CBSE Class 11 Accountancy Financial Statements Assignment

CBSE Class 11 Accountancy Chapter 9 Financial Statements Fill In The Blanks

Question. Gross profit is Rs. 9,00,000 , Advertisement is Rs. 15,000. Salary Rs. 2,00,000, office expenses Rs. 40,000, Interest on long term loan Rs 25,000 , the amount of operating profit is Rs …………………… .
Answer. 6,45,000

Question. Net sales Rs. 8,00,000, Gross profit 25% on cost. Amount of cost of goods sold is Rs ………………….. .
Answer. 6,40,000

Question. If value of cost of sales is Rs. 1,20,000 & Rate of Gross profit is 20% on Sales. The amount of Sales Rs ………….. .
Answer. 1,50,000

Question. Loan of Rs. 10,000 @ 12% p.a has been taken from bank on 1st July, 2018, the amount of Interest paid for the year ending 31st March, 2019 is Rs.……… .
Answer. 900

Question. Trial balance shows debtor of Rs. 10,000, bad debts of Rs. 500. Provision for doubtful debts Rs. 1200. Adjustment shows further bad debts Rs. 600 & new provision for bad & doubtful debts @2%. Amount of debtors to be shown in balance sheet is Rs . ………
Answer. 9212

Question. A manager is entitled to a commission of 12% on net profit after charging such commission. Net profit before charging commission is Rs. 67,200. The commission payable to manager is Rs. …………... .
Answer. 7200

Question. Goods given as charity costing Rs. 5,000, Sales price Rs. 5,500. The amount to be debited to profit & Loss account is Rs.…………… .
Answer. 5,000

Question. If the opening capital is Rs. 90,000 as on 1st April, 2018 and additional capital introduced Rs. 30,000 on 30th November, 2018. Interest to be charged on capital is 10% p.a.. The amount to be debited in profit & loss account as interest on capital on 31st March, 2019 will be Rs …………… .
Answer. 10000

Question.If net loss is Rs. 60,000, operating expenses are Rs. 90,000. The amount of gross profit will be Rs ……… .
Answer. 30,000

Question. If opening stock is Rs. 4,000, purchases Rs. 20,000, direct expenses Rs. 3,000. Rent paid Rs. 6,000, closing stock Rs. 7,000. The amount of cost of goods sold is Rs……….
Answer. 20,000

Question. If opening stock is Rs. 12,000, Adjusted purchases Rs. 40,000, purchase return is Rs. 10,000 and closing stock is Rs. 9,000. The amount to be shown in debit side of Trading Account will be Rs ………………….. .
Answer. 40000

Question. If gross profit is Rs. 20,000, commission paid is Rs. 2,000. Commission received Rs. 3,000. The amount of operating profit will be Rs …………………. .
Answer. Rs. 21000

Question. Trial balance shows total purchases Rs. 30,000, goods distributed as charity costing Rs. 3,000 Answer. sales price Rs. 4,500, goods given as samples costing Rs. 2,000 Answer. sale price Rs. 2,200, goods given as gifts to employees costing Rs. 7,000 Answer. sales price Rs. 8000 The amount of purchase to be shown in Trading account will be Rs …………. .
Answer. 18000

Question. Trial balance shows debtor of Rs. 10,000, bad debts of Rs. 500. Provision for doubtful debts Rs. 1200. Adjustment shows further bad debts Rs. 600 & new provision for bad & doubtful debts @5%. Amount to be shown on the Debit side of Profit & Loss Account for Bad Debts Adjustment is Rs . …………… .
Answer. 370

