Chapters
Chapter 2: Meaning and Fundamentals of Double Entry Book-Keeping
Chapter 3: Journal
Chapter 4: Ledger
Chapter 5: Subsidiary Books
Chapter 6: Bank Reconciliation Statement
Chapter 7: Depreciation
Chapter 8: Rectification of Errors
Chapter 9: Final Accounts of a Proprietary Concern
Chapter 10: Single Entry System

Chapter 9: Final Accounts of a Proprietary Concern
Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapter 9 Final Accounts of a Proprietary Concern Exercise Q.1 [Page 316]
Answer in One Sentence:
What is a Trading A/c?
Answer in One Sentence:
What do you mean by Profit & Loss A/c?
Answer in One Sentence:
Why Balance Sheet is prepared?
Answer in One Sentence:
State the meaning of Final Accounts?
Answer in One Sentence:
What is Net Profit?
Answer in One Sentence:
What do you mean by Gross Profit?
Answer in One Sentence:
State the meaning of Accrued Income?
Answer in One Sentence:
State the meaning of Outstanding Expenses?
Answer in One Sentence:
What is Depreciation?
Answer in One Sentence:
What do you mean by Prepaid Expenses?
Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapter 9 Final Accounts of a Proprietary Concern Exercise Q.2 [Page 316]
Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.
Give a word, term, or phrase which can substitute the following statement:
Income due but not yet received
Give a word, term, or phrase which can substitute the following statement:
Carriage paid on sale of goods.
Give a word, term, or phrase which can substitute the following statement:
Statement of Assets & Liabilities.
Give a word, term, or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Give a word, term, or phrase which can substitute the following statement:
Value of goods remaining unsold at the end of the year
Give a word, term, or phrase which can substitute the following statement:
The provision made to compensate the loss on account of likely debts.
Give a word, term, or phrase which can substitute the following statement:
The accounts prepared at the end of the accounting year to know the profit or loss and Financial position of business
Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.
Give a word, term, or phrase which can substitute the following statement:
An additional information provided below the Trial Balance.
Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapter 9 Final Accounts of a Proprietary Concern Exercise Q.3 [Pages 316 - 317]
Select the most appropriate alternatives given below and rewrite the sentence :
____________ is excess of assets over liabilities
Goodwill
Capital
Investments
Drawings
Select the most appropriate alternatives given below and rewrite the sentence :
Discount earned is transferred to credit side of ___________ account
Current A/c
Profit & Loss
Trading
Capital
Select the most appropriate alternatives given below and rewrite the sentence :
______________ is a statement which shows the financial position of business on a specific date.
Trading account
Trial Balance
Profit & Loss A/c
Balance Sheet
Select the most appropriate alternatives given below and rewrite the sentence :
Outstanding expenses are shown on the ____________ side of Balance Sheet.
Assets
Liability
Both Assets and Liability
None of these
Select the most appropriate alternatives given below and rewrite the sentence :
Interest on Drawing is credited to __________ Account.
Trading
Profit & Loss
Profit & Loss A/c
Balance Sheet
Select the most appropriate alternatives given below and rewrite the sentence :
Debit balance of Trading Account means ______,.
Gross Loss
Net Loss
Net Profit
Gross Profit
Select the most appropriate alternatives given below and rewrite the sentence :
Carriage Inward is debited to __________ Account
Trading
Profit & Loss
Capital
Bank
Select the most appropriate alternatives given below and rewrite the sentence :
Excess of credit over to debit in Profit and Loss Account indicates ________
Net Profit
Gross Profit
Gross Loss
Net Loss
Select the most appropriate alternatives given below and rewrite the sentence :
Closing stock is always valued at cost or market price which is __________
more
less
zero
equal
Select the most appropriate alternatives given below and rewrite the sentence :
Four
Six
Eight
Nine
Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapter 9 Final Accounts of a Proprietary Concern Exercise Q.4 [Page 317]
State True or False with reasons :
In every adjustment atleast there are three effects.
True
False
State True or False with reasons :
Every item of Trial Balance has only one effect.
True
False
State True or False with reasons :
Income due but not received is a liability.
True
False
State True or False with reasons :
Goodwill is not a fictitious asset
True
False
State True or False with reasons :
Credit balance of Profit and Loss A/c shows net profit
True
False
Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapter 9 Final Accounts of a Proprietary Concern Exercise Q.5 [Page 317]
Fill in the blank:
Gross Profit is transferred to ___________ Account.
Fill in the blank :
Debit Balance of Trading Account indicates ___________
Fill in the blank :
Income Receivable appears on __________ side of Balance Sheet.
Fill in the blank :
Interest on Bank Loan is debited to _________ A/c
Fill in the blank :
Profit and Loss account is prepared to find out ___________ results of the business.
Fill in the blank :
All indirect / operating expenses are transferred to ________ account.
Fill in the blank :
Interest of proprietor's drawing is credited to _________ account.
Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.
Fill in the blank :
All direct expenses are transferred to __________ account.
Fill in the blank :
Balance Sheet is __________ of assets & liabilities.
Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapter 9 Final Accounts of a Proprietary Concern Exercise Q.6 [Page 318]
Find the odd one :
Rent
Salary
Insurance
Plant and Machinery
Find the odd one :
Purchases
Closing stock
Debtors
Factory Rent
Find the odd one :
Capital
Bills Payable
Debtors
Outstanding wages
Find the odd one :
Advertisement
Travelling Expenses
Factory Rent
Insurance
Find the odd one :
Cash in Hand
Debtors
Outstanding Income
Reserve for Doubtful Debts
Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapter 9 Final Accounts of a Proprietary Concern Exercise Q.7 [Page 318]
Do you agree or disagree with the following statement :
Reserve for bad debts is created by debiting Profit and Loss Account.
Agree
Disagree
Do you agree or disagree with the following statement :
Balance Sheet is a statement as well as an account.
Agree
Disagree
Do you agree or disagree with the following statement :
Indirect Expenses are debited to Trading Account.
Agree
Disagree
Do you agree or disagree with the following statement :
Bank Overdraft is treated as an Internal Liability
Agree
Disagree
Do you agree or disagree with the following statement :
Capital is excess of Liabilities over Assets.
Agree
Disagree
Chapter 9: Final Accounts of a Proprietary Concern

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 9 - Final Accounts of a Proprietary Concern
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Concepts covered in Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 9 Final Accounts of a Proprietary Concern are Introduction of Final Accounts, Trading Account, Profit and Loss Account, Balance Sheet.
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