CHAPTER-23 - Accounts from Incomplete Records

Question 1
Please find below the table with the adjusted financial statement of
the business:

Statement of Profit or Loss

Particulars ₹
Closing Capital 2,50,000
Plus: Drawings in the year 60,000
Sub: Extra capital introduced 75,000
Adjusted Capital at the end of the year 2,35,000
Sub: Opening Capital 2,00,000
Profit Adjusted for the year 35,000

Question 2
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
Liabilities ₹ Assets ₹
Creditors 80,000 Machinery 2,00,000
Capital (Bal. Fig.) 6,40,000 Furniture 75,000
Stock 2,40,000
Sundry Debtors 1,20,000
Cash in Hand 15,000

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 Cash at Bank 70,000
7,20,000 7,20,000
Statement of Profit or Loss
Particulars ₹
Closing Capital 6,40,000
Plus: Drawings in the year 90,000
Sub: Extra capital introduced 1,50,000
Adjusted Capital at the end of the year 5,80,000
Sub: Opening Capital 5,00,000
Profit Adjusted for the year 80,000

Question 3
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
Liabilities ₹ Assets ₹
Sundry Creditors 6,00,000 Building 10,00,000
Capital (Bal. Fig.) 16,40,000 Furniture 9,00,000
Stock in trade 2,00,000
B/R 60,000
Cash in Hand 80,000
22,40,000 22,40,000
Statement of Profit or Loss
Particulars ₹
Closing Capital 16,40,000
Plus: Drawings in the year 80,000
Sub: Extra capital introduced 3,20,000
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Adjusted Capital at the end of the year 14,00,000
Sub: Opening Capital 15,00,000
Loss Adjusted for the year 1,00,000

Question 4
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
Liabilities ₹ Assets ₹
Loan from Friend 45,000 Land and Building 1,80,000
Capital (Bal. Fig.) 4,07,000 Furniture 50,000
Stock 48,000
B/R 75,000
Cash 99,000
4,52,000 4,52,000
Statement of Profit or Loss
Particulars ₹
Closing Capital 4,07,000
Plus: Drawings in the year (8,000 × 12) 96,000
Sub: Extra capital introduced –
Adjusted Capital at the end of the year 5,03,000
Sub: Opening Capital 4,50,000
Profit Adjusted for the year 53,000

Question 5 (A)

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Please find below the table with the adjusted financial statement of
the business:

Statement of Profit or Loss

Particulars ₹
Closing Capital 24,00,000
Plus: Drawings in the year (10,000 × 12) 1,20,000
Sub: Extra capital introduced 4,00,000
Adjusted Capital at the end of the year 21,20,000
Sub: Opening Capital (Bal. Fig.) 14,60,000
Profit Adjusted for the year 6,60,000

Question 5 (B)

Profit= Closing Capital + Drawings – Additional Capital Introduced

– Opening Capital
Closing Capital = Opening Capital+ Additional Capital Introduced
+ Profits – Drawings
Closing Capital = 90,000 + 40,000 + 25,000 – 17,000
= 1,55,000 – 17,000
Closing Capital = Rs 1,38,000

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Question 6
Please find below the table with the adjusted financial statement of
the business:

Statement of Profit or Loss

Particulars ₹
Closing Capital (60,00,000 – 3,00,000) 57,00,000
Plus: Drawings in the year 1,65,000
(15,000 × 9 + 10,000 × 3)
Sub: Extra capital introduced 76,000
Adjusted Capital at the end of the year 57,89,000
Sub: Opening Capital 50,00,000
Profit Adjusted for the year 7,89,000
Working Note:
Calculating Additional Capital Introduced submitted for the year
Value of Investment = ₹ 80,000
Loss = 80,000 × 5/100
= ₹ 4,000
Sale worth of Investments (Additional Capital Introduced)
= ₹ 76,000

Question 7
Please find below the table with the adjusted financial statement of
the business:

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 Balance Sheet
for the year ended April 01, 2016
Liabilities ₹ Assets ₹
Sundry Creditors 11,000 Machinery 20,000
Bank Loan 12,000 Debtors 10,000
Capital (Bal. Fig.) 23,000 Stock 7,000
Bank 8,000
Cash 1,000
46,000 46,000
Balance Sheet
for the year ended 31st March, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 10,000 Machinery 20,000
Bank Loan 12,000 Debtors 12,000
Capital (Bal. Fig.) 27,500 Stock 6,000
Bank 10,000
Cash 1,500
49,500 49,500
Statement of Profit or Loss Adjusted
for the year ended 31st March, 2017
Particulars ₹
Closing Capital 27,500
Plus: Drawings in the year (1,250 × 12) 15,000
Sub: Extra capital introduced 10,500
Adjusted Capital at the end of the year 32,000
Sub: Opening Capital 23,000
Profit Adjusted for the year 9,000
Working Note:
Calculating Additional Capital Introduced submitted for the year
Investments Value = 10,000
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Gain = 500 (10,000 × 5%)
Sale worth of Investments (Additional Capital Introduced)
= ₹ 10,500

Question 8
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
for the year ended 31st March, 2016
Liabilities ₹ Assets ₹
Creditors 2,20,000 Plant & Machinery 1,50,000
Capital (Bal. Fig.) 2,65,000 Fixtures & Fittings 18,000
Sundry Debtors 85,000
Stock-in-Trade 2,00,000
Cash at Bank 30,000
Cash in Hand 2,000
4,85,000 4,85,000

Balance Sheet
for the year ended 31st March, 2017
Liabilities ₹ Assets ₹
Creditors 2,90,000 Plant & Machinery 2,70,000
Capital (Bal. Fig.) 3,48,000 Fixtures & Fittings 15,000
Sundry Debtors 1,40,000
Stock-in-Trade 1,90,000
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 Cash at Bank 20,000
Cash in Hand 3,000
6,38,000 6,38,000
Statement of Profit or Loss
Particulars ₹
Closing Capital 3,48,000
Plus: Drawings in the year (7,500 × 12) 90,000
Sub: Extra capital introduced 50,000
Adjusted Capital at the end of the year 3,88,000
Sub: Opening Capital 2,65,000
Profit Adjusted for the year 1,23,000

Question 9
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
Liabilities ₹ Assets ₹
Loan from 1,00,000 Furniture 40,000
Brother
Sundry 1,40,000 Sundry 2,20,000
Creditors Debtors
Bank 40,000 Sub: Bad 5,000 2,15,000
Overdraft Debts
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Capital 4,40,400 Stock 4,50,000
(Bal. Fig.)
Cash in Hand 15,400
7,20,400 7,20,400
Statement of Profit or Loss
Particulars ₹
Closing Capital 4,40,400
Plus: Drawings in the year (4,000) + (2,000 × 1,08,000
52)
Sub: Extra capital introduced 80,000
Adjusted Capital at the end of the year 4,68,400
Sub: Adjusted Capital at the end of the year 5,00,000
Loss Adjusted for the year 31,600

Question 10
Please find below the table with the adjusted financial statement of
the business:

Statement of Profit or Loss

Particulars ₹
Closing Capital 4,80,000
Plus: Drawings in the year 2,96,000
Sub: Extra capital introduced 60,000
Adjusted Capital at the end of the year 7,16,000
Sub: Opening Capital 5,00,000
Profit Adjusted for the year 2,16,000
Working Note:
Drawing Calculation
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Cash Withdrawn = (8,000 × 12)
= ₹ 96,000
Income Tax Paid = ₹ 20,000
Personal Loan Instalment = (15,000 × 12)
= ₹ 1,80,000
Drawings = ₹ 2,96,000

