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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Book Back 5 Mark Questions with Solution Part - I

11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - II Book Back 5 Mark Questions with Solution Part - I

11th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25

    Part I

    5 x 5 = 25

  1. From the following particulars presented by Thilak for the year ended 31st March 2017, prepare profit and loss account.

     Particulars   Rs.   Particulars   Rs. 
      Gross profit        1,00,000   Interest received       6,000
      Rent paid 22,000   Bad debts 2,000
      Salaries 10,000   Provision for bad debts (1-4-2016)    4,000
      Commission (Cr.)  12,000   Sundry debtors 40,000
      Discount received    2,000   Buildings     80,000
      Insurance premium paid    8,000    

    Adjustments:
    (a) Outstanding salaries amounted to Rs. 4,000
    (b) Rent paid for 11 months
    (c) Interest due but not received amounted to Rs. 2,000
    (d) Prepaid insurance amounted to Rs. 2,000
    (e) Depreciate buildings by 10%
    (f) Further bad debts amounted to Rs. 3,000 and make a provision for bad debts @ 5% on sundry debtors
    (g) Commission received in advance amounted to Rs. 2,000.

  2. From the following balances obtained from the books of Siva, prepare trading and profit and loss account.

     Particulars   Rs.   Particulars   Rs. 
      Stock on 01.01.2016        9,000   Bad debts    1,200
      Purchases  22,000   Sundry expenses    1,800
      Sales 42,000   Discount allowed 1,700
      Expenses on purchases   1,500   Expenses on sale 1,000
      Bank charges paid 3,500   Repairs on office furniture    600

    Adjustments:
    a) Closing stock on, 31st December, 2016 was Rs. 4,500
    b) Manager is entitled to receive commission @ 5% of net profit after providing such commission.

  3. Given below are the balances extracted from the books of Nagarajan as on 31st March, 2016.

    Particulars Rs. Particulars Rs.
    Purchases 10,000 Sales 15,100
    Wages 600 Commission received 1,900
    Freight inwards 750 Rent received 600
    Advertisement 500 Creditors 2,400
    Carriage outwards 400 Capital 5,000
    Cash 1,200    
    Machinery 8,000    
    Debtors 2,250    
    Bills receivable 300    
    Stock on 1st January, 2016 1,000    
      25,000   25,000

    Prepare the trading and profit and loss account for the year ended 31st March, 2016 and the balance sheet as on that date after adjusting the following:
    (a) Commission received in advance Rs. 400
    (b) Advertisement paid in advance Rs. 150
    (c) Wages outstanding Rs. 200
    (d) Closing stock on 31st March 2016, Rs. 2,100

  4. Consider the following balances extracted from the books of Jain as on 31st December, 2016. Prepare the final accounts.

    Particulars Rs. Particulars Rs.
    Capital 20,000 Office Salaries 6,600
    Debtors 8,000 Establishment expenses 4,500
    Creditors 10,500 Selling expenses 2,300
    Purchases 60,000 Furniture 10,000
    Sales 80,000 Cash at bank 2,400
    Income tax of Jain paid 500 Miscellaneous receipts 600
    Opening stock 12,000 Drawings 4,800

    Adjustments :
    (a) Salaries outstanding for December, 2016 amounted to Rs. 600
    (b) Provide depreciation on furniture @ 10% p.a.
    (c) Provide interest on capital for the year @ 5% p.a.
    (d) Stock on 31st December, 2016 Rs. 14,000

  5. From the trial balance of Ajith and the adjustments given below, prepare trading and profit and loss A/c for the year ended 31st March, 2016 and the balance sheet as on that date.

     Particulars   Debit Rs.   Particulars   Credit Rs. 
      Opening stock       15,000   Capital    25,000
      Furniture and fixtures   30,000   Returns outward   1,000
      Purchases 40,000   Bills payable 10,000
      Sales returns 2,000   Sales   1,24,000
      Carriage inwards 10,000   Provision for doubtful debts     500
      Office rent 23,000   Provision for discount on debtors    100
      Sundry debtors 20,100    
      Bank balance 19,600    
      Bad debts 900    
      1,60,600   1,60,600

    Adjustments:
    (a) Stock at the end of the year was Rs. 8,000
    (b) Further bad debts amounted to Rs. 100
    (c) Create 2% provision for doubtful debts on sundry debtors
    (d) Create 1% provision for discount on sundry debtors.

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