ch - 9 financial statements - i 11th/class 11th... · ... the end of the accounting period,...

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1. Explain the concept of cost of goods sold?

• Solution: Cost of goods sold includes the costs that is included in creating the products that a company sells

Cost of goods sold = Purchases + Direct Expenses – Closing Stock

2. What is a balance sheet. What are its characteristics?

• Solution: The balance sheet may be defined as "A Statement which sets out the Assets and Liabilities if a firm or an institution as at a certain date".

The Balance Sheet has certain characteristics which should be noted. These are:

o It is prepared at a particular date, rather on the close of the day and not for a period. It is true only on that date and not later.

o The Balance Sheet is prepared after the preparation of the Profit and Loss Account. This is the reason why the Profit and Loss Account (including the Trading Account) and the Balance Sheet together called the ‘Final Accounts’.

o The Balance Sheet shows the financial position of a business as a going concern.

o The Balance Sheet is not an account but only a statement of assets and liabilities. On the left – hand side, the liabilities of the business are shown whereas on the right – hand side the assets of the business appear.

o The total of the asset side must be equal to the total of liabilities side. i.e., the two sides of the Balance Sheet must have the same totals. If this is not the case, there is certainly an error somewhere.

3. What is an operating profit?

• Solution: Operating Profit is the excess of gross profit over operating expenses. Gross profit is the excess of net sales revenue over cost of goods sold. Operating expenses includes office and administration expenses, selling and distribution expenses, cash discount allowed, interest on bills payable and other short term debts, bad debts and so on. Net sales means cash sales + credit sales – sales return.

Operating Profit = Net Sales – Operating Cost

= Net Sales – (cost of Goods sold+ Administration and Office Expenses + Selling and Distribution Expenses) or

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Operating Profit = Net Profit + Non – Operating Expenses – Non – Operating Income.

4. What are financial statements? What information do they provide.

• Solution: At the end of the financial year or at the end of the accounting period, Financial Statements are prepared to know profit or loss and also the financial position of the business. These statements are presented to users of accounting information for decision – making. A complete set of financial statements include a. a balance sheet,b. a profit and loss account and c. schedules and notes forming part of balance sheet. In many countries, Financial Statements also include a statement of changes in financial position (which may be presented as cash flow statement or funds flow statement).

Financial Statements are prepared from the Trial Balance drawn taking the ledger balances and cash book balances. The Trial Balance tests the arithmetical accuracy of the entries effected. On being satisfied by this, the owner of the business likes to know the ultimate results of operating the business. i.e.,

o How much profit the business has earned in a particular period (generally one year)? Profit and Loss Account (Income Statement) shows the profit earned during the year and

o What is the financial position of the business at the end of a particular period (generally one year) Balance Sheet (Position Statement) shows the financial position on a particular date.

These two financial statements are "Final Accounts".

5. What are closing entries? Give four examples of closing entries.

• Solution: Preparation of a Trading Account requires recording entries to transfer the balance of accounts of all the concerned items to the Trading Account. These entries are called Closing Entries as after recording the entries these accounts are closed. The following closing entries are passed to give effect of such transfer of balances:

1 For the items of Debit Side

Trading A/c Dr

To Opening Stock A/c

To Purchases A/c

To Direct Expenses A/c

2 For the Items on Credit Side

Sales A/c (Net) A/c Dr

Closing Stock A/c Dr







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To Trading A/c

3 For Gross Profit Trading A/c Dr

To Profit and Loss A/c

4 For Gross Loss Profit and Loss A/c Dr

To Trading A/c

6. Discuss the need of preparing a balance sheet.

• Solution: Need: A Balance Sheet is prepared with a view to measure the true financial position of a business at a particular point of time. It is a device to show the financial position of a business in a systematic and standard form. It is a screen picture of the financial position of the business. Through it the position of the business, at a particular point of time, can be understood at a glance. Just as a doctor will feel the pulse of a person and know whether he is enjoying good health or not, in the same manner by looking at the Balance Sheet one can know whether the firm is solvent or not. If the assets exceed liabilities it is solvent; in the other case, it would be insolvent. It may serve as the basis for determining purchase consideration of the business.

7. What is meant by Grouping and Marshalling of assets and liabilities. Explain the

ways in which a balance sheet may be marshalled.