Additional Capital Introduced Calculation

Shares Value = ₹ 1,00,000
Plus: Profit = ₹ 20,000
Sale Value = ₹ 1,20,000
Additional Capital = 1,20,000/2
= ₹ 60,000

Question 11
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
for the year ended 31st March, 2016
Liabilities ₹ Assets ₹
Sundry Creditors 10,000 Furniture 8,000
B/P 4,000 Investment 40,000
Capital (Bal. Fig.) 2,24,000 Debtors 20,000

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 B/R 20,000
Stock 40,000
Cash at Bank 1,00,000
Cash in Hand 10,000
2,38,000 2,38,000
Balance Sheet
for the year ended 31st March, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 46,000 Furniture 48,000
B/P 42,000 Investment 50,000
Capital (Bal. Fig.) 3,50,000 Car 80,000
Debtors 80,000
B/R 24,000
Stock 30,000
Cash at Bank 90,000
Cash in Hand 36,000
4,38,000 4,38,000
Statement of Profit or Loss
Particulars ₹
Closing Capital 3,50,000
Plus: Drawings in the year (5,000 X 12) 60,000
Sub: Extra capital introduced 30,000
Adjusted Capital at the end of the year 3,80,000
Sub: Opening Capital 2,24,000
Profit Before Adjustment 1,56,000
Sub: Depreciation - Car 4,000
Sub: Depreciation – Furniture 4,800
Sub: Outstanding Rent 6,000
Profit Adjusted for the year 1,41,200

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 Adjusted Balance Sheet
for the year ended 31st March, 2017
Liabilities ₹ Assets ₹
Opening 2,24,000 Furniture 48,000
Capital
Plus: Net 1,41,200 Sub: (4,800) 43,200
Profit Depreciation
Plus: New 30,000 Car 80,000
Capital
Sub: 60,000 3,35,200 Sub: (4,000) 76,000
Drawings Depreciation
Sundry Creditors 46,000 Debtors 80,000
B/P 42,000 Investment 50,000
Outstanding Rent 6,000 B/R 24,000
Stock 30,000
Cash at Bank 90,000
Cash in Hand 36,000
4,29,200 4,29,200

Question 12
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
for the year ended 31st March, 2016
Liabilities ₹ Assets ₹
Creditors 13,500 Furniture 6,000
Capital (Bal. Fig.) 43,900 Sundry Debtors 18,700
Stock 25,100
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 Cash at Bank 5,400
Cash in Hand 2,200
57,400 57,400
Balance Sheet
for the year ended 31st March, 2017
Liabilities ₹ Assets ₹
Creditors 14,200 Furniture 8,000
Capital (Bal. Fig.) 66,800 Typewriter 9,200
Sundry Debtors 24,600
Stock 26,000
B/R 3,300
Cash at Bank 8,400
Cash in Hand 1,500
81,000 81,000
Statement of Profit or Loss
for the year ended 31st March, 2017
Particulars ₹
Closing Capital 66,800
Plus: Drawings in the year (18,000 – 9,200) 8,800
Sub: Extra capital introduced
Adjusted Capital at the end of the year 75,600
Sub: Opening Capital 43,900
Profit Before Adjustment 31,700
Sub: Depreciation - Furniture 800
Sub: Depreciation - Typewriter 920
Sub: Bad Debts 600
Sub: Provision for Doubtful Debts 1,200
Profit Adjusted for the year 28,180
Adjusted Balance Sheet
for the year ended 31st March, 2017
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 Liabilities ₹ Assets ₹
Sundry Creditors 14,200 Sundry Debtors 24,600
Opening 43,900 Sub: Bad Debts 600
Capital
Plus: Net 28,180 Sub: Provision for 1,200 22,800
Profit Bad Debts
Sub: 8,800 63,280 Furniture 8,000
Drawings
Sub: Depreciation 800 7,200
Typewriter 9,200
Sub: Depreciation 920 8,280
Stock 26,000
B/R 3,300
Cash at Bank 8,400
Cash in Hand 1,500
77,480 77,480

Question 13
Please find below the table with the ledger posting of the
transactions:

Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 60,000 By Cash Account 3,02,000
To B/R Account 4,000 By Sales Return 12,000
Account
To Bank Account 3,000 By Bad-Debts Account 5,600

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To Sales Account 3,80,000 By B/R Account 16,000
(Credit)
By Discount Allowed 4,400
By Bank Account 32,000
By Balance c/d 75,000
4,47,000 4,47,000
Total Net Sales = Credit Sales + Cash Sales – Sales Return
= 3,80,000 + 1,05,000
= ₹ 4,85,000

Question 14
Please find below the table with the ledger posting of the
transactions:

Sundry Creditors A/c

Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 2,20,000 By Balance b/d 32,000
To Discount Received 6,600 By B/P Account 2,000
Account
To B/P Account 16,000 By B/R Account 3,000
To Purchases Return 10,000 By Purchases Account 3,28,600
Account (Credit)
To B/R Account 7,000
To Bank Account 60,000
To Balance c/d 46,000
3,65,600 3,56,600
Credit Purchase = Rs. 3,28,600
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Question 15
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended 31st March, 2012
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 28,000 By Sales (Cash + 1,34,400
Credit)
To Purchases (Cash + 59,100 By Closing Stock 21,200
Credit)
To Wages 18,800
Plus: Outstanding 1,500 20,300
To Gross Profit 48,200
1,55,600 1,55,600

Balance Sheet
for the year ended 31st March, 2012
Liabilities ₹ Assets ₹
Capital 69,200 Machinery 36,000
Plus: Additional 20,000 Debtors 18,000
Capital Introduced
Sub: Drawings (22,000) Sub: Bad 900 17,100
Debts
Plus: Net Profit 29,700 96,900 Closing Stock 21,200
Sundry Creditors 13,000 Cash in Hand 37,100
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Unpaid Wages 1,500

1,11,400 1,11,400
Working Notes:
Balance Sheet
at the end of 31st March, 2011
Liabilities ₹ Assets ₹
Sundry Creditors 15,400 Machinery 36,000
Capital (Bal. Fig.) 69,200 Debtors 15,600
Stock 28,000
Cash 5,000

84,600 84,600
Profit & Loss A/c
for the year ended 31st March, 2012
Dr. Cr.
Particulars ₹ Particulars ₹
To Salary 12,000 By Gross Profit 48,200
To Rent 8,400 By Commission 2,800
To Bad Debts 900
To Net Profit 29,700
51,000 51,000
By Balance c/d 37,100
1,59,800 1,59,800
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 15,600 By Cash Account 37,000
To Sales Account 39,400 By Balance c/d 18,000
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 55,000 55,000

Sundry Creditors A/c

Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 35,000 By Balance b/d 15,400
To Balance c/d 13,000 By Purchases Account 32,600
48,000 48,000