CBSE Class 11 Accountancy Chapter 9 Financial Statements True and False

1. Loan of Rs 1,10,000 was taken on 1 November 2019. At 10%. The amount of interest on loan to be debited to P&L a/c is Rs 11000. (True)
2. Investment amounted to Rs. 50000 was done at a rate of 4% p.a. interest received during the year was 1700. The amount of interest credited to P&L a/c is Rs. 1800. (False)
3. The value of opening stock is Rs. 25000, net purchases amounted to Rs. 1 40, 000. The salary paid during the year was 10,000 and value of sales is Rs. 1 70,000. The value of gross profit is 1,55,000. (False)
4. The value of cost of goods sold is 9,000 if sales is 15,000 and gross profit is 24000. (False)
5. The formulae for calculating cost of goods sold opening stock + net purchases – closing stock. (False)
6. The value of gross profit is 2,40,000 and cost of goods sold is 9,60,000. The rate of gross profit is 25% on cost. (True)
7. The formula for calculating adjusted purchase is opening stock + net purchases + direct expenses – closing stock. (False)
8. The value of gross profit will be 12,500 if the value of purchases is 2,00,000, returns is 5000, and 2/3rd of the goods are sold for 1,52,500. (False)
9. Net sales for year ended 31st march 2016 is. Rs 4,00,000 the rate of gross profit is 25% on sales the amount of gross profit is 1,00,000 (True)
10. If closing and opening stock is Rs. 60,000 each. Purchases are Rs. 1,40,000, manufacturing expenses are Rs. 40,000 and sales are 2 50,000 in that case gross profit is 70,000. (True)
11. Credit sale for the year ended was 2,52,000. Cost of goods sold was Rs. 2,80,000 and gross profit as shown by trading account was 1,12,000. The amount of cash sales will be 1,40,000.(True)
12. Cash purchases is Rs. 50,000 . credit purchases is Rs. 30000. Returns outward is Rs.5,000. closing stock was Rs. 20,000 more than that of opening stock. The value of adjusted purchases will be 1,30,000. (False)
13. Legal charges, general expenses, dividend on shares, miscellaneous receipts are the part of trading a/c. (False)
14. Gross profit is amounted to Rs. 45 000 and the selling expenses are 20,000 and commission received is 2000 and commission paid is Rs. 3000. The amount of operating profit is 24,000. (True)
15. The net profit is Rs. 55,000. Non operating expenses amounted to Rs 78,000 and non operating income is 10,000 the value of operating loss is 13,000. (False)

16 Place them in the order of permanency ;
a. outstanding expenses
b. bills payable
c. bank overdraft
d. drawings
e. capital
f. creditors
Answer. Capital –drawings . , outstanding expenses , bank overdraft , bills payable , creditors

CBSE Class 11 Accountancy Chapter 9 Financial Statements Match The Following

Question. Match the following account with their Nature of Account
  Account                          Nature of Account
1. Rent A/C                            Personal A/c
2. Outstanding rent A/c         Nominal A/c
3. Furniture                           Real A/c
Answer. 1-B, 2-A, 3-C

Question. Match the following:
1. Net Profit              A. Excess of debit side of P&L over credit side.
2. Gross profit          B. Excess of credit side of P&L over Debit side.
3. Net Loss              C. Excess of debit side of Trading A/c over credit side.
4. Gross Loss          D. Excess of credit side of Trading A/c over Debit side.
Answer. 1-B, 2-D, 3-B, 4-C

Question. Match the following
1. Adjusted purchase                          A. Purchases Less purchase returns
2. Net Purchases                                B. Opening stock plus purchases less closing stock
3. Cost of goods available for sale     C. Sales less sale returns
4. Net sales                                        D. openings stock plus purchases
Answer. 1-B, 2-A, 3-D, 4-C

Question. Match the following transaction with their treatment:
Transaction                               Treatment
1. Life insurance premium         A. Added into capital
2. Income tax                            B. Debited to Profit & Loss A/c
3. Fire insurance premium        C. Deducted from capital
4. Interest on capital
Answer. 1&2-C,3-B,4-A

Question. Match the following items on the basis of sides of the balance sheet:
1. Bank Loan
2. Advance to harish              A. Liability side of the balance sheet
3. Advance from Sunil          B. Assets side of the balance sheet
4. Bank Overdraft
Answer. 1-A, 2-B, 3-A, 4-A