• Solution: The assets and liabilities should be shown in a certain order in the Balance Sheet. Therefore, they should be arranged in certain groups and in a particular order. This is called ‘Grouping’ and ‘Marshalling’ of the Balance Sheet. Thus, ‘Grouping’ means putting items of a similar nature under a common heading. The arrangement of assets and liabilities in a particular order in the Balance Sheet is called ‘Marshalling’.

Before we discuss the arrangement of assets and liabilities in the Balance Sheet, let us first understand what assets and liabilities mean. The team ‘assets’ denote the economic resources (property) of the business and includes all current and fixed assets. These are discussed subsequently. The term liabilities denote all claims against the assets of the business and include those of the outsiders (creditors) or those of the owners of the business. Assets and liabilities are shown in the Balance Sheet either in the order of liquidity or in the order of permanence.

8. From the following balances taken from the books of Simmi and Vimmi Ltd. for

the year ending March 31, 2003, calculate the gross profit.

(Rs.)

Closing stock 2,50,000

Net sales during the year 40,00,000

Net purchases during the year 15,00,000

Opening stock 15,00,000







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Direct expenses 80,000

• Solution:

Trading and profit and Loss Account for the year ended March 31, 2003

Dr. Cr.

Expenses / Losses Amount (Rs.) Revenues / Gain Amount (Rs.)

Opening Stock 15,00,000 Net Sales 40,00,000

Net Purchases 15,00,000 Closing Stock 2,50,000

Direct Expenses 80,000

Gross Profit 11,70,000

42,50,000 42,50,000

9. From the following balances extracted from the books of M/s Ahuja and Nanda.

Calculate the amount of :

(a) Cost of goods available for sale

(b) Cost of goods sold during the year

(c) Gross Profit

Rs.

Opening stock 25,000

Credit purchases 7,50,000

Cash purchases 3,00,000

Credit sales 12,00,000

Cash sales 4,00,000

Wages 1,00,000

Salaries 1,40,000

Closing stock 30,000

Sales return 50,000

Purchases return 10,000

• Solution: a) Cost of Goods available for sale

b) Cost of goods sold

Cost of goods sold = Purchases + Direct expenses – Closing Stock







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= 10,50,000 + 1,00,000 – 30,000

= Rs. 11,50,000 – 30,000

= Rs. 11,20,000

c) Gross profit


Dr. Cr.


Opening Stock 25,000 Net Sales 16,00,000

Less Sales return 50,000

15,50,000

Net Purchases10,50,000

Less P/R 10,000

10,40,000 Closing Stock 30,000

Direct Expenses 1,00,000


15,80,000 15,80,000

10. Calculate 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 ended March 31, 2005.

Rs.


Net sales 11,00,000

Net purchases 6,00,000

Direct expenses 60,000

Administration expenses 45,000

Selling and distribution expenses

65,000

Loss due to fire 20,000


• Solution:








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Dr. Cr.


Opening Stock 50,000 Net Sales 11,00,000

Net Purchases 6,00,000 Closing Stock 70,000



11,70,000 11,70,000

Administrative expenses

45,000 Gross profit b/d 4,60,000

Selling and distributive expenses

65,000

Loss by fire 20,000

Net profit transferred to capital account

3,30,000

4,60,000 4,60,000

Operating Profit

= Net profit + Non –operating expenses – Non-operating incomes

= 3,30,000 + 20,000 – Nil

= Rs. 3,50,000

11. Operating 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.

• Solution: Operating profit = Net profit + Non-operating expenses – non-operating income

17,00,000 = Net profit + 3,75,000 – 1,50,000

17,00,000 = Net profit + 2,25,000

Net profit = Rs. 14,75,000







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12. The following are the extracts from the trial balance of M/s Bhola & Sons ason March 31, 2005

Account Title Debit

Rs. Credit

Rs.

Opening stock

Purchases

2,00,000

8,10,000

10,10,000

10,10,000 10,10,000

(only relevant items)

Closing Stock as on date was valued at Rs.3,00,000.

You 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.

• Solution: Journal entries

a) Sales a/c Dr. 10,10,000

To Trading 10,10,000

b) Trading a/c Dr. 8,10,000

To Purchases 8,10,000

c) Trading a/c Dr. 2,00,000

Opening Stock 2,00,000

d) Closing Stock a/c Dr. 3,00,000

To Trading 3,00,000


Dr. Cr.


Opening Stock 2,00,000 Net Sales 10,10,000

Net Purchases 8,10,000 Closing Stock 3,00,000







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Gross profit 3,00,000

13,10,000 13,10,000

Balance sheet as on 31 March, 2005

Liabilities Amount (Rs) Assets Amount (Rs)


Opening Stock 2,00,000

13. Prepare trading and profit and loss account and balance sheet as on March 31,

2005 :

Account Title Amount Account Title Amount

Rs. Rs.