Question 16
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended 31st March, 2012
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 30,000 By Sales (Cash + Credit) 1,23,600
To Purchases (Credit) 72,800 By Closing Stock 35,950
To Carriage 1,270
To Gross Profit 55,480
1,59,550 1,59,550
Profit & Loss A/c
for the year ended 31st March, 2012
Dr. Cr.
Particulars ₹ Particulars ₹
To Salary 24,000 By Gross Profit 55,480
To Rent 16,000 By Sale of Old 420
Newspapers
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To Depreciation on Furniture 3,000
To Outstanding Interest on 900
Loan (on 9 months)
To Net Profit 12,000
55̮,900 55,900
Balance Sheet
for the year ended 31st March, 2012
Liabilities ₹ Assets ₹
Capital 62,300 Furniture 18,000
Sub: 1,500 Plus: Additions 12,000
Drawings
Plus: Net 12,000 72,800 Sub: (3,000) 27,000
Profit Depreciation
Sundry Creditors 34,600 Debtors 20,800
Unpaid Interest on 900 Closing Stock 35,950
Loan
Loan from Ms. 8,000 Cash in Hand 32,550
Khanna
1,16,300 1,16,300
Working Notes:
Balance Sheet
for the year ended 31st March, 2011
Liabilities ₹ Assets ₹
Sundry Creditors 18,000 Furniture 18,000
Capital (Bal. Fig.) 62,300 Debtors 24,200
Stock 30,000
Cash 8,100

80,300 80,300

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 Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 24,200 By Cash Account 75,000
To Sales Account 71,600 By Balance c/d 20,800
95,800 95,800
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 56,200 By Balance b/d 18,000
To Balance c/d 34,600 By Purchases Account 72,800
90,800 90,800

Question 17
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended 31st March, 2012
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 15,000 By Sales (Cash + 60,800
Credit – Returns)
To Purchases (Credit) 46,000 By Closing Stock 12,000
To Carriage 800
To Gross Profit 11,000
72,800 72,800
Profit & Loss A/c

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 Dr. Cr.
Particulars ₹ Particulars ₹
To Salary 12,400 By Gross Profit 11,000
To Advertisement 700 By Miscellaneous 300
Income
To Provision for Doubtful 400 By Discount 130
Debts Received
To Provision for Discount on 152 By Net Loss 2,522
Debtors
To Discount Allowed 300
13,952 13,952
Balance Sheet
for the year ended 31st March, 2012
Liabilities Amount Assets Amount
(₹) (₹)
Capital 40,900 Fixed Assets 25,000
Sub: Net 2,522 38,378 Debtors 8,000
Loss
Sundry Creditors 7,270 Sub: Provision for 400
DD
Sub: Provision for 152 7,448
Discount
Closing Stock 12,000
Cash at Bank 1,200
45,648 45,648

Working Notes:
Balance Sheet
for the year ended 31st March, 2011
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 Liabilities ₹ Assets ₹
Sundry Creditors 8,600 Fixed Assets 25,000
Bank Overdraft 2,500 Debtors 12,000
Capital (Bal. Fig.) 40,900 Stock 15,000

52,000 52,000
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 12,000 By Cash Account 38,000
To Sales Account 35,100 By Sales Return Account 800
By Discount Allowed Account 300
By Balance c/d 8,000
47,100 47,100
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Discount Received 130 By Balance b/d 8,600
Account
To Cash Account 31,200 By Purchases 30,000
Account
To Balance c/d 7,270
38,600 38,600

Question 18
Please find below the table with the adjusted financial statement of
the business:

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 Trading A/c
for the year ended 31st March, 2015
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 32,000 By Sales (Cash + Credit) 2,57,000
To Purchases (Credit) 1,80,000 By Closing Stock 55,000
To Carriage 3,300
To Gross Profit 96,700
3,12,000 3,12,000

Profit & Loss A/c

for the year ended 31st March, 2015
Dr. Cr.
Particulars ₹ Particulars ₹
To Sundry Expenses 40,000 By Gross Profit 96,700
To Provision for Doubtful 1,220 By Prepaid 3,600
Debts Expenses
To Unpaid Expenses (2,200 – 700
1,500)
To Net Profit 58,380
1,00,300 1,00,300
Balance Sheet
for the year ended 31st March, 2015
Liabilities ₹ Assets ₹
Capital 51,900 Cash in Hand 21,700
Sub: (15,000) Debtors 24,400
Drawings

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Plus: Net 58,380 95,280 Sub: Provision for (1,220) 23,180
Profit Doubtful Debts
Sundry Creditors 38,000 Prepaid Expenses 3,600
Unpaid Expenses 2,200 Closing Stock 55,000
Furniture 32,000
1,35,480 1,35,480
Working Notes:
Balance Sheet
for the year ended 31st March, 2014
Liabilities ₹ Assets ₹
Sundry Creditors 22,000 Furniture 20,000
Expenses Unpaid 1,500 Debtors 15,000
Capital (Bal. Fig.) 51,900 Stock 32,000
Cash 8,400

75,400 75,400
Cash A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 8,400 By Sundry Creditors 1,64,000
Account
To Debtors Account 2,00,000 By Carriage Account 3,300
To Sales Account 47,600 By Drawings Account (Life 15,000
(Bal. Fig.) Insurance Gain)
By Sundry Expenses 40,000
Account
By Furniture Account 12,000
By Balance c/d 21,700
2,56,000 2,56,000

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 Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 1,64,000 By Balance b/d 22,000
To Balance c/d 38,000 By Purchases Account 1,80,000
2,02,000 2,02,000

Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 15,000 By Cash Account 2,00,000
To Sales Account 2,09,400 By Balance c/d 24,400
2,24,400 2,24,400

Question 19
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended 31st March, 2009
Dr. Cr.
Particulars ₹ Particulars ₹
To Purchases (Cash + Credit 73,700 By Sales (Cash + 1,00,000
– Drawings) Credit)
To Carriage Inwards 700 By Closing Stock 10,000
To Wages 300
To Gross Profit 35,300
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 1,10,000 1,10,000
Profit & Loss A/c
for the year ended 31st March, 2009
Dr. Cr.
Particulars ₹ Particulars ₹
To Discount Allowed 800 By Gross Profit 35,300
To Salaries 6,200
To Bad Debts 1,500
To Trade Expenses 1,200
To Advertisement 2,200
To Depreciation on Furniture 2,000
To Net Profit 21,400
35,300 35,300
Balance Sheet
for the year ended 31st March, 2009
Liabilities ₹ Assets ₹
Capital 50,000 Furniture 20.000
Gift from Uncle 3,000 Sub: (2,000) 18,000
Depreciation
Sub: Drawings 9,000 Debtors 21,000
(12 × 600 + 1,300
+ 500)
Plus: Net Profit 21,400 65,400 Closing Stock 10,000
Sundry Creditors 15,000 Cash in Hand 36,400
Loan from Father 5,000
85,400 85,400
Working Notes:
Cash A/c
Dr. Cr.