CBSE Class 11 Accountancy Chapter 9 Financial Statements MCQs

Question. If outstanding salary is appearing in the trial balance, it means…..
a. Salary of entire period is debited as expenses
b. Salary for some period is to be added to the salary account
c. No liability incurred for payment of salary
d. None of above
Answer. (A)

Question. Rent paid during the year amounted to Rs. 300000, which includes Rs. 20000 relating to the previous year and Rs. 20000 relating to the next year. Rs. 30000 relating to the current year is still outstanding. How much rent will be debited to the profit & Loss account of the current year?
a. Rs. 200000
b. Rs. 2,90,000
c. Rs. 2,15,000
d. Rs. 2,80,000
Answer. (B)

Question. The Trial balance of a firm shows Debtor Rs. 30000, Bad debts Rs. 200 and Provision for doubtful debts at Rs. 1400. A 10% provision for doubtful debts is to be created on debtors. The profit and loss account for the current year is to be debited by
a. Rs. 3200
b. Rs. 3000
c. 4600
d. 1800
Answer. (D)

Question. If Gross profit is Rs. 10000 and the net profit is 25% of Gross profit. The Indirect expenses will be
a. 2500
b. 3500
c. Rs. 7500
d. Rs. 9000
Answer. (C)

Question. Calculate Gross profit if rate of gross profit is 10% on sales and cost of goods sold is Rs. 90000.
a. 10000
b. 8000
c. Rs. 9000
d. None of these
Answer. (A)

Question. Calculate Gross profit if rate of gross profit is 10% on sales and Sales is Rs. 90000
a. 8500
b. 9000
c. Rs. 10000
d. None of these
Answer. (B)

Question. Calculate Gross profit if rate of gross profit is 20% on cost of goods sold and cost of goods sold is Rs. 120000.
a. 24000
b. 15000
c. Rs. 10000
d. None of these
Answer. (A)

Question. Calculate Gross profit if rate of gross profit is 20% on cost of goods sold and Sales is Rs. 120000
a. 20000
b. 24000
c. Rs. 30000
d. Rs. None of these
Answer. (A)

Question. Heavy amount spent by Airtel on Advertisement for brand positioning in the market will fall under which category
a. Revenue Expenditure
b. Capital Expenditure
c. Deferred Revenue Expenditure
d. None of these
Answer. (C)

Question. The Trial balance of a firm shows Debtor Rs. 40000, Bad debts Rs. 200 and Provision for doubtful debts at Rs. 1400. A 5% provision for doubtful debts is to be created on debtors. The amount of Debtors to be shown in Assets
a. Rs. 38000
b. Rs. 36400
c. 41200
d. None of these
Answer. (A)

Question. Trial Balance shows the Value of Machinery is Rs. 20000 purchased on 1st January, 2018. Rate of Depreciation is 10%. What is the amount of machinery to be shown in balance sheet as on 31st March, 2019?
a. Rs. 19500
b. Rs. 18000
c. 22000
d. None of these
Answer. (D)

Question. Trial Balance shows the Value of Machinery is Rs. 40000 purchased on 1st April 2018. Rate of Depreciation is 10% p.a. What is the amount of Depreciation to be shown in Profit & Loss Account for the year ending 31st March, 2019?
a. Rs. 4000
b. Rs. 36000
c.3600
d. None of these
Answer. (A)

The following questions are a part of the project based learning (PBL)

The work has to be hand written and done neatly with important points highlighted.

There are two questions in all:

1. Source Documents

Source Documents are evidence of transactions that have taken place and contain details like the amount, date, name of the concerned party, etc. On the basis of these documents, journal entries are passed.

Define the following :

Cash Memo

Invoice

Cheque

Pay in slip

Receipt

You are required to collect source documents like receipts, bills, counter foils of bank slips etc. and paste them in your project file.

Minimum five such documents have to be pasted (one sample for each document)Paste the documents required for opening a bank account Write the problems that could arise if source documents are not maintained (30- 40words)

2. You are required to write 15 transactions and then show Accounting equation on the basis of them.

Journalise any 25 transactions ( frame the transactions yourself )