following particulars :
\n\"NCERT
\n\"NCERT
\nAdjustments :
\n(1) Closing stock was valued Rs. 35,000.
\n(2) Depreciation charged on furniture and fixture @ 5%.
\n(3) Further bad dbets Rs. 1,000. Make a provision for bad debts @ 5% on sundry debtors.
\n(4) Depreciation charged on motor car @ 10%.
\n(5) Interest on drawing @ 6%.
\n(6) Rent, rates and taxes was outstanding Rs. 200.
\n(7) Discount on debtors 2%.
\nAnswer:
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 7.
\nFollowing balances have been extracted from the Trial Balance of M\/s Keshav Electronics Ltd. You are required to prepare the Trading and Profit & Loss Account and a Balance Sheet as on December 31,2011.
\n\"NCERT
\nThe following additional information is available :
\n(1) Stock on December 31,2011 was Rs. 30,000.
\n(2) Depreciation is to be charged on building at 5% and motor van at 10%.
\n(3) Provision for doubtful debts is to be maintained at 5% on Sundry Debtors.
\n(4) Unexpired insurance was Rs. 600.
\n(5) The Manager is entitled to a commission @ 5% on net profit before charging such commission.
\nAnswer:
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 8.
\nFrom the following balances extracted from the books of Raga Ltd. prepare a Trading and Profit & Loss Account for the year ended December 31,2011 and a Balance Sheet as on that date :
\n\"NCERT
\nThe additional information is as under :
\n(1) Closing stock was valued at the end of the year Rs. 20,000.
\n(2) Depreciation on plant and machinery charged at 5% and land and building at 10%.
\n(3) Discount on debtors at 3%.
\n(4) Make a provision at 5% on debtors for bad debts.
\n(5) Salary outstanding was Rs. 100 and Wages prepaid was Rs. 40.
\n(6) The manager is entitled a commission of 5% on net profit after charging such commission
\nAnswer:
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 9.
\nFrom the following balances of M\/s Jyoti Exports, prepare Trading and Profit & Loss Account for the year ended March 31,2012 and Balance Sheet as on this date :
\n\"NCERT
\nClosing stock Rs. 10,000.
\n(1) To provision for bad debts is to be maintained at 5 percent on sundry debtors.
\n(2) Wages amounting to Rs. 500 and salary amounting to Rs. 350 are outstanding.
\n(3) Factory rent prepaid Rs. 100.
\n(4) Depreciation charged on Plant and Machinery @ 5% and Building @ 10%.
\n(5) Outstanding insurance Rs. 100.
\nAnswer:
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/p>\n

Question 10.
\nThe following balance have been extracted from the books of M\/s Green House for the year ended December 31, 2010, prepare Trading and Profit & Loss Account and Balance Sheet as on this date.
\n\"NCERT
\nAdjustments :
\n(a) Machinery is depreciated at 10% and buildings depreciated at 6%.
\n(b) Interest on capital @ 4%.
\n(c) Outstanding wages Rs. 50.
\n(d) Closing stock Rs. 50,000.
\nAnswer:
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 11.
\nFrom the following balances extracted from the book of M\/s Manju Chawla on March 31, 2010. You are requested to prepare the Trading and Profit & Loss Account and a Balance Sheet as on this date :
\n\"NCERT
\nClosing stock was Rs. 2,000.
\n(a) Interest on drawing @ 7% and interest on capital @ 5%.
\n(b) Land and Machinery is depreciated at 5%.
\n(c) Interest on investment @ 6%.
\n(d) Unexpired rent Rs. 100.
\n(e) Charge 5% depreciation on furniture.
\nAnswer:
\n\"NCERT
\n\"NCERT<\/p>\n

Question 12.
\nThe following balances were extracted from the books of M\/s Panchsheel Garments on December 31, 2010.
\n\"NCERT
\nPrepare the Trading and Profit & Loss Account for the year ended December 31,2010 and a Balance Sheet as on that date.
\n(a) Unexpired insurance Rs. 1,000.
\n(b) Salary due but not paid Rs. 1,800.
\n(c) Wages outstanding Rs. 200.
\n(d) Interest on capital 5%.
\n(e) Scooter is depreciated @ 5%.
\n(f) Furniture is depreciated @ 10%.
\nAnswer:
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 13.
\nPrepare the Trading and Profit & Loss Account and Balance Sheet of M\/s Control Device India on December 31,2012 from the following balance as on that date :
\n\"NCERT
\nClosing stock was valued Rs. 20,000.
\n(a) Interest on capital @ 10%.
\n(b) Interest on drawings @ 5%.
\n(c) Wages outstanding Rs. 50.
\n(d) Outstanding salary Rs. 20.
\n(e) Provide a depreciation @ 5% on plant and machinery. (0 Make a 5% provision on debtors.
\nAnswer :
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 14.
\nThe following balances appeared in the trial balance of M\/s Kapil Traders as on March 31,2012
\nSundry debtors — Rs 30,500
\nBad debts — Rs 500
\nProvision bad debts — Rs 2,000
\nThe partners of the firm agreed to records the following adjustments in the books of the firm : Further bad debts Rs. 300. Maintain provision for bad debts 10%. Show the following adjustments in the Bad Debts Account, Provision Account, Debtors Account, Profit & Loss Account Balance Sheet.
\nAnswer :
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 15.
\nPrepare the Bad Debts Account, Provison for Account, Profit & Loss Account and Balance Sheet from the following information as on December 31,2011.
\nDebtors — 80,000
\nBad debts — 2,000
\nProvision for bad debts — 5,000
\nBad debts Rs. 500 Provision on debtors @ 3%.
\nAnswer:
\n\"NCERT
\n\"NCERT<\/p>\n

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

Detailed, Step-by-Step NCERT Solutions for 11 Accountancy Chapter 10 Financial Statements 2 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 2 NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statements 2 Questions and Answers Class 11 Accountancy …<\/p>\n

NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statements 2<\/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 10 Financial Statements 2 - 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-10\/\" \/>\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 10 Financial Statements 2 - NCERT Solutions\" \/>\n<meta property=\"og:description\" content=\"Detailed, Step-by-Step NCERT Solutions for 11 Accountancy Chapter 10 Financial Statements 2 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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