Machinery 27,000 Capital 60,000

Sundry debtors 21,600 Bills payable 2,800

Drawings 2,700 Sundry creditors 1,400

Purchases 58,500 Sales 73,500

Wages 15,000

Sundry expenses 600

Rent & taxes 1,350

Carriage inwards 450

Bank 4,500

Openings stock 6,000

Closing stock as on March 31, 2005 Rs.22,400.

• Solution:


Dr. Cr.


Opening Stock 6,000 Net Sales 73,500







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Net Purchases 58,500 Closing Stock 22,400


Carriage inwards 450

Gross profit 15,950

95,900 95,900

Rent and taxes 1,350 Gross profit b/d 15,950

Sundry expenses 600

Net profit 14,000

15,950 15,950


Liabilities Amount (Rs)

Assets Amount (Rs)

Capital 60,000

71,300

Machinery 27,000

Less: Drawings

2,700

57,300

Add: Net Profit

14,000

Sundry debtors 21,600

Bills Payable 2,800 Bank 4,500

Sundry Creditors 1,400 Closing Stock 22,400

75,500 75,500

14. The following trial balance is extracted from the

books of M/s Ram on March 31, 2005. You are required

to prepare trading and profit and loss account and the

balance sheet as on date :

Account title Amount

Rs. Account title Amount

Rs.







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Debtors 13,000 Apprenticeship premium

5,000

Purchases 50,000 Loan 10,000

Coal, gas and water 6,000 Bank overdraft 1,000

Factory wages 11,000 Sales 80,000

Salaries 9,000 Creditors 13,000

Rent 4,000 Capital 20,000

Discount 3,000

Advertisement 500

Drawings 1,000

Loan 6,000

Petty cash 500

Sales return 1,000

Machinery 5,000

Land and building 10,000

Income tax 100

Furniture 9,900

• Solution:


Dr. Cr.

Expenses / Losses Amount (Rs.)

Revenues / Gain Amount (Rs.)

Net Purchases 50,000 Net Sales 80,000

79,000







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Less

Sales Return 1,000

Wages 11,000

Coal, Gas and water 6,000

Gross profit 12,000

79,000 79,000

Salary 9,000 Gross profit b/d 12,000

Rent 4,000 Apprenticeship premium 5,000

Discount 3,000

Advertisement 500

Net profit 500

17,000 17,000



Capital 20,000

19,400

Machinery 5,000

Less: Drawings 1,000

19,000

Add: Net Profit 500

19,500

Less: Income tax 100

Loan 10,000 Sundry debtors 13,000

Sundry Creditors 13,000 Land and building 10,000

Bank overdraft 1,000 Machinery 5,000







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Furniture 9,900

Cash 500

43,400 43,400

15. The following is the trial balance of Manju Chawla

on March 31, 2005. You are required to prepare trading

and profit and loss account and a balance sheet as on

date :

Account title Debit

Amount Rs. Credit

Amount Rs.


Purchases and sales 40,000 80,000

Returns 200 600

Productive wages 6,000

Dock and Clearing charges 4,000

Donation and charity 600

Delivery van expenses 6,000

Lighting 500

Sales tax collected 1,000

Bad debts 600

Misc. incomes 6,000

Rent from tenants 2,000

Royalty 4,000

Capital 40,000

Drawings 2,000

Debtors and Creditors 6,0000 7,000

Cash 3,000

Investment 6,000

Patents 4,000







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Land and Machinery 43,000

Closing stock Rs. 2,000.

• Solution:


Dr. Cr.



Opening Stock 10,000 Sales 80,000

Less: Sales Return 600

79,400

Purchases 40,000

Less: Purchase return 200

39,800

Closing stock 2,000

Productive Wages 6,000

Dock and clearing charges 4,000

Lighting 500

Gross profit 21,100

81,400 81,400

Donation and charity 600 Gross profit b/d 21,100

Delivery van expenses 6,000 Miscellaneous income 6,000

Bad debts 600 Rent from tenants 2,000

Net Profit 21,900

29,100 29,100









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Capital 40,000


38,000 Add: net profit 21,900

59,900

Royalty 4,000

Creditors 7,000 Cash 3,000

Bank 1,900

Service tax collected 1,000 Investment 4,000

Patents 4,000

Land machinery 43,000

Closing stock 2,000

Debtors 6,000

67,900 67,900

16. The following is the trial balance of Mr. Deepak as on March 31, 2005. You are

required to prepare trading account, profit and loss account and a balance sheet as on date:

Account title

Debit Amount

Rs. Account title

Credit Amount

Rs.