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 Particulars ₹ Particulars ₹
To Capital Account 50,000 By Furniture Account 20,000
To Gift from Uncle 3,000 By Drawings Account 7,700
(12×600+500)
To Loan from Father 5,000 By Purchases Account 10,000
Account
To Sales Account 30,000 By Carriage Inwards 700
Account
To Debtors Account 46,700 By Wages Account 300
By Salaries Account 6,200
By Trade Expenses 1,200
Account
By Advertisement 2,200
Account
By Sundry Creditors 50,000
Account
By Balance c/d 36,400
1,34,700 1,34,700
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 50,000 By Purchases Account 65,000
To Balance c/d 15,000
65,000 65,000
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Sales Account 70,000 By Discount Allowed Account 800
By Bad Debts Account 1,500
By Cash Account 46,700
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 By Balance c/d 21,000
2,24,400 2,24,400

Question 20

Rate of Gross Profit (on Cost) = 25%

Rate of Gross Profit (on Sales) = 20%
Gross Profit = 20/100 x 1,20,000
= ₹ 24,000
Gross Profit = Net Sales (Sales – Sales Return) – Cost of Goods
Sold
24,000 = 1,20,000 – Cost of Goods Sold
Cost of Goods Sold = 1,20,000 – 24,000
= ₹ 96,000
Cost of Goods Sold = Opening Stock + Purchases + Direct
Expenses – Closing Stock
96,000 = 16,000 + 93,000 + 20,000 – Closing Stock
Closing Stock = 16,000 + 93,000 + 20,000 – 96,000
= ₹ 33,000

Question 21
Gross Profit Rate (on sales) = 40%
Gross Profit = 40/100 x (2,05,000 – 5,000)
= ₹ 80,000

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Gross Profit = Net Sales (Sales – Sales Return) – Cost of Goods
Sold
80,000 = 2,00,000 – Cost of Goods Sold
Cost of Goods Sold = 2,00,000 – 80,000
= ₹ 1,20,000
Cost of Goods Sold = Opening Stock + Purchases + Direct
Expenses – Closing Stock
1,20,000 = Opening Stock + (1,24,000 – 4,000) + 8,000 – 36,000
Opening Stock = 1,20,000 – 1,20,000 – 8,000 + 36,000
= ₹28,000

Question 22
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended 31st March, 2008
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 46,000 By Sales (Cash + Credit) 1,34,000
To Purchases (Credit) 66,000 By Closing Stock 20,000
To Wages 15,000
To Outstanding Wages 200
To Gross Profit 26,800
1,54,000 1,54,000

Class XI www.vedantu.com DK Goel Solutions

Profit & Loss A/c for the year ended 31st March, 2008
Dr. Cr.
Particulars ₹ Particulars ₹
To Staff Salaries 4,500 By Gross Profit 26,800
To Office Expenses 2,000 By Outstanding Salary 50
To Rent 3,500
To Net Profit 16,850
26,850 26,850
Balance Sheet
for the year ended 31st March, 2008
Liabilities ₹ Assets ₹
Capital 40,000 Debtors 56,000
Sub: Drawings (5,800) Closing Stock 20,000
Plus: Net Profit 16,850 51,050 Cash in Hand 16,700
Sundry Creditors 40,000
Outstanding Salary 450
Outstanding Wages 1,200
92,700 92,700
Working Notes:
Balance Sheet
for the year ended 31st March, 2007
Liabilities ₹ Assets ₹
Sundry Creditors 30,000 Debtors 24,000
Outstanding Salaries 500 Stock 46,000
Outstanding Wages 1,000 Cash 1,500
Capital (Bal. Fig.) 40,000
71,500 71,500
Cash A/c
Dr. Cr.
Particulars ₹ Particulars ₹
Class XI www.vedantu.com DK Goel Solutions
To Balance b/d 1,500 By Sundry Creditors Account 56,000
(Bal. Fig.)
To Debtors 72,000 By Drawings Account 5,000
Account
To Sales Account 30,000 By Drawings Account (Life 800
Insurance Gain)
By Staff Salary 4,500
By Wages 15,000
By Office Expenses 2,000
By Rent 3,500
By Balance c/d 16,700
1,03,500 1,03,500
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 56,000 By Balance b/d 30,000
To Balance c/d 40,000 By Purchases Account 66,000
96,000 96,000
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 24,000 By Cash Account 72,000
To Sales Account 1,04,000 By Balance c/d 56,000
1,28,000 1,28,000
Gross Profit Rate (on cost) = 25%
Gross Profit Rate (on sales) = 20%
Gross Profit = 20/100 x (30,000 + 1,04,000)
= ₹ 26,800

Class XI www.vedantu.com DK Goel Solutions

Gross Profit = Net Sales (Sales – Sales Return) – Cost of Goods
Sold
26,800 = 1,34,000 – Cost of Goods Sold
Cost of Goods Sold = 1,34,000 – 26,800
= ₹ 1,07,200
Cost of Goods Sold = Opening Stock + Purchases + Direct
Expenses – Closing Stock
1,07,200 = Opening Stock + 66,000 + (15,000 +200) – 20,000
Opening Stock = 1,07,200 – 66,000 – 15,200 + 20,000
= ₹ 46,000

Question 23
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended March 31, 2015
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 34,000 By Sales (Credit) 2,32,000
To Purchases (Credit) 1,77,000 By Closing Stock 25,400
To Gross Profit 46,400
2,57,400 2,57,400
Profit & Loss A/c
for the year ended March 31, 2015

Class XI www.vedantu.com DK Goel Solutions

 Dr. Cr.
Particulars ₹ Particulars ₹
To Salaries 6,000 By Gross Profit 46,400
To Outstanding Salary 100
To Rent 4,800
To Advertisement 2,000
To Printing 800
To Net Profit 32,700
46,400 46,400
Balance Sheet
for the year ended March 31, 2015
Liabilities ₹ Assets ₹
Capital 56,200 Furniture 12,000
Sub: Drawings (4,000) Debtors 42,000
Plus: Net Profit 32,700 84,900 Stock 25,400
Sundry Creditors 15,000 Bank 21,000
Outstanding Salary 500
1,00,400 1,00,400
Working Notes:
Balance Sheet
for the year ended March 31, 2014
Liabilities ₹ Assets ₹
Sundry Creditors 20,000 Debtors 30,000
Outstanding Salaries 400 Stock 34,000
Capital 56,200 Bank 12,600
(Bal. Fig.)
76,600 76,600
Bank A/c
Dr. Cr.

Class XI www.vedantu.com DK Goel Solutions

 Particulars ₹ Particulars ₹
To Balance b/d (Bal. 12,600 By Sundry Creditors 1,82,000
Fig.) Account
To Debtors Account 2,20,000 By Salary Account 6,000
By Rent Account 4,800
By Advertisement 2,000
Account
By Printing Account 800
By Drawings Account 4,000
By Furniture Account 12,000
By Balance c/d 21,000
2,32,600 2,32,600
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 30,000 By Bank Account 2,20,000
To Sales Account 2,32,000 By Balance c/d 42,000
2,62,000 2,62,000
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Bank Account 1,82,000 By Balance b/d 20,000
To Balance c/d 15,000 By Purchases Account 1,77,000
1,97,000 1,97,000
Gross Profit Rate (on sales) = 20%
Gross Profit = 20/100 x 2,32,000
= ₹46,400
Gross Profit = Net Sales (Sales – Sales Return) – Cost of Goods
Sold
Class XI www.vedantu.com DK Goel Solutions
46,400 = 2,32,000 – Cost of Goods Sold
Cost of Goods Sold = 2,32,000 – 46,400
= ₹ 1,85,600
Cost of Goods Sold = Opening Stock + Purchases + Direct
Expenses – Closing Stock
1,85,600 = 34,000 + 1,77,000 – Closing Stock
Closing Stock = 34,000 + 1,77,000 – 1,85,600
= ₹ 25,400

