Important Final Account Questions and Solution class 11

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Important Final Account Questions and Solution class 11

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Problem 1

(2075 Set A Board question) (Ans: GP=395000, Np = 293700, BS = 691700)

Following is the Trial Balance of a trader as on 31^st Chaitra 2074.

Particulars	Debit	Particulars	Credit
Opening stock	50000	Capital	300000
Purchase	300000	10% Loan	40000
Cash	20000	Sales	600000
Salary	30000	Creditors	50000
Rent	10000	Commission	20000
Discount	5000
Debtors	60000
Wages	40000
Carriage	15000
Advertisement	7000
Equipment	353000
Furniture	100000
Sundry Expenses	20000
Total	1010000	Total	1010000

Additional Information:

i. Closing stock: 200000

ii. Interest on loan is due for one year.

iii. Outstanding salary: 4000

iv. Depreciation on equipment: 10%

v. Provision for bad debts to be made at 10%

Required: a. Trading Account

b. Profit and Loss Account

c. Balance sheet

Trading and P/L A/C

Particulars	Amt	Particulars	Amt
To opening stock	50000	By closing stock	200000
To purchase	300000	By sales	600000
To wages	40000
To carriage	15000
To Gross profit	395000
	800000		800000
To salary 30000 (+) O/S salary 4000	34000	By gross profit	395000
To rent	10000	By commission	20000
To discount	5000
To advertisement	7000
To sundry expenses	20000
To outstanding loan (10% of 40000)	4000
To depreciation on equipment	35300
To provision for bad debt	6000
To net profit	293700
	415000		415000

Balance Sheet

Liabilities	Amt	Assets	Amt
Capital 300000 Add: Net profit 293700	593700	Closing stock	200000
Capital 300000 Add: Net profit 293700	593700	Cash	20000
Loan 400000 Add: O/S loan 40000	44000	Debtors 60000 Less: provision for bad debt 6000	54000
Creditors	50000	Equipment 353000 Less: Depⁿ 35300	317700
Outstanding salary	4000	Furniture	100000
	691700		691700

Problem 2

(2074 Supp Q. NO. 16 Board question) (Ans: GP=22000, NL = 32850, BS = 302150)

Following is the Trial Balance of a trader as on 31^st Chaitra 2074.

Particulars	Debit	Credit
Opening stock	40000
Purchase	450000
Purchase expenses	8000
Wages	80000
Machinery	90000
Furniture	30000
Debtors	50000
Salaries	35000
Bad debts	2000
Cash	50000
Sales		500000
Capital		250000
Creditors		80000
Interest		20000
Total	1010000	1010000

Additional Information:

i. Salary due: 5000

ii. Pre-paid insurance premium 1000

iii. Closing stock of 100000

iv. Depreciate machinery by 15%

v. Additional bad debts 3000

vi. Provision for doubtful debts 5%

Required: a. Trading Account

b. Profit and Loss Account

c. Balance Sheets

Trading and P/L A/C

Particulars	Amt	Particulars	Amt
To opening stock	40000	By closing stock	100000
To purchase	450000	By sales	500000
To purchase expenses	8000
To wages	80000
To Gross profit	22000
	600000		600000
To salaries 35000 (+) O/S salary 5000	40000	By gross profit	22000
To Insurance premium 10000 (-) Prepaid 1000	9000	By interest	20000
To stationery	5000
To bad debts (old)	2000
To bad debt 3000 (+) provision for bad debt 2350	5350
To depreciation on machinery	13500
To Net loss			32850
	74850		73450

Balance Sheet

Liabilities	Amt	Assets	Amt
Capital 250000 Less: Net loss 32850	217150	Closing stock	100000
Capital 250000 Less: Net loss 32850	217150	Cash	50000
Creditors	80000	Debtors 50000 Less: bad debt 3000 Less: Provision for bad debt 2350	44650
Outstanding salary	5000

		Machinery 90000 Less: Depⁿ 13500	76500
		Furniture	30000
		Prepaid insurance	1000
	302150		302150

Problem 3

(2073 Supp Q. NO. 15 Board question) (Ans: GP=55000, NP = 17500, BS = 178000)

Following is the Trial Balance of a trader as on 31^st Chaitra 2074.

Particulars	Debit	Credit
Cash in hand	15000
Purchase	120000
Returns	10000
Salaries	25000
Tax and Insurance	5000
Bad debts	5000
Sundry Debtors	50000
Investment	40000
Opening stock	30000
Drawing	14000
Furniture	6000
Bills Receivable	30000
Capital		100000
Bank Overdraft		20000
Sales		150000
Returns		20000
Provision for bad debts		10000
Creditors		18500
Commission		6500
Bills payable		25000
Total	350000	350000

Additional Information:

i. Outstanding salary: 10000

ii. Insurance prepaid: 500

iii. Commission received in advance: 1000

iv. Interest accrued in Investment 2100

v. Bad debts reserve is to be maintained 10000

vi. Depreciate furniture by 10% p.a.

vii. Closing Stock on 31^st Chaitra 45000

Required: a. Trading Account

b. Profit and Loss Account

c. Balance Sheets

Trading and P/L A/C

Particulars	Amt	Particulars	Amt
To opening stock	30000	By closing stock	45000
To purchased 120000 (-) return 20000	100000	By sales 150000 (-) return 10000	140000
To gross profit	55000
	185000		185000
To salaries 25000 (+) O/S salary 10000	35000	By gross profit	55000
To tax and insurance 5000 (-) prepaid 500	4500	By provision for bad debt	10000
To bad debts (Old)	5000	By commission 6500 (-) Commission received in advance 1000	5500
To Bad debt (New)	10000	By interest on investment	2100
To Depⁿ on furniture	600
To net profit	17500
	72600		72600

Balance Sheet

Liabilities	Amt	Assets	Amt
Capital 100000 Add: Net profit 17500 Less: Drawing 14000	103500	Closing stock	45000
Capital 100000 Add: Net profit 17500 Less: Drawing 14000	103500	Cash in hand Sundry Debtors 50000 (-) Bad debt (new) 10000	15000
Creditors	18500		40000
Bills payable	25000		40000
Bills payable	25000	Investment Furniture 6000 (-) Depⁿ 600	40000 5400
Outstanding Salary	10000
Bank Overdraft	20000
Advance commission	1000	Bills receivable	30000
Advance commission	1000	Prepaid insurance	500
		Accrued insurance	2100
	178000		178000

Neupane Nirmal

Table of Content

Important Final Account Questions and Solution class 11

Problem 1

Problem 2

Problem 3

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