Drawings 36,000 Capital 2,50000

Insurance 3,000 Bills payable 3,600

General expenses 29,000 Creditors 50,000

Rent and taxes 14,400 Discount received 10,400

Lighting (factory) 2,800 Purchases return 8,000

Travelling expenses 7,400 Sales 4,40,000

Cash in hand 12,600







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Bills receivable 5,000

Sundry debtors 1,04,000

Furniture 16,000

Plant and Machinery 1,80,000


Purchases 1,60,000

Sales return 6,000

Carriage inwards 7,200

Carriage outwards 1,600

Wages 84,000

Salaries 53,000


• Solution:


Dr. Cr.



Opening stock 40,000 Sales 4,40,000

Less: Sales return 6,000

4,34,000

Purchases 1,60,000

Less: Purchase return 8,000

1,52,000

Closing Stock 35,000


Wages 84,000

Lighting (factory) 2,800








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4,69,000 4,69,000

Insurance 3,000 Gross profit b/d 1,83,000

General expenses 29,000 Discount received 10,400

Rent and taxes 14,400

Travelling expenses 7,400


Salaries 53,000

Net profit 85,000

1,93,400 1,93,400



Capital 2,50,000


2,14,000

Add: Net Profit 85,000

2,99,000

Cash in hand 12,600

Bills Payable 3,600 Bills receivable 5,000

Sundry Creditors 50,000 Sundry Debtors 1,04,000

Furniture 16,000

Plant and Machinery 1,80,000


3,52,600 3,52,600

17. Prepare trading and profit and loss account and balance sheet from the following particulars as on March 31, 2005.

Account Title Debit

Amount Rs. Credit

Amount Rs.







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Purchases and Sales 3,52,000 5,60,000

Return inwards and Return outwards 9,600 12,000



Fuel and power 24,800


Bad debts 9,950

Debtors and Creditors 1,31,200 48,000

Capital 3,48,000

Investment 32,000

Interest on investment 3,200

Loan 16,000

Repairs 2,400

General expenses 17,000

Wages and salaries 28,800

Land and buildings 2,88,000

Cash in hand 32,000

Miscellaneous receipts 160

Sales tax collected 8,350


• Solution:


Dr. Cr.



Opening Stock 57,600 Sales 5,60,000


5,48,000







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Purchases 3,52,000


3,42,400



Wages and salaries 28,800

Fuel and power 24,800


5,82,800 5,82,800

Carriage outwards 3,360 Gross profit b/d 1,22,200

General expenses 17,000 Miscellaneous receipts 160

Bad debts 9,950 Interest on investment 3,200

Repairs 2,400

Net profit 92,850

1,25,560 1,25,560



Capital 3,48,000

Add: Net Profit 92,850

4,40,850

Debtors 1,31,200

Creditors 48,000 Land and buildings 2,88,000

Service tax collected 8,350 Cash in hand 32,000

Loan 16,000 Investment 32,000


5,13,200 5,13,200

18. From the following trial balance of Mr. A. Lal, prepare trading, profit and loss account and balance sheet as on March 31, 2005







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Account Title Debit

Amount Rs. Credit

Amount Rs.

Stock as on April 01, 2005 16,000

Purchases and Sales 67,600 1,12,000

Returns inwards and outwards 4,600 3,200

Carriage inwards

Wages

1,400

2,800

General expenses 2,400

Bad debts 600

Discount received 1,400

Bank over draft 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


• Solution:


Dr. Cr.







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Less: Sales Return 3,200

1,08,800

Purchases 67,600


63,000



Wages 2,800

Gross profit 40,600

1,23,800 1,23,800

General expenses 2,400 Gross profit b/d 40,600

Bad debts 600 Discount received 1,400

Insurance and taxes 4,000 Commission received 1,800

Salaries 8,800

Scooter expenses 200

Interest on bank overdraft 600

Net profit 27,200

43,800 43,800









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Capital 50,000

Add: Net profit 27,200

77,200

Cash in hand 4,000

Bank overdraft 10,000 Scooter 8,000

Creditors 16,000 Furniture 5,200

Building 65,000

Debtors 6,000


1,03,200 1,03,200

19. Prepare trading and profit and loss account and balance sheet of M/s Royal.

Traders from the following balances as on March 31, 2005.