Question 24
Please find below the table with the adjusted financial statement of
the business:

Statement of Profit or Loss

Particulars ₹
Closing Capital 20,000
Sub: Opening Capital (16,700)
Sub: Additional Capital Introduced (11,500)
Plus: Drawings 9,400
Profit Adjusted for the year 1,200
Question 25
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
Class XI www.vedantu.com DK Goel Solutions
 for the year ended March 31, 2013
Liabilities ₹ Assets ₹
Bank Overdraft 6,500 Furniture 15,000
Sundry Creditors 13,500 Debtors 24,000
B/P 4,800 B/R 18,600
Ram’s Loan 10,000 Stock 25,400
Outstanding Expenses 700 Prepaid Expenses 1,000
Capital (Bal. Fig.) 52,500 Cash in Hand 4,000
88,000 88,000

Statement of Profit or Loss

for the year ended March 31, 2013
Particulars ₹
Closing Capital 52,500
Plus: Drawings in the year 12,000
Sub: Extra capital introduced (25,000 – 10,000) 15,000
Adjusted Capital at year end 49,500
Sub: Opening Capital 50,000
Loss Before Adjustment (500)
Sub: Depreciation - Furniture 1,500
Sub: Outstanding Interest on Loan 300
Loss Adjusted for the year (2,300)
Adjusted Balance Sheet
for the year ended March 31, 2013
Liabilities ₹ Assets ₹
Sundry Creditors 13,500 Furniture 15,000
Opening Capital 50,000 Sub: 1,500 13,500
Depreciation
Plus: Additional 15,000 Debtors 24,000
Capital Introduced
Class XI www.vedantu.com DK Goel Solutions
Sub: Net Loss (2,300) B/R 18,600
Sub: Drawings (12,000) 50,700 Stock 25,400
Loan from Ram 10,000 Prepaid Expenses 1,000
Bank Overdraft 6,500 Cash in Hand 4,000
B/P 4,800
Outstanding Expenses 700
Outstanding Interest on Loan 300
86,500 86,500

Question 26
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
B/P 10,000 Furniture 12,000
Sundry Creditors 30,000 Plant 68,000
Capital (Bal. Fig.) 1,40,000 Debtors 50,000
Stock 40,000
Bank 10,000
1,80,000 1,80,000
Statement of Profit or Loss
for the year ended March 31, 2017
Particulars ₹
Closing Capital 1,40,000
Plus: Drawings in the year 24,000
Sub: Extra capital introduced 30,000
Adjusted Capital at the end of the year 1,34,000
Class XI www.vedantu.com DK Goel Solutions
 Sub: Opening Capital 40,000
Profit Before Adjustment 94,000
Sub: Depreciation - Plant 6,800
Sub: Provision on Doubtful Debts 2,500
Profit Adjusted for the year 84,700

Adjusted Balance Sheet

for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 30,000 Plant 68,000
Opening 40,000 Sub: (6,800) 61,200
Capital Depreciation
Plus: 30,000 Furniture 12,000
Additional
Capital
Introduced
Plus: Net 84,700 Debtors 50,000
Profit
Sub: (24,000) 1,30,700 Sub: Provision 2,500 47,500
Drawings for Bad Debts
B/P 10,000 Stock 40,000
Bank 10,000
1,70,700 1,70,700

Question 27
Please find below the table with the adjusted financial statement of
the business:

Class XI www.vedantu.com DK Goel Solutions

 Balance Sheet
as on April 01, 2016
Liabilities ₹ Assets ₹
Sundry Creditors 10,000 Furniture 4,000
Capital (Bal. Fig.) 32,400 Machinery 16,000
Debtors 8,000
Stock 14,000
Cash at Bank 400
42,400 42,400
Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 7,000 Furniture 4,000
Capital (Bal. Fig.) 35,600 Machinery 16,000
Debtors 9,000
Stock 10,000
Cash at Bank 3,600
42,600 42,600

Statement of Profit or Loss

for the year ended March 31, 2017
Particulars ₹
Closing Capital 35,600
Plus: Drawings in the year 4,100
Sub: Extra capital introduced 600
Adjusted Capital at the end of the year 39,100
Sub: Opening Capital 32,400

Class XI www.vedantu.com DK Goel Solutions

Profit Before Adjustment 6,700
Sub: Depreciation - Machinery 1,600
Sub: Depreciation - Furniture 200
Profit Adjusted for the year 4,900

Question 28
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
as on April 01, 2016
Liabilities ₹ Assets ₹
Sundry Creditors 52,000 Fixed Assets 29,000
Loan 10,000 Debtors 17,000
Capital (Bal. Fig.) 74,000 Stock 40,000
Cash at Bank 30,000
Cash in Hand 20,000
1,36,000 1,36,000
Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 32,000 Fixed Assets 29,000
Loan 25,000 Debtors 25,000
Capital (Bal. Fig.) 1,08,000 Stock 60,000
Cash at Bank 33,000
Cash in Hand 18,000
1,65,000 1,65,000
Statement of Profit or Loss
for the year ended March 31, 2017
Class XI www.vedantu.com DK Goel Solutions
Particulars ₹
Closing Capital 1,08,000
Plus: Drawings in the year (3,000 × 6 + 4,000 × 6) 42,000
Sub: Extra capital introduced 50,000
Adjusted Capital at the end of the year 1,00,000
Sub: Opening Capital 74,000
Profit Adjusted for the year 26,000

Question 29
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
as on April 01, 2015
Liabilities ₹ Assets ₹
Loan from Wife 66,000 Land & Building 89,600
Sundry Creditors 45,000 Furniture 1,300
Bank Overdraft 25,000 Debtors 22,500
Capital (Bal. Fig.) 18,900 Stock 34,000
Cash in Hand 7,500
1,54,900 1,54,900
Balance Sheet
for the year ended March 31, 2016
Liabilities ₹ Assets ₹
Sundry Creditors 93,000 Land & Building 90,000
Loan from Wife 57,000 Furniture 1,300
Stock 25,000
Cash in Hand 8,700
Capital Overdrawn (Bal. Fig.) 25,000
Class XI www.vedantu.com DK Goel Solutions
 1,50,000 1,50,000
Statement of Profit or Loss
for the year ended March 31, 2016
Particulars ₹
Closing Capital (25,000)
Plus: Drawings in the year (1,500 × 7 + 4,500 × 5) 33,000
Sub: Extra capital introduced 50,000
Adjusted Capital at the end of the year (42,000)
Sub: Opening Capital (18,900)
Loss Adjusted for the year (60,900)

