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NCERT · Class 11 · Accountancy

Chapter 9: Financial Statements – 1

Practice each question, then open the answer or worked solution.

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Numerical Answers for NCERT Accountancy Solutions Class 11 Chapter 9

15 questions
Q11Written answer

From the following trial balance of Mr. A. Lal, prepare trading, profit and loss account and balance sheet as on March 31, 2017.

Account Title Debit Amount ₹ Credit Amount ₹
Stock as on April 01, 2016 16,000  
Purchases and Sales 67,600 1,12,000
Returns inwards and outwards 4,600 3,200
Carriage inwards 1,400  
General expenses 2,400  
Bad debts 600  
Discount received   1,400
Bank overdraft   10,000
Interest on bank overdraft 600  
Commission received   1,800
Insurance and taxes 4,000  
Scooter expenses 200  
Salaries 8,800  
Cash in hand 4,000  
Scooter 8,000  
Furniture 5,200  
Building 65,000  
Debtors and creditors 6,000 16,000
Capital   50,000

The closing stock is ₹ 15,000.

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Worked solution

The trading and profit and loss account and balance sheet for the question are posted below:

Trading Account as on March 31, 2017
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Opening Stock 16,000 Sales 1,12,000
Purchases 67,600 Less: Sales Return Inwards (4,600) 1,07,400
Less: Return Outwards (3,200) 64,400 Closing Stock 15,000
Carriage Inwards 1,400
Profit and Loss (Gross Profit) 40,600
1,22,400 1,22,400
Profit and Loss Account as on March 31, 2017
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
General Expenses 2,400 Trading (Gross Profit) 40,600
Bad Debts 600 Discount Received 1,400
Interest on Bank Overdraft 600 Commission Received 1,800
Insurance and Taxes 4,000
Scooter Expenses 200
Salaries 8,800
Net Profit 27,200
43,800 43,800
Balance Sheet as on March 31, 2017
Liabilities Amount

₹

 Assets Amount

₹
Capital 50,000 Building 65,000
Add: Net Profit 27,200 77,200 Furniture 5,200
Scooter 8,000
Creditors 16,000 Debtors 6,000
Bank Overdraft 10,000 Closing Stock 15,000
Cash in Hand 4,000
1,03,200 1,03,200
Q12Written answer

Prepare trading and profit and loss account and balance sheet of M/s Royal Traders from the following balances as on March 31, 2017.

Debit Balances Amount ₹ Credit Balances Amount ₹
Stock 20,000 Sales 2,45,000
Cash 5,000 Creditors 10,000
Bank 10,000 Bills payable 4,000
Carriage on purchases 1,500 Capital 2,00,000
Purchases 1,90,000    
Drawings 9,000    
Wages 55,000    
Machinery 1,00,000    
Debtors 27,000    
Postage 300    
Sundry expenses 1,700    
Rent 4,500    
Furniture 35,000    

The closing stock is ₹ 8,000.

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Worked solution

The trading and profit and loss account and balance sheet are prepared below:

Trading Account as on March 31, 2017
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Opening Stock 20,000 Sales 2,45,000
Purchases 1,90,000 Closing Stock 8,000
Carriage on Purchases 1,500 Profit and Loss (Gross Loss) 13,500
Wages 55,000
2,66,500 2,66,500
Profit and Loss Account as on March 31, 2017
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Trading (Gross Loss) 13,500
Postage 300
Sundry Expenses 1,700
Rent 4,500 Net Loss 20,000
20,000 20,000
Balance Sheet of M/s Royal Traders as on March 31, 2017
Liabilities Amount

₹

 Assets Amount

₹
Capital 2,00,000 Machinery 1,00,000
Less: Net Loss (20,000) Furniture 35,000
Less: Drawings (9,000) 1,71,000 Debtors 27,000
Closing Stock 8,000
Creditors 10,000 Bank 10,000
Bills Payable 4,000 Cash 5,000
1,85,000 1,85,000
Q13Written answer

Prepare trading and profit and loss accounts from the following particulars of M/s Neema Traders as on March 31, 2017.

Account Title Debit Amount
₹		 Account Title Credit Amount
₹
Buildings 23,000 Sales 1,80,000
Plant 16,930 Loan 8,000
Carriage inwards 1,000 Bills payable 2,520
Wages 3,300 Bank overdraft 4,720
Purchases 1,64,000 Creditors 8,000
Sales return 1,820 Capital 2,36,000
Opening stock 9,000 Purchases return 1,910
Machinery 2,10,940    
Insurance 1,610    
Interest 1,100    
Bad debts 250    
Postage 300    
Discount 1,000    
Salaries 3,000    
Debtors 3,900    

The stock on March 31, 2017, is ₹ 16,000.

