Maharashtra State BoardHSC Commerce 11th
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Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 9 - Final Accounts of a Proprietary Concern [Latest edition]

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Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board - Shaalaa.com

Chapter 9: Final Accounts of a Proprietary Concern

Exercise Q.1Exercise Q.2Exercise Q.3Exercise Q.4Exercise Q.5Exercise Q.6Exercise Q.7
Exercise Q.1 [Page 316]

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]

Exercise Q.1 | Q 1 | Page 316

Answer in One Sentence:
What is a Trading A/c?

Exercise Q.1 | Q 2 | Page 316

Answer in One Sentence:
What do you mean by Profit & Loss A/c?

Exercise Q.1 | Q 3 | Page 316

Answer in One Sentence:
Why Balance Sheet is prepared?

Exercise Q.1 | Q 4 | Page 316

Answer in One Sentence:
State the meaning of Final Accounts?

Exercise Q.1 | Q 5 | Page 316

Answer in One Sentence:
What is Net Profit?

Exercise Q.1 | Q 6 | Page 316

Answer in One Sentence:
What do you mean by Gross Profit?

Exercise Q.1 | Q 7 | Page 316

Answer in One Sentence:
State the meaning of Accrued Income?

Exercise Q.1 | Q 8 | Page 316

Answer in One Sentence:
State the meaning of Outstanding Expenses?

Exercise Q.1 | Q 9 | Page 316

Answer in One Sentence:
What is Depreciation?

Exercise Q.1 | Q 10 | Page 316

Answer in One Sentence:
What do you mean by Prepaid Expenses?

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Exercise Q.2 [Page 316]

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]

Exercise Q.2 | Q 1 | Page 316

Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.

Exercise Q.2 | Q 2 | Page 316

Give a word, term, or phrase which can substitute the following statement:
Income due but not yet received

Exercise Q.2 | Q 3 | Page 316

Give a word, term, or phrase which can substitute the following statement:
 Carriage paid on sale of goods.

Exercise Q.2 | Q 4 | Page 316

Give a word, term, or phrase which can substitute the following statement:
Statement of Assets & Liabilities.

Exercise Q.2 | Q 5 | Page 316

Give a word, term, or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.

Exercise Q.2 | Q 6 | Page 316

Give a word, term, or phrase which can substitute the following statement:
Value of goods remaining unsold at the end of the year

Exercise Q.2 | Q 7 | Page 316

Give a word, term, or phrase which can substitute the following statement:
The provision made to compensate the loss on account of likely debts.

Exercise Q.2 | Q 8 | Page 316

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

Exercise Q.2 | Q 9 | Page 316

Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.

Exercise Q.2 | Q 10 | Page 316

Give a word, term, or phrase which can substitute the following statement:
An additional information provided below the Trial Balance.

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Exercise Q.3 [Pages 316 - 317]

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]

Exercise Q.3 | Q 1 | Page 316

Select the most appropriate alternatives given below and rewrite the sentence :
____________ is excess of assets over liabilities

  • Goodwill

  • Capital

  • Investments

  • Drawings

Exercise Q.3 | Q 2 | Page 316

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

Exercise Q.3 | Q 3 | Page 316

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

Exercise Q.3 | Q 4 | Page 316

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

Exercise Q.3 | Q 5 | Page 316

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

Exercise Q.3 | Q 6 | Page 317

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

Exercise Q.3 | Q 7 | Page 317

Select the most appropriate alternatives given below and rewrite the sentence :
Carriage Inward is debited to __________ Account

  • Trading

  • Profit & Loss

  • Capital

  • Bank

Exercise Q.3 | Q 8 | Page 317

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

Exercise Q.3 | Q 9 | Page 317

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

Exercise Q.3 | Q 10 | Page 317

Select the most appropriate alternatives given below and rewrite the sentence :

When Specific date is not given, in that case interest on drawing is charged for __________ month.
  • Four

  • Six

  • Eight

  • Nine

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Exercise Q.4 [Page 317]

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]

Exercise Q.4 | Q 1 | Page 317

State True or False with reasons :
In every adjustment atleast there are three effects.