Question 30
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
for the year ended March 31, 2016
Liabilities ₹ Assets ₹
B/P 1,000 Furniture 600
Sundry Creditors 9,000 Building 12,000
Capital (Bal. Fig.) 41,650 Debtors 12,000
B/R 4,000
Stock 18,700
Cash at Bank 4,350
51,650 51,650
Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Class XI www.vedantu.com DK Goel Solutions
B/P 200 Furniture 600
Sundry Creditors 1,500 Building 12,000
Bank Overdraft 3,350 B/R 5,000
Capital (Bal. Fig.) 46,950 Debtors 14,000
Stock 20,400
52,000 52,000
Statement of Profit or Loss
for the year ended March 31, 2017
Particulars ₹
Closing Capital 46,950
Plus: Drawings in the year 7,520
Adjusted Capital at the end of the year 54,470
Sub: Opening Capital 41,650
Profit Before Adjustment 12,820
Sub: Depreciation - Furniture 30
Sub: Depreciation - Building 600
Sub: Provision for Doubtful Debts 1,450
Sub: Outstanding Wages 3,000
Sub: Outstanding Salaries 1,200
Sub: Outstanding Legal Expenses 00
Plus: Prepaid Insurance 250
Profit Adjusted for the year 6,090
Adjusted Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 1,500 Building 12,000
Opening 41,650 Sub: Depreciation 600 11,400
Capital
Plus: Net 6,090 Furniture 600
Profit
Class XI www.vedantu.com DK Goel Solutions
Sub: 7,520 40,220 Sub: Depreciation 30 570
Drawings
Outstanding Wages 3,000 Debtors 14,000
Outstanding Salaries 1,200 Sub: Provision for 1,450 12,550
Bad Debts
B/P 200 B/R 5,000
Bank Overdraft 3,350 Stock 20,400
Outstanding Legal 700 Prepaid Insurance 250
Expenses
50,170 50,170

Question 31
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
as on April 01, 2016
Liabilities ₹ Assets ₹
10% Loan from Ms. Sachin 30,000 Furniture 29,000
Sundry Creditors 32,000 Debtors 17,000
Capital (Bal. Fig.) 44,000 Stock 40,000
Cash and Bank 20,000
1,06,000 1,06,000
Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
10% Loan from Ms. Sachin 30,000 Furniture 29,000
Sundry Creditors 22,000 Debtors 25,000
Class XI www.vedantu.com DK Goel Solutions
Capital (Bal. Fig.) 83,000 Stock 60,000
Cash at Bank 21,000
1,35,000 1,35,000
Statement of Profit or Loss
for the year ended March 31, 2017
Particulars ₹
Closing Capital 83,000
Plus: Drawings in the year(5,000 × 12) 60,000
Sub: Extra capital introduced 35,000
Adjusted Capital at the end of the year 1,08,000
Sub: Opening Capital 44,000
Profit Before Adjustment 64,000
Sub: Depreciation - Furniture 2,900
Sub: Outstanding Interest on Loan 3,000
58,100
Sub: Shop Assistant’s Share (58,100 × 5/100) 2,905
Profit Adjusted for the year 55,195
Balance Sheet
for the year ended March 31,2017
Liabilities ₹ Assets ₹
Opening Capital 44,000 Furniture 29,000
Plus: Net Profit 55,195 Sub: 2,900 26,100
Depreciation
Plus: Extra 35,000 Debtors 25,000
Capital
Introduced
Sub: Drawings 60,000 74,195 Stock 60,000
Sundry Creditors 22,000 Cash at Bank 21,000
Shop’s Assistant Share 2,905

Class XI www.vedantu.com DK Goel Solutions

10% Loan from 30,000
Sachin
Plus: Interest 3,000 33,000
Outstanding
1,32,100 1,32,100

Question 32
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
as on April 01, 2016
Liabilities ₹ Assets ₹
Sundry Creditors 12,100 Fixed Assets 40,000
Capital (Bal. Fig.) 82,200 Debtors 18,800
B/R 4,000
Stock 22,000
Cash at Bank 6,000
Cash in Hand 3,500
94,300 94,300
Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Loan from X 10,000 Fixed Assets 60,000
Sundry Creditors 8,000 Debtors 34,500
Bank Overdraft 15,000 Stock 36,400
Capital (Bal. Fig.) 1,02,000 Cash 4,100
1,35,000 1,35,000

Class XI www.vedantu.com DK Goel Solutions

 Statement of Profit or Loss
for the year ended March 31, 2017
Particulars ₹
Closing Capital 1,02,000
Plus: Drawings in the year 39,800
Sub: Extra capital introduced ( 25,000 / 2 ) 12,500
Adjusted Capital at the end of the year 1,29,300
Sub: Opening Capital 82,200
Profit Before Adjustment 47,100
Sub: Fixed Assets Depreciation 6,000
Sub: Loan interest Outstanding 1,350
Sub: Salary Outstanding 2,400
Plus: Prepaid Insurance 300
Profit Adjusted for the year 37,650
Adjusted Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 8,000 Fixed Assets 60,000
Opening Capital 82,200 Sub: 6,000 54,000
Depreciation
Plus: Additional 12,500 Debtors 34,500
Capital
Introduced
Plus: Net Profit 37,650 Prepaid Insurance 300
Sub: Drawings (39,800) 92,550 Stock 36,400
Outstanding Salary 2,400 Cash 4,100
Loan from X 10,000
Bank Overdraft 15,000
Outstanding Interest on 1,350
Loan
Class XI www.vedantu.com DK Goel Solutions
 1,29,300 1,29,300
Working Note:
Calculation of Drawings
Cash Drawn = ₹ 18,000
Loan given (Brother) = ₹ 8,000
Rent (personal property) = ₹ 10,800
Electricity Charges (personal expense) = ₹ 3,000
Total Drawings= ₹ 39,800

Question 33
Please find below the table with the adjusted financial statement of
the business:

Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 22,000 Fixed Assets 80,000
Capital (Bal. Fig.) 1,46,000 Scooter 15,000
Debtors 21,000
Stock 44,000
Cash at Bank 5,000
Cash in Hand 3,000
1,68,000 1,68,000
Statement of Profit or Loss
for the year ended March 31, 2017
Particulars ₹
Class XI www.vedantu.com DK Goel Solutions
Closing Capital 1,46,000
Plus: Drawings in the year 13,500
(24,000 + 4,500 – 15,000)
Sub: Extra capital introduced
Adjusted Capital at the end of the year 1,59,500
Sub: Opening Capital 1,64,500
Loss Before Adjustment (5,000)
Sub: Depreciation - Fixed Assets 8,000
Sub: Depreciation - Scooter 750
Sub: Bad Debts 1,000
Sub: Provision for Doubtful Debts 1,000
Plus: Accrued Commission 2,500
Loss Adjusted for the year (13,250)
Adjusted Balance Sheet
for the year ended March 31, 2017
Liabilities ₹ Assets ₹
Sundry Creditors 22,000 Fixed Assets 80,000
Opening 1,64,500 Sub: Depreciation (8,000) 72,000
Capital
Sub: Net (13,250) Scooter 15,000
Loss
Sub: (13,500) 1,37,750 Sub: Depreciation (750) 14,250
Drawings
Debtors 21,000
Sub: Bad Debts (1,000)
Sub: Provision (1,000) 19,000
for Bad Debts
Stock 44,000
Cash at Bank 5,000
Cash in Hand 3,000
Class XI www.vedantu.com DK Goel Solutions
 Accrued Commission 2,500
1,59,750 1,59,750