Debit balances Amount Rs. Credit balances Amount Rs.

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

Closing stock Rs.8,000.

• Solution:








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Dr. Cr.



Purchases 1,90,000 Closing stock 8,000

Carriage on purchases 1,500 Gross Loss 13,500

Wages 55,000

2,66,500 2,66,500

Gross Loss b/d 13,500 Net Loss 20,000

Postage 300


Rent 4,500

20,000 20,000



Capital 2,00,000

Less: Net loss 20,000

1,80,000 Less: drawings 9,000

1,71,000

Cash 5,000

Creditors 10,000 Bank 10,000

Bills payable 4,000 Machinery 1,00,000

Debtors 27,000

Furniture 35,000

Closing stock 8,000

1,85,000 1,85,000







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20. Prepare trading and profit and loss account from the following particulars of M/s Neema Traders as on March 31, 2005.

Account Title Debit Amount

Rs. Account Title

Credit Amount

Rs.

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 2,10,000

Insurance 1,610

Interest 1,100

Bad debts 250

Postage 300

Discount 1,000

Salaries 3,000

Debtors 3,900

Stock on March 31, 2005 Rs.16,000.

• Solution:


Dr. Cr.









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1,78,180

Carriage inwards 1,000 Closing stock 16,000

Wages 3,300

Purchases 1,64,000


1,62,090

Lighting 940

Gross Profit 17,850

1,94,180 1,94,180

Insurance 1,610 Gross profit b/d 17,850

Interest 1,100

Bad debts 250

Postage 300

Discount 1,000

Salaries 3,000

Net profit 10,590

17850 17,850









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Capital 2,36,000

Add: Net profit 10,590

2,46,590

Buildings 23,000

Creditors 8,000 Plant 16,930

Loan 8,000 Machinery 2,10,000

Bills payable 2,520 Debtors 3,900

Bank overdraft 4,720 Closing Stock 16,000

2,69,830 2,69,830

21. From the following balances of M/s Nilu Sarees as on March 31, 2005. Prepare trading and profit and loss account and balance sheet as on date.

Account Title Debit

Amount Rs.

Account Title Credit

Amount Rs.


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 & taxes 2,800

Repairs 5,000

Telephone expenses 1,400

Legal charges 1,500


cash in hand 12,000







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Debtors 30,000

Machinery 60,000

Investments 90,000

Drawings 18,000


• Solution:


Dr. Cr.




Purchases 78,000 Closing Stock 22,000

Carriage inwards 2,500 Commission 8,000

Wages 11,000


2,58,000 2,58,000

Salaries 30,000 Gross profit b/d 1,56,500

Commission 10,000 Interest 7,000

Rent & taxes 2,800

Repairs 5,000

Telephone expenses 1,400

Legal charges 1,500


Net profit 1,10,300

1,63,500 1,63,500








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Capital 70,000

Add: Net profit 1,10,300

1,80,300


1,62,300

Cash in hand 12,000

Creditors 28,000 Debtors 30,000

Bills Payable 23,700 Machinery 60,000

Investments 90,000


2,14,000 2,14,000

22. Prepare trading and profit and loss account of M/s Sports Equipments for the

year ended March 31, 2006 and balance sheet as on that date:

Account Title Debit

Amount Rs. Credit

Amount Rs.


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







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Carriage on purchases 12,000

Wages 8,000

Rent 15,000

Bad debts 7,000

Drawings 24,000

Stationery 6,000


Insurance 7,000

Discount 5,000

Office expenses 2,000


• Solution:


Dr. Cr.




Less: Sales Return 5,000

4,16,000

Purchases 3,50,000 Closing stock 2,500

Carriage on purchases 12,000 Gross Loss 1,500

Wages 8,000

4,20,000 4,20,000

Gross Loss b/d 1,500 Commission 4,000

Rent 15,000 Net loss 41,500

Bad debts 7,000







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Stationary 6,000


Insurance 7,000

Insurance 5,000

Office expenses 2,000

44,500 44,500

• Balance sheet as on 31 March, 2005


Capital 3,00,000

Less: Net Loss 41,500

2,58,500


2,34,500

Cash in hand 32,000

Creditors 1,00,000 Debtors 1,40,000

Bank overdraft 28,000 Furniture 1,28,000

Plant 60,000

Closing Stock 2,500

3,62,500 3,62,500







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