  • True

  • False

Exercise Q.4 | Q 2 | Page 317

State True or False with reasons :
Every item of Trial Balance has only one effect.

  • True

  • False

Exercise Q.4 | Q 3 | Page 317

State True or False with reasons :
Income due but not received is a liability.

  • True

  • False

Exercise Q.4 | Q 4 | Page 317

State True or False with reasons :
Goodwill is not a fictitious asset

  • True

  • False

Exercise Q.4 | Q 5 | Page 317

State True or False with reasons :
Credit balance of Profit and Loss A/c shows net profit

  • True

  • False

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Exercise Q.5 [Page 317]

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]

Exercise Q.5 | Q 1 | Page 317

Fill in the blank:
Gross Profit is transferred to ___________ Account.

Exercise Q.5 | Q 2 | Page 317

Fill in the blank :
Debit Balance of Trading Account indicates ___________

Exercise Q.5 | Q 3 | Page 317

Fill in the blank :
Income Receivable appears on __________ side of Balance Sheet.

Exercise Q.5 | Q 4 | Page 317

Fill in the blank :
Interest on Bank Loan is debited to _________  A/c

Exercise Q.5 | Q 5 | Page 317

Fill in the blank :
Profit and Loss account is prepared to find out ___________ results of the business.

Exercise Q.5 | Q 6 | Page 317

Fill in the blank :
All indirect / operating expenses are transferred to ________ account.

Exercise Q.5 | Q 7 | Page 317

Fill in the blank :
Interest of proprietor's drawing is credited to _________ account.

Exercise Q.5 | Q 8 | Page 317

Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.

Exercise Q.5 | Q 9 | Page 317

Fill in the blank :
All direct expenses are transferred to __________ account.

Exercise Q.5 | Q 10 | Page 317

Fill in the blank :
Balance Sheet is __________ of assets & liabilities.

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Exercise Q.6 [Page 318]

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]

Exercise Q.6 | Q 1 | Page 318

Find the odd one :

  • Rent

  • Salary

  • Insurance

  • Plant and Machinery

Exercise Q.6 | Q 2 | Page 318

Find the odd one :

  • Purchases

  • Closing stock

  • Debtors

  • Factory Rent

Exercise Q.6 | Q 3 | Page 318

Find the odd one :

  • Capital

  • Bills Payable

  • Debtors

  • Outstanding wages

Exercise Q.6 | Q 4 | Page 318

Find the odd one :

  • Advertisement

  • Travelling Expenses

  • Factory Rent

  • Insurance

Exercise Q.6 | Q 5 | Page 318

Find the odd one :

  • Cash in Hand

  • Debtors

  • Outstanding Income

  • Reserve for Doubtful Debts

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Exercise Q.7 [Page 318]

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]

Exercise Q.7 | Q 1 | 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

Exercise Q.7 | Q 2 | Page 318

Do you agree or disagree with the following statement :
Balance Sheet is a statement as well as an account.

  • Agree

  • Disagree

Exercise Q.7 | Q 3 | Page 318

Do you agree or disagree with the following statement :
Indirect Expenses are debited to Trading Account.

  • Agree

  • Disagree

Exercise Q.7 | Q 4 | Page 318

Do you agree or disagree with the following statement :
Bank Overdraft is treated as an Internal Liability

  • Agree

  • Disagree

Exercise Q.7 | Q 5 | Page 318

Do you agree or disagree with the following statement :
Capital is excess of Liabilities over Assets.

  • Agree

  • Disagree

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Chapter 9: Final Accounts of a Proprietary Concern

Exercise Q.1Exercise Q.2Exercise Q.3Exercise Q.4Exercise Q.5Exercise Q.6Exercise Q.7
Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board - Shaalaa.com

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board 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) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board solutions in a manner that help students grasp basic concepts better and faster.

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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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