Question 34
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended March 31, 2014
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 22,000 By Sales (Cash + 1,20,000
Credit)
To Purchases (Cash + 70,000 By Closing 28,000
Credit – Drawings) Stock
To Gross Profit 56,000
1,48,000 1,48,000
Profit & Loss A/c
for the year ended March 31, 2014
Dr. Cr.
Particulars ₹ Particulars ₹
To Salaries 16,500 By Gross Profit 56,000
Plus: Outstanding 1,500 18,000
To Rent, Rates & 7,100
Insurance
Sub: Prepaid 800 6,300
To Bad Debts 2,400
To Net Profit 29,300
56,000 56,000
Class XI www.vedantu.com DK Goel Solutions
 Balance Sheet
for the year ended March 31, 2014
Liabilities ₹ Assets ₹
Capital 77,700 Machinery 40,000
Sub: Drawings 10,500 Office Equipment 8,000
Plus: Net Profit 29,300 96,500 Debtors 38,800
Closing Sundry Creditors 24,600 Stock 28,000
Outstanding Salary 1,500 Cash 7,000
Unexpired Insurance 800
1,22,600 1,22,600
Working Notes:
Balance Sheet
for the year ended March 31, 2013
Liabilities ₹ Assets ₹
Sundry Creditors 20,300 Machinery 30,000
Capital (Bal. Fig.) 77,700 Office Equipment’s 8,000
Debtors 32,000 Stock 22,000
Cash 6,000

98,000 98,000
Cash A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 6,000 By Sundry Creditors 42,700
Account
To Debtors 48,800 By Purchases Account 25,000
Account
To Sales Account 62,000 By Salary Account 16,500
By Drawings 8,500
By Rent, Rates & Insurance 7,100
Class XI www.vedantu.com DK Goel Solutions
 By Machinery Account 10,000
By Balance c/d 7,000
Bal. Fig.)
1,16,800 1,16,800
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
Balance b/d 32,000 By Cash Account 48,800
Sales Account 58,000 By Bad-Debts Account 2,400
By Balance c/d 38,800
90,000 90,000
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
Cash Account 42,700 By Balance b/d 20,300
Balance c/d 24,600 By Purchases Account 47,000
67,300 67,300
Question 35
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended March 31, 2015
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening 58,000 By Sales (Cash + Credit – 8,98,000
Stock Returns)
To Purchases 7,20,000 By Closing Stock 72,000
(Cash + Credit)
Class XI www.vedantu.com DK Goel Solutions
To Gross Profit 1,92,000
9,70,000 9,70,000
Profit & Loss A/c
for the year ended March 31, 2015
Dr. Cr.
Particulars ₹ Particulars ₹
To Salaries 22,000 By Gross Profit 1,92,000
Plus: 2,000 24,000 By Provision for 600
Outstanding Discount on Sundry
Creditors
To Rent 11,000 By Miscellaneous 1,800
Receipts
Plus: 1,000 12,000 By Discount 6,000
Outstanding Received
To General Expenses 8,000
To Bad Debts 13,400
Plus: Provision 5,500 18,900
for Doubtful
Debts
To Provision for Discount 2,090
on Debtors
To Discount Allowed 8,400
To Depreciation on 6,250
Furniture
To Net Profit 1,20,760
2,00,400 2,00,400
Balance Sheet
for the year ended March 31, 2015
Liabilities ₹ Assets ₹
Capital 1,32,500 Debtors 1,12,000
Class XI www.vedantu.com DK Goel Solutions
Sub: (20,000) Sub: bad debts (2,000)
Drawings written off
Plus: Net 1,20,760 2,33,260 Sub: Provision (5,500)
Profit for doubtful
debts)
Sundry Creditors 29,400 Sub: Provision (2,090) 1,02,410
on discount on)
Outstanding Salary 2,000 Furniture 75,000
Outstanding Rent 1,000 Add: Additional 25,000
Furniture
Bank Overdraft 2,500 Sub: 6,250 93,750
Depreciation
Stock 72,000
2,68,160 2,68,160

Working Notes:
Balance Sheet
for the year ended March 31, 2014
Liabilities ₹ Assets ₹
Sundry Creditors 46,000 Furniture 25,000
Loan 16,500 Debtors 62,000
Capital (Bal. Fig.) 82,500 Stock 58,000
1,45,000 1,45,000
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 62,000 By Cash Account 6,20,200
To Sales 7,00,000 By Sales Return Account 10,000
Account

Class XI www.vedantu.com DK Goel Solutions

 By Discount Allowed 8,400
Account
By Bad Debts Account 11,400
By Balance c/d 1,12,000
7,62,000 7,62,000
Creditor A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 5,20,000 By Balance b/d 46,000
To Discount Received 6,000 By Purchases 5,10,000
Account Account
To Balance c/d 30,000
5,56,000 5,56,000

Question 36
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended March 31, 2015
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening 1,20,000 By Sales (Cash + 6,72,000
Stock Credit)
To Purchases 3,92,000 By Closing Stock 1,35,000
(Credit)
To Gross Profit 2,95,000
8,07,000 8,07,000
Profit & Loss A/c
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 for the year ended March 31, 2015
Dr. Cr.
Particulars ₹ Particulars ₹
To Staff Salaries 76,000 By Gross 2,95,000
Profit
To Rent Paid 17,300
To General Expenses 1,300
To Insurance Gain 600
To Outstanding Salaries 2,000
(6,000 – 4,000)
To Provision for Doubtful 4,800
Debts
To Depreciation on
Plant & 20,000
Machinery
Computer 2,000
Furniture 3,000 25,000
To Staff Commission 8,000
To Net Profit 1,60,000
2,95,000 2,95,000
Balance Sheet
for the year ended March 31, 2015
Liabilities ₹ Assets ₹
Capital 8,38,000 Plant & 2,00,000
Machinery
Sub: (17,000) Sub: (20,000) 1,80,000
Drawings Depreciation
Plus: Net 1,60,000 9,81,000 Computer 40,000
Profit

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Closing Sundry 72,000 Sub: (2,000) 38,000
Creditors Depreciation
Outstanding Salary 6,000 Furniture 60,000
Staff Commission 8,000 Sub: (3,000) 57,000
Payable Depreciation
Debtors 1,92,000
Sub: Provision (4,800) 1,87,200
for doubtful
debts
Freehold Premises 4,00,000
Prepaid Insurance Gain 1,800
Stock 1,35,000
Cash 68,000
10,67,000 10,67,000

Working Notes:
Cash A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 22,000 By Sundry Creditors 4,00,000
Account
To Debtors 5,50,000 By Staff Salaries 76,000
Account
To Sales Account 80,000 By Rent 17,300
To Capital Account 30,000 By General Expenses 3,700
By Drawings (12,000 + 17,000
5,000)
By Computer 40,000
By Furniture 60,000
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 By Balance c/d 68,000
(Bal. Fig.)
6,82,000 6,82,000
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 1,50,000 By Cash Account 5,50,000
To Sales Account 5,92,000 By Balance c/d 1,92,000
7,42,000 7,42,000
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 4,00,000 By Balance b/d 80,000
To Balance c/d 72,000 By Purchases Account 3,92,000
4,72,000 4,72,000
Question 37
Rate of Gross Profit (on cost) = 50%
Rate of Gross Profit (on sales) = 33.33%
Gross Profit = 33.33/100 x (1,05,000)
= ₹ 35,000
Gross Profit = Net Sales (Sales – Sales Return) – Cost of Goods
Sold
35,000 = 1,05,000 – Cost of Goods Sold
Cost of Goods Sold = 1,05,000 – 35,000
= ₹ 70,000
Cost of Goods Sold = Opening Stock + Purchases + Direct
Expenses – Closing Stock
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70,000 = Opening Stock + 60,000 + 3,000 – 20,000
Opening Stock = 70,000 – 60,000 – 3,000 + 20,000
= ₹27,000