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Worked solution

The trading and profit and loss account and balance sheet are prepared below:

Trading Account as on March 31, 2017
Dr. Cr.
Liabilities Amount

₹

 Assets Amount

₹
Opening Stock 9,000 Sales 1,80,000
Purchases 1,64,000 Less: Sales Return (1,820) 1,78,180
Less: Purchases Return (1,910) 1,62,090 Closing Stock 16,000
Carriage Inwards 1,000
Wages 3,300
Profit and Loss (Gross Profit) 18,790
1,94,180 1,94,180
Profit and Loss Account as on March 31, 2017
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Insurance 1,610 Trading (Gross Profit) 18,790
Interest 1,100
Bad Debts 250
Postage 300
Discount 1,000
Salaries 3,000
Net Profit 11,530
18,790 18,790
Balance Sheet as on March 31, 2017
Liabilities Amount

₹

 Assets Amount
₹
Capital 2,36,000 Building 23,000
Add: Net Profit 11,530 2,47,530 Plant 16,930
Machinery 2,10,940
Loan 8,000 Debtors 3,900
Creditors 8,000 Closing Stock 16,000
Bills Payable 2,520
Bank Overdraft 4,720
2,70,770 2,70,770
Q14Written answer

From the following balances of M/s Nilu Sarees as on March 31, 2017, prepare trading and profit and loss accounts and balance sheet as on date.

Account Title Debit Amount ₹ Account Title Credit Amount
₹
Opening stock 10,000 Sales 2,28,000
Purchases 78,000 Capital 70,000
Carriage inwards 2,500 Interest 7,000
Salaries 30,000 Commission 8,000
Commission 10,000 Creditors 28,000
Wages 11,000 Bills payable 2,370
Rent and taxes 2,800    
Repairs 5,000    
Telephone expenses 1,400    
Legal charges 1,500    
Sundry expenses 2,500    
cash in hand 12,000    
Debtors 30,000    
Machinery 60,000    
Investments 90,000    
Drawings 18,000    

 The closing stock, as on March 31, 2017, is ₹ 22,000.

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Worked solution
Trading Account of M/s Nilu Sarees as on March 31, 2017
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Opening Stock 10,000 Sales 2,28,000
Purchases 78,000 Closing Stock 22,000
Carriage Inwards 2,500
Wages 11,000
Profit and Loss (Gross Profit) 1,48,500
2,50,000 2,50,000
Profit and Loss Account as on March 31, 2017
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Salaries 30,000 Trading (Gross Profit) 1,48,500
Commission 10,000 Interest 7,000
Rent and Taxes 2,800 Commission 8,000
Repairs 5,000
Telephone Expenses 1,400
Legal Charges 1,500
Sundry Expenses 2,500
Net Profit 1,10,300
1,63,500 1,63,500
Balance Sheet as on March 31, 2017
Liabilities Amount

₹

 Assets Amount

₹
Capital 70,000 Machinery 60,000
Add: Net Profit 1,10,300 Investments 90,000
1,80,300 Debtors 30,000
Less: Drawings (18,000) 1,62,300 Closing Stock 22,000
Cash in Hand 12,000
Creditors 28,000
Bills Payable 2,370
Suspense 21,330
2,14,000 2,14,000
Q15Written answer

Prepare the trading and profit and loss accounts of M/s Sports Equipments for the year ended March 31, 2017, and the balance sheet as on the same date.

Account Title Debit Amount
₹		 Credit Amount
₹
Opening stock 50,000  
Purchases and sales 3,50,000 4,21,000
Sales returns 5,000  
Capital   3,00,000
Commission   4,000
Creditors   1,00,000
Bank overdraft   28,000
Cash in hand 32,000  
Furniture 1,28,000  
Debtors 1,40,000  
Plants 60,000  
Carriage on purchases 12,000  
Wages 8,000  
Rent 15,000  
Bad debts 7,000  
Drawings 24,000  
Stationery 6,000  
Travelling expenses 2,000  
Insurance 7,000  
Discount 5,000  
Office expenses 2,000  

The closing stock as on March 31, 2017, is ₹ 2,500.

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Worked solution

The trading and profit and loss account and balance sheet are prepared below:

Trading Account as on March 31, 2017
Dr.  Cr.
Particulars Amount

₹

 Particulars Amount

₹
Opening Stock 50,000 Sales 4,21,000
Purchases 3,50,000 Less: Sales Return 5,000 4,16,000
Carriage on Purchases 12,000 Closing Stock 2,500
Wages 8,000 Profit and Loss (Gross Loss) 1,500
4,20,000 4,20,000
Profit and Loss Account as on March 31, 2017
Dr. Cr.
Particulars Amount

₹

 Particulars Amount

₹
Trading (Gross Loss) 1,500 Commission 4,000
Rent 15,000 Net Loss 41,500
Bad Debts 7,000
Stationery 6,000
Travelling Expenses 2,000
Insurance 7,000
Discount 5,000
Office Expenses 2,000
45,500 45,500
Balance Sheet as on March 31, 2017
Liabilities Amount

₹

 Assets Amount

₹
Capital 3,00,000 Plants 60,000
Less: Net Loss (41,500) Furniture 1,28,000
Less: Drawings (24,000) 2,34,500 Debtors 1,40,000
Closing Stock 2,500
Creditors 1,00,000 Cash in Hand 32,000
Bank Overdraft 28,000
3,62,500 3,62,500
Concepts covered in this chapter are listed below:
  • Stakeholders and Their Information Requirements
  • Distinction between Capital and Revenue
  • Expenditure
  • Receipts
  • Importance of Distinction between Capital and Revenue
  • Financial Statements
  • Trading and Profit and Loss Account
  • Relevant Items in Trading and Profit and Loss Account
  • Closing Entries
Conclusion