Question 38
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended 31st December, 2007
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 20,000 By Sales (Credit) 90,000
To Purchases (Credit) 69,500 By Closing Stock 19,500
To Freight & Carriage 2,000
To Gross Profit 18,000
1,09,500 1,09,500
Profit & Loss A/c
for the year ended 31st December, 2007
Dr. Cr.
Particulars ₹ Particulars ₹
To Office Expenses 10,800 By Gross Profit 18,000
To Net Profit 7,200
18,000 18,000
Balance Sheet
for the year ended 31st December, 2007
Liabilities ₹ Assets ₹
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Capital 82,000 Machinery 30,000
Sub: Drawings (12,200) Debtors 36,000
Plus: Net Profit 7,200 77,000 Stock 19,500
Closing Sundry Creditors 25,000 Cash at Bank 16,500
1,02,000 1,02,000
Working Notes:
Bank A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 7,600 By Sundry Creditors 62,500
Account
To Debtors 96,400 By Freight & Carriage 2,000
Account Account
By Office Expenses Account 10,800
By Drawings Account 12,200
By Balance c/d 16,500
(Bal. Fig.)
1,04,000 1,04,000
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 42,400 By Bank Account 96,400
To Sales Account 90,000 By Balance c/d 36,000
1,32,400 1,32,400
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Bank Account 62,500 By Balance b/d 18,000
To Balance c/d 25,000 By Purchases Account 69,500

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 87,500 87,500
Gross Profit Rate (on sales) = 20%
Gross Profit = 20/100 x 90,000
= ₹18,000
Gross Profit = Net Sales (Sales – Sales Return) – Cost of Goods
Sold
18,000 = 90,000 – Cost of Goods Sold
Cost of Goods Sold = 90,000 – 18,000
= ₹ 72,000
Cost of Goods Sold = Opening Stock + Purchases + Direct
Expenses – Closing Stock
72,000 = 20,000 + 69,500 + 2,000 – Closing Stock
Closing Stock = 20,000 + 69,500 + 2,000 – 72,000
= ₹19,500

Question 39
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended 31st December, 2007
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 1,200 By Sales (Cash + 10,000
Credit)
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To Purchases (Cash + 8,000 By Closing Stock 1,700
Credit)
To Gross Profit 2,500
11,700 11,700
Profit & Loss A/c
for the year ended 31st December, 2007
Dr. Cr.
Particulars ₹ Particulars ₹
To Business Expenses 1,000 By Gross Profit 2,500
To Discount Allowed 100 By Discount Received 200
To Net Profit 1,600
2,700 2,700
Balance Sheet
for the year ended 31st December, 2007
Liabilities ₹ Assets ₹
Capital 12,800 Fixed Assets 10,000
Sub: Drawings (1,000) Debtors 2,400
Plus: Net Profit 1,600 13,400 Stock 1,700
Closing Sundry Creditors 1,700 Cash at Bank 1,800
Loan 800
15,900 15,900
Working Notes:
Balance Sheet
as on January 01, 2007
Liabilities ₹ Assets ₹
Sundry Creditors 1,600 Fixed Assets 10,000
Loan 1,000 Debtors 2,800
Capital (Bal. Fig.) 12,800 Stock 1,200
Cash at Bank 1,400

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 15,400 15,400
Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 2,800 By Cash Account 9,300
To Sales 9,000 By Discount Allowed 100
Account Account
By Balance c/d 2,400
11,800 11,800
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
Cash Account 6,100 By Balance b/d 1,600
Discount Received Account 200 By Purchases Account 6,400
Balance c/d 1,700
8,000 8,000
Gross Profit Rate (on sales) = 25%
Gross Profit = 25/100 x (1,000 + 9,000)
= ₹2,500
Gross Profit = Net Sales (Sales – Sales Return) – Cost of Goods
Sold
2,500 =₹10,000 – Cost of Goods Sold
Cost of Goods Sold = 10,000 – 2,500
= ₹ 7,500
Cost of Goods Sold = Opening Stock + Purchases + Direct
Expenses – Closing Stock
7,500 = Opening Stock + ( 1,600 + 6,400) – 1,700

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Opening Stock = 7,500 – 8,000 + 1,700
= ₹ 1,200

Question 40
Please find below the table with the adjusted financial statement of
the business:

Trading A/c
for the year ended March 31, 2007
Dr. Cr.
Particulars ₹ Particulars ₹
To Opening Stock 30,000 By Sales (Cash + 4,12,000
Credit)
To Purchases (Credit) 80,000 By Closing Stock 10,000
To Cartage 20,000
To Gross Profit 2,92,000
4,13,000 4,13,000
Profit & Loss A/c
for the year ended March 31, 2007
Dr. Cr.
Particulars ₹ Particulars ₹
To Sundry Expenses 1,60,000 By Gross Profit 2,92,000
To Provision for Bad 7,000 By Prepaid Expenses 2,000
Debts
To Outstanding 4,000
Expenses
To Net Profit 1,23,000

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 2,94,000 2,94,000
Balance Sheet
for the year ended March 31, 2007
Liabilities ₹ Assets ₹
Capital 1,25,000 Furniture & Fittings 60,000
Sub: (1,20,000) Debtors 70,000
Drawings
Plus: Net 1,23,000 1,28,000 Sub: (7,000) 63,000
Profit Depreciation
Outstanding Expenses 10,000 Stock 10,000
Prepaid Expenses 2,000
Cash in hand 3,000
1,38,000 1,38,000
Working Notes:
Balance Sheet
for the year ended March 31, 2006
Liabilities ₹ Assets ₹
Sundry Creditors 20,000 Furniture & Fittings 50,000
Outstanding Expenses 6,000 Debtors 60,000
Capital (Bal. Fig.) 1,25,000 Stock 30,000
Cash in hand 11,000
1,51,000 1,51,000
Cash A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 11,000 By Sundry Creditors 1,00,000
Account
To Debtors Account 2,10,000 By Cartage Account 20,000
To Sales Account (Bal. 1,92,000 By Drawings Account 1,20,000
Fig.)
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 By Sundry Expenses 1,60,000
Account
By Furniture Account 10,000
By Balance c/d 3,000
4,13,000 4,13,000

Debtors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d 60,000 By Cash Account 2,10,000
To Sales Account 2,20,000 By Balance c/d 70,000
2,80,000 2,80,000
Sundry Creditors A/c
Dr. Cr.
Particulars ₹ Particulars ₹
To Cash Account 1,00,000 By Balance b/d 20,000
By Purchases Account 80,000
1,00,000 1,00,000

Question 41

Gross Profit Rate (on cost) = 25%

Gross Profit Rate (on sales) = 20%
Gross Profit = 20/100 x 1,00,000
= ₹20,000

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Gross Profit = Net Sales (Sales – Sales Return) – Cost of Goods
Sold
20,000 = 1,00,000 – Cost of Goods Sold
Cost of Goods Sold = 1,00,000 – 20,000
= ₹ 80,000
Cost of Goods Sold = Opening Stock + Purchases + Direct
Expenses – Closing Stock
80,000 = 18,000 + 69,000 + 10,000 – Closing Stock
Closing Stock = 18,000 + 69,000 + 10,000 – 80,000
= ₹ 17,000

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